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
Finance ministry asks Irda to make this and other changes while clearing these products.
Insurance expert T Srikanth Bhagavat explains the advantages and disadvantages of insurance as an investment option.
So how does one go about comparing ULIPs vis-à-vis tax-saving funds? An illustration will help in putting things in perspective.
You are charged the same premium and also enjoy continuity benefits
What makes unit linked insurance plans attractive to investors? Here are 4 reasons that make ULIPs irresistible.
It is that time of the year when you have to declare your investments to claim deductions. Take well-considered decisions.
It is that time of the year when you have to declare your investments to claim deductions. Take well-considered decisions.
Saving tax through Ulips will lead to mixing of insurance with investment.
You bought a unit linked insurance plan, ULIP, from your agent thinking that it is the best insurance product. However, when you see your ULIP statement you are more than confused. Here's some help to decipher your ULIP statement.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
India's market regulator is moving ahead to include real estate investment trusts (Reits) in benchmark indices in a phased manner, Sebi chief Tuhin Kanta Pandey said, while asserting that the regulator was working to strengthen the link between infrastructure building and the markets.
Here is an evaluation of the two investment avenues on certain common parameters and how they measure up.
Investors in unit-linked insurance policies can look forward to some more transparency. But costs, though not front-loaded, will be spread over the lock-in period.
The Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
Consumer activist Jehangir B Gai explains an important new ruling by the National Commission.
2006 has been the year of the winners. Almost all asset classes have performed well. CNBC Awaaz spoke to a mix of experts to understand what kept the market moving.
Introducing the never-before tool for retail investors, Outlook Money's annual Ulip ranking.
At a time when central banks around the world are getting empowered to deal with a range of market- and growth-related challenges, it is disturbing to see the government of India use the subterfuge of a weekend ordinance to diminish the status of the Reserve Bank of India (RBI).
The choice of income tax saving instruments is important, but now you have to identify tax efficient investment options
However, three of the policy's four funds have been performing below the benchmarks, for the last two years.
ULIPs are not a curse on investors. You can reap more benefits from ULIPs by following these strategies.
ICICI Prudential Life Insurance Company (IPru) is struggling to generate growth in the value of new business (VNB). This is due to a combination of weak growth through the parent bank's channels, a shifting product mix in favour of unit-linked life insurance policies (ULIPS), and higher payouts to third-party channels. Leverage from current investments, a further reduction in contributions from ICICI Bank, and a pick-up in non-participating policies from the end of the year is key for this metric in the near to medium term.
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.
'We do not believe in fire sale. We don't do it.'
Endowment policies give better returns than most fixed income products in the long run.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
Plans with loan clause denied approval; regulatory ban coming.
After setting stiff norms for unit-linked insurance plans, the Insurance Regulatory and Development Authority is planning to cap charges on traditional products within three months.
Irda asks insurance companies to increase risk cover from July 1
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
After the policy gets paid up, opt for ETI plan if you wish to extend your life cover or take the reduced paid-up if you need cash in hand
To determine the amount of coverage one should purchase, first add up all of your financial obligations, such as student loan, credit card debts and your mortgage balance.
'If you are a smoker, you should not provide misleading information to the insurer about your smoking habit in the insurance proposal form,' advises Pankaj Razdan.
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.
The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23. This figure stood at Rs 1.49 trillion in the corresponding year-ago period. On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22.
Endowment Plus is a unit-linked product that offers investment-cum-insurance during the term of the policy.
Child insurance plans can be broadly classified into two types: unit linked and traditional.
Max Life Insurance plans to hire 30,000 agents and open 50 to 100 new offices in the financial year 2024-25 (FY25) to drive premium growth, said Prashant Tripathy, managing director and chief executive officer of the company. The private insurer's total agent count will rise to 1,30,000 in FY25. It added 47,957 agents in FY24, 54 per cent more than the year before.
