Debasish Panda,chairman, IRDAI "There is a need to come out of the...
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The Agent Advantage: Fulfilling Financial Goals
Sameer Joshi, Chief Agency Officer, Bajaj Allianz Life Insurance In...
LIC becomes fifth most valuable firm as stocks soar, GIC Re and New India hit record high
The company's market valuation went up by Rs 38,740.62 crore to Rs...
World’s oldest man dies in Japan at 113
Japan has one of the world’s highest life expectancies and was home to several people recognised as among the oldest humans to have ever lived. They include Jiroemon Kimura, the longest-living man on record, who died soon after his 116th birthday in June 2013. The oldest verified person ever — Jeanne Louise Calment of France — died in 1997 at the age of 122, according to Guinness
SBI Life’s net profit rises 15% to Rs264 cr in Q3 FY2018-19
The new business premiums collected in Q3 grew 14.6 percent YoY to Rs 2,734.49 crore while the renewal premium during the period increased to Rs 5,270 crore, up 35 per cent over Rs 3,904 crore in Q3 FY 2017-18
Max Life Insurance to pay death claims up to Rs 50 Lakhs in just 1 day
In FY 2017-18, the company received total 10,332 individual death claims and has paid 10,152 individual death claims amounting to Rs. 353 crore, while only 178 death claims were rejected primarily because of medical non-disclosures and only two cases were pending due to ongoing investigation.
There may be no tax on income up to ₹500,000
Budget may also reinstate tax-free status for medical expenses and transport allowance, providing some relief to the section already under strain since demonetisation
New life premium mop-up inches up 2.41% in December
The state-run behemoth LIC led both in new business premium collection with a 66.49 percent market share and also new business by policies with a 73.33 percent share of the pie
LIC loses over 2 % market share to pvt players in 2017-18
For the Indian life insurance industry,while renewal premium accounted for 57.68 percent (58.13 percent in previous year) of the total premium received by the life insurers, new business premium contributed the remaining 42.32 percent (41.87 percent in previous year).
Surrender of life insurance policies rise in 2017-18, IRDAI
The life industry paid benefits of Rs 277953.63 crore in 2017-18 (`Rs 236339.87 crore in 2016-17) constitutes 60.58 percent of the gross premium underwritten (56.48 percent in 2016-17).
Insurance Penetration and Density are on a slow recovery path in India
The life insurance industry’s penetration has seen a slight increase in 2015 reaching 2.72 percent, remained same in 2016 and increased to 2.76 in the year 2017. The penetration of non-life insurance sector in the country has gone up from 0.56 in 2001 to 0.93 in 2017(0.77 in 2016).
Myanmar set to approve licenses for foreign insurers
life insurance providers will be given two options to operate. The first option allows not more than three licenses for foreign life insurers to operate as 100 percent wholly owned subsidiaries. The second allows foreign life insurers with a representative office in Myanmar to form a joint venture with a local life insurer.Two large Indian state owned insurers, The non-life insurance providers with rep offices in Myanmar will be allowed to form a JV with local non-life insurers.The New India Assurance, country’s largest non-life company and the Life Insurance Corporation(LIC), are keen to set up their operations in Myanmar.
Senior care facilities & their Insurers try to keep up with Aging America’s falls
Falls are the biggest risk. Allegations of falls account for nearly half of all assisted living claims that insurer CNA Financial Group closed in 2016 and 2017, the company said.