Page 11 - Insurance Sector

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

30-day free-look period for insurance policies: How to use this effectively

The free-look period has been increased from 15 days to 30 days for new policies issued after April 1, 2024

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

GIC Re Q4FY24 results: Net profit increases 3% to Rs 2,642.48 crore

For FY24, net profit came in at Rs 6,497.30 crore, up 2.9 per cent over the net profit of Rs 6,312.50 crore recorded in the same period last fiscal

Go Digit debuts on a quiet note; lists at 5% premium to issue price

Post listing, the Go Digit stock touched a high of Rs 294.75, commanding a 8 per cent premium to its issue price of Rs 272 per share on the NSE.

Zero electricity bill, tax tweaks: Govt's 100-day agenda, budget wish list

From a long-term perspective, however, the focus, Mirae Asset said, would be on infrastructure development, farm laws, skill development, and creating employment

Expect significant growth from insurance income in FY25: City Union Bank MD

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

Non-life insurance premium up nearly 16% at Rs 29,561.82 cr in April

Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore

Indian senior living market has potential to touch $12 bn by 2030: Report

Rise in median age and ageing population to fuel increase in demand for senior housing

Irdai asks insurers to compulsorily meet rural, social sector obligations

With the objective to meet insurance for all by 2047, the sector regulator Irdai on Friday issued a master circular directing life and non-life players to do a certain percentage of business compulsorily towards meeting rural, social sector and motor third-party obligations. All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said. The Life Insurance Council, in consultation with the Ministry of Panchayati Raj, will identify gram panchayat for fulfilling rural sector obligations, it added. Upon identification of gram panchayats, the council should indicate the minimum number to be allocated to each insurer based on mutually agreed parameters, such as market share or any other parameter, it said. After the finalisation of the first gram panchayat for each insurer, the council should share the list with the Insurance Regulatory and Development Authority of