Insurance Products

Life insurers recorded a 14 per cent rise in underwriting new business with a premium collection of Rs 31,823 crore in July. The country's biggest insurer Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump in its new business premium to Rs 18,431 crore from Rs 15,387 crore in July 2023. Data from the Life Insurance Council shows that its new business premium collection for the first four months of FY25 rose 26 per cent to Rs 75,872 crore from Rs 60,224 crore in the same period last year. New business premiums expanded from Rs 27,867 crore in July 2023 to Rs 31,823 crore in July 2024, with year-to-date collections growing even more from Rs 1,00,872 crore to Rs 1,21,549 crore this year, according to the council data. Driven by strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 2.73 per cent on a year-on-year basis in July 2024, resulting in the addition of 23,88,720 new policies vis-a-vis 23,25,235 policie

According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas. "The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC Chairman Siddhartha Mohanty told PTI. He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working. "I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said. To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model. Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independe

The Centre is also trying to push banks towards adopting the e-bank guarantee framework, in a bid to eliminate cases of fraud guarantees

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

Demand for health and motor insurance to continue though growth may dip, say experts

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch

New online distribution models such as B2C, B2B and B2B2C are key drivers of growth, with B2C in particular, gaining significant opportunities.

The regulator has now asked for inputs from stakeholders on recommendations of the working group by May 31, 2021

It's a significant preparatory step for the initial public offering of the country's largest insurer

In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.

Firm says users don't need to upload documents before making a purchase and they can view their policy documents instantly

Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually

Standalone private health insurers reported an impressive 42 per cent growth in premiums in June, and 15 per cent growth for the quarter

It also noted that drones are playing a significant role in the current Covid-19 situation, assisting various authorities in several activities

Market leader LIC's new business premium down 32% to Rs 3,582 cr from Rs 5,268 cr a year ago; HDFC Life, ICICI Pru among top losers in private space

With customers caught in a swirl of panic and fear, life insurance companies are looking at confidence building measures for a post Covid-19 world

The association will provide the bank's customers access to the insurer's portfolio and make insurance more accessible to its customers across India