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
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
This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers
Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 9.84 per cent decline in premiums to Rs 2,381.73 crore
To invest in a small-cap index fund of a life insurance company, a customer will need to invest in a ULIP
For the April-Sep period, net profit increased 15 per cent year-on-year to Rs 792 crore on the back of a healthy back book surplus
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,
"This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment," it added
New biz premiums of private insurers jumps 35% in March, aided by pick-up in sales of high-value policies
With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011
Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy
LIC posted a record rise in the Q2 profit after tax (PAT) to Rs 15,950 crore, up 10x year-on-year (YoY) compared to Rs 1,433.71 crore a year ago
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.
Insurer also eyeing higher dividend to regain investor confidence
Value of new business growth and margins remained strong in Q2
The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday. All the 24 life insurance companies had a collective premium income of Rs 31,001.17 crore in the same period a year ago. The largest and the only state-owned insurer LIC recorded a jump of nearly 35 per cent in the new premium income of Rs 24,991.26 crore in September 2022-23, as against Rs 18,520.21 crore in same period of 2021-22, showed the data from the Insurance Regulatory and Development Authority of India (Irdai). However, the rest of the 23 players in the private sector witnessed a decline of 8.9 per cent in their combined new premium income during the reported month at Rs 11,375.27 crore as against Rs 12,480.96 crore a year ago. Among the private sector players: SBI Life registered a fall of 15 per cent in new premium income at Rs 2,471.37 crore; HDFC Life down by 22.3 per cent at Rs 2,165.97 .
Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers
In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion
Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned
Protection segment, overall, has witnessed decent growth, mainly because of strong traction in the credit life business, buoyed by disbursement from banks and NBFCs.