Bajaj Finserv on Thursday said it has completed the acquisition of Allianz SE's stake in Bajaj General Insurance and Bajaj Life Insurance, worth Rs 12,190 crore and Rs 9,200 crore, respectively. Bajaj Finserv, along with Bajaj Holdings & Investment and Jamnalal Sons, acquired the foreign insurer's 23 per cent stake in the businesses, marking the largest transaction in the Indian insurance sector.
Are all the benefits of group life insurance for real? Naval Goel finds out
Premium paid on life insurance policies entitles you to tax benefits. Read on to find out more about this.
The Union Cabinet on Friday approved 100 per cent foreign direct investment (FDI) in the insurance sector, a move that was welcomed by industry as it would help attract more capital and global expertise, while boosting insurance coverage in the country. A bill to amend the insurance law is likely to be tabled on Monday in Parliament, whose winter session is slated to conclude on December 19.
Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
'Healthcare costs in India rise by 10 to 14% annually, causing treatment costs to double roughly every 5-7 years.'
The combined market valuation of four of India's top-10 most valued firms, including State Bank of India, Bharti Airtel, Tata Consultancy Services, and Larsen & Toubro, eroded by Rs 1 lakh crore last week amidst a volatile and range-bound equity market.
Young buyers often underestimate future health risks.
The Motor Accident Claims Tribunal (MACT) in Thane has awarded 47.28 lakh in compensation to a man who sustained severe injuries and physical disability after being struck by a speeding motorcycle in 2017.
Use these loans to meet emergency needs, and not to fund holidays or luxury purchases.
What approach should you take when you decide your life insurance policy?
Following the notification allowing 100 per cent foreign direct investment (FDI) in the insurance sector, the Finance Ministry has revised norms to remove the requirement that a majority of directors and key management personnel in an insurance company with foreign investment be Indian residents.
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.
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.
The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
The Maharashtra government is nearing the acquisition of the Air India building in south Mumbai after the Finance Department transferred Rs 1,600 crore to the Public Works Department. The agreement with Air India Assets Holding Limited is expected to be signed within two weeks, providing much-needed office space for state government departments.
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
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.
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
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.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Hospital stocks have emerged as a strong theme in 2026, outperforming benchmark indices due to robust earnings growth, improved occupancy, higher average revenue per occupied bed, and aggressive expansion plans by major chains.
'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.'
'It will support our growth aspirations. It's very positive as it helps expand the market in a segment that really needs it.'
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.
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.
'We are staying away from making forward-looking statements on when we will reach 1 trillion, etc. But growth will be rapid; it's only a matter of time.'
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
'While we expand into other areas, banca remains our primary channel, and we continue to be a banca-led organisation.'
'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.'
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.
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.
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.
