General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
'The overall death claims have gone up.'
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.
Life insurance sector in India grew by 41 per cent in 2005-06 due to better performance of country's largest life insurer, LIC, and private players like Bajaj Allianz and ICICI Prudential.
The non-life insurance industry has received over 1 million Covid-related claims in the first quarter of the current fiscal year (Q1FY22), higher than in the entire FY21, indicating the severity of the second wave of the pandemic. According to the General Insurance Council data, which is not publicly available, non-life insurers have received 1.22 million Covid-related claims so far in FY22 and have settled 944,573 of those worth Rs 9,178 crore. In comparison, they had received 986,366 Covid claims in FY21 and settled 849,034.
Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz pushed the general insurance industry growth to 16 per cent in April-February of 2005-06.
Before you step out of the country, make sure you have taken a travel cover
Bajaj Allianz Life Insurance, a leading private player, launched on Monday a life insurance plan for rural masses with a one time premium of just Rs 75 to be covered for a minimum five years.
Through this online facility, these business communities can generate marine policies, manage them online and speed up documentation procedures in case of an emergency.
Car market leader Maruti has sold a record 1 million policies under 'Maruti Insurance', launched two years ago.
Bengaluru-based Healthtech start-up Mfine has rolled out a coronavirus assessment feature which enables virtual medical consultation to assess patients who have flu-like symptoms. Portea and Haptik habe developed chatbots, which will disseminate information related to coronavirus.
The three PSU insurers managed a meagre 2-4 per cent growth in business and eroded their market shares, while private players grew by 70 per cent to grab over 14 per cent of the general insurance market during 2003-04.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
Given the fiercely competitive political environment, observers naturally associated an element of appeasement with the Shinde government's move, Shyam G Menon points out.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
NBFCs with a proven track record, supported by the brand values of reputed corporate, can play a key role in bringing the benefits of banking and economy to the underserved and newer segments of India.
IRDA's condition that treatment under AYUSH has to be at a government hospital or an institute recognised by the government makes insurance cover difficult.
Staying healthy is good news for the insurance company as well since it implies lower claims. Insurance companies offer discounts anywhere between 8 And 30 per cent discount on premium.
This form of device-based insurance uses GPS to measure how much a car runs and the speed that it is run at.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
You are charged the same premium and also enjoy continuity benefits
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
Although insurers feel loss ratios in the health segment may get impacted, and profitability will take a hit, capital erosion will not take place, at least for the large entities.
FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend.
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
Among those who lived on rent, 56 per cent believed natural calamities were the biggest threat to their homes.
Life insurers need applicants to abstain from tobacco for up to five years.
'If we wait to invest only after the economy recovers fully, it might be too late,' advises Vivek Jain, business unit head-investments, Policybazaar.com.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances