Investments in such products are due to either of the following reasons: Surplus money, getting maturity proceeds from another policy or last-minute investments for tax exemption.
Indian reinsurer General Insurance Corporation has hardened its stance while negotiating reinsurance arrangements for the next financial year. During the first round of talks with non-life insurers, GIC said that it would pay at least 5 per cent lower commission on business that is reinsured with it. Further, it has sought a share in underwriting profits, which could be as high as 50 per cent, sources involved with the negotiations said.
Remember insurance is, first and last, a safety mechanism for your dependants. Let not these insurance myths jeopardise your family's future.
As more women take up the responsibility of contributing towards the family income, the risk of a loss of income in case of an eventuality increases. Also observed in many cases is the fact that some families are dependent solely on one earning member who happens to be a woman. Having a life cover under such circumstances can prove to be helpful.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
After reporting low numbers in new business premium, life insurance companies are resorting to special initiatives to increase business from the rural segment, which they term as emerging markets.
Don't sidestep the idea of investing in term insurance. Here's why.
Your entire contribution can go down the drain if policies are not renewed on time
Government will get an additional tax of Rs. 2,110 crore from proposed changes.
Buoyancy in the equity market and the soft interest rate regime have prompted insurers like the LIC to focus on unit-linked products that provide life cover as well as tax benefits and capital appreciation to investors.
"We had two meetings with the Sebi and couple of more is required (to decide on final guideline on IPO)," IRDA chairman J Hari Narayan said at a CII event.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
Insurance industry emerged as the largest investor in the stock market during 2007-08 surpassing the foreign institutional investors, riding on the huge popularity of Unit Linked Insurance Products, according to Life Insurance Council.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
The general insurers have sought well-crafted strategies from interested consultants to withstand competition from the private sector which is more customer-oriented in terms of both services and products.
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
The fatwa was issued early this month following a query from one Saleem Chisti, a resident of Lucknow.
After doing business at very high costs for a decade, the life insurance industry will have to ensure greater volumes.
The Direct Taxes Code Bill tabled in the Lok Sabha is likely to negatively impact the life insurance industry on many counts, if implemented in the present form.
The revival initiative allows RLIC policyholders to renew their lapsed policies by simply paying their due premium -- without any penalty or medical tests.
But, neither were the big companies interested in growing inorganically nor were the smaller ones ready to offer themselves for sale.
Encourage domestic savings by providing tax incentives for investment in insurance and pension schemes.
Fraudsters read your mind, weave convincing stories, earn your trust and then vanish with people's savings. Ramalingam Kalirajan reveals five simple tricks that cons use to steal money from you.
Move seen as countering fund houses' plan to sell life covers.
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.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
In a bid to augment its revenue, the postal department would soon commence life insurance business, Union Minister for IT and Telecom A Raja has said.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
The 'Online Term' also offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical check-ups, if any, at the customer's residence.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Insurance regulator IRDA on Thursday asked life insurers not to levy any charge on customers if they surrender their policies from fifth year.
The lone public sector player Life Insurance Corporation fared much better than its private sector peers did.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
There are four public sector general insurance companies.
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia. While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re's share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for reinsurance of cargoes that originate from Russia.
The life insurer tinkered with its business strategy - raised the share of protection plans and reduced dependency on ULIPs in the past four years.
Taking advantage of attractive valuations, life insurers bought equities in the bulk deal segment during the last six months against selling by them during June-November 2008.
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