Page 6 - Insurance Premium

Insurers likely to further tighten underwriting norms for term plans

The source also added that retail term plan prices may go up further, even though the reinsurer has not specified it at this point in time

Monopoly to oligopoly: Here's a look at 20-year journey of insurance sector

As many as 50 players have set up shop but penetration remains low and only a handful dominate the business

Health portfolio continues to drive premium growth of non-life insurers

In the April-July period of FY22, the health portfolio has grown 34.2 per cent, which is significantly higher than the 9.9 per cent growth seen in the same period last year

Term insurance plan: Automating increase in sum assured could prove useful

To raise your life cover considerably, buy a second term plan

Non-life insurers' premium up 19.46% at Rs 20,000 crore in July

In July, non-life insurers - 33 in total - earned premiums to the tune of Rs 20,171.15 crore, against Rs 16,885 crore in the same month last year

Hike in health premiums of products imminent: IFFCO Tokio MD & CEO

Anamika Roy Rashtrawar delves on raging issues in the general insurance sector such as high claims in the health segment and motor insurance returning to a growth path

Life insurers' new business premiums grow 4% YoY in June after dip in May

In Q1FY22, the life insurance industry reported a 7 per cent increase (YoY) in NBP

Premiums for staff insurance may rise amid second wave of Covid-19

Insurers say the second wave impact is more than first as normal claims and Covid ones are running parallel this time

Low premiums make firms wary of Covid-19 pandemic covers, say experts

Since their launch in July last year, these covers have generated strong sales, which started slowing towards the end of FY21

Life insurance companies' new premium business up 45% at Rs 9,739 crore

While the NBP of private insurers, 23 in total, grew 55.18 per cent over the same period last year, state-owned Life Insurance Corporation reported 35.6 per cent growth

Amid Covid scare, life insurers go slow on renewing group-term plans

The adverse claims experience of life insurers have made them apprehensive of renewing group-term policies of some corporate entities

Fewer defaults on EMI payments by consumers in March, shows NACH data

According to the data released by the National Payments Corporation of India, 32.76 per cent of all auto-debit transactions in volume terms failed in March compared to 36.6 per cent in February

InsuranceDekho may have got Rs 1,200 cr in premium in FY21: Co-founder

Online insurance aggregator InsuranceDekho is expected to have garnered Rs 1,200 crore in insurance premium through its platform during the financial year ended March 2021, a top company official said

SBI Card sees over 50% transaction from online payments, says CEO

SBI Card has been seeing over 50% of its transactions via online payments such as on groceries, insurance premium, and hopes the trend to go up further as point of sale purchases are yet to pick up

Motor insurance premiums remain in contraction till February, shows data

While group health has seen 9 per cent growth, government schemes and overseas medical segments contracted

Deposit maturity claim documents at nearest office anywhere, says LIC

But it will be valid till the end of the month

Price hike in term insurance plans may not impact demand: Experts

Despite the price rise, term plans are relatively cheaper in India than in the US or even Singapore, said experts

Future Generali launches health product with 80% discount on no-claim

General insurer Future Generali has launched a health product offering 80 per cent flat discount on the premium on renewal if there was no claim in the previous year. The health super saver policy offers a straight 80 per discount on the premium on renewal in the second/third year in case there was no claim in the previous year, said Anup Rau, managing director & chief executive of Future Generali India Insurance, which has over 3 lakh health insurance customers. The company is offering the new product in two variants--1X and 2X-- under which the former provides a 80 per cent discount on the premium in the consecutive year in case the first year was claim-free and the later offering 80 per cent more coverage for the family members on an individual sum insured basis. This product also covers a one-day-old infant to a senior citizen who is 70. * * * * * GMR Kannur Duty Free Services launches outlet * GMR Kannur Duty Free Services Ltd (GKDFSL) on Thursday launched its first duty .

Non-life insurers direct premium rises by 6.7% in Jan at Rs 18,488.06 cr

The cumulative premium till January 2021 rose by 1.91 per cent to Rs 1,40,999.04 crore; stand-alone health insurers witnessed 8.04 per cent increase at Rs 12,108.73 cr

Life insurers' new business premiums up 3.7% in Jan after two slump months

This is despite state-owned insurance behemoth LIC reporting a 2% decline in NBP in the same period to Rs 13,143.64 crore