Ujjivan Small Finance Bank's initial public offering attracted heavy investor demand on the final day of bidding on Wednesday as the issue was subscribed a whopping 126.36 times.
Leading private life insurers HDFC Standard Life, Bajaj Allianz and Birla Sun Life top the list of firms against whom consumers have filed complaints with sectoral regulator Irda for indulging in unfair business practices.
Here's a list of life insurance companies that have the maximum number of customer complaints against them in various categories such as claim disputes and unfair business practices.
Group term insurance is far more cost-effective than an individual cover.
Maternity expenses can be high, with the costs covering everything from prenatal visits to the hospital delivery charges and post-natal care but choosing the right maternity cover can help overcome these issues, says Bhaskar Nerurkar
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.
After reeling under losses for almost a decade, life insurance companies are now turning the tide. Four life insurers have, so far, posted profit, while three of them have brought down their losses.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
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.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
In order for life insurance customers to attain maximum benefits, it is crucial for the persistency ratio to be far higher than its current level, top executives of the industry said at the Business Standard BFSI Insight Summit on Thursday. The persistency ratio is a metric that measures the number of policyholders who continue paying renewal premium and is gauged at varying stages in the life of a policy. A higher persistency ratio is seen as an indicator of an insurance product that caters satisfactorily to the needs of a customer.
The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
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Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
Bupa and Axa have already declared their intention to raise stakes.
Maternity coverage is a specific feature in health insurance policies that covers the medical expenses associated with childbirth and complications associated, if any.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
'As on August 25, 94,753 Govindas have been insured.' 'This number is expected to rise further, as proposals for 5,000 to 8,000 Govindas are received daily.'
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
German insurance giant Allianz is planning to widen base in India with foray in banking business through its unit Dresdner Bank, besides expanding its existing non-banking financial services.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
>You can buy a life insurance policy for someone else only if you have an insurable interest or expect financial loss from that person's death, points out Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, answering insurance questions.
General insurance companies are likely to see a surge in demand for health insurance in the coming months due to falling air quality in the country. The health insurance segment has registered a strong growth after the pandemic due to higher awareness. In the first half of financial year 2023-24, the segment grew by 24.4 per cent to Rs 54,713.52 crore from Rs 43,981.54 crore in H1FY23, driving growth of the non-life insurance industry.
Warren Buffett will meet with individuals that have bought insurance policies through his Indian venture Berkshireinsurance.com.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
Life insurers need applicants to abstain from tobacco for up to five years.
Critical illness policies by life insurance companies provide a variety of combinations but have a complex fine print.
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
On scrutiny, Shield Plus has no special advantage over a fixed deposit.
You are charged the same premium and also enjoy continuity benefits
Anil Dhirubhai Ambani Group's Reliance General Insurance has become the second largest non-life private insurer, toppling Bajaj Allianz, in terms of premium collections of Rs 221 crore (Rs 2.21 billion) in April.
FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
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.
Through this online facility, these business communities can generate marine policies, manage them online and speed up documentation procedures in case of an emergency.
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
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