Page 11 - Insurance

Revised surrender value norms widen scope for life insurers, help customers

Insurers and experts are optimistic about revival in sales and premium growth, and they believe that it could also give a nudge to the insurtech sector in the country

Govt plans insurance law changes for unified licence, hiking FDI limit

A single licence for insurers and higher FDI limit could boost investments and improve insurance penetration in the country

Bima Sugam's capital requirement goes up significantly to Rs 500 crore

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years

Central Bank of India gets RBI nod for insurance JV with Generali group

Central Bank of India on Friday said it has got approval from the Reserve Bank to enter the insurance business through a joint venture with Generali group under FGIICL and FGILICL. In a filing to stock exchanges, the state-owned bank said the RBI accorded the approval vide a letter dated November 21, 2024. "...we would like to inform that the Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the bank's entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL, subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the sectoral regulator," the filing said. In October, the Competition Commission of India (CCI) had cleared the Central Bank of India's proposed acquisition of stakes in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). FGIICL provides personal insurance, commercial insurance, social, and rural ...

Indian insurtech funding drops 40% in 2023, revenue shows multifold growth

India now has over 150 insurtechs generating revenue exceeding $750 million, with 10 unicorns or soonicorns and more than 45 minicorns

LIC faces Tamil Nadu backlash over Hindi website; cites technical glitch

The controversy erupted after Chief Minister M K Stalin criticised LIC, calling it a "propaganda tool for Hindi imposition"

Bima Stack promises seamless insurance claims, better access for all

Bima Stack makes purchasing insurance simpler, speeds up claims and strengthens access to products. It gives people control over their data

'Insurance coverage expansion to underserved segments can save govt $10 bn'

The gross written premium of Indian insurance has exceeded $130 billion and grown at a CAGR of 11 percent, in the three-year period FY20-23, outpacing its Asian counterparts

Child insurance: Waiver of premium can help secure education goal

These plans generally mature when the child reaches 18 to 25 years. Thus, their payouts are aligned to milestones like higher education and marriage

Panel Discussion: Too many challenges in General Insurance sector

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

CRED partners with ACKO to offer enhanced motor insurance for members

CRED members with credit scores above 750 will receive motor insurance at reduced premiums

Panel Discussion: What's the key to success on Indian turf? | BFSI Insight Summit 2024

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Simplify T&Cs in insurance policies to cut complaints: Irdai panel member

Insurance companies need to draft the terms and conditions of the policy in a language that is simple and easy-to-understand, which will help in reducing the grievances of customers, an IRDA advisory committee member said on Monday. IRDA's Insurance Ombudsman Advisory Committee member Pushpa Girimaji also stressed on the need to reduce the number of 'non-entertainable complaints' by the insurance ombudsman. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to resolve complaints of insured persons against life and non-life insurance companies. At an event to mark the foundation day of the insurance ombudsman, Girimaji also stressed on the need for insurers to be fair in deciding insurance claims of customers. "There is a need to bring down the number of complaints in the insurance sector. The terms and conditions specified in insurance policies should be drafted in a way that it is simple and easily understood," Girimaji said.

BS BFSI Summit: 'Changes to surrender value norms in interest of customers'

Apart from commission structures, the insurance companies can also try other levers to absorb the impact

ESIC enrols 2.07 mn new members in Aug, net additions rise by 6.8%

Employees State Insurance Corporation (ESIC) logged a 6.8 per cent increase in new enrollments of members to 20.74 lakh under the ESI Scheme in August 2024 compared to the year-ago period. ESIC had added 19.42 lakh new members in August 2023, a labour ministry statement said. According to the statement, the provisional payroll data of ESIC reveals that 20.74 lakh new employees have been added in the month of August 2024. As many as 28,917 new establishments have been brought under the social security ambit of the ESI Scheme in the month of August 2024 thus ensuring social security to more workers. The data showed that of the total members added during the month, 9.89 lakh employees amounting to around 47.68 per cent of the total registrations belong to the age group of up to 25 years. Also, the gender-wise analysis of the payroll data indicates that net enrolment of female members was 4.14 lakh in August 2024. Besides, a total of 60 transgender employees have also got registered u

How income protection insurance will help your family's financial security

Income protection insurance plans ensure that your income is protected and your family has money in crises

Insurance industry can partner with telcos, fintechs to expand reach: LIC

State-owned life insurance behemoth LIC's chief executive and managing director Siddhartha Mohanty on Tuesday pitched for using the e-commerce and telecom network to distribute policies deep in the country. "As we are serious about 'insurance for all', we must rethink how we distribute and market insurance products," Mohanty said, speaking at an event organised by CII here. He said the current channels, including agents, brokers, and bancassurance have been effective, but fraught with its own limitations given the challenge of taking insurance to each citizen of the country. Specifically, the current models have "limitations" to taking insurance to the vast and underserved rural market, the LIC executive said, adding that the future is in opening non-traditional channels. "Collaborating with non-traditional players, such as telecom companies, fintech firms and e-commerce platforms, we can significantly increase our outreach," he said. "These organisations have unparalleled access

Cyber insurance is crucial for modern business but coverage has limits

It provides financial protection and access to critical resources, such as expert legal counsel and incident response teams

Insurance benefits for EPFO members extended up to Rs 7 lakh

Till April 2021, maximum benefits to legal heirs of a deceased employee was capped at Rs 6 lakh

Panels on GST rationalisation, cutting tax on insurance to meet on Oct 19

The two ministerial panels set up by the GST Council are slated to meet on October 19 to discuss GST rate rationalisation and lowering 18 per cent tax rate on health and life insurance premiums. This would be the first meeting of the 13-member GoM, under Bihar Deputy Chief Minister Samrat Choudhary, which was set up to suggest tax on health and life insurance premiums. The panel, which includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana, has been mandated to submit its report to the GST Council by October end. Currently an 18 per cent GST is levied on health and life insurance premiums and the GoM would be suggesting tax rate of health/medical insurance including individual, group, family floater and other medical insurance for various categories like senior citizens, middle class, and persons with mental illness. It would also suggest tax rates on life insurance, including term