Policyholder

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Unclaimed amounts often result from outdated customer details, making it difficult for insurers to trace policyholders or their nominees

Policyholders can cancel policy at any time by notifying insurer: Irdai

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

Irdai directs health insurers to decide on cashless authorisation in 1 hour

Health policy-holders can now avail premium discount in case of no claims in previous year

HDFC Life Insurance declares bonus worth Rs 3722 cr to policyholders

In participating or 'par' policies, life insurance companies share the benefit of profit in the form of bonuses with policyholders

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders

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

Shriram Life Insurance rolls out unit-linked plan with flexible options

Shriram Life Insurance Company, a part of the Shriram Group, on Wednesday said it has unveiled a new unit-linked policy that offers financial control with multiple fund options and investment strategies. Policy holders can opt to cover either whole life or a specific period of time enabling them to fulfil their financial aspirations with full flexibility, the company said. The scheme, which has been launched commemorating the golden jubilee year of the Shriram Group, has two options -- Life Goal and Legacy -- providing customers options to alter policy term, premium payment term, sum assured and premium. Life Goal offers cover for a specified period while Legacy offers cover till the age of 100. Commenting on the launch of the product, Shriram Life Insurance MD and CEO Casparus Kromhout said: "We are delighted to announce this plan on our Group's momentous milestone. The plan gives various flexibilities and options to choose from, provides financial protection and encourages long-t

Bajaj Allianz Life declares bonus of Rs 1,201 cr to policyholders in FY23

Bajaj Allianz Life on Wednesday said it has declared a bonus of Rs 1,201 crore to participating policyholders for the financial year ended March 31, 2023. This is the 22nd consecutive year of bonus payment to all eligible and participating policyholders. The Pune-based company said the bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. In the previous year, the company had paid Rs 1,070 crore in bonus to over 11.62 lakh policyholders, Bajaj Allianz Life said. As many as 11.43 lakh participating policyholders out of its total of 3.5 million policyholders will benefit from the announcement, it added. The regular reversionary bonus will be payable at the time of maturity or death of the policyholder. The funds for the bonus will be sourced from the surplus generated by the participating policyholders' funds for FY2023, said Tarun Chugh, the managing director & chief executive. The policyholders of its participating products su

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar

TATA AIA Life announces record annual bonus of Rs 861 cr for policyholders

TATA AIA Life Announces Record Annual Bonus of INR 861 crores for its policyholders

Life Insurance Corp launches special campaign to revive lapsed policies

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed

LIC IPO Day 1: Issue subscribed 66%; policyholders' portion oversubscribed

LIC's public offer, the country's biggest-ever IPO, saw the policyholders' portion being oversubscribed on the first day itself on Wednesday, though overall subscription stood at just 66%

LIC IPO sees 27% subscription in two hours, muted non-institutional demand

The non-institutional category, consisting of corporates, individuals, and others has seen muted demand, with only 5 per cent subscription so far

LIC IPO: 12 million policyholders have demat accounts, says report

The LIC has set a price band of Rs 902-Rs 949 per equity share. The government intends to raise Rs 21,000 crore through the issue

LIC 3.0 to be listed, nimble and agile, say M R Kumar & K R Ashok

If there is any capital requirement, we will have to approach not only the government but all shareholders, said Kumar

LIC launches campaign for policyholders to revive lapsed policies

To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India on Monday launched a special campaign for the revival of lapsed individual policies.

ICICI Pru announces Rs 867 cr annual bonus for participating policyholders

Around 980,000 customers are likely to benefit from this bonus

ICICI Pru Life announces highest-ever bonus of Rs 867 cr to policyholders

ICICI Prudential Life Insurance on Monday declared its highest-ever annual bonus of Rs 867 crore for the policyholders for FY21. "ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY2021. The bonus declared is the highest ever by the company till date and is also 10 per cent higher than the bonus announced in the last fiscal" it said in a release. Bonus is the share of profits generated by the company's participating policyholder's funds, which are added to their guaranteed maturity benefits, thus enhancing the corpus. All participating policies in force as of March 31, 2021, are eligible to receive this bonus and will be added to the policyholders' benefits, said the insurer. A total of 9.8 lakh participating policyholders will benefit from this, taking them closer to their long-term financial goals. ICICI Prudential Life said this is the company's 15th consecutive year of declaring a bonus. The stringe

Former Irdai chairman asks insurers to concentrate on prevention of risk

In the first two quarters after the onset of the Covid-19 pandemic, the insurance industry suffered negative growth. But, it bounced back as soon as the economy opened up post the lockdown

Insurers cannot reject claims based on presumptions and conjectures: Irdai

Insurers need to put in place systems by which policyholders can track the status of claims, says regulator