In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
All covers have a war exclusion clause. For cargo, shipping, and aviation industries, war schemes are available.
Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.
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.
The Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent, with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.
'I am very happy to see that the work is starting to bear some fruit now.'
State-owned insurer Life Insurance Corporation of India (LIC) on Tuesday posted a 38 per cent increase in net profit to Rs 19,013 crore in the fourth quarter ended March 2025 helped by lower expenses. The country's biggest insurer had earned a profit of Rs 13,763 crore in the corresponding quarter a year earlier.
'Because it is the only public sector company in this sector, currently.'
Third party claims are adjudicated by the constituted tribunals.
'...aggressive pricing amid volatility, but these are exceptions.'
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The new Insurance Bill may be implemented in 2015.
Recurring natural calamities along the east coast, especially Vizag and Chennai, to increase insurance premium rates in the region, reports T E Narasimhan.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
Aviation watchdog DGCA has granted IndiGo a six-month extension to operate two leased Boeing 777 aircraft from Turkish Airlines, subject to certain conditions. This decision comes after a previous extension and amidst geopolitical considerations.
Staying healthy can reduce your next premium. Through wellness programmes, policyholders can get discounts ranging from 8 per cent to 30 per cent.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
'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 new draft guidelines issued by IRDAI proposes a minimum sum assured of Rs 50,000 and a maximum of Rs 5 lakh. A General Insurance Council official said the guidelines were still being worked on and would only be finalised next week.
Indian information-technology (IT) service providers are likely to report another quarter (July-September) of low, single-digit growth owing to macro uncertainties, chiefly emanating from America, with no respite in sight even in the second half of the year.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
Health insurers incorporate conditions like Waiting Period in their offerings to prevent customers from taking undue advantage of a service that is essential.
'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.'
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
This recognition is a testimony of India's strong belief in promoting entrepreneurship
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
While insurance companies are yet to finalise the premiums, there are chances that group health premiums could see an increase.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
Two types of deductibles are associated with auto insurance -- compulsory and voluntary.
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
Buying medical insurance? Make sure that you know what you are getting and what you are not.
New India Assurance has posted a robust 21 per cent growth in sales in October to regain the number one position in the general insurance industry toppling National Insurance Company, which had climbed to the top slot for the first time in September.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
But, neither were the big companies interested in growing inorganically nor were the smaller ones ready to offer themselves for sale.
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.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
'Allocating 5 to 10 per cent of one's portfolio and staying disciplined through market cycles helps in having a positive investment experience.'
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
