Regulator plans minimum death benefit at five times the annual premium.
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.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The GST to be implemented from April 1, 2016, will increase the premiums.
Planning to buy a child insurance plan? Know these myths to make an informed decision, says Yashish Dahiya
>You can buy a life insurance policy for someone else only if you have an insurable interest or expect financial loss from that person's death, points out Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, answering insurance questions.
Unit linked insurance plans have been a rage over the past year. Individuals have been buying ULIPs like they were going out of fashion. But do these individuals really know where their premium money goes?
It becomes important for individuals to understand what to look for in a ULIP before finalising one
Agents often influence customers into buying new products every year instead of continuing with their existing policies
Consumer activist Jehangir B Gai explains an important new ruling by the National Commission.
Amid the ongoing controversy surrounding net asset value-guaranteed products, the Insurance Regulatory and Development Authority is standardising the method of calculating NAV under the unit-linked plans of life insurance companies.
The growth in the first year premium (FYP), particularly in unit-linked insurance policies (ULIPs), of life insurance players, has been largely unaffected by the unprecedented stock market volatility in the last quarter. Sources at the Life Insurance Corporation indicated that the market conditions have not impacted the sale of ULIP products and the business growth was absolutely in sync with expectations. SBI Life registered a growth of around 90-95% in the quarter ended Mar
The Irda is of the view that any insurance product must carry some form of assurance.
Life insurance companies would not be allowed to sell Ulips with annual premiums exceeding Rs 50,000 for non-single premium policies and Rs 1,00,000 for single premium polices via telemarketing.
Insurance regulator IRDA's new guidelines protecting unit-linked insurance product holders from mis-selling by dealers and onerous commissions will come into effect from Wednesday and are likely to make the equity-linked instruments more investor-friendly.
The key highlight Reliance Life Insurance Highest NAV Advantage Plan is that it offers guarantee on maturity with the highest net asset value per unit achieved during the entire 15 years policy term, Reliance Life Insurance said in a statement.
As the advertising onslaught grows in the tax season it is important to understand what ULIPs really are. InvestmentYogi presents a quick guide to understanding ULIPs.
Initial public offering (IPO)-bound Life Insurance Corporation (LIC) of India's assets under management (AUM) increased to Rs 38 trillion as of September 2021, compared with Rs 37 trillion as of March 2021, said sources in the know. Its AUM is almost 3x the AUM of all the private life insurers in the country and over 15x more than the AUM of the second largest life insurer, SBI Life, as of September 2021. SBI Life's AUM was approximately Rs 2.4 trillion as of September 2021, said sources.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
Insurance plans for children are available in both traditional and unit-linked insurance product categories.
Ulips are investment-cum-insurance instruments that are at the centre of the confrontation between the insurance and capital market regulators.
After life insurance products, the sector's regulator is now turning its attention to unit-linked insurance products (ULIP) that guarantee the highest net asset value (NAV) over its term.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders.
Not all life insurance policies disclose their charges to policyholders.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
The Securities and Exchange Board of India, the capital markets regulator, restrained 14 insurance entities from raising fresh money through Ulips - Unit Linked Insurance Products.
Low margins and cash crunch have resulted in job cuts and a decline in the insurance industry. A policy roadblock is making it worse.
Novel and noble as it appears, investor/insurance-seekers rarely understand the cost implications of the marriage between investments and life insurance. To be sure, it is intricate and not everyone is able to unravel it.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
The last few months have been action packed for insurance companies having a ULIP (unit-linked insurance plan) product in their portfolio. This, primarily on account of a cap levied by Insurance Regulatory and Development Authority on the total expenses that can be charged by insurance companies on such products with effect from October 1, 2009.
Individuals could soon lose tax benefits available on fixed deposits with an over five-year term once the direct taxes code comes into force from April 2011.
Irda's advertisement is silent about the High cost of Ulips that all Investors should know.
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.
The information will bring about more transparency by providing prospective policyholders clear information about the amount that has been collected from them as brokerage or commission, an IRDA circular said.
The new rules of the Insurance Regulatory and Development Authority take effect from September 1.
After dominating the telecom space, Bharti on Monday forayed into the life insurance sector with its joint venture with global insurance major Axa Asia Pacific launching its operations in India with two products.
Buyers of unit-linked insurance policies can now heave a sigh of relief. The insurance regulator, Insurance Regulatory and Development Authority of India has issued a standard format that will simplify things for the policyholder and arrest the rampant mis-selling.
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