Insurance Policy

No GST on insurance a loss for policyholders? What the math shows

Policyholders will pay no GST on health and life premiums from September 22, but insurers lose the ability to claim tax credit on expenses like commissions, rent and software, raising their operating

Insurance policy renewals see delay ahead of GST reforms' implementation

Fresh issuances stay steady as customers weigh renewal options before GST reform

Better policy mix drives the growth for the private life insurers

However, private insurers reported premium growth, indicating a mix of higher-value policies

India-Pakistan conflict: Your insurance policy may not cover 'act of war'

Standard life or term insurance policies typically exclude deaths caused by war or war-like operations

Govt approves Swaminathan S Iyer's appointment as Irdai Life Member

He is appointed for five years from the date of assumption of charge or until he attains the age of 62 years or until further orders, whichever is earlier

Home insurance: Cover should suffice to rebuild structure, replace contents

A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism

Budget 2025 FAQs: Key tax, insurance and investment changes explained

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card updates, here's a breakdown of FAQs to help you understand the new provisions

Fire insurance: Declare correct property value to ensure adequate payout

Fire insurance, also called as fire and allied perils policy (and often part of a home insurance policy), covers a range of risks

Insurance portfolio review: Up term cover with rising income, liabilities

A good rule of thumb is to purchase term cover amounting to 7-10 annual income, plus outstanding liabilities

GST Council postpones decision on slashing tax on life, health insurance

The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. The GST Council, chaired by Union Finance Minster Nirmala Sitharaman and comprising her state counterparts, is also expected to deliberate on bringing Aviation Turbine Fuel (ATF) in Goods and Services Tax fold. One of the major items on the agenda of the Council is to decide the GST rate on health and life insurance. A Group of Ministers (GoM) set up by the Council under Bihar Deputy Chief Minister Samrat Chaudhary, in its meeting in November had agreed on exempting insurance premiums paid for term life insurance policies from GST. Also premium paid by senior citizens towards health insurance cover has been proposed to be exempted from the tax. Besides, GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to Rs 5 lakh is proposed to be exempted. However,

PM Modi launches LIC's 'Bima Sakhi Yojana' to empower women agents

Prime Minister Narendra Modi on Monday launched the 'Bima Sakhi Yojana' of LIC here under which 2 lakh woman insurance agents will be appointed over the next three years. 'Bima Sakhi Yojana', an initiative of state-owned LIC, is designed to empower women aged 18-70 years who are Class X pass. They will receive specialised training and a stipend for the first three years to promote financial literacy and insurance awareness. Under the scheme, the woman agents will also get a stipend of Rs 7,000 per month for the first year, Rs 6,000 per month in the second year and Rs 5,000 per month in the third year. Bima Sakhis will also get the benefit of commission. The plan is to appoint 2 lakh Bima Sakhi over three years. After training, they can serve as LIC agents and the graduate Bima Sakhis would have the opportunity to qualify for being considered for Development Officer roles in LIC. Prime Minister will also distribute appointment certificates to prospective Bima Sakhis. The Prime Min

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Why NRIs in UAE, US, and Saudi choose health insurance in India: Explained

The surge in demand across term, health, and investment products has driven a 50% rise in NRI customers between 2023 and 2024, according to PolicyBazaar

Travel insurance: Get pre-existing ailments covered by paying extra premium

Non-medical coverage includes trip cancellations, curtailments, flight delays, missed connections, and loss of checked-in baggage, passports, and other important documents

Payments major PhonePe launches firecracker insurance policy for Diwali

The plan can be purchased on the PhonePe app and provides coverage to families by insuring up to four family members, including the user, their spouse, and up to two children

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

Star Health launches insurance policy in Braille: Check details

The new policy, 'Special Care Gold,' is specifically designed for individuals with 40 per cent or more disability

Pvt insurers ceded ground in rural areas in FY24; Tier-II,-III saw growth

LIC share of rural policies more than doubled; ULIPs witnessed increased demand in urban areas

60% car insurance buyers opt for roadside assistance add-on during monsoon

What should you look for when choosing motor insurance? All you need to know

Slash GST on health insurance to 5% from 18%: Trade body to govt

Association says that renewal rates of the policies continue to decline due to frequent premium hikes and rising medical inflation