Page 7 - Life Insurance

IndiaFirst Life Insurance names Rushabh Gandhi as its next MD & CEO

Financial services veteran will have a 5-year term; incumbent R M Vishakha to retire in June

ICICI Prudential Life pays Rs 1,867 crore towards death claims in FY24

ICICI Prudential Life Insurance on Tuesday said it has settled 99.17 per cent of death claims in just 1.27 days, with the total such payout at Rs 1,867 crore in 2023-24. In a statement, ICICI Prudential Life said the company's claim settlement ratio for the June quarter of FY24 was 97.94 per cent, for the September quarter at 98.14 per cent and for the December quarter at 98.52 per cent. "The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days," it said. For the fiscal year ended in March 2024, the company paid a total of Rs 1,867 crore in death claims, it added. The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents. ICICI Prudential Life Insurance Senior Executive Vice .

ICICI Prudential Life Insurance Q4 results: PAT declines 26% to Rs 174 cr

The decline in VNB margin is primarily on account of the shift in the underlying product mix towards unit-linked business, the company said in an exchange filing

LIC's total premium grows 26%, highest among listed peers in March

State-owned Life Insurance Corporation of India (LIC) reported a 26.41 per cent increase in the total premium collected in March 2024 to Rs 36,300.62 crore compared to Rs 28,716.23 crore in the same month a year ago. LIC was followed by SBI Life Insurance Company in premium collection growth at 24.76 per cent. ICICI Prudential Life Insurance Company reported a 12.58 per cent growth. Another major insurer HDFC Life Insurance Company, however, reported a decline in premium collection at 20.05 per cent. As of March 2024, LIC commands a market share of 58.87 per cent based on premium collections, the state-owned insurer said quoting figures released by Life Insurance Council. Private insurers also experienced a surge in premium collection in March due to a last-minute rush by customers to avail of tax exemptions before the April 1 deadline for non-linked policies, it said. In March 2024, LIC's Group Yearly Renewable Premium surged by 200.62 per cent, and Group Premium by 47.17 per ...

Stocks to Watch today: TCS, GIC, HAL, LIC, Anand Rathi, Aster DM, IT shares

Stocks to watch on Monday, April 15, 2024: IT shares, led by TCS, are expected to be in focus after the Tata group IT major reported better-than-expected Q4 numbers.

Insurance: High surrender charges deter exits

Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies

You can get Rs 1 cr health cover with monthly EMI option on the PhonePe app

This industry-first initiative empowers users to choose quality health insurance with flexible payment options.

Increased reinsurance capacity keeps April reinsurance renewals flat

Globally, the reinsurance contracts between primary insurers and reinsurers are renewed in January

LIC world's strongest insurance brand: Brand Finance Insurance Report

According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion

Life insurance shares in focus; Max Financial, HDFC Life rally up to 6%

In a relief for life insurance company investors, regulator Irdai has retained most existing surrender charges in the revised product regulations

Keep records, communicate: Dealing with unclaimed insurance policies

In numerous instances, members are unaware of the policy's existence, let alone its details

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

Working women pip men in life insurance policy ownership, says survey

They also lead in insurance ownership, homemaker women lag

Unclaimed insurance funds higher in agent-sold policies: Analysts

LIC accounted for more than 90% of total unclaimed funds in the last five years

Nagaland CM presents Budget, announces universal life insurance scheme

Nagaland Chief Minister Neiphiu Rio on Tuesday announced a fully-funded universal life insurance scheme as he presented the Budget for 2024-25 which did not propose any hike in taxes. Presenting the budget on the second day of the ongoing session of the State Assembly, Rio, who also holds the finance portfolio, said gross receipts are estimated at Rs 23,978.05 crore and the gross expenditures are pegged at Rs 23,727.88 crore. The budget estimate is an increase of Rs 644.22 crore compared to the previous financial year where the amount was at Rs 23,083.66 crore. Rio termed the budget as people centric and tax-free for the welfare of the people in general. Among significant measures, the state government announced a fully-funded universal life insurance scheme to mitigate financial hardship due to untimely demise of a family's breadwinner. The Chief Minister's Universal Life Insurance Scheme will be fully funded by the state government. A life insurance coverage of Rs 2 lakh will be

HDFC Life International launches health plan for overseas Indian students

The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries

LIC launches a non-participating product 'Amritbaal' for children

The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured

LIC's VNB margin growth higher than private life insurers in Q3 FY24

VNB is a measure of the economic value of the profits expected to emerge from new business. VNB margin is the profit margin of the companies

Mcap of four most valued firms jumps Rs 2.18 trn; LIC, SBI lead gainers

Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation. On the other hand, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, Hindustan Unilever and ITC faced erosion from their valuation to the tune of Rs 1,06,631.39 crore. Last week, the BSE benchmark declined by 490.14 points or 0.67 per cent. Market valuation of LIC jumped Rs 86,146.47 crore to Rs 6,83,637.38 crore. The share price of LIC on Monday jumped nearly 6 per cent to hit the Rs 1,000 mark for the first time. SBI added Rs 65,908.26 crore, taking its valuation to Rs 6,46,365.02 crore. Market valuation of TCS climbed Rs 61,435.47 crore to Rs 15,12,743.31 crore and that of Reliance

RBI approves HDFC Bank Group's proposal to acquire 9.5% in IndusInd Bank

The RBI has said that HDFC Bank needs to acquire major shareholding within one year from February 5, 2024, failing which the approval shall stand cancelled