Page 3 - Life Insurance Industry

Govt amends FEMA rules to allow 20% foreign direct investment in LIC

The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.

Allowing your life insurance policy to lapse carries a very high cost

You will lose out on the cover, pay a surrender charge, and usually end up paying a higher premium when you buy a new policy

IPO-bound LIC exhibits distribution strength to financial investors

Insurer already sourced 97% of FY22 new business premium till September

Indian insurers put in place waiting period for people recovered from Covid

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

Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3

In Q3 of FY22, insurers earned NBP to the tune of Rs 73,249.97 crore

Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov

Profitability a worry with excess reserves on balance sheet for Covid claims

New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai

The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday. All the 24 life insurance companies had written new business or the first year premium totalling Rs 19,159.30 crore in November 2020. The insurance behemoth LIC -- the only state-owned life insurer in the country -- witnessed over 32 per cent rise in the first-year business premium in November at Rs 15,967.51 crore, as against Rs 12,092.66 crore in the year-ago same period, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai). Rest of the 23 players belonging to the private sector registered a spike of 58.63 per cent in their collective first-year premium income at Rs 11,209.75 crore during the month, as against Rs 7,066.64 crore a year ago same month. On a cumulative basis, the new business premium income of all the insurers during the April-November period of FY'22 was up by 8.46 per

Life insurers' NBP set to expand 14% in FY22 on higher growth in H2: Icra

The rating agency expects the private players' profitability to remain subdued in FY22 due to high claims in Q1

Life insurers pay out Rs 11,060 crore in Covid-19 death claims

As of October 21, life insurers settled a little over 130,000 Covid-19-related dea­th claims

Compare premium rates to get a policy that best suits your pocket

To combat tighter underwriting standards, consult a distributor that could point you towards an insurer that covers people with your profile

Insurers likely to further tighten underwriting norms for term plans

The source also added that retail term plan prices may go up further, even though the reinsurer has not specified it at this point in time

Short claim procedure needed for old policies

Section 45 of Insurance Act says claims can't be rejected in policies older than three years. Then why demand so many papers in such cases?

ICICI Pru Life slips into red, logs Rs 186-crore loss in April-June quarter

Assets under management increased by 31.3 per cent to Rs 2.23 trillion at the end of the April-June quarter.

ICICI Prudential Life reports first quarter loss at Rs 186 crore

ICICI Prudential stock settled at Rs 604.85 on BSE, down 3.39 per cent from the previous close.

LIC's NPAs in debt portfolio reduce, persistency ratio improves in FY21

In FY21, gross NPAs of LIC reduced by 39 basis points (bps) to 7.78 per cent from 8.17 per cent a year ago.

Coming soon: LIC kicks off work on IPO allotment to policyholders

The government is moving fast with the IPO, which is said to be India's largest.

Reliance Nippon Life declares Rs 306.8 cr bonus to policyholders

This bonus issuance will benefit over 685,000 participating policyholders

Standard Life sells 5% stake in HDFC Life Insurance in two tranches

A total of 100.8 million shares were sold in two tranches at Rs 672 and Rs 673; names of buyers couldn't be ascertained

Standard Life to divest 3.46% in HDFC Life, price range set at Rs 658-678

At the lower end, the share sale will fetch around Rs 4,606 cr or $621 mn; HDFC Life stock sheds 4.1% at close

Bharti AXA Life premium income rises 4.3% to Rs 2,281 crore in FY21

Renewal premium grew by a healthy 10 per cent in 2020-21