At present, the rules do not allow the government to shed stake in the four public sector general insurance companies - New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
While the four general insurers will have equal stake in the TPA, Life Insurance Corporation and General Insurance Corporation might hold a less stake.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Firmly committed to prioritise national interest over all other considerations: JioStar
The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
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.
Sources close to the development said the three companies have sought permission from the Insurance Regulatory and Development Authority for new motor insurance products and are expected to launch the add-on covers in the first week of January. Add-ons are expected to be in the form of a replacement vehicle or payment on a daily basis when the vehicle is out for repair, and reduced or zero depreciation.
The Travancore Devaswom Board has insured the Sabarimala Ayyappa shrine for a value of Rs 30 crore (Rs 300 million) and also introduced a free-of-cost accident insurance project for pilgrims visiting the holy place.
'It is folly to think that religious-identity-based politics and a flourishing economy can co-exist in a diverse society.' 'We can fight and kill each other, or fight together and kill poverty. We cannot do both,' says Dasarathi G V.
Life Insurance Corporation of India's (LIC) annualised premium equivalent (APE) growth remained weak in the fourth quarter of the financial year 2024-25 (Q4FY25) and flat in FY25, but management expects growth to rebound in FY26. The focus remains on improving product mix by increasing share of non-participating or non-par products in the individual APE.
'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.'
A heated debate erupted in the Rajya Sabha over the ongoing strike by ASHA workers in Kerala, with Congress and CPI(M) MPs trading accusations over responsibility for addressing their demands for a higher honorarium and post-retirement benefits. Congress MP Jebi Mather alleged that both the Kerala government and the Union government had ignored the workers' pleas, while CPI(M) MP John Brittas countered by claiming Kerala provides the highest honorarium to ASHA workers. The debate also saw demands for an AIIMS in Kerala and a hike in MBBS seats, as well as concerns over maternal health, elderly care, and mental health in India.
Issues related to the proposed free trade agreement (FTA) and bilateral investment treaty between India and the UK are expected to figure during the three-day visit of Finance Minister Nirmala Sitharaman to London from April 8-10, official sources said. The minister will attend a host of meetings, including the India-United Kingdom Economic and Financial Dialogue, in London.
Russian shipments averaged 1.67 million barrels per day in January compared to 1.48 million bpd in December and 1.53 million bpd a year earlier.
In a move that impacts long-term subscribers of medical insurance policies, leading insurers like Oriental Insurance Company and United India Insurance have stopped no-claim bonus for existing and new policy holders.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
Oil and Natural Gas Corporation has received Rs 864 crore (Rs 8.64 billion) in final settlement of an insurance claim for the oil facility at Mumbai High that was gutted in a fire in July 2005.
Buy from an established agent rather than a novice who may not be around when you need his assistance.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
Buoyancy in the equity market and the soft interest rate regime have prompted insurers like the LIC to focus on unit-linked products that provide life cover as well as tax benefits and capital appreciation to investors.
The states will be asked to tap the Centre's JAM trinity.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
Insurance companies are anticipating claims of at least Rs 500 crore from the incessant rains and flooding in Chennai.
The most striking features of this Budget was its focus on simplification and improving the ease of doing business in India, asserts Kaku Nakhate.
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 a major judgement to help innocent road accident victims, the Supreme Court has ruled that an insurance company was liable to pay compensation to the victims even if the driver of the vehicle, which met with an accident, had a fake driving licence
There are challenges galore before him, and it is not going to be easy. In the next four years, he has to conjure a system that changes the optics about him and the BJP both nationally and internationally so that he can ride back on his own, claim the top slot, and not have to lean on a coalition, asserts Ramesh Menon as Modi 3.0 completes a year in power.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Ministry of Finance, Joint Secretary -- insurance, Anoop Wadhwa, had reviewed the progress of development of micro-insurance products at a meeting in the national Capital on Tuesday.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Even as concerns grow over the residential real estate market reaching its peak, the outlook for office real estate remains strong, with listed real estate investment trusts (Reits) standing to benefit from sustained demand in the segment.
Low margins and cash crunch have resulted in job cuts and a decline in the insurance industry. A policy roadblock is making it worse.
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.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
