There are different ways in which you can calculate the life insurance coverage. Here are some simple ways to find out your life's worth.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
SBI Life Insurance reported a weak performance in Q2FY25. The annual premium equivalent or APE grew 3 per cent year-on-year (Y-o-Y) to Rs 5,390 crore. For the first half of financial year 2025 (H1FY25), it grew 9 per cent Y-o-Y to Rs 9,030 crore.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
ICICI Prudential Life Insurance Company has launched a completely online term insurance plan named 'iProtect' on Tuesday.
In a major move after becoming a universal banker from a development financial institution, IDBI Ltd was in the process of floating an insurance company in the life category, its chairman V P Shetty said.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
Finance Minister P Chidambaram has called a meeting of officials from life insurance companies on September 1. The meeting is aimed at improving insurance penetration and addressing concerns of companies in the sector.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
Go for a term insurance if you are an unmarried individual. A simple whole life insurance would best suit a 40-plus married person with two grown up kids while the same with a term rider would be best for a married person less than 40 years with two kids!
Traditional plans are the biggest area of concern for consumers.
Non-life insurance companies say premium charged on policies sold by them is likely to increase from next year because of a proposed change in the way their income is calculated.
HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
If Irda's guidelines are implemented, cases of surrendering policies and making these paid-up might decline.
Life Insurance Corporation of India (LIC) has made the most of the stock market boom by reducing stakes in all its top conglomerates during the financial year 2023-2024 (FY24). However, even after reducing exposure, the value of its remaining stake has gone up substantially across all groups, according to data collated from stock exchange filings.
Life insurers, at present, are allowed to invest 50 per cent of their funds in government securities, 15 per cent in infrastructure-related projects, and the balance 35 per cent in other-than-approved instruments for traditional policies.
People in their quest to save tax usually end up buying a lot of unwanted insurance products.
The government on Thursday rolled out the internship programme on a pilot basis that will provide a total annual financial assistance of Rs 66,000 to those in the age group of 21-24 years, and aim to cover one crore youth over five years.
The IPO filing-to-approval lapsing ratio this year is the best in three years, underscoring the improvement in the IPO market's buoyancy.
With "profitable growth" replacing "expansion drive" as the buzzword in the sector, the country's top private life insurers have significantly reduced branches and employees over the last couple of years to cut costs and improve efficiency.
While initially, the claim amount was high, it has now moderated with many states prescribing a standard treatment rate for Covid-19. Of the total claims received, nearly 66,000 claims amounting to Rs 628.95 crore have been settled so far.
Private players failed to make a significant dent into the business of Life Insurance Corporation, which still commands over 89 per cent of the Rs 4,335 crore premium income mopped up by 13 companies till August 2003.
Move to strengthen market share and become more profitable.
Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
Puts in checks to reach customers before and after selling the policy.
For the first time since the sector was opened up in 2000, the life insurance industry is expected to see a drop in premiums from the sale of new policies. Companies are, however, seeing a growth in overall premium income as policyholders are paying their premium to keep policies active before the current financial year concludes.
Battered by the financial meltdown, AIG had received billions of dollars from the US government last year to tide over the turmoil. The leading insurer has also shed assets worldwide to streamline its operations.
'It is not that employee work is not happening if you don't see it.'
Here are 10 things you must ask your insurance agent to ensure you buy a policy that is most suitable to you.
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