Life insurance is a preferred choice not only for long-term savings, but more importantly, to ensure financial security of the family in the unfortunate event of the demise of the breadwinner.
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
A quick snapshot about the fundamentals of the concept of life insurance.
Kejriwal described the BJP's election manifesto as "dangerous for the country".
State-run Life Insurance Corporation of India (LIC) has committed Rs 600 crore for its digital transformation journey, Sunder Krishnan, chief risk officer said on Wednesday. The insurance giant is also aiming to become completely "paperless" in two years. "We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation.
State-owned Life Insurance Corporation (LIC) announced on Monday that it had signed up tech giant Infosys to develop a next-generation digital platform that will act as the foundation for new high-value business applications, such as customer and sales super apps, portals, and digital branches. The financial terms of the deal remain undisclosed. The tie-up with Infosys is part of LIC's "long-drawn" strategy, said a senior executive of India's biggest insurer, who noted that the IT giant "won the bid to develop the next-generation platform through a request for proposal (RFP) process".
Keep these in mind to gain maximum benefit from your life insurance policies that you may already have or are planning to buy
Here's a quick checklist so that you make a wise decision
Section 45 in the new Bill says no claim can be repudiated after three years of the policy being in force, even if a fraud is detected, has sent life insurers into a tizzy.
The market capitalisation (mcap) cutoff to qualify for mutual funds' (MFs') largecap universe is likely to go up for the fifth consecutive time to touch the Rs 1 trillion mark for the first time. A fresh list of largecap, midcap, and smallcap stocks is set to be released by the Association of Mutual Funds in India (Amfi) in the first week of January.
Insurance companies have worked over the years to simplify their claim settlement process
'It is imprudent on the part of Indian insurance companies to invest out of the shareholders' fund in a private limited company.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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.
How high or low will be your policy premium depends upon these.
The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
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.
Shriram Life Insurance has secured licence from insurance regulator IRDA for starting operations in the country.
Give separate tax exemption limit of Rs 50000 for the life insurance premium.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
Exide Industries Ltd, foraying into the life insurance sector by picking up stake in ING Vysya Life Insurance Company Pvt Ltd, has earmarked a total investment of Rs 400 crore (Rs 4 billion) for the life insurance venture in the next four years.
The non-life insurance industry has received over 1 million Covid-related claims in the first quarter of the current fiscal year (Q1FY22), higher than in the entire FY21, indicating the severity of the second wave of the pandemic. According to the General Insurance Council data, which is not publicly available, non-life insurers have received 1.22 million Covid-related claims so far in FY22 and have settled 944,573 of those worth Rs 9,178 crore. In comparison, they had received 986,366 Covid claims in FY21 and settled 849,034.
ICICI Prudential Life Insurance (IPRU) disappointed the market even though some analysts said the Q3FY25 results were in line. Most analysts cut margin estimates. The insurer reported M9FY25 growth of 8.5 per cent year-on-year (Y-o-Y) in value of new business (VNB) premium to Rs 1,575 crore, while total annual premium equivalent (APE) grew 27.2 per cent to Rs 6,910 crore.
Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers.
Jobless growth has found a new home - India's life insurance companies. In the last financial year, private life insurers reduced headcount by 27 per cent to achieve profitability.
All the participating Indian players will be provided with a life insurance cover of Rs 5 lakh each
surance companies said that customer interest to buy products would be accentuated by tax incentives
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
More than half a dozen life insurance companies -- that are operating for nearly a decade now -- have cut their branch presence significantly in the last six months in a bid to cut cost and increase efficiency.
The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In an online chat with Get Ahead readers on october 29, Ashish Vohra, Senior Director and Chief Distribution Officer with Max Life Insurance answered queries on life insurance.
Life insurance industry grew by over 65 per cent to Rs 5,436 crore in September compared to Rs 3,291 crore premium income from new business in July, mainly due to the success of LIC's Varishtha Pension Bima Yojana.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover.
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