Insurance Plans

FinMin renews merger proposal of state-owned general insurance firms

The Finance Ministry is considering an earlier proposal to merge the three state-owned general insurance companies into a single entity, following their improved financial health, to achieve better efficiency and scale. The government infused Rs 17,450 crore between 2019-20 and 2021-22 in three PSU general insurance companies, namely Oriental Insurance, National Insurance and United India Insurance, to bring them out of financial distress. In the Budget for 2018-19, the then finance minister Arun Jaitley announced that the three companies -- Oriental Insurance, National Insurance, and United India Insurance -- would be merged into a single insurance entity. However, the government dropped the idea in July 2020, and the Union Cabinet rather approved a capital infusion of Rs 12,450 crore into the three general insurance companies. As their finances have improved, the finance ministry is doing a preliminary assessment of the merger of these entities with a view to improving their ...

Mahindra, Manulife to set up 50:50 JV for life insurance in India

The JV aims to offer long-term savings and protection solutions tailored to the diverse and growing needs of India's population, in line with India's 'insurance for all' vision by 2047

Policyholders' views needed to make rules: Irdai Chariman Ajay Seth

Irdai Chairman Ajay Seth said the regulatory process must integrate policyholders' expectations and strengthen coordination among regulators to address overlaps and systemic financial risks

Awareness, risk management key to insurance growth: Leaders at BFSI Summit

At the Business Standard BFSI Insight Summit 2025, insurance leaders said GST waiver alone will not boost coverage; better awareness, innovation and risk management are key to sector growth

Consumer protection: Criminal acquittal no ground to deny insurance payout

The National Commission observed that the acquittal of the accused due to lack of evidence could not, by itself, lead to the presumption that no theft had occurred

Diwali 2025: You can get ₹50,000 firecracker insurance Cover for just Rs 5

CoverSure's Firecracker Insurance offers coverage of ₹50,000 for accidental death and ₹10,000 for fire-related burns

59% of Indians delay personal insurance, rely on employer cover: Report

Most people buy insurance only after events like marriage, a health scare or changing jobs

No marriage, no kids, no policy: Insurance doesn't fit Gen Z's life plan

Under-40 consumers overlook traditional life insurance plans, citing misalignment with their stage in life (32%), high costs of premiums (28%), and lack of immediate benefits (25%)

Retirement plans: Always check net return before making investments

These products are simple, transparent and easy to understand. The returns are guaranteed, and locking into a fixed rate feels reassuring at a time when deposit rates are declining

Insurance body asks AHPI to withdraw advisory on Bajaj Allianz, Care Health

The General Insurance Council has asked AHPI to revoke its advisory stopping cashless treatment for Bajaj Allianz and Care Health policyholders, citing risks to patients and families

The $4.8 bn surge in India's insurance broking amid sector transformation

Despite being one of the fastest growing insurance markets in the world, India only has 735 licensed brokers, significantly lower than developed markets. Of these, the top 36 drive close to 85%

More organisers opt for event insurance before major festive season

The Dahi Handi festival saw 160,000 participants insured for ₹10 lakh each, with the Maharashtra government bearing the cost for 150,000 Govindas

Irdai's Tripathy cautions against practices by brokers to boost valuation

IRDAI's Satyajit Tripathy highlights the need for sustainable growth in the insurance broking industry, cautioning against practices that may harm the sector in the long run

Govt names ex-Finance Secretary Ajay Seth as new Irdai chairman for 3 years

The government on Thursday appointed former Finance and Economic Affairs Secretary Ajay Seth as chairman of the Insurance Regulatory and Development Authority of India (IRDAI). The Appointments Committee of the Cabinet has approved Seth's appointment as chairperson of the insurance regulator for a period of three years or till the incumbent attains the age of 65 years or until further orders, whichever is the earliest, a government notification said. Seth, a 1987-batch IAS officer of the Karnataka cadre, retired as Economic Affairs Secretary in June this year after a four-year stint. The appointment of IRDAI chairman comes nearly four months after the vacancy was created following Debasish Panda completing his term in March this year. As per the procedure for the appointment of regulators, the name is suggested by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary. Based on interaction with eligible candidates, FSRASC recommends

LIC posts 14.6% jump in June individual premium despite policy drop

Life Insurance Corporation (LIC) has reported a 14.60 per cent year-on-year (YoY) increase in individual premium in June 2025, higher than 12.12 per cent growth in premium income of private life insurers, Life Insurance Council data showed on Thursday. In June 2025, LIC collected Rs 5,313 crore in individual premium, compared to 25 private sector companies, which together accounted for Rs 8,408 crore. During the month of June 2025, total policies issued by LIC stood at 12.49 lakh from 14.65 lakh in the same period last year. In the individual policies category, LIC issued 12.48 lakh polices for June 2025 from 14.62 lakh policies in 2024, Group policies stood at 1,290 in the last month from 2,827 for June 2024. In group premium income, LIC earned Rs 22,087 crore, a 7 per cent decline over June last year. The private sector reported a degrowth of 19 per cent in group premium income at Rs 5,315 crore. The total premium income of LIC during the month declined 3.43 per cent to Rs 27,395

Insurance firm not liable to pay for death caused by rash driving: SC

The Supreme Court has said insurance companies are not liable to pay compensation to the families of individuals who die as a result of their own rash and reckless driving. A bench of Justices PS Narasimha and R Mahadevan refused to grant 80 lakh compensation sought by the wife, son and parents of a man who died while driving a car at high speed. The top court refused to interfere with the Karnataka High Court's order dated November 23 last year which had dismissed the plea filed by the deceased legal heirs claiming compensation. "We are not inclined to interfere with the impugned judgment passed by the high court. Hence, the Special Leave Petition is dismissed," the bench said in an order passed on Wednesday. On June 18, 2014, one N S Ravisha was driving from Mallasandra village to Arasikere town when the accident took place. His father, sister and her children were travelling in the car. The court had found that Ravisha drove the car in a negligent manner without following traff

Life Insurance Council to spend ₹160 cr yearly on awareness drive

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Evaluate OPD plans on sum insured, coverage, sub-limit, and network

Estimate your annual OPD expenses to decide suitable sum insured

Indian financial system resilient amid global uncertainty: RBI report

RBI Governor says financial stability is essential for growth, urges vigilance as global structural shifts make policymaking harder amid trade fragmentation, climate risks, and geopolitical tensions

AU Small Finance Bank partners with LIC to broaden life insurance reach

AU Small Finance Bank partners with LIC to distribute life insurance products across 2,456+ branches, aiming to boost financial inclusion and support the 'Insurance for All by 2047' initiative