Page 25 - Insurance Sector

Irdai eases capital requirement for insurers to offer PMJJBY schemes

PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years

Pay your health insurance premium on time and enjoy lifelong renewability

Accumulated no-claim bonus and advantage of having crossed waiting period will be lost if you fail to pay your health insurance premium on time

LIC mega IPO opens for retail, institutional investors; to close on May 9

LIC public offer, the country's biggest-ever IPO, on Wednesday opened for subscription for retail and institutional investors. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equi

Go Digit clocks Rs 5,000 crore premium in FY22 on strong growth

New age insurer Go Digit General Insurance (Digit) has crossed Rs 5,000 crore-mark in gross written premium in FY22, driven by higher demand from motor, property and health segments.

Tata subsidiary joins insurance consortium to provide cover to Air India

Tata AIG will be part of the $12-billion insurance package for A-I

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

Life insurers eye double-digit growth as Covid-19 pandemic pain eases

The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)

Port your insurance policy to cover home care, consumables: Experts

Around 54 per cent customers in tier 1 cities, 18 per cent in tier 2 cities, and 28 per cent in tier 3 cities ported to a higher health cover

91% people consider purchasing life insurance necessary: Survey

Most people in the country consider purchasing life insurance a necessity but only 70 per cent are willing to invest in the same, according to a survey conducted by the Life Insurance Council (LIC).

We will be looking at surety bonds biz: Bajaj Allianz General Insurance CEO

Overall Covid claims constituted 20 percentage points (ppt) of the claim ratio movement, said Singhel

Govt may review timing of LIC IPO amid Ukraine crisis: FM Sitharaman

'If global considerations warrant that I need to look at it (LIC IPO), I wouldn't mind looking at it again,' says FM

Profits of insurers, manufacturing firms cannot be compared, says LIC chief

LIC Chairman M R Kumar on Monday said profits of insurance companies cannot be compared with that of manufacturing companies as dynamics of the businesses are different.

LIC wants to remain IDBI Bank shareholder for bancassurance gain: Chairman

Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank's customers and others through the branch network

Govt to soon decide on giving additional charge of New India Assurance CMD

Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments

LIC's business plan change after IPO a threat to private firms: Report

According to an analysis of its initial public offer (IPO) filings by Swiss brokerage Credit Suisse, SBI Life, ICICI Prudential, HDFC Life and Max Life will face the maximum impact of the LIC move

LIC's looming mega IPO weighs on other insurers' stocks, say investors

The flotation, potentially raising $8 billion, likely will continue to drag on LIC's competitors for about a year and could spread to other sectors: Analysts

BSE Ebix, LIC join hands for distribution of insurance products

'Under this agreement, BSE Ebix will offer their clients insurance products offered by LIC such as Life and Health, using its omni-channel digital presence'

LIC sits on over Rs 21,500-cr unclaimed funds, shows DRHP

State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator Sebi

More capital support to IDBI Bank may have adverse impact on LIC: DRHP

LIC had infused Rs 4,743 crore into IDBI Bank on October 23, 2019 using policyholders' funds while the bank further raised Rs 1,435.1 crore in Dec. 2020 by way of a qualified institutional placement

Inflated claim can lead to zero compensation

The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim