Page 12 - Life Insurance

Life insurers are at the cross-roads

As government pension and retirement schemes become less sustainable, ensuring financial security for the older population will become the central focus for life insurers in India

ICICI Pru in discussion for onboarding Account Aggregator system: Official

ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) is in discussion for onboarding the Account Aggregator system, a financial data sharing platform to be regulated by the Reserve Bank. Earlier this month, the government unveiled the Account Aggregator (AA) network to allow sharing of financial data of individuals, which can be used by various financial services providers such as banks, insurers, fintech companies. "We really look forward to that. We have been in discussion for onboarding on that platform. What the system can really do is that it will digitise the whole journey (of data collection)...today if I have to ask a customer, I will have to ask for his bank statement, income tax statement among others. "It is a big enabler and there are some discussions. We will have to see operationally where exactly we are," Deepak Kinger, Chief - Risk and Compliance, ICICI Prudential Life Insurance Company (ICICI Pru Life), told PTI. When a customer buys an insurance policy, th

Insurance woes

Recent growth masks sustained underperformance

'Govt considering foreign institutional investment of up to 20% in LIC IPO'

Since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation

Life insurers report 3% YoY growth in new business premiums in August

In July, life insurers reported an 11 per cent YoY drop in NBP while in June they managed to report a 7.53 per cent increase in NBP, following a dip in May due to the second wave of the pandemic.

Exide Life is a tuck-in acquisition at fair valuations: HDFC Life CEO

In a Q&A, the MD & CEO of HDFC Life dwelt on the contours of her company's acquisition of Exide Life Insurance and how it will help HDFC Life consolidate its position in the industry

LIC picks up 4% stake in Bank of India via open market transaction

LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition

Indian insurance sector: Shakeout or promoter exits to happen?

Mixed views were expressed by insurance industry officials

On the cusp of a new growth phase

'The 16-odd months gone by did have an impact on industry practices, customer preferences, and the overall working cultures of companies', says the author

Life insurers report 11% YoY decline in new business premiums in July

When compared to the pre-pandemic period (July 2019), NBP of the life insurance industry witnessed a drop of 5 per cent

Insurers' provision pool balloons as fatalities spike in second Covid wave

Claims in 2nd wave were 3-4 times the volume seen in first wave, says an insurer

Allow life insurers to sell pension-based health policies: HDFC Life chief

Regulators should allow the life insurance firms to sell pension and indemnity based health policies, as it will lead to greater penetration of insurance, HDFC Life chairman Deepak Parekh said

LIC IPO gets Cabinet nod; decision on issue size soon by FM-led panel

The government is targeting the launch of LIC's IPO in the last quarter of the financial year as it is yet to derive the embedded value of the insurer.

LIC IPO: Govt likely to invite bids from merchant bankers this month

The government is likely to invite bids from merchant bankers this month for managing LIC disinvestment as it moves ahead with plans to launch the IPO by January, an official said. The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO, which is touted to be the biggest public issue in Indian corporate history. The official further said the Budget amendments to the LIC Act have been notified and the actuarial firm would work out the embedded value of the life insurer in the next couple of weeks. Under the embedded value method, insurance companies' present value of future profit is also included in its present net asset value (NAV). "We will invite bids for appointment of merchant bankers in the next couple of weeks, the official said, adding discussions are going on with institutional investors. "We are hoping to get regulatory approvals by November-e

Shocked by Covid deaths, young Indians rush for life insurance

During devastating second wave in April and May, the numbers of people aged between 25 and 35 buying term insurance was 30% higher than in previous 3 months combined, said PolicyBazaar

Don't delay choosing nominee for life insurance policy, say analysts

Select a dependent or person likely to shoulder family's financial responsibilities

ICICI Prudential Life announces Rs 867 cr bonus for policy holders

ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policy holders for FY2021.

Term plan-backed home loan protects your family from repayment burden

The group life cover offered by banks could be your second option if you are unable to get a term plan due to health-related reasons

Insurance in the time of the pandemic

Greater digital adoption has increased the risk of fraud. Without personal interactions, assessing the risk profile of customers has become an arduous task

Action is the best antidote to helplessness

The highest satisfaction has come from using my professional skills to help reconstruct the financial records of a family that lost its breadwinner