Page 4 - Life Insurance Industry

Results preview: Insurers may see compression in Q3 profit margin

Non-life insurers' premium is expected to report decent growth

Private players see 6% rise in benefits paid to Rs 1.57 trillion in FY23

LIC, while seeing a marginal decline to Rs 3.39 trillion, still accounts for a lion's share of 69% of total benefits paid

Prioritise life coverage, financial aims when delving into ULIP investments

Term plan plus MF combo offers greater flexibility and liquidity

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

LIC to play key role in achieving 'Insurance For All by 2047': Chairman

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas. "The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC Chairman Siddhartha Mohanty told PTI. He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working. "I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said. To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model. Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independe

LIC launches new 'Jeevan Utsav' plan with lifetime guaranteed returns

The plan offers the choice to choose between two payout options - regular income and flexi-income benefits

Want guaranteed long-term returns? Consider non-par insurance plans

Get an expert to calculate internal rate of return; ensure premium doesn't exceed Rs 5 lakh annually for tax-free return

Private life insurance companies seem to be on a secured path to growth

Recent data shows improvement in business, leading to share price gains

Life Insurance companies reports 7.64% YoY rise in new business premiums

ICICI Prudential Life Insurance inched up by 2.00 per cent YoY to Rs 8739.05 crore while Max Life Insurance recorded 27.87 per cent growth to Rs 5004.1 crore

Technology can help reach more customers in life insurance sector: LIC MD

Companies are focusing on digital boarding which can help focus on improving persistence in this sector, says R Doraiswamy

24% growth in health cover premia drives non-life insurance sector

In the first half, the health insurance segment registered 18.92 per cent growth year-on-year

Bharti to acquire JV partner AXA's 49% stake in Bharti AXA Life Insurance

Bharti Group on Wednesday said it has entered into a binding agreement with its joint venture partner AXA to acquire its 49 per cent stake in Bharti AXA Life Insurance. Post transaction, Bharti Life Ventures Private Limited (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own 100 per cent stake in the life insurer. Currently, France-based AXA owns 49 per cent stake in the joint venture with Bharti. The transaction is subject to receipt of requisite regulatory approvals, Bharti Group said in a statement. Pursuant to the two parties' decision to merge Bharti AXA General Insurance with ICICI Lombard in 2020, and the subsequent exit of AXA from the shareholding of ICICI Lombard, BLVPL has now entered into an agreement to acquire AXA's 49 per cent shareholding and fully own the company, it said. Bharti's intention is to ensure that the life insurance business continues to serve the Indian market and, in this regard, it is engaging with other strategic and financi

Life insurers face value of new business margin pressure in second quarter

Premium of General ins cos likely to be robust in Q2FY24

Terms, bonus, sum assured: Making sense of life insurance policies

Insurers' products are complex; investors must have a rational expectation about the returns they will get

Emerging Equity Fund: Bharti AXA Life Insurance unveils NFO after 13 years

Investors can invest in Bharti AXA Life's Emerging Equity Fund through three of Bharti AXA Life's ULIP Plans: Bharti AXA Life Wealth Pro, Bharti AXA Life Grow Wealth, and the newly launched Bharti AXA

Inflation biggest concern for Indians, only 6% sufficiently insured: study

To be sufficiently insured, experts believe that an insurance policy must provide 10 to 15 times the annual income of the household as coverage

Robust growth ahead for pvt insurers; HDFC Life may see stronger momentum

HDFC Life may see stronger momentum as merger synergies kick in

Definition of consumer includes beneficiary

The National Commission observed that the nominee is the rightful claimant under a policy, hence there was no merit in the objection that she couldn't file a complaint

Non-disclosure doesn't apply to known facts

The National Commission considered that the law provided that jurisdiction could be based on the complainant's place of residence.

Life insurance stocks: Concerns may be priced in; analysts 'optimistic'

While they are trading at substantial discount to their average historical multiples, data shows there is pickup in business in May