Page 7 - Life Insurance

Unaffordable and complex: Why Indians stay away from health insurance

The study, titled 'How India Buys Insurance', reveals that high premiums are preventing individuals from obtaining insurance cover, or in some cases, adequate insurance coverage. benefits

Canara HSBC Life Insurance posts 9-fold jump in profit at Rs 91 cr in FY23

Canara HSBC Life Insurance on Thursday reported a nearly 9-fold increase in net profit at 91.2 crore during the 2022-23 financial year. The insurance company had earned a profit after tax of Rs 10.2 crore in the preceding fiscal. The company in the last fiscal recorded profit for the 11th year in a row, with PBT (Profit Before Tax) of Rs 100 crore for 2022-23, Canara HSBC Life Insurance managing director Anuj Mathur said. The company's gross written premium in the last fiscal increased 22 per cent to Rs 7,197 crore from Rs 5,890 crore in FY22, while assets under management (AUM) grew15 per cent to Rs 30,204 crore from Rs 26,294 crore as on March 31, 2022. The company proposed and declared a final dividend of 3 per cent of paid equity to its shareholders, he said, adding that last year too, the dividend was the same. Indian embedded value of the company stood at Rs 4,272 crore, and the solvency margin at 252 per cent as of March 31, 2023. At the same time, the insurer declared a b

LIC launches close-ended plan Dhan Vridhhi; offers protection, savings

National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi. The new plan will be on sale from June 23 through September 30, the insurer said in a statement. LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured. The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option. The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected. The plan offers a minimum basic assured sum of Rs ..

Tata AIA Life Insurance to pay Rs 1,183 cr in dividend to policyholders

The higher payout is due to the company reporting a multi-fold increase in net income at Rs 506 crore in FY23, up from Rs 71 crore in the previous fiscal

Tata AIA Life reports multi-fold rise in net income at Rs 506 cr in FY23

Its total renewal premium rose 32 per cent to Rs 11,964 crore year-on-year, and the asset under management grew by 21 per cent to Rs 71,006 crore

Life insurance stocks: Concerns may be priced in; analysts 'optimistic'

While they are trading at substantial discount to their average historical multiples, data shows there is pickup in business in May

Irdai grants permission to Go Digit Life Insurance to commence business

According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment

Life insurers posts 4% decline in new biz premium to Rs 23,477 cr in May

The new business premium income of India's life insurance companies declined by 4.1 per cent to Rs 23,477.8 crore in May 2023, data from the Life Insurance Council showed. All 24 life insurers had a collective new business premium income of Rs 24,480.36 crore in the same month a year ago (May 2022). LIC -- the only state-owned and the largest life insurer in the country -- recorded an 11.26 per cent decline in its new business premium at Rs 14,056.29 crore during the month against Rs 15,840.63 crore a year ago, as per data released by the Insurance Regulatory and Development Authority of India. The rest 23 players in the private sector, however, witnessed their combined new business premium rise by 9.05 per cent to Rs 9,421.51 crore from Rs 8,639.72 crore in May 2022. On a cumulative basis, all 24 players registered a 15 per cent fall in new business premium income during April-May period of 2023-24 at Rs 36,043.11 crore compared to Rs 42,419.97 crore in the same period of 2022-23,

Go Digit Life Insurance gets Irdai nod to carry life insurance business

Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26. "Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said. Go Digit General Insurance is also proposing to come out with an IPO and has already filed papers with markets regulator Sebi.

Irdai asks SBI Life to acquire Sahara India's Life Insurance business

Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC. "SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," Irdai said in its order. In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.

Stocks to Watch today, May 25: Nykaa, LIC, Adani Group, Hindalco, Nalco

Stocks to watch on May 25, 2023: AIA Engineering, eClerx, GSFC, Voda Idea, IEX, IFCI, Page Inds, SAIL, Strides Pharma, and Zee among prominent companies scheduled to announce Q4 results on Thursday.

Suppression of key facts can lead to claim rejection

The National Commission concluded the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain good faith

Centre appoints Siddhartha Mohanty as chairman of LIC till June 2024

On March 11 Centre had appointed Mohanty as the interim chairperson of the insurance behemoth

SBI Life Q4 Results: Profit rises 15%, new business premiums rose 27%

The net premium income for the reporting quarter jumped 14% to Rs 19,897 crore as against Rs 17,434 in the year-ago period

Public sector non-life insurers doesn't respect CLC orders: GIEAIA

The four companies are National Insurance Company Ltd, Oriental Insurance Company Ltd, United India Insurance Company Ltd and The New India Assurance Company Ltd

Focus on coverage provided, not premium collected

Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'

Shriram Life aims to double rural presence by 2025 using digital campaign

Company uses various digital channels for agents and customers to access life insurance products and services

Valuations, long-term prospects boost investment case in insurance stocks

Taxation proposals, lower volumes may weigh on near term prospects

High-value life insurance policy sales fail to pick up in Feb-March

This is despite a new tax being introduced from April 1

BoB-backed IndiaFirst Life Insurance gets regulator approval for IPO

Company seeks to raise about Rs 500 cr from fresh issue of shares, draft papers say