IndiaFirst Life Insurance Company (IndiaFirst Life) has announced a...
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LIC introduces 2 new plans- LIC’s Nav Jeevan Shree & LIC’s NavJeevan Shree Single Premium
In the current environment when interest rates are very volatile,...
Former IRDA member Rakesh Joshi made chairman of Bima Sugam India Federation
Rakesh Joshi, chairman, Bima Sugam India Federation Joshi as a...
5 Predictions for the insurance industry in 2024
Kenneth SaldanhaSenior Managing Director – Global Insurance Lead, Accenture In 2024, we will see excitement about the possibilities of GenAI give way to growing demand for material economic impact from AI/GenAI solutions As we look ahead to 2024, while we see many...
LIC receives GST demand notice of Rs 663 crore from Chennai tax officials
The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said Mumbai: Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have...
LIC gets GST demand notice of Rs 116 crore
The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra Mumbai: Life Insurance Corporation of India (LIC) on Tuesday said tax...
LIC receives GST notice for Rs 806 crore
LIC will file an appeal before the Commissioner (Appeals), Mumbai, against the said order within the prescribed timeline. The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore New Delhi: The Life Insurance Corporation of...
LIC wants more investment avenues, ‘in active discussion’ with RBI for access to debt data via CRILIC: Chairman
Siddhartha Mohanty,chairman,Life Insurance Corporation According to the LIC chairman, so far as investment scope for insurance companies are concerned, it is highly regulated. So, new asset class should also be allowed, like your sovereign gold bond, equity...
CCI clears Hinduja group owned entities’ acquisition of controlling stake in Reliance Capital
Reliance Capital's subsidiaries and associates are engaged in various businesses in the financial service sector including insurance New Delhi: The Competition Commission of India (CCI) has approved acquisition of controlling stake in Reliance Capital Ltd by Hinduja...
Indian life insurers’ net profit zoom 500 % to Rs 42,788 cr, lower claim settlement ratio at 98.45% in FY 2022-23
During 2022-23, the life insurance industry recorded premium income of Rs 7.83 lakh crore registering 12.98 per cent growth De-growth of 2.21 per cent in the number of new policies issued Benefits paid on account of surrenders /withdrawals increased by 25.62 per cent...
Indian insurance penetration falls marginally to 4% in FY 2022-23: Irdai report
The country’s insurance penetration has fallen as the insurance penetration of domestic life insurance sector is reduced from 3.2 per cent in 2021-22 to 3 per cent in 2022-23 and the same for non-life Insurance sector remained at 1 per cent in both these years, said...
LIC board clears proposal to setup branch office in GIFT City
Many insurers have set up operations in the GIFT City. HDFC Life International, India First Life and Tata AIA Life have already ventured into the City while SUD Life, ICICI Pru Life Insurance, Care Health and Star Health Insurance have sought licenses to operate from...
Britain and Switzerland agree wide-ranging financial services trade deal
“It is an agreement based on deference: Swiss firms can operate inside the UK under Swiss rules and UK firms can operate inside Switzerland under UK rules,” UK's Chancellor of the Exchequer Jeremy Hunt said. “This is a light-touch, progressive, future-leaning way of...