Health insurance premium growth has slowed after touching record highs during the Covid-19 pandemic due to tapering demand from retail consumers amid affordability issues. According to General Insurance Council data, health insurance premiums grew by 10.44 per cent year-on-year (Y-o-Y) in the Apr-Jan period of FY25 in comparison with 20.79 per cent in the year-ago period. It was around 23.57 per cent in FY23, and 25.89 per cent in FY22.
'Private General insurers are poised to grow at 17 per cent - 18 per cent over the next 5 to 7 years and we will grow faster.'
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
Primarily trained for a career in FMCG, he shifted to insurance when the opportunity came his way.
The 'Online Term' also offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical check-ups, if any, at the customer's residence.
Under 'Claims Guarantee' the company guarantees to pay claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.
The revival initiative allows RLIC policyholders to renew their lapsed policies by simply paying their due premium -- without any penalty or medical tests.
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
Company launches claim guarantee scheme for customers.
The regulator has put a cap on the business a bank can get from a single insurer.
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.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
HDFC Life, which posted a consolidated net profit of Rs 281.83 crore (Rs 2.81 billion) for the quarter ended June compared with Rs 11.92 crore (Rs 119.2 million) in corresponding period last year (according to HDFC's first quarter results), has diversified its distribution mix.
Cost is not the only factor that one should look at. It's best to keep investment and insurance apart
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