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    • Insurance companies will launch 'Saral Jeevan Bima'

      From next year, all the life insurance companies in India will have to release an individual, standard, term life insurance policy known as 'Saral Jeevan Bima'. The IRDAI has also shared guidelines with every insurer on standard individual term life insurance product. In a circular, IRDAI had said that there are a lot of term products right now in the market with different terms and conditions. A lot of the industry analysts have said that they are happy with the introduction of mandatory life insurance and they have said that it will help in inclusion and penetration in India.

      20 October 2020

    • Buying life insurance from Insurance Marketing Firms (IMF)

      Life insurance policies should be bought by doing due research first. This can easily be done on the official websites of the life insurance firms. A tax break should not be the only reason why you take a life insurance policy. You can buy life insurance from an Insurance Marketing Firm (IMF). Unlike other life insurance intermediaries who can only sell life insurance policies, an IMF is also licensed to sell other kinds of financial products. This helps to increase the penetration in rural areas. Currently, there are 375 such IMFs that are licensed by the Insurance Regulatory and Development Authority of India (IRDAI). They can also sell products such as the National Pension Scheme (NPS), mutual funds, and post office small savings schemes.

      15 October 2020

    • 16% growth recorded in new business premiums in September

      New Business Premiums (NBP) during the first quarter of the FY21 had seen a year-on-year decline, however, during the second quarter between July to September, there has been a rise. The rise for the NBP was around 16% due to a slight rise in economic activity.

      In the second quarter, NBPs have been amounting to Rs.75,392 crore with LIC seeing a rise of 14% to Rs.51,488 crore. NBP of private insurers has increased by 20% to Rs.23,904 crore. Due to the pandemic induced lockdown, the NBP of insurers had decreased by 18%.

      In the month of September, NBP of life insurers has increased by 26.47% to Rs.25,366.32 crore. Life Insurance Corporation’s NBP has recorded an incline of 30% to Rs.16,602.84 crore and private insurers saw an incline of 20% to Rs.8,763.48 crore.

      13 October 2020

    • New business insurance premium struggle due to impact of Covid-19

      The outbreak of Covid-19 has caused the new business premiums for the life insurance industry to remain under pressure for the current financial year. However, ICICI Direct has estimated their premium growth at 8-10% for FY21E.

      ICICI Direct in its report on Banking and Financial Services said that their business premium growth is estimated at 8-10% for FY21E as Q3 and Q4 will continue to be business accretive for the life insurance industry. ICICI Direct, however, maintained that the above numbers have been crunched after factoring in the 5-10% decline caused by lockdown.

      The outbreak of Covid-19 which led to a countrywide lockdown has affected the premium growth for the life insurance industry as annualized premium equivalent (APE) also saw a dip during the initial months. However, as economy begins to get unlocked in phases, a phase of premium growth showing a healthy trend is being experienced.

      8 October 2020

    • LIC made a profit of Rs.13,000 crore in August 2020 this fiscal

      Life Insurance Corporation (LIC) of Indian which is preparing to go public despite the turbulent time in the market managed to rake in Rs.13,000 crore profit during August 2020 this fiscal in the equity portfolio.

      The insurance company managed to collect around Rs.8,300 crore as renewable premiums till the month of August for the year 2020, recording a growth of 13.5%.

      In the 2020-21 budget session, Nirmal Sitharaman the Finance Minister of India announced that the government planned to sell a part of its stake in LIC through Initial Public Offering.

      The IPO of LIC will be closely looked at and is likely to benefit the government as a huge chunk to the disinvestment profile of Rs.210 crore this fiscal will be contributed by the listing of the insurance company.

      6 October 2020

    • Around 3.4 lakh agents set to be appointed by insurance companies to meet the demand

      Around 3.4 lakh agents are set to be appointed by insurance companies in the financial year 2021 to help meet demand. The demand for protection has seen a rise due to the coronavirus outbreak. Three-fourth of the jobs would be contributed by insurance companies. The opportunity comes at a time when individuals are having to take a salary reduction or losing their jobs. Around 3 lakh agents are likely to be hired by Life Insurance Corporation (LIC). Individuals prefer physical purchases of insurance rather than online. Around 1 lakh agents are likely to be hired by other insurance companies.

      29 September 2020

    • Extra time given by IRDAI for life insurance premium renewals due to the Covid-19 economic crisis

      Insurance companies have been asked to provide 30 days of grace period for payment of life insurance policy renewals. This was suggested by the Insurance Regulatory and Development Authority of India (IRDAI) in a press release dated 23 March 2020. For health insurance policies, a delay of up to 30 days can be condoned for the renewal of policies without it being taken as a break in the policy. However, insurers have to intimate this to the insurance companies in advance in order to not be considered as a discontinuation of the policy. Life Insurance Corporation (LIC) had also extended its deadline for payment of premiums for policies that were in force. In order to ensure safety during the Covid-19 pandemic, insurers have been asked to ensure that transactions can be done digitally or online with modes of telephonic contact being encouraged.

      25 September 2020

    • Life Insurance Sector Struggling under the Weight of Covid-19 crisis

      The life insurance sector in India is struggling in the wake of the Covid-19 pandemic. With job losses and uncertainties over salaries, there are less number of takers for life insurance policies, resulting in a loss of around 4 million policies as well as Rs.45,000 crore worth of premiums. Out of this, Rs.15,000 crore was new business premiums and the rest Rs.30,000 crore was renewal premiums. There was a drop of 18.6% in first year premiums amounting to Rs.49,335 crore in the current financial year in the quarter of April to June. Growth has been nominal since August which has been largely driven by High Networth Individuals (HNIs). The lower and middle income groups have had a number of defaults. The life insurance industry is likely to decline by 0.9% in 2020. While there is a demand for health insurance, the demand for life insurance has been substantially lower.

      24 September 2020

    • IRDAI to allow a grace period of 30 days to pay the premium for insurance renewal

      The Insurance Regulatory and Development Authority of India, in a press release, has allowed a grace period of 30 days for the payment of renewal premiums. This will be for the life insurance policies and can be opted by the policyholders.

      The insurers have been instructed to offer the grace period if required by policyholders in the case of health insurance policies. Insurers will have to contact the holders of the policy in advance so the coverage is not discontinued.

      All the insurance companies have been asked by the IRDAI to display all their relevant information on their websites due to the COVID-19 pandemic and to reduce contact.

      15 September 2020

    • Sachin Bansal's startup looking to acquire Future Group's insurance arm

      According to sources, Sachin Bansal, co-founder of Flipkart is looking to buy out the life insurance arm of the Future Group headed by Kishore Biyani. The insurance arm of the company, Future Generali India Life Insurance Co. Ltd. could be bought by Navi Technologies which is Sachin Bansal’s financial services startup.

      The deal, according to reports, is in the formal proposal stage and will likely be announced soon. The value of the Future Generali Life is estimated at around Rs.800 crore. Previously there were reports which stated that due to debts, Future Group may exit the general and life insurance sector and offer the controlling stakes to its partners in the joint venture.

      4 September 2020

    • Life Insurance Corporation clarifies news of purchasing a stake in Vodafone Idea as 'baseless'

      Life Insurance Corporation has stated that it had no plans on buying a stake in Vodafone Idea. According to sources, there was news which stated that LIC had plans in purchasing a stake in the telecom company but were deemed as false according to officials.

      According to various sources, as many investors were moving away from the company, LIC would not be indulging in buying a stake in any company. According to the false news, LIC was going to purchase a 10% stake in Vodafone Idea.

      27 August 2020

    • Insurance companies see growth for the first time since the lockdown

      Insurance companies in India saw a 6.9% growth in new business premium. This is the first time that insurance companies have seen a growth in FY21. Ever since the coronavirus outbreak and the subsequent lockdown from 25 March 2020, insurers have seen an increase in first-year premiums. According to the data provided by IRDAI, life insurance companies saw a 12% decline between 1 April and 31 July, July being the difference. Private insurance companies saw a 26% increase in first-year premium collection for the month of July. SBI Life Insurance, ICICI Prudential Life Insurance, and HDFC Life Insurance saw a 42%, 10%, and 40.80% growth in July 2020. According to several officials from the industry, the premium collection could improve once public transport such as metro rail and local trains restart.

      19 August 2020

    • Volumes of business of insurance players hit in Q1 FY21

      The business volumes of all life insurance players had been hit in Q1 of FY21 because of the lockdown and its impact leading to the declines in the total Annual Premium Equivalents (APE) since March 2020.

      In Q1 FY21, the life insurers, other than Max Life had reported a 30% to 44% plunge in their total APE, affected by a decline in ULIP sales across insurers. Max Life had reported a 4% decline in the total APE. Among the business segments of all the life insurers, individual protection trends remain strong, rather than a savings linked investment product. That means life protection products such as term insurance gained momentum.

      13 August 2020

    • Sale of insurance increases due to the COVID-19 pandemic

      The sales of term plans have increased according to the Indian life insurance industry and the COVID-19 pandemic is largely responsible for this. In order to create a cover for healthcare and keep finances ready in case of serious illnesses, many policyholders have been purchasing critical illness riders along with their term plans.

      According to various sources, the sale of term plans had increased by 30% - 40% in the first quarter of FY21 when compared to the last year. The sale of critical illness riders has also seen a rise by 10%-20% in the past few months.

      The term insurance plans are offered by various life insurance companies and the insured receive a fixed amount on the account of death. The maturity benefits, however, are not given if the policyholders do not survive the term. Critical illness riders are the optional cover which claims the payout once a disease has been diagnosed.

      7 August 2020

    • Three unions within the Life Insurance Corporation urge the government not to sell equity

      Three unions in the Life Insurance Corporation of India which represents officers, field workers and Class III employees have mentioned that selling equity of the insurer would affect the economy. Not only so, but this move would also affect the weaker sections of the India population.

      The three unions have stated in a letter to the Union Finance Minister, Nirmala Sitharaman requesting her to withdraw the invitation of the bids for the appointment of pre-Transaction advisors for the insurance company’s Initial Public Offering and also to reconsider the decision of disinvestment in the LIC.

      In reference to the letter, the Union stated that their arguments against the sale of equity was for the interest of the national economy and the Indian society and not on any partisan interests.

      28 July 2020

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    Customer Reviews

    • LIC Life Insurance
      "Best policy "
      0.5 5.0/5 "Blown Away!"
      LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
      Was this review helpful? 1
      , tirupur
      Reviewed on Mar 20, 2020
    • Max Life Insurance
      "Good insurer"
      0.5 3.0/5 "Satisfactory"
      I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
      Was this review helpful? 8
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
      Was this review helpful? 1
      , indore
      Reviewed on Mar 20, 2020
    • Bharti Axa Life Life Insurance
      "Good service "
      0.5 4.0/5 "Great!"
      On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good "
      0.5 4.5/5 "Excellent!"
      I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Secured policy"
      0.5 4.5/5 "Excellent!"
      I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good service"
      0.5 4.5/5 "Excellent!"
      LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good policy "
      0.5 4.5/5 "Excellent!"
      For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good insurer"
      0.5 4.5/5 "Excellent!"
      I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Mar 18, 2020
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