Page 2 - Insurance Plans

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

Limit on duration for state debt STRIPS may dent demand, say insurers

STRIPS allow dealers to sell principal and interest payments independently, enhancing liquidity in the state government securities by enabling distinct trading of these components

Govt may raise motor third-party insurance premiums by up to 10% soon

The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts

Pradhan Mantri Suraksha Bima Yojana - A decade of insurance inclusion

PMSBY offers affordable accident insurance to India's vulnerable. With ₹20 premium and ₹2 lakh cover, it has transformed lives, settled 135,000 claims, and ensured inclusive insurance access

Market volatility nudges customer preference away from ULIPs in Q4FY25

The benchmark Nifty50 index fell almost 17 per cent amid sell-off by foreign investors, weak corporate earnings and global uncertainties due to the US tariffs

Motor insurance: Driving with expired licence can lead to claim rejection

While a 30-day grace period is available for licence renewal, the Motor Vehicles Act of 2019 clearly states that driving with an expired licence is not permitted-even if renewal is pending

ICICI Prudential Life Q4 profit rises on strong group insurance demand

The insurer's standalone profit more than doubled to 3.86 billion rupees ($45 million) for the quarter ended March 31. Its quarterly net premium income grew 11% to 16.37 billion rupees

What are the best term insurance premiums available for professionals?

A term insurance plan is a safe and attractive option for securing your own finances as well as your family's long into the future

With Health Insurance Premiums on the Rise, Here are Smart Ways Policyholders Can Save

As health insurance rates rise, you must make wise choices to control costs without forfeiting coverage.

Centrico Insurance Repository to offer insurance repository services to LIC

The insurance repository system, introduced by the regulator, provides policyholders with a facility to keep insurance policies in electronic form and make changes

Right taxsavers: Align choice with risk appetite, asset allocation & goals

Unit linked insurance plans (Ulips) and the National Pension System (NPS) can have varied risk levels, depending on their equity-debt mix

Insurers likely to prefer bond forwards over forward-rate agreements

Irdai allows insurers to hedge interest rate risks with bond forwards

Raise deposit insurance cover to Rs 10L: All India Reserve Bank staff body

AIRBEA has cautioned that raising the deposit insurance cover would increase the premium burden on banks, which may not be fair for well-regulated commercial banks with low failure rates