Irdai proposed a three-year policy in respect of private cars co-terminus with motor third party liability cover and a five-year policy in respect of two-wheelers co-terminus with motor third party liability cover. The Insurance Regulatory and Development Authority of India (Irdai) has proposed allowing all general insurers to offer long-term motor insurance policies to allow […]
Irdai proposes long-term motor insurance policies Read More »
The department of financial services has proposed that an insurer may also distribute other financial products as specified by and subject to the regulations. With the finance ministry proposing to allow insurance companies to distribute other financial products, the industry has sought more clarity on it. The details of the government’s move aimed at enabling newer
Insurers seek clarity on other financial products Read More »
According to the data from the General Insurance Council, gross direct premiums underwritten for non-life insurers rose around 22% y-o-y to Rs 19,209.24 crore compared to Rs 15,735.29 crore a year ago. New business premiums or the first-year premium of private sector life insurance companies in November witnessed a marginal growth of 1.93% y-o-y to
LIC boost: Life insurers’ new biz premium rises 30.5% in Nov Read More »
The Goods and Services Tax (GST) Council in its upcoming meeting would consider two reports – on setting up Appellate Tribunals and decriminalisation of offences. According to sources, the Council could also take up the proposal on lowering the GST rate on health insurance to 12% from the current rate of 18%. It is still
GST Council may lower tax on health insurance Read More »
There are two primary kinds of No-Claim Discounts that you can take advantage of in a health insurance policy. Most insurers in India provide NCD benefits on health insurance products. However, the terms and conditions of each insurer affect the amount of cumulative Discount or discount on the premium. Among the most beneficial features of
No-Claim Discount: Importance of NCD in health insurance Read More »
The reforms recently announced by the IRDAI would help in bolstering the ease of doing business and will aid in making the sector more investment-friendly. The relaxation of solvency norms for general and life insurers would also free up some significant capital for insurance. With a mission of “Insurance for all by 2047” and the
IRDAI 11-point reforms aim to achieve the mission of ‘Insurance for all by 2047’ Read More »
Softbank is aiming to raise ₹1,000 crores, which could be at a base price of ₹440 a share, at a discount of 4.5% to today’s closing price Japanese conglomerate SoftBank Group Corp is planning to sell a 5% stake in PB Fintech, the parent of online insurance marketplace Policybazaar, via a block deal on Friday,
SoftBank plans to sell a 5% stake in Policybazaar via a block deal tomorrow Read More »
Life Insurance Corporation of India (LIC) has recently introduced a new life insurance plan, Dhan Varsha. This is a close-ended plan and shall be available for sale up to the end of the current financial year which is 31 March 2023. The plan is a non-linked, non-participating, individual, savings, single-premium life insurance plan. It offers
Dhan Varsha plan by Life Insurance Corporation of India (LIC): 10 things to know! Read More »
According to the brokerage report, the year-to-date FY23 first-year premium numbers grew by 34.7% vs. the 4.1% growth reported in the same period last year. Compared to October 2021, all 24 life insurers had a collective new business premium income of ₹21,606 crores in the same month In October 2022, the new business premium income
Life insurers report 15% growth in first-year premiums Read More »
Max Financial Services Limited (MFSL) announced that it has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to purchase the balance 5.17% stake held by Mitsui Sumitomo Company Limited (MSI) in Max Life Insurance Company Limited (Max Life). The transaction is expected to be concluded in the next fortnight. Earlier, Max
