The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
You will be much better off buying the required plans directly from life and general insurers, experts tell Chirag Madia
The proposal for listing public general insurers had come up in 2007.
Choose a higher sum insured if you are going on a long trip, and if your age is above 45.
If you are a frequent traveller, then you should opt for a multi-trip travel plan because it works out to be cheaper.
While buying a term plan, do check how much money will be paid in lumpsum and how much of the money will come to the surviving family as a regular payout, suggests Sarbajeet K Sen.
Harjot Singh Narula lists five checkpoints to help you find the best health insurance plan
Hurdles such as approvals for repair and fixed rates can make the process time-consuming.
Insurers cover the house on market value, and not on construction cost. They also don't insist on bills when giving the policy
In addition to hospitalisation charges, it will cover expenses like transfer to hospital in of an accident.
Insurance expert Harsh Roongta on all you MUST know about health insurance policies.
It is advisable to file your ITR right away and not rely on potential extensions.
Did you know that your home insurance covers valuables in bank locker?
With rise in medical costs surpassing general inflation, getting a treatment/surgery or illness treated in a hospital requires an enormous financial surplus or an alternative financial arrangement. Harjot Singh Narula offers simple tips to reduce these costs
From attractive EMIs to assured buyback guarantees, luxury carmakers have lined up a slew of offers to woo customers this festival season to address dwindling sales amid rising inventories.
'Ajit Pawar is trying to sideline us; he is trying to be in the BJP's good books at our cost.'
It is ideal to purchase life insurance as soon as you become financially independent.
The Nepal earthquake has driven home the importance of home insurance. What are the factors you need to keep in mind before insuring your property? Indrani Roy offers a checklist.
Cardiac patients whose proposals for a regular health insurance plan get turned down should apply for a cardiac-specific plan.
'When buying a term insurance plan, you need to visualise today what could happen to your family tomorrow in your absence,' suggests Mahavir Chopra, director-health, Coverfox.com.
Here's to being a responsible insurance buyer
If an insured dies, the nominee will get the money but kin or creditors can stake a claim. Here are ways to prevent this.
'The banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
As a result of the mass state-led scheme, the processes in the health insurance market could get simplified over time and become uniform
According to insurers, the premium is quite low, claims are very high.
Given the high cost of treating cancer and the reasonable premium rates at which these plans are available, one should opt for a cover at the earliest.
According to a report in the Sydney Morning Herald, Starc, who didn't figure in any game for KKR last year after getting injured in the Test series against South Africa, has filed a lawsuit in the Victorian County Court last week against the insurers of his lucrative IPL deal.
While insurance companies are yet to finalise the premiums, there are chances that group health premiums could see an increase.
Read on to learn how it can benefit you.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
The New Delhi District Consumer Disputes Redressal Forum said the insurance firm's conduct was 'unlawful' and a 'breach of contract' and added that Reliance General Insurance had "knowingly" dragged the complainant to litigation.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Cost of health care is rising at a fast clip.
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
A customer can also appoint a surveyor on his own expense
Installing some safety features is one of the steps that you can take which will work well towards lowering your car premium, says Naval Goel
Naval Goel explains all that you wanted to know about life insurance but didn't know who to ask
With terror attack claims likely to wipe out over 70 per cent of the Rs 700-crore (Rs 7 billion) terror pool, insurers are expected to chip in with additional funds to replenish the corpus and raise the premium paid for terrorism insurance.
The GST to be implemented from April 1, 2016, will increase the premiums.
