Page 5 - Insurance

Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

Insurance product for rural India to be launched this year: Industry body

Bima Vistaar, an insurance product covering life, health and property for rural people, is likely to be launched by December 2025, an industry organisation said on Wednesday. Life Insurance Council's Insurance Awareness Committee (IAC-Life) chairperson Kamlesh Rao said the products meant for rural India will be sold by all insurance companies at a uniform price with Rs 5 lakh cover per individual. The council has all 26 life insurance companies, including Life Insurance Corporation (LIC), as its members. Rao said that the product will be launched to increase the penetration of insurance in the rural belts of the country. "Penetration is lower in rural India. Bima Vistaar will be launched, targeting an increase in the insurance penetration in rural India," he said. Talking of the life insurance industry in the country, Rao said total assets under management (AUM) of all the insurers had touched Rs 67 lakh crore during the 2024-25 financial year, while the total premium collected ha

Think your gym injury is covered? Your health insurance may say no

Gym-related injuries are usually covered under health insurance, but exclusions around steroids, unsafe practices, and hazardous sports may lead to claim rejections

Top four life insurance companies covered 14 mn fewer lives in FY25

Data from insurers' annual reports show ICICI Prudential Life Insurance covered 91.74 million lives in FY25, down from 96.61 million in FY24

Guaranteed return, tax breaks key benefits of retirement-focused insurance

Remember that their internal rate of return could be low, and unlike annuities, they do not make payments for life

More organisers opt for event insurance before major festive season

The Dahi Handi festival saw 160,000 participants insured for ₹10 lakh each, with the Maharashtra government bearing the cost for 150,000 Govindas

What are the best life insurance plans available for young professionals?

A good life insurance policy is a must for young, working professionals in cities. Here are some of the best premium plans from Morningstar

Home insurance claims: Begin repairs only after surveyor's inspection

Non-disclosure of property extensions, late intimation, and incomplete paperwork may reduce or void claims

E-20 compliance and insurance claim: Here's what you need to know

People are raising concerns around E20 non-compatible vehicles, like poor mileage. Experts say that insurers too could reject or cut claims if engine damage is linked to the fuel.

Drop in high-value ticket life policies drags 13th-month persistency ratio

The decline in the share of high-value policies is largely on account of taxation changes in this segment, which HNIs were earlier using to get tax-free returns

Strong Q1 results, guidance lift New India Assurance shares by 18%

New India Assurance shares soar as insurer posts 80 per cent rise in profit, guided for lower combined ratio despite underwriting hit from Air India crash

New India Assurance shares jump 15% post Q1 earnings; details here

On Wednesday, shares of New India Assurance closed at ₹202.62, up 16.77% on the National Stock Exchange.

2 out of 5 Indians have health insurance, gap worse in rural India: Report

Millions without adequate cover as awareness, affordability and access issues persist, it says

Bajaj Finserv Q1 results: Consolidated net profit rises 30% to Rs 2,789 cr

The company's profit rises to Rs 2,789 crore, driven by growth in interest income and insurance premiums

Dahi Handi: Maha to insure 150K 'Govindas'; payout of ₹10 lakh for fatality

The Maharashtra government has announced insurance coverage to 1.5 lakh 'Govindas' taking part in Dahi Handi festivities with a maximum payout at Rs 10 lakh in case of death, a move coming less than a month before the popular festival. During the Dahi Handi festival, part of Janmashtami celebrations, Govindas (youngsters) form human pyramids to smash a pot of milk, curd and butter suspended at a height, in a playful re-enactment of Lord Krishna's childhood antics. The insurance package will cover accidental injuries (sometime fatal) caused during the formation of human pyramids. The state government will bear the insurance costs for registered participants forming human pyramids during the popular festival, which will be celebrated on August 16 this year, according to a government resolution (GR) issued on Wednesday. The Maharashtra State Govinda Association, Mumbai, has been designated to verify the training, age and participation of Govindas, and submit their details to the ...

Mobile phone insurance: How to avoid claim rejections during rains?

Water damage cover isn't guaranteed in all phone insurance plans. Experts explain what's included, what's not, and how to avoid claim rejections during rains.

Tesla's entry into India to bring innovation in EV insurance space

Tesla's entry into India will drive innovation in the EV insurance market, prompting insurers to rethink product offerings and embrace technology-driven solutions

Irdai may curb Kiwi Insurance's retail health plans over promoter links

Insurance sector regulator Irdai may restrict Kiwi General Insurance from offering retail health products to avoid direct overlap, as the promoter of the non-life firm, WestBridge Capital, also holds a majority stake in leading standalone health insurer Star Health and Allied Insurance, sources said. Under existing regulations the same promoter cannot hold stake in two similar nature insurance firms. With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment. It currently holds about 40 per cent stake in Star Health and Allied Insurance Company Ltd, as per information available on the BSE. However, public sector banks have got regulatory forbearance from Insurance Regulatory and Development Authority of India (Irdai) following the consolidation exercise undertaken in 2020. "This is the first time in the industry that the regulator is faced with a scenario whe

R Doraiswamy takes charge as LIC's MD & CEO for a three-year term

R Doraiswamy, a LIC veteran with over 39 years' experience, has been appointed MD & CEO for three years as the insurer sees a major reshuffle in its top management

Indian insurers urge IRDAI to revamp bond valuation to boost debt market

Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies