Page 2 - Insurance Premium

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

GST Council may waive 18% tax on senior citizens' insurance plans in Dec

The GST Council is scheduled to meet in Rajasthan on December 21 and 22 to discuss potential tax relief on select insurance plans

New biz premium of life insurers rises 13% in October, shows data

According to a Nuvama report, growth dipped in October 2024 due to the 'increased surrender value' regulation kicking in, but still held steady

Panels on GST rationalisation, cutting tax on insurance to meet on Oct 19

The two ministerial panels set up by the GST Council are slated to meet on October 19 to discuss GST rate rationalisation and lowering 18 per cent tax rate on health and life insurance premiums. This would be the first meeting of the 13-member GoM, under Bihar Deputy Chief Minister Samrat Choudhary, which was set up to suggest tax on health and life insurance premiums. The panel, which includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana, has been mandated to submit its report to the GST Council by October end. Currently an 18 per cent GST is levied on health and life insurance premiums and the GoM would be suggesting tax rate of health/medical insurance including individual, group, family floater and other medical insurance for various categories like senior citizens, middle class, and persons with mental illness. It would also suggest tax rates on life insurance, including term

Life insurers' new biz premium up 14% Y-o-Y in Sept; rises 19% in H1 FY25

LIC's new business premium grew by 12.4 per cent Y-o-Y to Rs 203,69.26 cr

Tata AIA Life nets Rs 25 cr premium since starting policy sale on Neu App

Tata AIA Life on Tuesday said it has netted an annualised premium of Rs 25 crore within three months of starting to distribute policies on the Tata Neu App. Customers can get insurance policies in three clicks on the Tata Group's super app, according to a statement. ***** Mastercard relocates 6,000 technologists and engineers to new Pune facility * Payments major Mastercard on Tuesday relocated its team of 6,000 technologists and engineers supporting global operations into a newer facility spread over 5 lakh sq ft in Pune. Pune is home to the largest workforce in the world for the company, which has tech hubs in Arlington, Dublin, New York, St Louis, Sydney, and Vancouver as well, as per a statement. ***** Careedge assigns maiden ESG rating to ESAF * Careedge ESG Ratings on Tuesday said it has assigned its maiden Environment, Social and Governance (ESG) rating to ESAF Small Finance Bank Limited (ESAF). The SFB has been assigned a rating of CareEdge-ESG 2 with an ESG score of 6

Life insurance firms report 14% growth in new biz premiums in September

In H1, new business premiums of life companies was up 19% YoY

Life insurance policyholders to get higher early-exit payouts from today

Unlike now, when policyholders lose the entire premium paid if they exit after year one, once the new policy kicks in, they will get a part of their premium back.