The online population forms a brand new market that cuts across borders, it added.
The online channel has only been successful in making inroads in metro cities.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The regulator has put a cap on the business a bank can get from a single insurer.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
If you opt for a term-life cover, buy separate policies to cover the loan for all the co-borrowers in a home loan for a sum assured equal to the home loan amount.
'A 25 year old buying a high-value policy now will be well covered even in his 40s.'
'Even if India is attractive, FPIs currently lack the funds to invest, as money is being redirected to the US.'
You are charged the same premium and also enjoy continuity benefits
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
A heated debate erupted in the Rajya Sabha over the ongoing strike by ASHA workers in Kerala, with Congress and CPI(M) MPs trading accusations over responsibility for addressing their demands for a higher honorarium and post-retirement benefits. Congress MP Jebi Mather alleged that both the Kerala government and the Union government had ignored the workers' pleas, while CPI(M) MP John Brittas countered by claiming Kerala provides the highest honorarium to ASHA workers. The debate also saw demands for an AIIMS in Kerala and a hike in MBBS seats, as well as concerns over maternal health, elderly care, and mental health in India.
Despite state-owned Life Insurance Corporation (LIC) reporting an improvement in value of new business (VNB) margin in Q1FY25, analysts believe the growth has not been satisfactory in the context of the insurer's medium-term targets on margins. VNB margin is a measure of profitability of life insurance companies. LIC's VNB margin improved by 20 basis points (bps) to 13.9 per cent in Q1FY25 over the same period last year due to a change in the business mix of the insurer.
Either you are buying insurance policy online or through an agent, getting a better understanding about it will always be beneficial for you, says Harjot Singh Narula
Join us for an online chat with health insurance expert Anil Rego between 2 pm and 3 pm on Wednesday, October 7.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
What happens to such a person's life insurance policy? Does the partner or beneficiary or assignee pay the premiums and continue the missing person's life policy in force?
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
Allowing it to lapse leaves you unprotected and can, in some cases, cause loss of premiums paid, experts tell Sanjay Kumar Singh.
HDFC Life has a balance between traditional policies and Ulips
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
LIC is on board after tying up with all five insurance repositories; 1,50,000 e-Insurance Accounts opened across India till date.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
Don't solely focus on tax-saving alone.
Moving to a new company means losing out on continuity benefits
With Covid-19 cases across the country rising rapidly once again, demand for health insurance products has spiked. Insurers are seeing an uptick in inquiries for such products and underwriting more premiums in the segment. Already, health insurance was growing at a rapid pace since the onset of the pandemic as awareness around risk had heightened among consumers. But the country recorded more than 600,000 Covid-19 cases in the past week, which is almost a six-fold rise than the previous week. Owing to this, the spike in demand for health insurance products is inevitable, experts said.
The revival initiative allows RLIC policyholders to renew their lapsed policies by simply paying their due premium -- without any penalty or medical tests.
And here's how to avoid rejection of your insurance claim
While buying a term plan, do check how much money will be paid in lumpsum and how much of the money will come to the surviving family as a regular payout, suggests Sarbajeet K Sen.
Increase of FDI ceiling in Insurance Industry to 49 per cent. Raising the cap will provide enough incentive to foreign companies to invest in Indian insurance sector. This will create required capital in the industry and help the sector expand much faster.
The first and most important check you must run is to see if you have adequate life cover.
One should choose a suitable insurance policy which does not disturb lifestyle.
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.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
More than nine million policies with a combined risk cover of over Rs 1,00,000 crore lapsed in 2008-09, reveals the Insurance Regulatory and Development Authority (Irda).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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