Page 2 - Insurance Premium

Insurance premium for aircraft expected to go up, says IndiGo CEO

The insurance premium for aircraft is expected to go up as there are elements of the geopolitical situation, inflationary pressures and accidents, IndiGo CEO Pieter Elbers said on Wednesday. The country's largest airline, which is in discussions on finalising the insurance premiums, has a fleet of over 400 planes, and the fleet is expanding. During a virtual interaction post announcing the June quarter results, Elbers said the insurance premiums always follow some of the trends in the market and "we do expect them to go up and we're still finalising some of the discussion in what magnitude that would be". Without mentioning the possible quantum of increase in premiums, he said there are different elements coming together, including the entire geopolitical situation, and there are overall inflationary pressures. "And then clearly, when accidents are happening, and not only the one which happened in India, but on the global scale, insurers operate on the global scale. They look at ..

Air India crash risks fueling up to 30% jump in airline insurance premia

Insurance claims for the Air India crash are expected in the realm of $475 million, including those for the aircraft's hull and engine as well as additional liability for loss of life

Life insurers see 11% rise in new premium collection in Apr-May 2025

Life insurers recorded a 10.8 per cent increase in new business premium collection in the first two months of the current fiscal. The new business premium collection rose by 12.6 per cent in May 2025, according to data released by the Life Insurance Council on Monday. New business premium income rose to Rs 30,463 crore in May 2025 from Rs 27,034 crore in the same month a year ago. The collection in the first two months of FY2025-26 rose to Rs 52,427 crore from Rs 47,293 crore in the April-May period of 2024-25, the data showed. This strong performance is attributed to life insurers' focus on encouraging first-time buyers to secure essential life insurance solutions, contributing to a 3.35 per cent growth in combined individual premium collections for May 2025 and 2.46 per cent growth on a year-to-date basis, it said. According to data released by the council, the life insurance industry saw individual single premiums grow by 5.21 per cent year-on-year to close at Rs 3,525 crore fo

LIC push lifts life insurers' new business premiums in April, shows data

India's life insurance industry saw an 8.43 per cent rise in new business premium in April, led by LIC's group premium growth, though policy issuances fell over 13 per cent

Indo-Pak tension: War risk premium in marine, aviation sector may inch up

Marine and aviation insurance premiums may rise if India-Pakistan tensions escalate, with reinsurers likely to revise exclusions and reassess cyber risk exposure

Life insurers' NBP grows 5% in FY25; premium collected shy of Rs 4 trn mark

The premiums of the largest private life insurer - SBI Life Insurance - slipped by 7 per cent Y-o-Y to Rs 35,576.67 crore

High premiums, low funds key barriers to buying health, term insurance

About 20 per cent of the respondents said they do not fully understand health insurance, and 18 per cent saw buying it as a cumbersome process

ICICI Lombard Gen Insurance Q4 results: Net profit slips 2% to Rs 510 cr

ICICI Lombard on Tuesday reported a 2 per cent decline in net profit to Rs 510 crore for the fourth quarter ended March 31. The company had reported a post-tax net profit of Rs 520 crore in the year-ago period. However, the total income of the company rose to Rs 5,851 crore in the quarter under review compared to Rs 5,165 crore in the year-ago period. The gross direct premium income of the company improved to Rs 6,211 crore against Rs 6,073 crore in the same quarter a year ago, registering a growth of 2.3 per cent. The board have recommended a final dividend of Rs 7 per equity share or 70 per cent of face value of Rs 10 each for the financial year ended March 31, 2025, ICICI Lombard said in a regulatory filing. The solvency ratio was 2.69 times at March-end 2025 against 2.62 times on March 31, 2024, higher than the minimum regulatory requirement of 1.5 times.

Non-life insurers' premium touches Rs 3 trillion mark in FY25 amid slowdown

The 6.2 per cent increase in premiums collected come in the backdrop of slowing economic growth in the closing quarters of FY25 and a change in accounting norms

What are the best health insurance premium rates for young women?

Here are the best health insurance rates for young women living on their own in a major metro, provided by Policybazaar.com

What are the most attractive insurance premium rates for young males?

These are the rates for a 30-year-old male, non-smoker living in a metro city for a sum insured of Rs 10 lakh

Mis-selling of insurance policies: Full premium should be refunded

The National Commission acknowledged that the complainant, a retiree, couldn't afford a 10-year annual premium and concluded that the agent had misled him

Budget 2025: Govt allows 100% FDI in insurance, easing foreign entry

The jury is divided on whether this move has led to the expected inflow of investments

Looking for term insurance? These are the life cover policies available

Term insurance policies are a must for young professionals who have dependants and looking to insure their financial future

High premiums, claims disputes create disquiet in insurance landscape

During the winter session, a question was raised about insurance companies investing heavily in real estate or real estate investment trusts (REITs)

GST Council to decide on insurance premium tax; major rate rejig unlikely

The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, but a decision on big-ticket rate rationalisation, including a higher tax on sin goods, may be deferred. The GoM on GST rate rationalisation had proposed rate rejigs in 148 items in its recommendations, but sources said that consensus is needed to be built on some of the tax changes that the panel has suggested and some more time may be needed for that. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is also likely to deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold. The GST rate is also proposed to be cut on food delivery platforms like Swiggy and Zomato, to 5 per cent (without input tax credit), from the current 18 per cent (with ITC). However, the Fitment Committee (comprising tax

Insurance premium financing expected to see healthy growth of 25% annually

In premium financing, a borrower secures a loan from a third-party provider to cover the policy's premiums

Steep rise in premium, poor claim experience? Consider porting your policy

Check for loopholes in coverage, like sub-limits, and evaluate whether you need to augment coverage through a super top up policy

Life insurance firms adjust term premiums by 5-10% ahead of FY25 end

HDFC Life Insurance - the second largest life insurer in the country - has increased their term life insurance premiums by about 5 per cent for Rs 50 lakhs and above, as per distributors

Niva Bupa rallies 27% in 2 days on buzz of lower GST on insurance premiums

The company said it has not received any official communication from any government authority or department regarding the change of GST rates on life and health insurance premiums