'This will be our first large-size bank partner, and hence, the partnership will be a game-changer for us.'
This law will further promote inclusive economic growth targeting a larger population and enabling deeper insurance penetration.
The downsizing is a direct fall-out of the slowdown in the business and the promoter's plan to sell stake in the life insurance business.
Health insurance premium growth has slowed after touching record highs during the Covid-19 pandemic due to tapering demand from retail consumers amid affordability issues. According to General Insurance Council data, health insurance premiums grew by 10.44 per cent year-on-year (Y-o-Y) in the Apr-Jan period of FY25 in comparison with 20.79 per cent in the year-ago period. It was around 23.57 per cent in FY23, and 25.89 per cent in FY22.
'Private General insurers are poised to grow at 17 per cent - 18 per cent over the next 5 to 7 years and we will grow faster.'
The Indian lenders are worried over the fast depleting asset base of the Future group companies which would make their recovery of dues difficult. The asset base of Future group has eroded in the last two years due to lockdown and takeover of 947 stores by rival Reliance Retail after Future group's lease on the properties expired. Bankers said they have approached bankruptcy court so as to avoid any duplication of legal action and reduce time at the legal forums.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
In Nov last year, L&T Finance Holdings had told BSE it was not eligible to be the sponsor of an insurance business, as it was a subsidiary of L&T under the Irda norms
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
Given that medical inflation is estimated at 15% to 20%, a no-claim bonus can provide added benefit
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
The FDI in insurance and defence and the plethora of schemes for improving the rural economy with all round focus on development programmes, are a key thrust.
Though costlier and fewer illnesses are covered, the breadwinner should have one with high sum assured.
There are host of policies one needs to manage. These include property, business continuation, health, and life.
The company's total debt is Rs 5,500 crore (Rs 55 billion) as of December 31, 2012.
Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
First, we need to have premiums for catastrophe events, like what they have in the developed countries. Although fire insurance covers accidents and floods, earthquake cover is optional.
New returns norm may push us off business, say insurers
With increased awareness and concern over unexpected events like the 26/11 terror attack on Mumbai, Ganesh mandals (organisers of the Ganapati festival) are seeking higher insurance cover. For instance, Mumbai's most popular mandal, Lalbaughcha Raja Ganesh Mandal, has bought insurance worth Rs 4 crore (Rs 40 million).
You will lose out on discounts and have to pay a higher premium.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Deal with current owner Exide may be signed next week
According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.
Insurers say they will have to study the available data to work out by how much premiums will have to go up to be able to cover mental illnesses as well
Shares of rate-sensitive realty, bank and auto sectors were on buyer's radar on Wednesday.
Contrary to popular perception, health insurance is rarely expensive and claims are usually paid by the insurers.
K G Krishnamoorthy Rao, managing director and CEO, Future Generali India Insurance, answers insurance queries.
Have a question about insurance?
'It is important to ensure that the person driving the car has a valid driving licence, is in a stable mental condition and is not under any heavy medication or influence of alcohol,' says K G Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance.
First-time buyers advised to take offline route, so are those looking for specific feature or higher cover.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
Commercial papers, certificates of deposit also dry up
Instead of enhancing the sum insured of your basic policy, a more cost-effective option is buying a super top-up policy.
The S&P BSE Sensex ended 80 points up at 23,789 while the Nifty50 closed at 7,235, up 24 points.
Apart from rail mishaps, the coverage would take care of terrorist attacks and accidental fall of a passenger from a train and normal accidents, riots, robbery and dacoity
But much depends on govt action & global economy; Sensex gains in 2070 the biggest in five years
The film hits theatres tomorrow, July 25.
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