The share of life insurance policies sold by top private insurers in the rural areas declined in the financial year 2023-24 (FY24) compared to previous year. SBI Life, HDFC Life, ICICI Prudential Life Insurance -- the top three players from the private sector-- have seen the share of insurance policies sold in rural areas drop in FY24 as compared to the previous financial year. Max Life Insurance's share of rural policies recorded an increase in FY24.
The United States, which entered this war in expectation of a short, sharp win along the Venezuela model, is now preparing for deeper involvement in a conflict it does not fully control, without the allies it typically relies on, against an adversary that is not behaving as expected, in a global environment that is already absorbing economic shock. Prem Panicker continues his must read daily blog on the Gulf War.
The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies not to advertise unit-linked plans as investment products in a recent circular.
The 'rescue' operation occurred within kilometres of Iran's underground tunnel complex at Isfahan, assessed by the IAEA and US intelligence as holding a substantial portion of the country's 60 per cent enriched uranium stockpile. Retired senior US military officers have highlighted that the mission's footprint -- hundreds of special operators, multiple heavy-lift aircraft deep inside Iran -- appears outsized for recovering a single airman. Prem Panicker continues his must read blog on the Iran War.
'The kind of reach it has with so many bank branches even in the remotest part of the country, it is one channel which will play a very important role in vision of insurance for all.'
Many life insurance companies are yet to see a sharp spike in the sale of high-value policies as was widely expected in the aftermath of the government's decision to tax income from insurance policies having an aggregate premium above Rs 5 lakh in a year.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
'This will be our first large-size bank partner, and hence, the partnership will be a game-changer for us.'
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
While these two are important, there are other risks such as loan repayment and retirement that you need to insure.
This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023
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.
Plans with loan clause denied approval; regulatory ban coming.
Well-known inmates of the notorious Metropolitan Detention Center, Brooklyn, New York.
ICICI Prudential Life Insurance (IPRU) disappointed the market even though some analysts said the Q3FY25 results were in line. Most analysts cut margin estimates. The insurer reported M9FY25 growth of 8.5 per cent year-on-year (Y-o-Y) in value of new business (VNB) premium to Rs 1,575 crore, while total annual premium equivalent (APE) grew 27.2 per cent to Rs 6,910 crore.
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.
'Our new business premium is around Rs 700 crore, which we want to take to Rs 2,000 crore.'
To enhance transparency in unit-linked insurance products and protect the interest of policyholders, the Insurance Regulatory and Development Authority has asked life insurers to disclose the underlying conditions and elements while advertising products.
Unit linked insurance plans are probably the hottest selling product for most life insurance companies today.
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 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.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
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.
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.
Investments in such products are due to either of the following reasons: Surplus money, getting maturity proceeds from another policy or last-minute investments for tax exemption.
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.
After doing business at very high costs for a decade, the life insurance industry will have to ensure greater volumes.
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.
Low margins and cash crunch have resulted in job cuts and a decline in the insurance industry. A policy roadblock is making it worse.
Several life insurance companies in the country are preparing to take on the markets regulator Securities and Exchange Board of India over unit-linked insurance plans.
Check if cashless hospitalisation is included and also the number of hospitals where this facility can be availed.
The move comes amid complaints that high returns are being promised by life insurers on ULIPs accompanied by non-existent guaranteed returns.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
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