There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
Insurance penetration in India at 3.9%, below world average.
The next time you buy a householder's insurance policy, you could be paying premiums that are 35 to 50 per cent lower. This is the result of the de-tariffing or lifting of price controls on insurance policies from January this year.
Child insurance plans can be broadly classified into two types: unit linked and traditional.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
Adopting overly aggressive strategies without considering risk could lead to significant losses during the next downturn.
These products contribute almost 20 per cent to the total premium collection of life insurers.
Investing in a Unit Linked Insurance Plan increases your life cover and also helps you save tax, says Vivek Jain.
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
Mahavir Chopra tells you what to check before you choose a diabetes insurance plan.
The decline in LIC's share price makes it the biggest wealth destroyer among IPOs which hit the market after COVID-19 took hold globally in 2020.
The costs of being under-covered are so high, that they're just not worth it.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
Life insurers are launching these again. Invest if you are conservative.
SKS Microfinance, one of the country's leading microfinance companies, has extended life insurance cover to about one million poor women in India in states such as Andhra Pradesh, Orissa, Karnataka, West Bengal, Rajasthan, Uttar Pradesh and Madhya Pradesh.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
It's best to stick with a term plan and invest the balance in a low-cost investment.
Planning to buy a child insurance plan? Know these myths to make an informed decision, says Yashish Dahiya
G Murlidhar, MD and CEO, Kotak Mahindra Life Insurance Company explains how to make smart financial decisions for better gains.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Without them your financial security is at a huge risk...
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.
In order to push more long-term products, insurers are trying to push long-term unit-liked plans by giving incentives to agents who sell Ulips with higher tenure.
'When buying a term insurance plan, you need to visualise today what could happen to your family tomorrow in your absence,' suggests Mahavir Chopra, director-health, Coverfox.com.
'In FY21, as of October, LIC has booked a profit of Rs 18,800 crore through sale of equities.'
Life Insurance Corporation of India (LIC) declared disappointing results in Q1FY24. While it reported a net profit of Rs 9,540 crore in Q1FY24, this was attributable to the transfer of Rs 7,490 crore from non-participating (non-par) products to shareholders' accounts due to the accretion on available solvency margin. In operational terms, annualised premium equivalent (APE) declined and value of new business (VNB) margin was flat. But the medium-term prospects may be better.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
There may be situations when a general life insurance policy may not be adequate to cover certain life uncertainties.
As long as the money has been 'paid or deposited in the previous year', an assessee should be eligible for tax relief, says Harsh Roongta.
Shikha Verma explains how child insurance plans can help you achieve your child's financial dreams.
The Centre's decision to not reduce the face value of shares of India's Crown Jewel - Life Insurance Corporation (LIC) - was taken to make shareholders feel they are acquiring something 'precious'. The face value of LIC's shares was retained at Rs 10, quoted in the draft prospectus, as it would also align the insurer's shares with those of its private sector peers. Even as the LIC Act was amended to "consolidate or reduce the nominal or face value of the shares", with the Centre's approval, it was decided to stick to the current face value of shares at Rs 10 without splitting the existing 6.32 billion shares.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
'Set aside around six months' monthly expenses for emergencies.' 'Keep this money in safe and liquid options, such as liquid funds and fixed deposits.'
Here's to being a responsible insurance buyer
The benefit offered under small-ticket insurance may not be huge, but it is better to have cover, suggests Sarbajeet K Sen.
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
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