Life Insurance Corporation of India's (LIC) annualised premium equivalent (APE) growth remained weak in the fourth quarter of the financial year 2024-25 (Q4FY25) and flat in FY25, but management expects growth to rebound in FY26. The focus remains on improving product mix by increasing share of non-participating or non-par products in the individual APE.
2.75 million of the 3 million Covid-related health claims were settled.
Sales of health and pension policies of life insurance companies have taken a beating in June, according to the latest data released by the Insurance Regulatory and Development Authority (IRDA).
Come October, life insurers may have to tighten their underwriting standards further for retail term plans at the behest of one of the largest reinsurers in the Indian insurance market, Munich Re. According to a source aware of the development, "Munich Re has been studying long-term mortality trends for the past few years, and has suggested some tightening in the underwriting process." "As far as financial underwriting is concerned, the reinsurer has suggested that insurers should ask for additional documents. "For example, apart from income proof, they can ask for bank statements of the prospective customer before issuing policies," added the source.
One reason why 'return of premium' plans do not look good is because, just like any other (endowment-type) life insurance plan, they too have to actually invest a certain portion of the premium to generate returns.
'Last year (FY21), we had about 1 million intimated claims for Covid.' 'This year (FY22), in six months, we got about 1.6 million claims.'
Many of us commit these generic mistakes which can turn our insurance buying decision futile, says Shikha Verma
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.
The regulator has put a cap on the business a bank can get from a single insurer.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
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'A 25 year old buying a high-value policy now will be well covered even in his 40s.'
You are charged the same premium and also enjoy continuity benefits
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
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.
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.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
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?
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
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
LIC is on board after tying up with all five insurance repositories; 1,50,000 e-Insurance Accounts opened across India till date.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
Moving to a new company means losing out on continuity benefits
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
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.
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.
One should choose a suitable insurance policy which does not disturb lifestyle.
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 first and most important check you must run is to see if you have adequate life cover.
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