Page 11 - Insurance Sector

Insurance firms eye tax reliefs in upcoming Budget to boost penetration

Life insurance companies have called for tax deductions on annuity products as well as lower goods and services tax (GST) on their products

Life insurance companies' new business premium up nearly 23% in Q1FY25

LIC leads with 28% growth in Q1; private players grow 14.6%

LIC's residual stake value surges in top groups on stock market boom

Value of investments in top conglomerates at Rs 4.39 trn, up 37.5%

Tech platform ACESO plans to add 60 more channel partners in FY 2024-25

ACESO, a tech platform in insurance assignment business, is planning to add 60 more channel partners in the ongoing financial year. The company currently has 40 channel partners. "Currently, we have 40 channel partners and we want to add another about 60 more channel partner during this year," ACESO Founder Director Ketan B Mehta said. With this, the total number of partners would cross 100, he said, adding that they will help company grow business by connecting with policy holders and insurance agents. ACESO helps to monetise the endowment policies held by a life assured of LIC, to ensure financial benefits, along with continuation of risk cover till maturity, in cases where the policies are sought to be surrendered or lapsed. The company endeavours to achieve this objective through the assignment of endowment insurance policies of LIC to a registered Trust managed by SEBI registered Trustee viz. Beacon Trusteeship Ltd, Mehta said. He further said the company has recently launch

Star Health aims to double business to over Rs 30,000 cr in 4 yrs: MD

Standalone health insurer Star Health and Allied Insurance Company Ltd., has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years, a top official said here on Wednesday. The city-headquartered company had recorded a GWP of Rs 15,254 crore in FY24 and reported a profit after tax of Rs 845 crore up by 37 per cent over last financial year, Managing Director and Chief Executive Officer Anand Roy said. "We are aspiring to grow faster than the industry. Our target is to double our business in the next four years. We have been growing at 22 per cent (Compounded Annual Growth Rate) from FY 2020-24. By FY28, our target is to reach Rs 30,000 crore (GWP). This is an internal target that we have set ourselves...," he told reporters. Since its inception in 2006, Star Health and Allied Insurance Company has approved claims of about Rs 44,000 crore. The doubling of Gross Written Premium would be based on deeper penetration into markets including tier

We will plan for an IPO at right time, right environment: IndiaFirst CEO

Gandhi spoke on the insurer's distribution and product portfolio plans which are expected to drive the premium growth of the company

Don't want to play the price game: Aditya Birla Health Insurance CEO

Bathwal discussed the premium growth and product launches that will support the growth along with the impact of regulatory developments

Insurers eye windfall from proposed satellite-based toll collection system

Lack of regulatory clarity complicates matters on third-party data-sharing

Health insurance application declined? Here's what you need to know

The insurance companies take a decision to provide coverage based on the risk assessment of an individual's medical condition

Opt for deductible to reduce premium, ensure sub-limits are reasonable

The main benefit of a senior citizen plan is witnessed at the time of issuance

Don't sell Ulips as investment products: Irdai to insurance companies

Insurance companies will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks

ULIPs should not be advertised as 'investment products', says IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

Govt appoints Girija Subramanian as CMD of New India Assurance Company

She is a fellow member of the Insurance Institute of India and also an associate member of the Chartered Insurance Institute, London

Board of Axis Bank gives nod to hike stake in Max Life for Rs 336 cr

Max Life Insurance is a subsidiary of Max Financial Services

Zurich completes 70% stake buy for Rs 5,560 cr in Kotak General Insurance

The stakes were acquired through a combination of fresh growth capital and share purchase

Consider direct payments, periodic review to enhance deposit insurance: RBI

In India, deposit insurance is mandatory for all banks, including foreign banks

Planning to buy top-up health insurance? Here are factors to consider

A top-up is a type of health insurance policy that provides additional coverage for medical expenses at an affordable premium

Shriram Life declares Rs 201 cr bonus in FY24 on higher premium income

Shriram Life Insurance has declared a bonus of Rs 201 crore for the financial year ending March 31, 2024 following the robust growth in premium income. The bonus payout would benefit 3.86 lakh policy holders of Shriram Life Insurance. Shriram Life Insurance declared Rs 201 crore bonus, up by 35 per cent from Rs 149 crore in the corresponding period of last year on the back of "robust growth in premium income which was driven by diversification of sales during FY'24," a company statement said here on Tuesday. "Our surge in new business premium in FY'24 was led by a combination of factors which includes new partners, technology upgrades and focused sales," said company Managing Director and CEO Casparus J H Kromhout said. "We believe this growth must be shared with our customers, who are the fulcrum of our growth story," he said. As of March 31, 2024, Shriram Life sold around 4,46,730 policies compared to 2,90,156 policies in the year ago period. The company's Asset Under Management

Life insurance industry's new business premium grew 15.5% in May

LIC drives growth with 18.7% rise

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam