The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
'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.'
Contrary to expectations, the new business premium (NBP) of life insurance companies dropped 12.62 per cent year-on-year (YoY) in March 2023 due to an over 30 per cent drop in Life Insurance Corporation (LIC) of India's premiums, albeit on a high base. Data released by the Life Insurance Council shows the industry racked up NBP of Rs 52,081 crore in March 2023, compared with Rs 59,608.83 crore in the year-ago period. NBP is the premium acquired from new policies in a year. It is the sum of the first-year premium and single premium, reflecting the total premium received from new businesses.
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.
With terrorist attacks getting more frequent in the country, insurance companies are introducing a mechanism for processing speedy claims on this.
2006 has been the year of the winners. Almost all asset classes have performed well. CNBC Awaaz spoke to a mix of experts to understand what kept the market moving.
'Hope they don't tinker around with capital gains tax in any way.'
The Reserve Bank of India (RBI) cut its key repo rate by a bigger-than-expected 50 basis points.
Kotak Life Insurance has launched e-Lifetime plan which has unique features.
RBI awaits fiscal stance, inflation to cool off to decide on rates.
After the policy gets paid up, opt for ETI plan if you wish to extend your life cover or take the reduced paid-up if you need cash in hand
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