Insurance Plans

India considers rule changes to bolster $731 billion insurance sector

Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors

Indian insurers may have to tackle pricey reinsurance amidst global crises

Impact of global hardening of rates on India difficult to predict, say analysts

BS BFSI Insight Summit 2022: Meet industry leaders of life insurance sector

Here is the list of industry leaders from life insurance sector on panel for the BS BFSI Insight Summit 2022

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

Travel safe: Why buying insurance for your international vacation matters

Polices cover you against medical emergencies, flight cancellations or lost baggage

Irdai boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Planning to buy an insurance policy? Here is what you need to know

There are three main components of an insurance policy: premium, sum assured and deductibles

Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

Life firms ask regulator to allow risk-based solvency regime for ULIPs

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

Startup nurture.farm partners with SBI General Insurance, Future Generali

Agri-tech startup nurture.farm on Wednesday announced its partnership with SBI General Insurance and Future Generali India Insurance Company to expand its insurance solutions for 1.9 million farmers

Your life insurer may soon be able to offer a health insurance policy too

The move is likely to reduce premiums of policies and boost access to affordable health cover

ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release. All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals, the company said. The insurer said the range of innovative participating products offered by it gives its customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover. The annual bonus of Rs 968.8 crore for FY2022 is the highest ever declared by the company since inception, N S Kannan, Managing Director & CEO, ICICI ...

Amazon India says it stepping up support plan for LGBTQAI+ employees

Same-gender partner of a worker can sign up for health insurance programme, says company.

Rise in 3rd party motor premium to partially offset losses for insurers

The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report. The premium rates for third-party motor insurance have been increased from June 1. Premiums for two-wheeler insurance have risen the most -- by 12-21 per cent -- across engine capacities. For private cars, the maximum increase is 6 per cent. "The Ministry of Road Transport and Highways' move to increase the premium on third-party motor insurance after two years is a step in the right direction, but unlikely to fully offset the segment's underwriting losses," the rating agency said in the report. Third-party insurance cover is for other than own damage and is mandatory (as per the Motor Vehicles Act, 1988) to purchase along with own damage cover. Underwriting losses occur when claims are higher than the premium income of an insurance company. The last time premiums were hiked was in June 2019 and ...

In the grey market LIC shares slip below their issue price ahead of listing

Individual investors are still expected to make gains

LIC IPO: Global market sell-off raises stakes for India's biggest listing

Landing the listing, which is slated for next month, will test India's capital markets at a time when about $5 trillion has been wiped out from global equities