Life
HDFC Life net at Rs 913 cr, up 20 %, in Apr-Dec
Mumbai: The net profit of HDFC Life at Rs 913 crore, up 20 per cent, in the nine months ended in Dec 2018. The net profit was Rs 762 crore in the corresponding period of 2017-18. Total Premium of the life insurer had gone up...
LIC completes acquisition of 51% stake in IDBI Bank
Mumbai: IDBI Bank Monday said insurance behemoth LIC has completed acquisition of 51 per cent controlling stake in the bank, making it the lender's majority shareholder. "The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with...
Mathur Panel favours health insurance claim payments in installments
Hyderabad: A Working Group, constituted by the IRDAI, under Suresh Mathur, executive director, IRDAI,has recommended that the general and health insurance companies may be allowed to offer the option of payment of claims in installments or in lump-sum upon happening of a contingent event in...
World's oldest man dies in Japan at 113
‘World's oldest man’ Masazo Nonaka, who was born in 1905, just two years after the Wright brothers launched humanity's first powered flight, died on January 20, aged 113, Japanese media said. Nonaka was born in July 1905, according to Guinness World Records — just months...
MoF shortlists four names for LIC chairmanship
New Delhi: The Ministry of Finance(MoF) has shortlisted names of four senior officials of Life Insurance Corporation(LIC), for the selection of a chairman of the corporation The senior officials of the LIC, who have been shortlisted are- M R Kumar Zonal Manager(ZM), Delhi, Vipin Anand...
SBI Life's net profit rises 15% to Rs264 cr in Q3 FY2018-19
Mumbai: SBI Life Insurance at Rs 264.28 crore, posted a 14.7 percent year-on-year (YoY) rise in its net profit during third quarter ended in December 2018. The insurer had posted profit after tax of Rs 230.28 crore in the same quarter previous fiscal. The new...
There may be no tax on income up to ₹500,000
New Delhi: With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present ₹250,000 to ₹500,000 while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section...
Max Life Insurance to pay death claims up to Rs 50 Lakhs in just 1 day
New Delhi: Max Life Insurance has launched InstaClaim™, an initiative that endeavours to pay death claims in just 1 day for policies up to Rs. 50 Lakhs where all minimum mandatory documents are received. Death claims shall be eligible for InstaClaim™ provided the policy duration...
New life premium mop-up inches up 2.41% in December
New DelhI: New business premium collection by the life insurance industry has grown 2.41 percent to Rs 1.41 trillion as of December, show the data released by the apex industry body. The industry collected Rs 1,41,584 crore as against Rs 1,38,253 crore last year, the...
Insurance Penetration and Density are on a slow recovery path in India
Mumbai: The measure of insurance penetration and density reflects the level of development of insurance sector in a country. While insurance penetration is measured as the percentage of insurance premium to GDP, insurance density is calculated as the ratio of premium to population (per capita...
