Life Insurers

Life insurance firms adjust term premiums by 5-10% ahead of FY25 end

HDFC Life Insurance - the second largest life insurer in the country - has increased their term life insurance premiums by about 5 per cent for Rs 50 lakhs and above, as per distributors

New business premium of life insurers rises 13% in Oct, LIC leads

Private insurers log 18% yearly increase at Rs 13,216.51 cr, according to data

Upper limit for LIC's new endowment plan reduced to 50 years from 55 years

The revision is effective October 1, 2024, 'LIC New Endowment Plan-914' is a participating endowment plan that offers the dual benefit of protection-cum-savings plan

Life insurance firms report 14% growth in new biz premiums in September

In H1, new business premiums of life companies was up 19% YoY

Life insurance firms to discuss norms on surrender value on Sept 27 meeting

The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the new norms

Higher share of Ulips likely to weigh on life insurers' profit margin

Non-life firms to post strong premium growth, benefit from low claims ratio

New surrender value norms: Life insurers likely to alter product mix

To push Non-par policy sales till Sep 30

Listed private life insurers' FY24 margins fell on rise in Ulip share

According to analysts at Motilal Oswal, VNB margins for all life insurance players declined from the previous year due to adverse product mix and pressure on non-par margins

Life insurers log 15.6% growth in new biz premium in March, shows data

In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24

Deepak Parekh steps down as chairman, non-executive director of HDFC Life

The company said that it has appointed Keki M Mistry as the chairman of the Board

High base, change in product mix to weigh on life insurers' margin in Q4

In March 2023, there was a surge in the sale of high-value non-participating policies after the Union Government's revision in taxation norms

LIC to keep offices open on March 30, 31 to facilitate tax saving

Life Insurance Corporation will keep its offices open on March 30 and March 31 to facilitate taxpayers to complete tax saving exercise before the closing of the fiscal year. LIC's measure follows the announcement by banks that their branches will remain open on Saturday and Sunday. The RBI had earlier this month directed banks to keep their designated branches open for government transactions up to the normal working hours on March 30 and March 31, 2024. In a statement, the public sector insurer said as per the advisory by the insurance regulator IRDAI, LIC has decided to extend this special measure to the policyholders. "It has been decided that the Offices under the jurisdiction of zones and divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders," LIC said in a statement.

Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance

In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said

High base effect of last year to hit March growth business of life insurers

Several private insurers also reported to have moved towards Tier 2 and Tier 3 cities and in the less than Rs 5 lakh segment to compensate for their loss of business in the higher ticket size

Irdai launches regulations for insurance electronic marketplace Bima Sugam

The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable

Payout by life insurers moderates in FY23 compared to previous year

Payout by life insurance companies declined by about Rs 6,000 crore during 2022-23 because of lesser number of death claims as compared to previous financial year which was impacted by COVID-19. The life insurance industry paid a total benefit of Rs 4.96 lakh crore in 2022-23 as compared to Rs 5.02 lakh crore in FY22, according to the latest annual report released by sector regulator IRDAI. During FY22, the year hit by COVID-19 wave, the insurance companies paid Rs 60,821.86 crore as death claims. This came down by Rs 19,000 crore to Rs 41,457 crore in 2022-23. The benefits paid on account of surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, of which public sector insurers accounted for 56.27 per cent. During the year, out of the total surrender benefits, it said, benefits for ULIP (unit-linked insurance plans) accounted for 62.51 per cent for private insurers and 1.56 per cent for state-owned life insurers. In case of individual life insurance ...

After 4 yrs of decline, insurers ramp up presence in smaller cities in FY23

According to the latest data released by the Insurance Regulatory and Development Authority of India (IRDAI), during 2022-23, the presence of life insurers rose by nearly 3.5 per cent year-on-year

Women's life insurance share rises to 34.2% in 2022-23: IRDAI report

As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total

Higher surrender value to badly hit life insurers margins: Report

The recent regulatory push to increase the surrender value of a life policy through the revised concept of threshold limit and adjusted guaranteed surrender value for all non-linked policies, if implemented, will hit the margins of the insurers, warns a report. The Insurance Regulatory and Development Authority (Irdai) earlier this month put out a draft circular proposing an increase in the surrender value of a life policy by revising upwards threshold limits and the adjusted guaranteed surrender value for all non-linked policies, both par and non-par. Surrender value is the amount that an insurer pays to a policyholder in case he or she terminates the policy before maturity. The move if implemented as the current format will affect the overall margins of life insurance companies, India Ratings said in a note on Thursday without quantifying by how much given the complex calculations being proposed. But the agency also believes that defining the thresholds for surrender value will b

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