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.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
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.
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.
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
Action, romance, comedy, it's raining masala entertainment on OTT this week.
"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.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
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.
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.
The fatwa was issued early this month following a query from one Saleem Chisti, a resident of Lucknow.
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 BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
'Unless we consistently show up with the right cars, at the right time, priced fairly, we risk becoming irrelevant very quickly.'
After doing business at very high costs for a decade, the life insurance industry will have to ensure greater volumes.
'This means that there will be more than 1,000 tech talent in India over the next 12-18 months.'
'I don't know when I will be able to access those funds.'
Life Insurance Corporation of India (LIC) has made the most of the stock market boom by reducing stakes in all its top conglomerates during the financial year 2023-2024 (FY24). However, even after reducing exposure, the value of its remaining stake has gone up substantially across all groups, according to data collated from stock exchange filings.
Kamal has a crisp pen when it comes to writing short and yet powerful film dialogues. But while speaking ex tempore -- and that has been his style -- he looks every bit a confused man, observes N Sathiya Moorthy.
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.
'We deposited money just yesterday, but they did not say anything...'
Rekha Gupta had the support of the RSS, which actively participated in the Delhi assembly poll campaign to help the BJP win.
Move seen as countering fund houses' plan to sell life covers.
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.
Mid-tier information-technology (IT) companies last financial year reported better growth numbers than their larger counterparts, highlighting their ability to navigate the uncertain macroeconomic environment. Most of these companies - such as Persistent Systems, Coforge, KPIT, and Mphasis - focus on niche businesses and industries that allow them to go deeper in terms of client mining and expanding wallet share from existing customers.
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.
General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
Insurance regulator IRDA on Thursday asked life insurers not to levy any charge on customers if they surrender their policies from fifth year.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
