Page 3 - Insurance Premium

Insurance premium may rise as revised surrender value kicks in from Tue

Insurance premiums may increase or the commission of agents could see a reduction as the revised surrender value proposed by the sector regulator IRDAI comes into force from Tuesday. Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) introduced revised surrender value guidelines to offer better returns to policyholders exiting early from their life insurance policies. A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date. If the policyholder surrenders during the policy tenure, the earnings and savings portion will be paid to him or her. The regulator has emphasised the need for insurers to ensure 'reasonableness and value for money' for both exiting and continuing policyholders when determining surrender values. According to a senior official of the private sector insurance company, to meet the revised surrender charges, life insurers would either raise .

Life insurers' new business premium rises 22% to Rs 32,644 cr in Aug

Life insurers have recorded a 22 per cent rise in underwriting new business with a premium collection of Rs 32,644 crore in August. The new business premium collection for the first five months of FY25 rose 21 per cent to Rs 1,54,194 crore from Rs 1,27,661 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council. New business premiums expanded from Rs 26,788.55 crore in August 2023 to Rs 32,644 crore in August 2024, with year-to-date collections growing even more from Rs 1,27,661 crore to Rs 1,54,194 crore this year, according to the council data. Despite the underlying demand for enhanced insurance protection from individual consumers and corporate clients alike, new policy issuances decreased by 1.44 per cent to 23,94,007 in August 2024 compared to 24,28,895 policies sold in the same period last year. Life insurers made net additions of 1,08,147 individual life insurance agents in August 2024 alone, contributing to an overal

LIC drives new biz premium growth of life insurance companies in July

The growth in the premium was driven by LIC, while a high base effect impacted the improvement of private life insurers, analysts said

Managing health insurance, setting up kitchen: Top personal finance stories

In this week's newsletter, we report about rising health insurance premiums and the best modular kitchens in the market

Oppn slams govt for not withdrawing GST on health, life insurance premiums

Opposition members in Lok Sabha on Wednesday slammed the government for not taking up an amendment in the Finance Bill to withdraw the 18 per cent GST levy on medical and life insurance premiums. Opposition MPs staged a walkout from Lok Sabha after an amendment moved by RSP member N K Premchandran seeking removal of 18 per cent GST on medical and life insurance premiums was not taken up by the House during the passage of the Finance Bill. Finance Minister Nirmala Sitharaman, who piloted the Finance Bill, said any amendment in GST has to be approved by the GST council. "Specific demand of the entire opposition is to withdraw the 18 per cent GST on life and health insurance schemes for which I had given an amendment. Normal procedure of the House is that the amendment is circulated only if it is admitted," Premchandran told reporters outside Parliament after the walked out by the opposition MPs. "This was circulated yesterday itself. This gives a message that it has been accepted, or

Opposition's walkout on GST issue a 'face-saver', says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech. Speaking to reporters in Parliament House Complex, Sitharaman said the GST Council, which is a constitutional body, can take up any matter related to the GST and such an amendment could not be moved in Parliament as demanded by the opposition parties. "They were given appropriate response to all their issues. They were looking for a face-saver and picked on this to stage a walkout. It was an afterthought," she said. RSP member N K Premchandran had moved the amendment during the passage of the Finance Bill, seeking removal of 18 per cent GST on medical and life insurance premiums. Normal procedure of the House is that the amendment is circulated only if it is admitted, he told .

INDIA bloc stages protest against GST on health, life insurance premiums

INDIA bloc parties staged a protest in Parliament premises on Tuesday to press for the rollback of 18 per cent Goods and Services Tax (GST) on life and health insurance premiums. MPs from various parties such as TMC, Congress, AAP and NCP (SC), among others, participated in the protest on the steps leading to the Makar Dwar of Parliament. Carrying placards reading "Tax terrorism", the protesting MPs raised slogans demanding that the GST on life and health insurance premiums be rolled back. Trinamool Congress MPs have raised the issue in Parliament and party president and West Bengal Chief Minister Mamata Banerjee has written to Union Finance Minister Nirmala Sitharaman on the matter. Union minister Nitin Gadkari also wrote to Sitharaman and urged her to consider withdrawing the GST which, he said, amounted to taxing uncertainties of life and restricting the industry's growth.

Centre to unilaterally release its share of crop insurance premium

Replying to a Parliament question, Chouhan said that earlier farmers had to wait for their claims unless both the Centre and states released their share of the premium subsidy

West Bengal CM slams GST on insurance premiums, urges Centre to reconsider

The decision to impose an 18% tax on insurance policies and premiums has drawn criticism from several Opposition leaders, including Mamata Banerjee

Abolish tax on life, health insurance premiums: Gadkari writes to FM

Gadkari said in his letter that he is writing to the finance minister following a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union

Life insurance premium; luxury pool villas: Top personal finance stories

This week's newsletter tells readers about the strategy they should follow as life insurance premiums rise and the best pool villas

Narayana Health Insurance launches its first insurance product 'Aditi'

Its first health insurance product Aditi will come at a premium of Rs 10,000 per year

LIC eyes double-digit FY25 premia growth and health insurance foray

Explore stake buy in standalone health insurer

General insurance premium up 13% till February in FY24, shows data

However, due to higher base, the growth in health insurance policies have moderated in the period under review to 20 per cent from nearly 24 per cent in the corresponding year ago period

Non-life insurers post 13% rise in premium in Feb but with dip in revenue

Market share of private insurers increases to 53.79 per cent YoY

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

LIC drives new business premium growth in December 2023, shows data

Life insurance sector collects 44% higher premium

Universal Sompo General Insurance records 47% rise under PMSBY scheme in TN

Universal Sompo General Insurance, a partner of the Centre's Pradhan Mantri Suraksha Bima Yojana, insured 21 lakh people in Tamil Nadu in the first six months of the current financial year under the scheme, the company said on Sunday. Universal Sampo General Insurance is a joint venture between the public sector Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance. The Mumbai-headquartered company has disbursed over Rs 45 crore of claims in Tamil Nadu since the launch of the scheme in 2015. The PMSBY scheme is aimed at providing one year of accidental death and disability coverage at a premium of Rs 20 per annum. "Universal Sompo General Insurance has insured 21 lakh people in Tamil Nadu in the first half (April-September 2023) of the current financial year with a growth of 47 per cent over last year," a company statement here said. Universal Sompo General Insurance has 117 offices across the country and offers a range of products caterin

Niva Bupa seeks to have gross written premium of Rs 10,000 cr by FY27

Health insurance company says Tamil Nadu among markets where it is seeking growth

Why India must put a premium on affordable healthcare for its citizens

Millions depend on health insurance. Comprehensive coverage for diseases and medical procedures ensures that policyholders pay only for what they need