Page 8 - Life Insurance

Consumers optimistic towards retirement: ICICI Pru Life Insurance study

Individuals who are well prepared for retirement start investing even before they turn 40, finds an ICICI Prudential Life Insurance study

4 things to consider before purchasing life insurance

New tax norm to hurt insurers; stocks attractive for the long run: Analysts

Analysts expect stocks to remain under pressure in the near-term as the government's new tax regime push, with no tax saving deductions, could hurt demand for insurance products

Life insurance companies plan strategy tweak to offset tax impact

Union Budget has proposed to tax high-value policies with premium aggregating to Rs 5 lakh per year to plug arbitrage that HNIs are using to get tax-free returns on policies through Section 10(10D)

Budget effect: About 15% premium impact on some private life insurers

On net, about 15 per cent of overall premium for these players could be under severe growth risk, leading to about 3-4 per cent hit to growth expectations

Life insurance stocks tumble as govt proposes to tax high premium policies

Govt aims to curb misuse of Section 10(10D) of I-T Act with this proposal; new rule applicable on policies issued on or after April 1, 2023

Life insurance firms' shares fall on taxation proposal related to policies

Shares of life insurance companies tumbled by up to 11 per cent on Wednesday after the government announced to limit income tax exemption from proceeds of insurance policies in certain cases. ICICI Prudential Life Insurance Company dropped 10.97 per cent to close at Rs 402.55 on the BSE. HDFC Life Insurance Company Ltd fell 10.96 per cent, Max Financial Services Ltd slumped (9.45 per cent), SBI Life Insurance Company Ltd (9.31 per cent) and Life Insurance Corporation of India (LIC) (8.38 per cent). According to Union Budget documents, an individual will have to pay tax on the maturity amount of life insurance policies where the aggregate annual premium exceeds Rs 5 lakh. Finance Minister Nirmala Sitharaman in the Budget on Wednesday proposed "to provide that where aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs 5 lakh, income from only those policies with aggregate premium up to Rs 5 lakh shall be exempt". This will

Life insurance stocks in focus; LIC, HDFC, SBI, ICICI Pru gain up to 5%

Kotak Institutional Equities has initiated coverage on Life Insurance Corporation of India (LIC) with a 'buy' rating and a fair value of Rs 1,000

LIC may look at entering health, non-life insurance businesses: Source

Says insurance giant is well-placed to make most of a composite license; in fact it was a composite insurer till early 1970s, when Oriental Insurance was carved out

Persistency ratio must improve for life insurance customers: CEOs at BFSI

Work done by life insurance industry led to economic revival amid Covid

Govt notifies amendments with more tie-ups for corporate agents

As per the notification, corporate agents can now tie up with nine insurers each in the general, life, and health insurance sectors

Centre seeks private sector professional to be first chief executive of LIC

LIC is now headed by a chairman but that post will be scrapped when the term of the present incumbent ends in March

7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

Aditya Birla Capital to seek regulator role in RCap resolution process

Warns it will seek intervention if RCap's Administrator ignores its demand for additional info on the company

LIC aims to reach a mix of 75:25 between par and non-par in individual biz

The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business

LIC drives new business premiums of life insurers up 15% YoY in October

The surge in LIC's NBP was primarily driven by a 30% increase in its group single premium

Life insurers register 15% rise in new biz premium at Rs 24,916 cr in Oct

The new business premium income of India's life insurance companies rose by 15.3 per cent to Rs 24,916.58 crore in October 2022, data from the Life Insurance Council showed. All the 24 life insurers had a collective new business premium income of Rs 21,606.25 crore in the same month a year ago (October 2021). LIC -- the only state-owned and the largest life insurer in the country -- recorded 18 per cent rise in its new business premium at Rs 15,920.13 crore during the month, as against Rs 13,500.78 crore a year ago. The rest 23 players in the private sector witnessed their combined new business premium increasing by 11 per cent to Rs 8,996.45 crore, as against Rs 8,105.46 crore in October 2021. On a cumulative basis, all the 24 players registered 35 per cent increase in new business premium income during April-October period of 2022-23 at Rs 2,06,893.51 crore as against Rs 1,53,588.14 crore in the same period of 2021-22, as per the data.

Aditya Birla Group, Nippon Life in talks to merge Indian life insurance JVs

The talks were initiated after a court-appointed administrator of Reliance Capital put the 51% stake in Reliance Nippon Life on sale