ICICI Prudential Life Insurance Company (IPru) is struggling to generate growth in the value of new business (VNB). This is due to a combination of weak growth through the parent bank's channels, a shifting product mix in favour of unit-linked life insurance policies (ULIPS), and higher payouts to third-party channels. Leverage from current investments, a further reduction in contributions from ICICI Bank, and a pick-up in non-participating policies from the end of the year is key for this metric in the near to medium term.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy, with insurers making the waiting period requirement applicable for coronavirus cases like other ailments. As a standard practice, all life and health insurance companies require people to wait for a specific period with respect to certain ailments and diseases to gauge the risk before selling a policy. This condition of waiting period for people who have recovered from coronavirus infection will be applicable only for life insurance policies.
Buying term insurance is not a one-size-fits-all purchase. It requires some level of deliberation to ensure that the policy aligns with your needs, life stage as well as future circumstances, says Casparus Kromhout, MD & CEO Shriram Life Insurance Company
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Prime Minister Narendra Modi owns assets worth over Rs 2.23 crore, mostly as bank deposits, but has no immovable properties as he has donated his share in a piece of land in Gandhinagar, according to his latest disclosure about assets.
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.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
What happens when your insurance policy lapses? What should you do in such a scenario? Read on to find out...
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
These offer great scope and flexibility when you fall upon hard times, says Harjot Singh Narula
A special CBI court in Asansol on Saturday rejected Trinamool Congress leader Anubrata Mondal's bail plea in the alleged cattle smuggling scam and extended his custody with the central agency for four days till August 24.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Harjot Singh Narula lists 5 lessons Diwali teaches you about your financial future
It is important to know the right details about your insurance policies while avoiding these mistakes, says Harjot Singh Narula.
There may be situations when a general life insurance policy may not be adequate to cover certain life uncertainties.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Did you know that annual premium-paying option is cheaper than a monthly premium paying option?
>You can buy a life insurance policy for someone else only if you have an insurable interest or expect financial loss from that person's death, points out Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, answering insurance questions.
Read the fine print and avoid potential losses, says Naval Goel
Either you are buying insurance policy online or through an agent, getting a better understanding about it will always be beneficial for you, says Harjot Singh Narula
Many of us commit these generic mistakes which can turn our insurance buying decision futile, says Shikha Verma
Cover the spouse under the same policy. A joint life plan offers assurance that one will continue to receive the same financial care in case of an unforeseen loss of a partner, advises Pankaj Razdan.
When Taragauri Doshi's husband died, an assessing officer wanted to tax the proceeds from a life insurance policy that had been bought abroad. Homi Mistry, Mousami Nagarsenkar & Hiral Tanna explain why such proceeds are not taxable in India.
'I believe the modified scheme is much more beneficial and simpler.'
Turn the table on unscrupulous agents selling policies you don't need.
The senior advocate told the media that Sushant's three sisters -- Priyanka, Mitu and Rani -- told him that they are extremely pained by the negative and false campaign related to his mental health which has been started by some news channels
Here's your one-stop to know and learn all you always wanted to know about term insurance policies but didn't know who to ask.
Harjot Singh Narula explains the basics of paid up insurance policies
G Murlidhar, MD and CEO, Kotak Mahindra Life Insurance Company explains how to make smart financial decisions for better gains.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
'A policy that covers a wider range of diseases will offer greater peace of mind.'
This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India, Thomas Mathew T, managing director, LIC, told media. The policy between Infosys and LIC was initated in 2002 with a uniform cover of Rs 10 lakh (Rs 1 million) per employee covering 12,000 employes for a total sum of Rs 1791 crore (Rs 17.91 billion).
In these times of economic turbulence, more Indians prefer life insurance policies than fixed deposits, as an option to safeguard their capital, says a survey.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
Insurance companies have worked over the years to simplify their claim settlement process
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