Debasish Panda,chairman,IRDAI Though, earlier, IRDAI had set a...
Category:
Life
Latest
Bajaj Allianz Life provides prm payment options on WhatsApp
To leverage this popularity and offer ultimate convenience, Bajaj...
Health report indicates significant growth in non-communicable diseases across India
On average, at least one in three Indians today were pre-diabetic,...
Budget 2020:Govt may not provide any more tax incentives for the insurance industry
The official representative bodies of the domestic insurance industry like General Insurance Council and Life Insurnace Council in course of the their routine pre-Budget discussions with the tax authorities, have been told not to demand any more tax incentives for the industry as the scopes for such incentives currently are extremely limited because of poor mobilisations of the tax proceeds during year.
Budget 2020:Indian Life Insurance Industry
To drive greater insurance penetration, the Union Government should help build a roadmap that includes GST incentivization, advancing tax benefits to life insurance consumers and bring greater parity in terms of benefits between life insurance products and other investment avenues.
Budget 2020:Indian General Insurance Industry
An index based scheme (Parametric Insurance) can be adopted which compensates for the damage caused due to catastrophic event, as per the pre-defined triggers for such events. The premium for the same can be collected along with the property tax and once the claim is triggered, amount can be directly transferred to beneficiary’s Jan Dhan Account linked to the home insurance policy. It will go a long way in bridging the protection gap between the economic losses and insured losses during Nat-Cat events
India’s slowing economy to weigh on re/insurers, says Moody’s
“India’s GDP growth weakened to its slowest rate in five years in the fiscal year ended March 2019, and the resultant financial pressure on rural households amid weaker job creation is in turn also weighing on premium growth,” says Benjamin Serra, a Moody’s Senior Vice President.
Insurers want higher FDI and more tax incentives in the Budget 2020
“Collectively as an industry, we do see a lack of parity in the tax treatment of pension products of life insurance companies and pension products under NPS. Both the products have similar objective of building long term savings for meeting retirement goals, hence, this disparity should be addressed by the government in the Union Budget 2020, agreed Tarun Chugh, MD & CEO, Bajaj Allianz Life
“Raising FDI limit will provide opportunities to existing players as well as to new players”
The FDI limit could be made 100%, encouraging international players to set up in India and expand their foot print, with their own long-term strategies and best practices. However, adequate provisions will need to be made to safeguard the Indian customers against the adverse effects, if any, of the FII’s international businesses.
“Industry should focus on product innovations, especially in the pension space”
Today we are also seeing more and more life insurers invest in digital assets designed for enhanced customer delight. I believe this 360 degree approach towards ensuring customers’ benefits is making life insurance a more preferred investment product.
Ritu Nanda passes away,holds a record for selling 17,000 LIC pension plans in a day
Nanda’s name was once featured in the Guinness Book of World Records for selling a staggering 17,000 pension plan policies in a single day, IANS reported. She was a “one-window” insurance advisor for top Bollywood personalities in the past over four decades with insurance policies running into stupendous amounts of hundreds of crores of rupees.
Scandal-hit Indonesian insurer, with $2B financial hole, could get government bailout
The scandal has been unfolding during the past three years, after a 2016 audit revealed violations of investment guidelines. Another audit last year showed the insurer had negative equity of 27.2 trillion rupiah ($1.96 billion), sparking calls for a lifeline.
Banks should sell life insurance products more aggressively:LIC chief
According to K Ganesh, member, Life, the major challenge in the industry is to convince people to take life insurance. According to him, schemes like Jan-dhanYojana, PMJJY, PMSBY and Jan Arogya scheme have been instrumental in increasing customer protection.