Page 17 - Insurance

LIC's knock-on effect: New business premium of insurers drops 12%

New biz premiums of private insurers jumps 35% in March, aided by pick-up in sales of high-value policies

After insurance firms, now private banks under income tax scanner

Two large private banks are suspected of taking advantage of their position as intermediaries to get additional revenue from insurance companies

20,000 PSU non-life insurers employees should be deployed in marketing: EY

There could be a huge influx of insurance marketing personnel in the market as nearly 20,000 employees of the government-owned general insurance companies are recommended be deployed in that role, as per consultancy firm Ernst & Young's (EY) report.

Insurance Samadhan launches Polifyx, a one-stop solution for customers

Polifyx is backed by domain experts with over 100 years of cumulative experience in the insurance industry

DFS secretary meets chief secretaries to boost PMJJBY, PMSBY enrolments

In a bid to give a push to micro insurance schemes, Financial Services Secretary Vivek Joshi held a meeting with officials from 10 central ministries and departments, including those from labour and employment, housing and urban affairs, agriculture and farmers welfare, and rural development. Representatives of the Ministry of Panchayati Raj, Ministry of Mines, Ministry of Women & Child Development, Ministry of Coal, Department of Post and India Post Payments Bank (IPPB) were also present in the meeting called with a view to boost coverage under micro-insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) -- at the Gram Panchayat level. A three-month campaign will cover all the districts in the country from April 1 to June 30, 2023, the finance ministry said in a statement on Wednesday. Joshi exhorted the ministries/departments concerned for the maximum coverage of Self-Help Groups (SHG) members, Anganwadi workers, ...

Irdai looking at 20 more insurance applications: Chairman Debasish Panda

Insurance regulator Irdai has given licence to a General insurer for the first time since 2017, close on the heels of allowing two more applicants in the Life space and is looking at around 20 more applications, its Chairman Debasish Panda said on Wednesday. The latest to get the licence is Kshema General Insurance and earlier in the year Credit Access Life and Acko Life were given licences, Panda said, adding the regulator is looking at around 20 more applications. The Life licence was last given in 2011, the Chairman told reporters on the sidelines of an industry summit organised by the industry lobby Ficci here. There are 23 life insurers and 33 general players operating in the country now. The industry closed February with an AUM of Rs 59 lakh crore with a premium value of Rs 10 lakh crore, a growth of 16 per cent. Addressing the gathering, the regulator asked the industry to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action and expressed ..

DFS urges states, UTs to deepen micro-insurance schemes in 3-mth campaign

Currently, active enrolments under PMJJBY and PMSBY stand at 83 million and 239 million, respectively, and claims of about Rs 15,500 crore have been paid under both schemes

Centre aims for low premium, coverage with new livestock insurance scheme

According to the parliamentary panel's reports, not even a single livestock was insured during 2022-23, whereas in 2021-22, 174,061 animals were insured

'ESI scheme extended to beneficiaries in 610 districts across country'

Out of the 744 districts of the country, the ESI scheme is extended to 610 districts, which include 492 fully covered and 118 partially covered districts under the scheme

Uncontested facts can't be disputed in appeal

The State Commission noted that the supporting documents had not been disputed as being false, and so the surveyor had erred in questioning the theft

From insurance policies to MFs, here are the new tax rules from April 1

What changes: Tax on proceeds from high-value insurance policies, higher tax on debt MFs and more

Shriram General Insurance bets big on EVs, join hands with several OEMS

Company targets 40% growth in gross direct premium in 2023-24

Insurance Samadhan, Ola unit announce collaboration for customer solutions

Partnership will involve grievance services like mis-selling, claim rejection, delay, and short settlement

Industry majors welcome Irdai move to remove cap on agent commissions

Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses

Supplement your employer's health plan with a sizeable personal cover

Benefits of office policy could be pared; job loss or a switch to entrepreneurship could cause loss of coverage

Focus on coverage provided, not premium collected

Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'

Avoid excess exposure to risky assets in times of high market volatility

Build emergency corpus, buy adequate life and health insurance, and don't take on too much debt

Parl panel expresses concern over financial health of insurance firms

A Parliamentary panel has expressed concern about the financial health of General Public Sector Insurance Companies

US not considering 'blanket' bank deposit insurance: Treasury Secy Yellen

Yellen has earlier said that the US is prepared to take further actions to protect depositors if smaller lenders are threatened

Anup Bagchi to take over as MD & CEO of ICICI Pru Life Insurance in June

Bagchi will replace N S Kannan, the current MD & CEO, who will complete his five-year term, and superannuate from service in June