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.
Here's a quick checklist so that you make a wise decision
A quick snapshot about the fundamentals of the concept of life insurance.
Give separate tax exemption limit of Rs 50000 for the life insurance premium.
>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.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
The DPDP rules, which have come into effect, require companies to implement a data protection and consent management system by November 2026.
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.
SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover.
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.
'By quick, fast, and just awards, the insurance ombudsman can bring the trust of the policyholders in the insurance system and insurance as a product and create a positive impact on the entire industry.'
As of March 25, life insurers have paid Rs 1,986 crore towards 25,500 Covid death claims
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.
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.
The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
A special court has granted anticipatory bail to a medical professor in connection with the suicide of a dental student, citing a lack of evidence linking the professor to the student's death.
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.
The insurance regulator is likely to confine the portability of health insurance policies to non-life insurance companies.
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
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.
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.
'LIC will reduce but not fully exit its stake in IDBI Bank, which remains an important bancassurance partner,' says LIC of India' MD and CEO R Doraiswamy.
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%.
A nationwide strike called by central trade unions saw a mixed response across India, impacting various sectors and states differently, with some areas experiencing disruptions while others remained largely unaffected.
Cognizant has announced the launch of Technoverse Hackathon 2026, a national platform for engineering students to demonstrate AI-powered problem-solving skills in various industries. The hackathon aims to bridge academic learning with real-world applications and promote innovation.
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.
After reeling under losses for almost a decade, life insurance companies are now turning the tide. Four life insurers have, so far, posted profit, while three of them have brought down their losses.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Data released by the Life Insurance Council reveals that the total pension premium for the life insurance industry saw a growth of 159 per cent at Rs 22,268 crore (Rs 222.68 billion) for FY07 compared with Rs 8,568 crore (Rs 85.68 billion) in FY06.
Life insurance sector grew by 58 per cent in April as private players kicked off fiscal 2006-07 by increasing their market share to over 32 per cent.
With a view to provide flexibility to insurance companies, the Insurance Regulatory and Development Authority has said that life insurers will be allowed to change the premium quotes from what they have filed with the regulator for group business.
Rural Postal Life Insurance, a scheme administered by the Department of Post for the rural populace, has grown manifold to develop business worth Rs 6,000 crore (Rs 60 billion) for the 2003-04 fiscal from Rs 550 crore (Rs 5.50 billion) in 1999.
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).
