According to Insurance Regulatory and Development Authority recommendations, a uniform grace period of 30 days is extended for annual, half-yearly and quarterly renewals, and 15 days for monthly renewals.
Here's a quick checklist so that you make a wise decision
Life insurance industry grew by over 65 per cent to Rs 5,436 crore in September compared to Rs 3,291 crore premium income from new business in July, mainly due to the success of LIC's Varishtha Pension Bima Yojana.
A quick snapshot about the fundamentals of the concept of life insurance.
>You can buy a life insurance policy for someone else only if you have an insurable interest or expect financial loss from that person's death, points out Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, answering insurance questions.
Give separate tax exemption limit of Rs 50000 for the life insurance premium.
The Centre has proposed exempting life and health insurance policies for individuals from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST.
Make sure the rider adds value rather than just adding to cost.
Wipro reported Q4FY26 IT services revenue of $2.6 billion, a modest 0.2 per cent Q-o-Q constant currency growth, with adjusted operating profit margin beating estimates at 17.2 per cent. The company announced a significant share buyback of ~15,000 crore, but faces near-term growth challenges, particularly in the BFSI segment, and has issued a soft Q1FY27 revenue guidance.
Whenever you buy a life insurance policy the company offering it will levy a charge for the insurance protection upon death and to cover certain other expenses. In a nutshell this is the actual cost of insurance.
A cross section of life insurers, while discussing their expansion and recruitment plans, said most jobs would be created in sales and services. With the industry expected to touch $52 billion in 2010 from $35 billion in 2007-08, insurers were bullish about the prospects. According to an industry analyst, the availability of manpower now is enormous and relatively cheaper since all major industries have stopped recruitment.
India has received nearly Rs 30,000 crore worth of FDI in the private sector insurance firms since 2015, when the government had increased FDI limit from 26 per cent to 49 per cent. Investment under the automatic route does not require prior approval from the government.
Cover the spouse under the same policy. A joint life plan offers assurance that one will continue to receive the same financial care in case of an unforeseen loss of a partner, advises Pankaj Razdan.
As of March 25, life insurers have paid Rs 1,986 crore towards 25,500 Covid death claims
SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover.
India's privatisation push, once projected as a cornerstone of economic reform, has suffered another setback, with the Centre set to call off the IDBI Bank stake sale, highlighting the political and structural constraints shaping the country's disinvestment policy, experts say.
Jobless growth has found a new home - India's life insurance companies. In the last financial year, private life insurers reduced headcount by 27 per cent to achieve profitability.
'As re-industrialisation gathers pace across regions like Asia, Europe and the US, a wide range of products and inputs will see demand.'
The BSE Sensex and the Nifty 50 declined around 4.5 per cent each since the start of the West Asia conflict.
More than half a dozen life insurance companies -- that are operating for nearly a decade now -- have cut their branch presence significantly in the last six months in a bid to cut cost and increase efficiency.
How high or low will be your policy premium depends upon these.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
'Buy early and review the sum insured regularly.'
'Combining individual or family policies with corporate cover, along with top-ups and wellness programmes, can help maintain strong health protection throughout life.'
Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.
Enthused by over 100 per cent growth in the life insurance business in 2006-07, four more players are likely to start their venture this year.
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
The insurance regulator is likely to confine the portability of health insurance policies to non-life insurance companies.
'Being an important institution in the banking system, we are subject to regulatory supervision, both offsite and onsite.' 'When you look at the intensity at which these levels of supervision come, we, on the board and in management, believe there should not be any surprises.'
Insurance companies are processing a surge of claims related to the Air India plane crash in Ahmedabad, including travel, personal accident, and life insurance claims.
Life insurance companies have yet to see the entry of the younger generation in a big way. This was highlighted by N S Kannan, executive director, ICICI Prudential Life Insurance, while launching an insurance product for cancer.
surance companies said that customer interest to buy products would be accentuated by tax incentives
Deciding whether a whole life insurance plan is a smart option or not hinges on the financial situation of the insurance buyer
In an online chat with Get Ahead readers on october 29, Ashish Vohra, Senior Director and Chief Distribution Officer with Max Life Insurance answered queries on life insurance.
Since last September, when the Irda capped distribution costs of Ulips, the number of policies with riders being sold had risen from 5% of the total to 20%.
Issuers have allotted nearly four times as much to mutual funds (MFs) as they have to insurance companies in recent quarters. MFs invested Rs 21,976 crore as anchor investors in initial public offerings (IPOs) on a trailing four-quarter basis, according to data from Prime Database.
The ICICI Prudential Life Insurance Company's net premium income in the third quarter (October - December) of the current financial year (Q3FY24) swelled by 4.9 per cent year-on-year (Y-o-Y) to touch Rs 9,929 crore. Income from investment rose 111.3 per cent Y-o-Y to touch Rs 16,315 crore. The Annual premium equivalent (APE), and new business premium (NBP) increased by 4.8 per cent Y-o-Y. Both declined 7.5 per cent and 5.6 per cent respectively, quarter-on-quarter (Q-o-Q).
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Punjab Governor Gulab Chand Kataria emphasised the importance of Aadhaar in promoting good governance, transparency, and ease of living, highlighting its role in ensuring welfare benefits reach the intended recipients and strengthening the rural economy through Direct Benefit Transfer.
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