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    • ABSLI Assured Savings Plan launched by Aditya Birla Sun Life Insurance

      Aditya Birla Sun Life Insurance (ABSLI), which is the subsidiary of Aditya Birla Capital Limited (ABCL), has recently announced the launch of the new savings solution, ABSLI Assured Savings Plan. The non-participating savings product is a plan which is set to provide fully guaranteed lump sum benefits on the insurance policy's maturity. It will also offer long-term financial security. This is done by integrating protection and savings in one plan

      19 Nov 2021

    • Scripbox set to offer term insurance in partnership with Aegon Life, HDFC Life, and Max life

      Scripbox is set to provide specially designed solutions to customers along with claim process assistance and issuance. The company is partnering with leading insurance companies namely, Aegon Life, HDFC Life, and Max life to offer life insurance products to its customers.

      The move of adding new products is taken to strengthen the company’s position as a digital wealth manager.

      18 Nov 2021

    • Online sale of various term life insurance products gains

      According to a senior official from Max Life Insurance, online sale is improving in the life insurance sector. The official further added that out of the five term products are being bought by customers online. In the last financial year, 12% of term policies in India were purchased online. The average age of the policyholders who purchase a policy online is 36 years. Based on the feedback that has been given, several innovative schemes have been introduced for online customers. Premium holiday is also being offered to customers after a few years.

      16 Nov 2021

    • IndiaFirst Life Saral Bachat Bima Plan introduced by IndiaFirst Life Insurance Company Limited

      IndiaFirst Life Saral Bachat Bima Plan was introduced by IndiaFirst Life Insurance Company Limited with the aim of providing insurance cover to the whole family. This is promoted by Union Bank of India and Bank of Baroda. This is a plan with a limited premium policy that is non-participating and non-linked that will protect the family for anywhere from 12 to 15 years while paying a premium of only five to seven years. Apart from guaranteed annual additions, there is also accidental death benefit in the first year, as well as funeral cover and no medical tests. There is also sum assured on maturity along with all the guaranteed additions that are accrued on maturity. Tax benefits can also be availed as per the income tax laws.

      26 Oct 2021

    • LIC IPO likely to take place by 4th quarter of the current financial year

      Chief Economic Adviser Krishnamurthy Subramanian said that it is very much likely that the initial public offering of Life Insurance Corporation of India (LIC) will take place by the the fourth quarter of the current financial year.

      Subramanian said that the budget gained from the privatisations stands at Rs.1.75 lakh crore with Air India issue also being handles well. He said that listings for LIC and Bharat Petroleum are on track and hence the concerned authorities are confident regarding the listing happening by the fourth quarter of the current financial year.

      10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India, have already been appointed by the Government of India to manage the initial public offering (IPO) of LIC.

      The Government of India has also shortlisted Cyril Amarchand Mangaldas law firm to oversee the LIC IPO. The firm will look after everything from drafting the IPO papers to responding to regulators' queries.

      13 Oct 2021

    • Punjab National Bank is considering selling full stake in Canara HSBC OBC Life Insurance

      Punjab National Bank (PNB) is planning a sale of a 23% stake in Canara HSBC OBC Life Insurance. This is a major development since most of the banks have merged with bigger banks. According to the Insurance Regulatory and Development Authority (IRDA), a company cannot have more than 10% stakes if it promotes two companies.

      PNB holds a 23% stake in PNB Metlife, and the insurance company’s valuation is estimated to be Rs.7,000 crore. There is a possibility for more transactions like this in the coming days.

      12 Oct 2021

    • Indian Government is seeking $109 billion in insurer's mega IPO

      India requires a valuation of $109 billion for a state-backed Life Insurance Corporation which is supposed to be the country’s biggest initial public offering (IPO). The government is considering to sell a 5-10% stake that could yield between Rs.400 billion and Rs.1 trillion.

      The valuation has been decided on the basis of initial talks and might change following detailed discussions and an official valuation report. Last week, bankers had a meeting with the LIC officials and government to initiate the LIC sale. Ten banks, including JPMorgan Chase & Co and Kotak Mahindra Bank Ltd., have been chosen to oversee the mega IPO.

      5 Oct 2021

    • Dial an Insurance Campaign Unveiled by India Post

      The Mumbai Region of India Post has launched a campaign called "Dial an insurance" to increase market awareness and recall of Postal Life Insurance (PLI) among Mumbai residents. This project allows people to purchase insurance policies without having to go to the post office, and the insurance will be processed and paid for online.

      2 Sept 2021

    • Life insurance industry’s new business premiums drop in July

      Due to the contraction in business seen by the state insurance behemoth, Life Insurance Corporation (LIC) of India, the life insurance industry’s new business premiums (NBPs) has again dropped in July. In the previous month, a marginal year-on-year (YoY) rise in new business premiums (NBP) was witnessed following a dip in May due to the second wave of the Covid-19 pandemic. In July, life insurers earned an NBP of Rs.20,434.72 crore which was down 11 percent YoY from last year. It needs to be mentioned here that while private insurers managed to report a 7.53 percent increase in NBP in July over last year, LIC saw its NBP contract almost 21 percent YoY to Rs.12,030.93 crore. The dip in LIC’s NBP was on account of a steep fall in individual single premium and group single and non-single premium. NBP is the premium acquired from new policies in a particular year.

      In the first quarter of 2021-22 (FY22), the premium collection of the life insurance industry was up almost 7 percent to Rs.52,725.26-crore YoY. It was aided by a stellar 33.73 percent growth registered by private insurers. Due to the second wave of the pandemic, life insurers saw a muted first quarter (Q1), however, supply-side constraints remain and are expected to ease as soon restrictions lift. In Q1, the life insurance industry has seen a spike in death claims due to a debilitating second wave, resulting in companies taking a huge hit on their profitability.

      26 Aug 2021

    • IRDA states only 14% life insurance claims made for Covid – 10 deaths

      The Insurance Regulatory and Development Authority of India (IRDAI) has stated that life insurance claims have been made for just 14 percent of deaths due to COVID-19. As per the apex insurance regulatory body, life insurance claims for 55,276 deaths have been received so far of the total 3.91 lakh Covid-19 related deaths in the country. It needs to be mentioned here that as per a report, of the 55,276 claims, 44,484 claims have already been settled. The claims amount to Rs.3,593 crore. Over 80 percent of the health insurance claims related to COVID-19 which have been received by Health insurance companies have also been settled. A total of 19.11 lakh health insurance claims were received by companies, out of which 15.39 lakh claims have been settled. The settled claims amount to Rs.15,000 crore as of June 22.

      11 Aug 2021

    • Customers to get an insurance of Rs.5 lakh on bank deposits within 90 days of moratorium

      In order to provide relief to depositors of banks which are troubled, the Union Cabinet, on the 28th of July, has cleared the amendments in the Deposit Insurance Credit Guarantee Corporation (DICGC) Act, 1961.

      Under this act, the account holders of the banks which have collapsed will be liable to be insured and get up to Rs.5 lakh within 90 days. The Finance Minister Nirmala Sitharaman addressed the media after the cabinet meeting and notified them about the clearance of the DICGC Bill 2021 by the Union Cabinet.

      5 Aug 2021

    • Covid-19 coverage provided by term life insurance plans

      Certain term life insurance plans are providing coverage for Covid-19, such as Edelweiss Tokio Life-Zindagi Plus. This is a term plan that provides death cover due to the coronavirus. The force majeure clause is not applicable for this term plan. The policy holder’s spouse can also be covered under the same plan with only a marginal increase in the premium amount. This is called the Better Half Benefit. There is also the Top Up Benefit and the Life Stage Benefit. The Better Half Benefit provides the nominee with a death benefit in the event of the policy holder’s death. Apart from this, all future premiums will be waived off and life cover, for the duration of the remaining policy, will be provided to the spouse. The Top Up benefit allows the life cover to be increased as per the changing requirements. The Life Stage Benefit also offers the option of increasing the benefits with the changing requirements of different stages of life.

      30 July 2021

    • Covid Insurance Available to Tata AIA Advisers and Families

      BTata AIA Life insurance has now extended the Covid Kavach insurance to more than 41,000 advisors and families in the second wave. Their policy covers the advisors with spouses and two children (up to 25 years). The reimbursement benefit is Rs.25,000 in case of hospitalization and Rs.10,000 home care package.

      15 July 2021

    • Bharti AXA rolls out life insurance plan with assured returns

      Bharti AXA Life Insurance today launched its novel plan – Bharti AXA Life Guaranteed Income Pro which offers life insurance along with guaranteed returns and maturity benefits. It is a non-linked, non-participating savings insurance plan and is designed to provide financial stability to individuals and ensure future policyholders are able to meet their income requirements with dual benefits of savings and protection.

      Bharti AXA Life Guaranteed Income Pro helps policyholders maximize their financial returns allowing them to meet their financial obligations, and achieve goals like child’s education or marriage, retirement, a holiday, retirement income, income from other sources, etc.

      22 December 2020

    • ICAI recommends no Income Tax on insurance policies with tenures of over 10 years

      In the Pre-Budget Memoranda – 2021, the Institute of Chartered Accountants of India (ICAI) has recommended the Union government to make life insurance policies that have a term of 10 years and more exempt from tax. The Institute said that the tax exemption on life insurance policies should be offered based on the policy term.

      17 December 2020

    • FDI in non-life insurance sector reduces to Rs.509 cr

      Foreign direct investment (FDI) in the general insurance sector had reduced to Rs.509.07 crore in FY 2019-20 from the previous year. In FY2018-19, FDI was Rs.516.61 crore. Since the opening up of the insurance market, the non-life sector attracted Rs.4,721.68 crore.

      4 December 2020

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    Customer Reviews

    • LIC
      "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? 7
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      LIC
      "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
      "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? 1
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      "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
      "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? 1
      , hyderabad
      Reviewed on Mar 19, 2020
    • LIC
      "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
      "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
      "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
      "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
      "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
      "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? 2
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "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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