Life Insurance Industry

Insurance penetration in India dips to 2.8% despite premium growth: Irdai

Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report

Non-life insurers' profit in green in FY24 after 2 straight years of losses

Net profit of life insurance companies rose by 10.79% Y-o-Y in FY24 to Rs 47,407 crore

Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24

Irdai also adopted several measures to reduce existing unclaimed amounts, asking insurers to prompt policyholders to update their contact details at the time of renewal

New surrender value norms: Life insurers turn to policies with high value

Despite the fall in number of policies, the new business premiums of life insurers grew in double digits

Strong growth, margin metrics could support LIC's stock valuations

The management aims for a positive growth trajectory in the par segment and expects strong growth to continue in the non-par segment

Life insurers' new biz premium up 14% Y-o-Y in Sept; rises 19% in H1 FY25

LIC's new business premium grew by 12.4 per cent Y-o-Y to Rs 203,69.26 cr

Tata Digital launches life insurance products on Tata Neu with Tata AIA

Like in other offerings, customers buying insurance products will also earn NeuCoins, which can then be redeemed across the Tata ecosystem

LIC reduces entry age for its new endowment plan to 50 years from 55

Endowment is an insurance policy that provides life cover and maturity benefit

25 years of the Indian insurance industry: Here are the hits and misses

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column

Life Insurers to seek extension on implementing surrender value norms

Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge

Costlier term cover: Opt for high claim settlement with low premium

Narrow down prospective insurers' list to well-known players with strong claim settlement ratios, then select one offering lowest price

Life insurance premium; luxury pool villas: Top personal finance stories

This week's newsletter tells readers about the strategy they should follow as life insurance premiums rise and the best pool villas

ICICI Prudential Life Q1 results: Net profit rises 8.9% to Rs 225.4 crore

The expenses of the company rose by 32.8 per cent to Rs 198.53 crore in the quarter under review as compared to Rs 149.47 crore in Q1 FY24

Top private life insurance firms hike term policy premium by 4-7%

HDFC Life, Bajaj Allianz Life, ICICI Prudential Life, Max Life increase by 4-7%

Anuj Tyagi to succeed Ritesh Kumar as MD & CEO of HDFC Ergo from July 1

Tyagi, who currently serves as the deputy MD, joined the company in 2008

LIC to enter health insurance market via private health insurer: Report

Earlier, LIC Chairman Siddhartha Mohanty had spoken about exploring "inorganic" options for the company's foray into the health insurance segment

PNB MetLife appoints Sameer Bansal as MD, CEO; to succeed Ashish Srivastava

He joined the firm in 2007 and is currently serving as the Chief Distribution Officer

After encouraging Q4, outlook positive for public sector insurer LIC

LIC has an industry leading position despite the aggressive catch up from private competitors

Hindujas' Reliance Capital buy faces further delay; matter pending in SC

Matter pending in Supreme Court; group firms to pay Rs 9,661 crore to lenders only after all the clearances

LIC gets 3-yr extension from Sebi to achieve 10% public shareholding

State-owned insurance giant now has to meet regulatory requirement on or before May 16, 2027