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    • 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

    • Private life insurers’ Premium collections increase by 15%

      Life insurers have reported 14% year-on-year (y-o-y) growth in annualised premium equivalent (APE) as compared to 4% y-o-y in September 2020, and 6-40% y-o-y decline from April to August. The revival in unit-linked insurance plans (ULIPs), strong traction in all non-par savings areas and increase in sales via agency channels are the catalysts. The individual APE increased 14% y-o-y in October for all private insurers and the group APE had increased by 24% y-o-y. This had translated to 15% y-o-y growth in the APE.

      25 November 2020

    • Non-life insurance premium drops to Rs.15,855 crore in the month of October

      There has been a marginal dip in the insurance premiums for non-life insurance policies. The drop witnessed in about 0.4% and that has been recorded as Rs.15,855 crore for the month of October 2020.

      This stands against the Rs.15,921 crore which was recorded during the same period in the previous year. The Insurance Regulatory and Development Authority of India or IRDAI released a new set of data and on the basis of the same the gross direct premium till October 2020 has witnessed a growth of 1.11% and stands at more than Rs.1.12 lakh crore. This figure stands against the figure of Rs.1.11 lakh crore which was recorded during the same time in the previous year.

      19 November 2020

    • Supreme Court states that contract of insurance is of utmost good faith

      According to a statement by the Supreme Court, a contract of insurance is of utmost good faith and an applicant who wishes to avail a life insurance policy will be bound to disclose all material facts on the issue.

      The Supreme Court had stated this will settling a verdict in March 2020 of the National Consumer Disputes Redressal Commission which had dismissed the plea of the insurance firm against the order of asking the latter to pay a full death claim including interest to the mother of the deceased.

      Justice D.Y. Chandrachud was heading the bench during the hearing and noted that the proposal form requires a special disclosure of pre-existing ailments. This would be to enable the insurer to arrive at a decision based on the actuarial risk.

      17 November 2020

    • Life insurers see 32% growth in new premium in October

      According to a data from Insurance Regulatory and Development Authority of India (IRDAI), life insurers had a 31.9% year-on-year (YoY) growth in new premiums at Rs.22,776 crore in October 2020.

      Life Insurance Corporation of India (LIC) posted YoY growth of 36.1% at Rs 15,548 crore in October. Private insurers posted YoY growth of 23.6% percent at Rs.7,228 crore.

      Among the listed companies, HDFC Life Insurance saw a 56% YoY growth in new premium at Rs.1,658.8 crore in October. ICICI Prudential Life Insurance saw a 6% YoY growth in new premium at Rs.990.2 crore in October, while SBI Life recorded 11.8% YoY growth in first-year premium at Rs.1,591 crore.

      Overall, for the April 1 to October 31 period (FY21), life insurance companies recorded a 3.1% YoY growth in new premium at Rs.1.47 lakh crore, compared to the year-ago period.

      While the non-life insurance companies recorded flat growth in October, segments like health insurance continued to grow.

      12 November 2020

    • IRDAI asks life insurers for expeditious settlement of claims in flood-hit areas

      The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies to take immediate action for expeditious settlement of claims in areas affected by floods in Andhra Pradesh, Telangana, Maharashtra and Karnataka.

      Due to recent havoc created by heavy rainfall and floods, there have been reports of human lives lost and belongings damaged in the affected districts of Andhra Pradesh, Telangana, Maharashtra and Karnataka.

      To extend every possible facilitation for quick and timely settlement of life insurance claims, the regulatory body has asked the insurers to nominate a senior-level official for acting as a nodal officer in the state.

      IRDAI further said the nodal officer will contact the chief secretary or the officer concerned of the state immediately and be in regular contact.

      Insurers have been asked to consider the process followed in the case of Chennai floods in 2015 so as to make the process of claim settlement easy.

      10 November 2020

    • IRDAI directive to launch uniform life insurance policy

      The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new directive to all life insurance firms to launch a standardised life insurance policy from 1 January 2021 which will be called the ‘Saral Jeevan Bima’ policy. This policy should have the same exclusions, inclusions, benefits, and features across all life insurance companies although the prices may be different. This policy should be made available for a term ranging from 5 years to 40 years, with maximum age at maturity being 70 years, and the age group being for the range of 18 to 65 years. The minimum sum assured will be in the range from Rs.5 lakh to Rs.25 lakh. This aims at increasing the penetration of insurance products and expansion of insurance awareness across all demographics in the country.

      28 October 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? 6
      , 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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