Tata AIA Life Insurance has 13 people at the senior vice-president level.
Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
If nominees pass away, distribution is governed by succession laws of insured's religion.
Tata AIG Life set to approach regulator soon on the 'e-life' tablet; to be launched in metros initially.
One 97 Communications Ltd, operating under the Paytm brand, has transitioned to a majority Indian-owned and controlled company, reflecting increased domestic investor confidence and improved financial performance.
The lone public sector player Life Insurance Corporation fared much better than its private sector peers did.
The data for individual weighted received premium (WRP) showed divergent trends for life insurers in December 2024. Overall, the industry's individual WRP grew 4.8 per cent year-on-year (Y-o-Y); LIC's individual WRP declined 13 per cent while private players saw 11.4 per cent growth.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
A day after Prudential bought out AIG's Asia arm, AIA, top executives of both AIG and Tata AIG met the Insurance Regulatory & Development Authority to keep the latter abreast of developments.Sources at Tata Sons told Business Standard they had decided to buy out AIG's stake in the life insurance business. And, would consider inducting a partner at a later stage.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
You are charged the same premium and also enjoy continuity benefits
Deal with current owner Exide may be signed next week
The Asian life assurance business of AIG, is expected to set a price range for its initial public offering early next week and hopes to strike agreements with big 'cornerstone' investors who could take one-fifth of the shares sold a few days after that, the report said citing sources.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
In a setback to Prudential Plc's efforts to bolster its Asia presence, American International Group today rejected the British insurer's reduced $30.38 billion takeover bid for AIG's Asian life insurance unit.
China accounts for 90% of imports of mobile phones to India.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Attributing to people close to the situation, the Financial Times said the failed sale of AIA has strained relationships at the top levels of the US insurer and tensions are growing between Benmosche and Golub.
Paytm had received the approval for brokerage services from market regulator Sebi in January this year.
'If you are looking to fulfil imminent long-term commitments, the new online Ulips are the right product for you,' notes Santosh Agarwal/Policybazaar.com.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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