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    • Private sector life insurers individual APE decreases due to economic slowdown in September

      The Individual Annualized Premium Equivalent has declined by 3% year-on-year in September 2019 due to economic slowdown when compared to 11-27% year-on-year growth reported from April to August 2019.

      However, overall APE was up by 3% due to stronger group business. ICICI Prudential Life’s APE recorded a decline for the third month along with HDFC Life. HDFC Life recorded a decline after a continuous 5 months of consistently high growth.

      Apart from this SBI Life and Max Life showed moderate results for the second consecutive month. Net inflows to various equity mutual funds dropped to a great extent month-on-month as well. Various other private sector insurers reported a 3% year-on-year growth in their overall APE in September 2019 with a 3% growth in individual APE as well.

      The overall individual industry recorded a drop of 3% year-on-year as the Life Insurance Corporation reported a sharp decline of 11% year-on-year.

      ICICI Life reported a 7% decline year-on-year in individual APE along with HDFC Life recorded a sharp decline of 20% in their business after showing a strong growth of 30%-90% between April and August 2019. Due to this, the company recorded a decline of 17% in their overall APE even though group business was by 3% year-on-year.

      On the other hand, the individual APE of SBI Life grew by 11% year-on-year in September 2019 which was lower than their APE in August at 14%. The company had reported a growth of more than 20% from February to July 2019.

      16 October 2019

    • Life Insurers’ Premium Collections Rise 15% in September

      Life insurers’ new premium income has risen by 15% in September according to data released. LIC, the largest insurer in the country, recorded a rise of 18.37% in its new premium during September at Rs.12,759.24 crore.

      Private sector insurers also earned a fair share, with a total of Rs.7,297.46 crore making an increase of 9% from one year ago according to IRDAI data.

      The cumulative insurance premium rose 35.11% during the quarter April-September, totalling Rs.1,25,758.11 crore.

      LIC has seen the largest jump in revenue through premiums, jumping 42% to Rs.89,980.22 crore for the period January-June 2019.

      15 October 2019

    • Life Insurance Corporation of India issues statement clarifying its financial health

      Social media platforms were abuzz with the news that Life Insurance Corporation of India (LIC) was in the middle of a financial crisis. This led to panic among policyholders that they might lose their hard-earned money, whether it is the principal amount or the interest, that they were expecting through their investments. Messages circulating about the possibility of policyholders losing their money put millions of policyholders in a tizzy. However, the leading life insurance company put out a statement that clarified these rumors were false. The statement clarifies that "We refute such false rumors and we would like to assure our policyholders about its sound financial health and urges them not to take cognizance of such misleading news". It also stated that the social media messages pertaining to this are factually incorrect and aimed to not only tarnish the image of the company but also create panic among policyholders which was total.

      14 October 2019

    • IRDA directs insurers to illustrate benefits clearly from December 1

      New rules have been issued by Insurance Regulatory and Development Authority (IRDA) in order to prevent the mis selling of insurance products and increase the transparency between the insurer and the customer.

      From December 1, it is will be mandatory for all the insurance company to clearly illustrate the benefits of the insurance product in the policy document.

      IRDA has made it clear that in case of a non-liquid product, the returns guaranteed must be disclosed in the policy document. Apart from that the insurance company will have to clearly mention the minimum return projections as well as the final amount the customer can expect in case of maximum returns from an insurance product.

      9 October 2019

    • Partnership announced between ICICI Prudential Life Insurance and Airtel Payments Bank

      A corporate agency agreement has been signed between India’s first payments bank, Airtel Payments Bank, and ICICI Prudential Life Insurance Company. This will enable customers of Airtel Payments Bank to have easier access to savings plans and life insurance policies, thus helping them build up savings in the long term as well as provide greater financial security to their families. The innovative products that ICICI Prudential Life Insurance has will have a wider reach because of the vast digital reach and distribution network that Airtel Payments Bank has. In the starting phase, ICICI Pru Anmol Bachat on the savings platform and ICICI Pru iProtect Smart on the insurance side will be available to customers. The Anmol Bachat plan is a microinsurance products that offers both protection and savings for smaller premiums specifically for the underinsured while iProtect Smart offers protection through the term plan.

      3 October 2019

    • MobiKwik applies to IRDA for corporate agency license

      MobiKwik in its bid to strengthen its position in the insurance industry has applied to Insurance Regulatory and Development Authority (IRDA) for a corporate agency license.

      If MobiKwik is granted the license, it will be eligible to sell insurance policies in categorie such as life, health, general, etc. On getting the license, MobiKwik , it will join the likes of Policybazaar, PayTM, PhonePe, etc. who all have been granted the license to sell insurance policies by IRDA.

      Much like Policybazaar, MobiKwik will also aggregate insurance products of insurance companies such as Aditya Birla, ICICI Lombard, etc.

      MobiKwik which is backed by Sequoia Capitals is known to aggregate mutual funds, loans, and other financial products. It is also expected that MobiKwik will also push the Bajaj Allianz portfolio aggressively since the insurance company is one of its biggest stakeholders.

      1 October 2019

    • Life insurance industry platform launched by Infosys McCamish

      A new industry platform has been introduced by Infosys McCamish for the Global Life Insurance and Annuity industry. The name of the new platform is Infosys McCamish NGIN.

      The new platform was built on an open source and will have plug-and-play components which will help address insurance carriers with all their regional and global needs. According to a press release made by the company, apart from improving operational efficiencies, the new components promotes better digital experience and enhances time-to-market. Annuities, universal life, whole life, and term insurance features are encompassed by Infosys McCamish NGIN. According to the CEO and Managing Director of Infosys McCamish Systems, Richard Magner, the global life insurance and annuity industry are in a good place to take advantage of the technology landscape shift. The API economy and cloud have played a huge role in the paradigm shift. He further added that the new technology introduced by them will not only help the industry grow in the low-interest regime but will also help to improve its growth with the help of its features and world-class components. Bajaj Allianz Life Insurance has also stated that it will partner with Infosys McCamish for this platform to improve its overall efficiency and drive its digital transformation faster.

      27 September 2019

    • Airtel & Bharti AXA Life to jointly offer pre-paid plan with term cover

      To promote insurance penetration in the country, Bharti AXA has teamed with Bharti Airtel in an arrangement where customers will be offered insurance coverage with a pre-paid cellular plan.

      For this offer, Airtel has introduced a special pre-paid plan retailing at Rs.599 which will offer unlimited calls to any network, 2GB data per day, 100 SMS a day, along with life insurance coverage from Bharti AXA Life worth Rs.4 lakh. This recharge will be valid for a time period of 84 days. However, the insurance coverage that comes bundled with this plan will be active for 3 months with each such recharge.

      This plan has currently been made available only in Tamil Nadu and Pondicherry. Airtel plans to extend it to the other Indian states in the coming months.

      This life insurance cover is available for all customer between the ages of 18 years and 54 years, who do not need to provide any paperwork or undergo any medical exam to avail the insurance cover. After the plan is subscribed to, the customer will instantly receive the certificate of insurance digitally. Customers can also request to receive a physical copy of the insurance plan.

      However, the customer will need to enroll for the insurance coverage, after they do their first recharge, using the Airtel Thanks app, via SMS, or by visiting their nearest Airtel outlet.

      24 September 2019

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • LIC continues to grow at a faster pace than its private counterparts

      According to the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corporation of India (LIC) continued to grow at a quicker pace than other insurance players in the private segment. The data revealed that the first-year premiums of life insurance firms grew by 39.84% (year-on-year) in the first 5 months of the current financial year at Rs.1.05 lakh crore. In April to August of 2018-19, the premiums amounted to Rs.75,588.35 crore. As per market participants, the reason behind the growth in insurance was mainly due to the surge in group non-single businesses and individual single premium business in the period between April and August 2019. The data by the IRDAI also showed that private life insurers saw their first-year premiums at Rs.28,480.43 crore in April to August 2019 period from the Rs.22,886.48 crore the previous year. On the other hand, the first-year premiums of LIC were recorded at Rs.77,220.97 crore in the first five months of the current financial year, an increase of 46.52% over the premiums of the previous year.

      13 September 2019

    • Life Insurance companies seek permission to sell indemnity-based Health Insurance Policies

      Several companies who provide life insurance for people have approached the Insurance Regulatory and Development Authority of India. This is being done to seek permission for selling indemnity-based health insurance policies again. This decision was not taken well by the general insurance companies as, in 2016, IRDAI had already barred life insurance companies from selling indemnity-based health insurance policies. Moreover, general insurance companies have the infrastructure and expertise to handle indemnity-based claims.

      Two people who are aware of this development have mentioned that due to the low penetration of health insurances in the country, selling indemnity-based health insurance policies is required. Various critical diseases, mainly cancer is covered under insurance policies offered by companies and this can be used to sell this type of policy. As per an official, life insurance companies are no longer allowed to protect customers who are looking for term insurance policies as well as health insurance. Due to this, they are referred to other companies which have become a challenge.

      According to sources, life insurance companies have put forth the current proposal to the Chairman of IRDAI, Mr. Subhash Chandra Khuntia, who is yet to review it.As per the data provided by IRDAI, the penetration of non-life insurance policies in the country stood at a mere 0.93% in 2017 as compared to life insurance policies at 2.76%.

      12 September 2019

    • India has one of the lowest life insurance penetration in the world

      As per the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), India has a mere 3.69% insurance penetration as recorded in the period 2017-18. The reason behind the low penetration of life insurance in India seems to be the lack of awareness of its benefits. There is a need for people to understand that having a life insurance policy can provide financial protection to the family in cases where the breadwinner suffers an untimely demise. Experts say that life insurance should be a part of everyone's financial planning and that they should pick a life insurance product that suit their needs. They also recommend that you opt for term insurance to ensure the financial security of your family when you are gone. Term plans offer various options such as spouse coverage, return of premium, money-back options, etc. Easy affordability is one of the biggest benefits that term plans offer.

      10 September 2019

    • IRDAI simplifies regulations for unit-linked and non-linked products

      Unit-linked and non-linked insurance products have got their regulations simplified by the Insurance Regulatory Development Authority of India (IRDAI). The revival period on unit-linked products has been increased to three years while in the case of non-linked products, it has been increased to five years. The period offered by insurance providers to renew the policy after you missed making the premium payments after the lapse of the policy is known as the revival period. With this new regulation, customers will now have a wider window to revive their policies. Customers will also get some flexibility in terms of policy premium payment with the extension in duration. Changes have also been made in the minimum sum assured of linked and non-linked products wherein the sum assured for single premium policy is 125% of single premium irrespective of entry age. The paying policy for regular premium and limited premium has also been reduced by 7 times the yearly premiums.

      30th July 2019

    • LIC’s Nav Jeevan plan offers single and limited premium payment options

      The Nav Jeevan plan offered by LIC is a non-linked, with-profit endowment plan that offers the options to pay the premium at once or pay it over a period of 5 years. The minimum and maximum ages at entry depend on the premium payment option chosen. There are two sub-options under the limited premium option. The policy term options range from 10 years to 18 years. The minimum sum assured an applicant is required to opt for is Rs.1 lakh but there is no maximum limit. The maximum amount, however, depends on the income level and the age of the applicant.

      The death benefit payable to the nominee of the policy depends on when the death occurs. If death occurs before commencement of risk, the premiums paid so far will be refunded. In case of death during the 5-year premium payment period, the sum assured is paid. If the death occurs after completion of 5 years, loyalty additions are paid along with the sum assured on death. Policyholders can avail tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

      15 July 2019

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    Customer Reviews

    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have too many of policies with LIC and its good. The benefits are good and well explained by the agent. The payment mode is ECS and am getting the statements and notification through SMS. Even the agent is doing good support and the plan was taken for future savings purpose.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2019
    • HDFC Life
      HDFC Life Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
      Was this review helpful? 0
      , amritsar
      Reviewed on Oct 17, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 1.0/5 "Really Bad"
      I have taken Life Insurance policy direclty through LIC agent .I have got all the information abotu the policy very clearly through the agent.This policy is fo the tenure of 25 years and need t pay the premium once in 3 months .I am paying the premium through cheque it will be given to the agent .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 17, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
      Was this review helpful? 0
      , jalandhar
      Reviewed on Oct 16, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
      Was this review helpful? 0
      , mainpuri
      Reviewed on Oct 16, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC on 9 years before. The policy is for 15 years. I am paying premium in the quarterly package the amount of 6 thousands which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and children. It is a jeevan anadha policy.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 15, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance policy from LIC. It was a Jeevan Umang. Its almost 150 years old which covers for 95% and the people invested in LIC is higher when i compared to others. This policy has two benefits one its a life insurance policy and other is pension covered policy. After 60 of years of age, i will get the pension.
      Was this review helpful? 0
      , vellore
      Reviewed on Oct 15, 2019
    • LIC Life Insurance
      "Medium"
      0.5 3.0/5 "Satisfactory"
      One month before I have taken a personal loan so they made to take life insurance with LIC company. On one payment need to do fully. In case if we missed to do payment or for some other reason unable to do from insurance they will claim full amount. Myself applicable for 10 lakhs but taken for 5.5 lakhs.
      Was this review helpful? 0
      , pondicherry
      Reviewed on Oct 14, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on one year before. I am paying premium in the quarterly package for the amount of 2065 rupees.While getting a policy my agent has given an information about the policy details. It covers my mother only.
      Was this review helpful? 0
      , pondicherry
      Reviewed on Oct 14, 2019
    • LIC Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent.This is a Money back policy and this tenure is for 25 years,I am paying the premium on monthly basis.I am paying Rs.2168 and paying the premium through online only .I have got the policy documents on time .I am really satisfied with the service so far.
      Was this review helpful? 0
      , tirupur
      Reviewed on Oct 14, 2019
    • ICICI Prudential Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
      Was this review helpful? 0
      , saharsa
      Reviewed on Oct 14, 2019
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