It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
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.
Bundled products often come with restrictions. The customer also gets locked into two products at the same time. This reduces flexibility.
Biometric cards contain the details of policyholders such as name, age, address and finger prints. Besides helping the customers to pay their renewal premiums, the card will facilitate claim processing. It authorises transactions based on the customer's fingerprints.
Unit-linked life insurance products are those where the benefits are expressed in terms of number of units and unit price. They can be viewed as a combination of insurance and mutual funds.
Company launches claim guarantee scheme for customers.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
Union Bank of India has tied up with HDFC Standard Life Insurance Company Ltd to provide bank depositors an insurance cover under group policy with a target to bring in 50,000 customers under risk cover by March.
Initial public offering (IPO)-bound Life Insurance Corporation (LIC) of India's assets under management (AUM) increased to Rs 38 trillion as of September 2021, compared with Rs 37 trillion as of March 2021, said sources in the know. Its AUM is almost 3x the AUM of all the private life insurers in the country and over 15x more than the AUM of the second largest life insurer, SBI Life, as of September 2021. SBI Life's AUM was approximately Rs 2.4 trillion as of September 2021, said sources.
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
An accident insurance cover of Rs 1 lakh is also given to all individuals who open a bank account under the Jan-Dhan Yojana.
A policy that works for those with dependents during low-income retirement years.
Aviva Life Insurance targets to treble its business to over Rs 70 crore (Rs 700 million) and hire 2,000 more people this fiscal while targeting to be among the top six life insurers within a few years.\n\n\n\n
If you plan it out, instead of rushing it in the last moment, you will realise how much you have saved and the difference it makes to your personal wealth.
'Margins will be an outcome of that. They will likely remain somewhat range-bound.'
Public general insurance companies to collaborate for speedy settlement of claims
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
Under the new IRDA regime, LIC has launched two new non-linked plans Bima Account I and Bima Account II. The plans guarantee minimum returns, transparent charges and provide risk cover.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
From July 10, when it was launched till August 7, 1,087,030 lives have been covered under Corona Kavach through 648,276 policies with premium of Rs 182 crore and sum assured for Rs 42,956 crore. In addition, 186,347 lives have been covered under Corona Rakshak through 156,695 policies with premium of Rs 25.5 crore and sum assured for Rs 3,293 crore, an Irdai official said.
Aviva Life Insurance has announced the launch of the Young Achiever Policy with the aim to help parents plan financial needs of their child, including education and marriage.
Now there are hybrid term insurance plans available, which also offer the benefit of 'return of premium' in case the life assured were to live through the tenure of the policy.
Cost of health care is rising at a fast clip.
India's insurance sector is predicted to grow at 30% this fiscal compared to 95% of the last year.
With taxation anguish already upon you with the financial year about to end in a month, check out what income tax rebates are available to you.
Do you have health insurance/mediclaim queries? Rakesh Kaul, chief distribution officer, Edelweiss General Insurance, will answer your queries.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
State-owned Life Insurance Corporation of India (LIC), which completes one year of its listing on Tuesday, presents a sorry scorecard as far as its stock market performance goes. Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece. The Sensex, on the other hand, has risen 14 per cent in the past one year.
Feroze Azeez, deputy chief executive officer of Anand Rathi Private Wealth Management, appeared on Rediff Chat to answer readers' queries on GST.
The government on Thursday rolled out the internship programme on a pilot basis that will provide a total annual financial assistance of Rs 66,000 to those in the age group of 21-24 years, and aim to cover one crore youth over five years.
'At the policy's maturity, the total premium is refunded.'
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
There are certain myths with regards to home insurance and through this article, we attempt to deconstruct them
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
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