Page 3 - Life Insurance

Federal Bank to buy additional 4% stake in Ageas Federal Life Insurance

Federal Bank on Friday said it has signed an agreement to acquire an additional 4 per cent stake in Ageas Federal Life Insurance Co Ltd (AFLIC) from Ageas Insurance International. In a BSE filing, Federal Bank said it has executed a "binding Memorandum of Understanding" today with Ageas Insurance International NV (Ageas) and Ageas Federal Life Insurance Co Ltd (AFLIC) for the acquisition. The acquisition is contingent upon execution of Share Purchase Agreement (SPA) between the parties, satisfaction of customary conditions precedent to be set forth in the SPA, and regulatory approvals, it added. With this, the stake of Federal Bank in Ageas Federal will rise to 30 per cent, from 26 per cent. The board of Federal Bank had on March 25 approved signing of the MoU with Ageas. It further said Reserve Bank has accorded its approval to Federal Bank for acquisition of additional 4 per cent stake in AFLIC for up to Rs 105 crore. Ageas Federal Life Insurance is a joint-venture between Agea

Edelweiss Life Insurance likely to break even by FY27: MD & CEO Sumit Rai

The private sector insurer has been incurring losses and remains reliant on capital infusion from its Indian parent, which in FY25 infused Rs 200 crore into the company

Former SBI & LIC chiefs among new members of Irdai's advisory panel

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval

Tata AIA launches Shubh Flexi Income Plan for smart savings and life cover

The plan caters to a wide range of financial objectives with its three tailored options

Slowdown in health and motor segment drag non-life premiums in Feb

According to General Insurance Council data, general insurers, who operate in multiple business lines, witnessed about 5 per cent YoY drop in premiums to Rs 17,399.3 crore in February

Life insurers' new business premium growth drops 11.6% in February

LIC's weak performance drags overall premium growth of the segment

Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA

The insurance regulator had in mid-February set the March 1 deadline for rollout of the feature, which allows insurers to take a customer's consent and block the premium amount for a period of 14 days

LIC gets GST demand notice of Rs 57.2 crore for excess ITC availed

Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21. The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing. The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said. There is no material impact on financials, operations or other activities of the corporation, it added.

360 ONE Asset to acquire 15% stake in Bharti AXA, help in mkt expansion

The transaction is subject to regulatory approvals

Purchasing term insurance: Choose a policy that balances coverage and price

CSR represents the percentage of claims settled by an insurer within a financial year

Bid to mitigate margin impact: Life insurers rejig agent fee structures

The companies had to launch all their products as per the new norms by December 31, 2024

Life insurance new business premiums fall 8.15% to Rs 30,825 cr in Jan

According to data published by the Life Insurance Council, LIC's premium dropped 13.89 per cent Y-o-Y to Rs 16,292.67 crore

Shriram Life plans three-fold rise in AUM by 2030, bets on rural India

Insurance company's managing director says company expanding in rural India faster than its private competitors

Life insurance Dec new biz premium falls 21.7% to Rs 30,218.71 crore

LIC's premium fell 41.15 per cent Y-o-Y to Rs 13,523.87 crore, while private insurers reported 7 per cent Y-o-Y growth in NBP to Rs 16,694.85 crore

Goa govt launches 'Bima Sakhi Yojana', CM urges all women to participate

Goa Chief Minister Pramod Sawant on Tuesday launched the 'Bima Sakhi Yojana' in the state with the aim of providing "insurance for all". With this, Goa became the second state after Haryana to launch this flagship scheme envisioned by Prime Minister Narendra Modi, a government release said. As per the central government's portal, the Bima Sakhi Yojana initiative of Life Insurance Corporation of India (LIC) is designed to empower women aged 18-70 years, who are Class X pass. They will receive specialised training and a stipend for the first three years to promote financial literacy and insurance awareness. After training, they can serve as LIC agents and the graduate Bima Sakhis will have the opportunity to qualify for being considered for development officer roles in LIC. After distributing the Bima Sakhi Yojana letters to the beneficiaries, CM Sawant said the scheme will not only give financial support to these women, but the role of a Bima Sakhi is going to be very significant ...

Looking for term insurance? These are the life cover policies available

Term insurance policies are a must for young professionals who have dependants and looking to insure their financial future

In a first, micro insurance premium in life segment tops Rs 10k cr in FY24

Private life insurers dominate the segment, accounting for over Rs 10,708.4 crore, while the state-owned Life Insurance Corporation of India (LIC) contributed nearly Rs 152 crore

Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24

Irdai also adopted several measures to reduce existing unclaimed amounts, asking insurers to prompt policyholders to update their contact details at the time of renewal

GST Council defers decision to reduce tax on health, life insurance

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge