This article deals with four wrong reasons for which life insurance products are being bought today.
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Here is what you must not think before buying life insurance, says V Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance
'Reviewing terms such as war, invasion, acts of foreign enemies or hostilities, which often appear in industry exclusion lists, can help avoid surprises at the time of claim.'
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Premium paid on life insurance policies entitles you to tax benefits. Read on to find out more about this.
'It will support our growth aspirations. It's very positive as it helps expand the market in a segment that really needs it.'
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
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What approach should you take when you decide your life insurance policy?
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
'While we expand into other areas, banca remains our primary channel, and we continue to be a banca-led organisation.'
The DPDP rules, which have come into effect, require companies to implement a data protection and consent management system by November 2026.
Life insurance is a preferred choice not only for long-term savings, but more importantly, to ensure financial security of the family in the unfortunate event of the demise of the breadwinner.
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The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
'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.
Life insurance offers dual benefits: financial security to your family in case of the policyholder's death as well as helps you save tax, says Alok Patnia.
'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.'
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
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.
All the participating Indian players will be provided with a life insurance cover of Rs 5 lakh each
Agents often influence customers into buying new products every year instead of continuing with their existing policies
Shriram Life Insurance has secured licence from insurance regulator IRDA for starting operations in the country.
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".
Private life insurers are expected to deliver decent growth in the first quarter of the 2023-24 financial year (Q1FY24) on the back of stronger group business performance and easing supply-side constraints on individual protection. Life Insurance Corporation (LIC), though, is likely to see a decline. Healthy 12 per cent year-on-year (YoY) retail annual premium equivalent (APE) growth for private players, coupled with 11 per cent year-on-year (YoY) decline in LIC, will pull retail APE growth to a mere 3 per cent YoY in June 2023.
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Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Exide Industries Ltd, foraying into the life insurance sector by picking up stake in ING Vysya Life Insurance Company Pvt Ltd, has earmarked a total investment of Rs 400 crore (Rs 4 billion) for the life insurance venture in the next four years.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
Insurance companies have worked over the years to simplify their claim settlement process
Section 45 in the new Bill says no claim can be repudiated after three years of the policy being in force, even if a fraud is detected, has sent life insurers into a tizzy.
In these times of economic turbulence, more Indians prefer life insurance policies than fixed deposits, as an option to safeguard their capital, says a survey.
Keep these in mind to gain maximum benefit from your life insurance policies that you may already have or are planning to buy
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The combined income of Assam Chief Minister Himanta Biswa Sarma and his wife has doubled to Rs 35.16 crore in 2026, according to his election affidavit. The affidavit details the increase in movable and immovable assets of both Sarma and his wife, Riniki Bhuyan Sarma.
In January 2017, the growth in total premium was Rs 13,138 crore, against Rs 10,284 crore in January 2016, a growth of 28 per cent.
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