Page 5 - Insurance Industry

Insurance firms told not to alter health products to raise premium

Insurance companies can carry out minor modifications in their products, said Insurance Regulatory and Development Authority of India (IRDAI)

As 6 pvt insurers set to increase term plan premiums, LIC won't raise rates

While several big players had raised rates last year, following the outbreak of the Co­vid-19 pandemic, LIC did not do so and it has no plans to do it now, sources in the company said

Traditional insurance plans better for risk-averse investors, say experts

If you can stomach volatility, you can earn more from equity funds than the 5-6% these plans offer

Insurers may soon be able to launch covers without regulator nod

In 2019, there were 439 actuaries and in a year, that number has gone up by just 19

Jungle, Sequoia, others invest $46 mln in insurance distributor Turtlemint

Turtlemint, started in 2015, has a Point of Sale Persons (PoSPs) network of over 1 lakh who serve over 1.5 million customers across 5,000 locations

Non-life insurance gross premiums up 14% to Rs 15,800 cr in Feb

Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively

Comparing insurance products difficult? Opt for a standard policy

Evolved buyers with specific needs should go for comprehensive personal accident cover

Standardisation of products not against innovation, says Irdai Chairman

Irdai chairman further said that these standard products will not be frozen in time

Irdai removes curbs on dividend payout as insurers deliver better results

But, it has advised them to take a conscious call while declaring dividends for FY21, keeping in mind their capital position, solvency margin and liquidity position

Irdai launches standard personal accident cover, maximum Rs 1 cr assured

In the case of permanent total disablement, a similar benefit will be paid by the insurance firm

Compare prices across term insurance plans to get best deal: Experts

Increase payment tenure, go for monthly premium to counter hike in term rates

Price hike in term insurance plans may not impact demand: Experts

Despite the price rise, term plans are relatively cheaper in India than in the US or even Singapore, said experts

Outflow-stricken equity MFs look for boost from Ulip tax changes

Starting this month, new Ulip plans with annual premium of over Rs 2,50,000 are proposed to be taxed in the same way as capital gains on transfer of equity-oriented MF units

Unable to get health cover? Buy a standard vector-borne disease insurance

Standard policy will make price comparison across insurers easy

Fidelity clause covers all employees

In a recent case, National Commission observed that the policy defined an employee to include officers, clerks, servants and other employees

Legacy insurers can't go digital overnight, says Oracle's Prasad Rai

Insurers will also need to introspect and bring about changes internally, according to PRASAD RAI, vice-president, Global Strategic Clients Group at Oracle, who spoke to Raghu Mohan

Enter term insurance early, lock in the premium as delay means higher cost

The average term premium increases exponentially with age

Bajaj Allianz Life AUM grows 79% in 10 years to cross Rs 70,000 cr

The private sector life insurer said its assets under management have crossed the Rs 70,000-crore milestone by the end of December

MassMutual to set up Rs 1,000 crore global facility in Hyderabad

US-based insurance major MassMutual will be setting up its global capability centre in Hyderabad with an initial investment of Rs 1,000 crore

Insured's dilemma: Should you flout safety norms to get the claim?

A false declaration by the insured could compromise the safety of the buyers to whom the vehicles are sold