• Life Insurance India - News & Updates

    Do not get left behind, get to know what’s brewing in the domain of life insurance in India. Here you can find the latest news regarding launch of fresh insurance products, withdrawal of plans, new regulations, mergers, etc. Latest updates will be reported here instantly and can be tracked in a chronological order. So why go elsewhere to find about the breakthroughs in the life insurance space? Here, we have it all covered for you.

  • Credit- enhancement fund worth Rs.500 crore to be launched by the Government

    The Government of India is planning to launch a credit-enhancement fund worth Rs.500 crore in July. The proposal for the fund which was first made in the fiscal year 2016-17 aims to boost infrastructure investments by pension funds and insurance.

    The fund is expected to function as a non-banking financial company (NBFC) and is expected to receive financial support from Life Insurance Corporation (LIC) and India Infrastructure Finance Company Ltd. (IIFCL). China based investment firm Asian Infrastructure Investment Bank (AIIB) will be the owner of 10% stake in the fund. IIFCL will sponsor the fund initially and will hold 22.5% stake in the credit-enhancement fund. State run banks like Bank of Baroda and SBI will also have stakes in the credit-enhancement fund.

    The fund is expected to improve the infrastructure segment as only $110 billion is being poured instead of the $200 billion which has compelled the experts to label India as infrastructure deficit nation.

    13 June 2018

  • IDBI Federal Life Insurance rolls out the Dream Builder Plan

    For those who wish to build a retirement corpus, according to Economic Times, IDBI Federal Life Insurance has rolled out the Dream Builder Plan. The Dream Builder plan is a a non-linked, non-participating life insurance plan and offers a maturity payout which will be paid to the policyholder over the last three years of the policy tenure. Commenting on the policy launch, Karthik Raman, CMO and Head of the Products and Strategy, IDBI Federal Life Insurance said that the companies products are designed in a way that will offer maximum benefit to our customer's evolving lifestyle needs. Bearing in mind our customer's responsibilities to fulfil their family's various needs and at the same time not compromise on their dreams, we have designed a comprehensive financial solution - the 'Dream Builder Plan'. The guaranteed cash flow can meet fixed expenses like child's education, marriage and so on in order to achieve long term goals of the policyholder. If in case the policyholder is disabled or dies during the tenure of the policy, the premiums will be halted and the maturity benefits will be passed to the nominee when the policy reaches its climax.

    14 June 2018

  • Dream Builder Plan launched by IDBI Federal Life Insurance

    IDBI Federal Life Insurance announced the launch of Dream Builder Plan, which is a non-participating, non-linked life insurance policy.

    The person who has purchased this plan can choose the policy term and the cover amount he/she would like to receive as the Maturity Sum Assured (MSA). He/she will have to pay premiums for the first 8 policy year, post which he/she will receive the Guaranteed Annual Payouts which is actually a part of the MSA in the last three policy years. In short, the customer will only need to pay premiums for the first 8 policy years and be covered for the rest of the policy term.

    In case of death of the insured, the nominee will receive the death benefit and he/she will not be required to pay any more premiums and will receive the benefits despite the policy continuing to be in force. The same will be applicable in case the insured suffers from any health condition or critical illness. The policy will continue to be in force and the insured will receive the benefits until the policy expires.

    13 June 2018

  • State Bank of India Life rolls out the Grameen Bima scheme

    For those in the country who wish to offer themselves, loved ones or family members financial protection, they can opt for the recently rolled out Grameen Bima scheme offered by State Bank of India’s Life Insurance sector. Catering to those from underprivileged backgrounds, the SBI Grameen Bima scheme gives policyholders the privilege of availing a whole-life insurance policy via a single premium. In addition, the Grameen Bima scheme comes with tax benefits as well as with the benefit of no requirement for a medical examination when buying the life insurance policy. Available for individuals as well as families, the minimum eligibility for the scheme is 18 years and the maximum is 50 years of age. The policy has a tenure of 5 years - which can be paid in a single premium. The premium amount for the Grameen Bima scheme os a minimum of Rs.300 and a maximum of Rs.2,000 - in multiples of Rs.100. The minimum sum assured for the SBI Grameen Bima scheme is Rs.10,000 and the maximum is Rs.50,000. Coming with a death benefit in case of an eventuality involving the policyholder or those insured, the policy does not have any surrender or maturity benefit at the end of the tenure of the scheme.

    12 June 2018

  • Telangana State Government planning to include farmers under its insurance scheme

    The Telangana State Government is planning to extend its Rs.5 lakh life insurance scheme to cover its farmers as well. Etela Rajender, the finance minister, was reported saying that the farmers in Telangana undergo a lot of hardships, leading to unhappy lives working in their farms. All this is done without being covered under the government’s life insurance initiatives, which has motivated the government to consider including the farmers under their insurance schemes as well. The government is also planning to include toddy tappers and beedi workers under the same plan. In relation to this, the Telangana government has also been requesting the Central government of India to link the Employment Guarantee Scheme (EGS) with agriculture works as well.

    9 June 2018

  • Modi looks to launch welfare plan for 500 million workers in India

    Narendra Modi, the Prime Minister of India, is looking to launch a new welfare plan for about 500 million workers in India, ahead of the 2019 general elections. The Government of India has drafted a bill to extend the benefits of this plan to all workers by merging around 15 federal labour laws into one.

    The government is planning to present the bill in July in the upcoming Parliament session. This plan, once implemented, will be one of the largest mass benefit programs in India. The Government of India is planning to pilot this plan in 6 districts in India.

    6 June 2018

  • Warburg to buy a stake in IndiaFirst Life Insurance

    A private equity company, Warburg Pincus LLC, is shortly going to buy a 26% stake in IndiaFirst Co. Ltd. from Legal and General Plc. IndiaFirst Co. Limited is a union of Bank of Baroda Ltd. (44%), Andhra Bank (30%), and Legal and General (26%). The sources that revealed the expected deal said that it would be finalised in IndiaFirst’s board meeting held on Thursday. Warburg is said to pay Rs.710 crore for the 26% stake. The life insurance company, IndiaFirst, offers a range of life products such as savings plans, retirement plans, education plans, and term plans. Other companies that were interested in the deal are Manulife Financial Corp, Ergo International AG, Fairfax, and General Atlantic LLC.

    2 June 2018

  • Max Life Insurance registers 31% growth in value of new business for FY17-18

    Max Life Insurance, a leading private-sector life insurance firm, has registered an individual adjusted first-year premium collection of Rs.3,215 crore, thereby achieving a growth of 22% in FY18. During the same period, the company’s gross written premium increased by 16% to touch a sum of Rs.12,501 crore. Similarly, the insurer’s renewal premium registered a 15% growth to touch Rs.8,152 crore. The shareholder profit of the insurance company was Rs.528 crore, after tax.

    The insurer’s new business premium collection, for both individual and group businesses, was Rs.4,349 crore, which was a 19% growth. The solvency ratio of the insurer touched 263%, while the conservation ratio was 90%. The insurer’s claims paid ratio increased to 98.26%, against 97.81% that was reported in FY17. Thus, the company reported impressive growth in the previous financial year.

    1 June 2018

  • Non-life insurers increase their gross premium to Rs.13,881 crore in April

    To confirm the fact that the insurance penetration in the country is increasing by the year, according a report, the gross premium for non-life insurers increased in the month of April to Rs,13,880.74 crore to be exact -an increase of 14% over the same month of April last year. Out of those staggering numbers, the gross written premium amounts to Rs.12,980.60 crore. The report that was compiled by the IRDAI of 33 non-life insurance companies, 6 of those companies are private insurers while 2 are public sector insurers while the other 25 are general insurers. The gross written premium for the private sector companies increased by a little more than 29% to Rs.612 plus crore against Rs.474 plus crore in April the previous year. For the 2 public sector insurers, Agricultural Insurance Co of India and Export Credit Guarantee Corporation of India, they collected premiums worth Rs.74.49 crore in April, from Rs.88.26 crore in April the previous year - a drop of 15%.

    28 May 2018

  • HDFC Life Insurance launches new chatbot

    HDFC Life Insurance has recently launched a chatbot called Elle to provide virtual assistance to customers. The chatbot uses natural language processing and artificial intelligence to ‘communicate’ with customers. HDFC Life’s chatbot will available to answer customers’ queries 24x7, and can address queries such as requests for premium receipts, policy details, etc.

    Thus, the chatbot will act as an intermediary between the insurance provider and a customer. In order to use the chatbot, customers will need to input their query, after which the chatbot will provide solutions to the customer in real-time.

    25 May 2018

  • Aviva Life Insurance launches ‘Aviva i-Term Smart’ Plan

    Aviva Life Insurance recently launched a new term insurance policy called the Aviva i-Term Smart. This new protection-oriented insurance policy offers policy buyers a comprehensive life cover at an affordable cost. Further policy buyers can also purchase critical illness and disability benefit riders along with this policy. Upon purchasing the Critical Illness Rider that is offered by Aviva, policy buyers can avail protection for up to 16 critical illnesses.

    The Non-Linked Disability Rider offers a cover against total permanent disability due to accidents. By paying a lump sum amount to the dependents in case of the policyholder’s death, this policy ensures that sufficient financial protection is provided to the policyholder’s family.

    23 May 2018

  • LIC registers impressive growth in FY17-18

    Life Insurance Corporation of India (LIC) has registered a 75.67% market share in terms of the number of policies sold in the country during the last fiscal year, i.e. 2017-2018. Thus, the public-sector insurer registered the highest first-year premium income of Rs.1.34 lakh crore. This premium income constituted 69.70% of the total income garnered in that category.

    Also, LIC’s settlement of death claims in the last fiscal was the best ever, with the company reporting a death claim outstanding ratio of 0.07%. This was announced as part of the 58th All India Senior Divisional Managers’ Conference, which was held in Mumbai between 14 May and 16 May 2018. The conference was held in order to finalise corporate strategies for the current financial year.

    21 May 2018

  • Insurance Scheme launched for Indian expats living in UAE

    A new insurance scheme called the My India Care scheme has been launched for the benefit of Indian expats living and working in UAE. This insurance scheme provides continued health coverage to the policyholder, even after he/she returns to India. The My India Care policy was launched as a joint initiative by National Takaful Company, Watania, and Gargash Insurance Services.

    This scheme can be availed by NRIs living in UAE, up to the age of 55 years. The policy buyer can also choose to extend the coverage of the policy to his/her spouse and children, provided the children are 24 years or younger. This scheme, which provides a combination of day care medical coverage, personal accident insurance, and an optional critical illness cancer cover, offers comprehensive protection to the policy buyer.

    Further, this policy can be purchased online and is priced affordable. The minimum annual premium payable for this policy is AED 311, which amount to less than AED 1 per day.

    19 May 2018

  • Insurance scheme for farmers announced by Telangana CM

    In a major initiative by the Telangana government, Chief Minister K Chandrasekhar Rao has announced a life-cum-health insurance for the farmers and hence Rs.500 crore has been allocated for the implementation of the policy.

    The scheme is expected to benefit close to 70 lakhs farmers where each family will be eligible to receive a cover of Rs.5 lakh on a yearly basis for hospitalisation and healthcare services. The amount will also become the death benefit in the unfortunate event of death.A family will receive the cover amount incase the ryot dies due to natural causes or by accident.

    Life Insurance Corporation (LIC) has been entrusted with the responsibility of implementing the policy and the CM has ordered the principal staffs of Finance and Agricultural departments to hold a meeting with the insurer regarding the evolving modalities for the initiation of the policy which also includes the fixing of the premium.

    17 May 2018

  • LIC’s South Zone reports growth in new business premium collection and claims settlement

    LIC’s South Zone witnessed an impressive performance with respect to its new business premium collection and claims settlement. The insurer recently released a statement stating that the South Zone had collected a total first premium income of Rs.4,965 crore, compared to Rs.4,555 crore in the previous fiscal.

    Likewise, the South Zone’s Group and Pension Scheme Department, having collected Rs.7,740.8 crore as their new business premium income, also reported robust growth. The South Zone also settled all survival benefit claims during FY17-18. Further, the insurer also announced that they had settled a total of 2,838,264 maturity claims to the tune of Rs.13,649 crore, and had settled 66,865 death claims, which amounted to Rs.886 crore. LIC’s South Zone is comprised of 13 divisional offices and around 261 branches.

    12 May 2018

  • Health condition of policyholder at policy revival is immaterial, rules Kerala HC

    The Kerala High Court has recently ruled that a policyholder cannot be denied the right to revive a lapsed insurance policy within the revival period on account of his/her health condition at the time of revival. Insurance policies usually lapse if the policyholder doesn’t pay the due premiums within the grace period. The High Court of Kerala has further said that an individual’s health condition at the time of purchasing the policy is what should be taken into account during policy revival.

    9 May 2018

    • India’s Life insurance sector witnesses robust growth in FY18

      India’s insurance industry has witnessed robust growth in the past few financial years, with the premium-to-GDP ratio rising to 3.5% in 2016 from 2.7% in 2001. Government-sponsored insurance schemes saw high subscription rates, with around 5.3 crore individuals enrolling under the Pradhan Mantri Jeevan Jyoti Bima Yojana and 13.47 crore individuals subscribing to the Pradhan Mantri Suraksha Bima Yojana.

      During FY17-18, the first-year premiums of life insurance companies rose by 16.3% over 20.9% in FY17 and 12.3% in FY16. A key factor that can be accredited to the growth of the life insurance sector is the increase in sales of ULIP products. In the case of SBI Life Insurance, the share of ULIPs in the total business increased from 44% in 2012 to 69% in Q3 of FY17-18. Similarly, the ULIP business increased from 12% to 65% for Bajaj Allianz Life Insurance, 56% to 86% for ICICI Prudential Life Insurance, and from 12% to 14% for Max Life Insurance.

      30 April 2018

    • HDFC Life, SBI Life, and ICICI Prudential Life beat market estimates

      Increasing agency productivity, strong bancassurance networks, and digitisation will enable India’s leading life insurance companies to continue outperforming market estimates, say industry analysts. The new business margins for the three companies have increased in the last two fiscal years (FY16-17 and FY17-18).

      HDFC Life’s premium revenue increased by 21.2% to touch Rs.235.6 billion at the end of FY17-18. Similarly, the life insurer’s PAT (profit after tax) also grew by 24.3% to touch Rs.11.1 billion in FY17-18. The company’s premium collection from new business grew to a sum of Rs.113.5 billion, while new business margins rose by 120 basis points to touch 23.2% at the end of FY17-18. The insurer’s operating expense ratio increased by around 13.5% in FY17-18 from 12.6% in FY16-17.

      SBI Life Insurance also witnessed its premium collection increase by 20.7% to touch Rs.253.5 billion at the end of FY17-18. The company’s PAT also grew by 20.5% to touch Rs.11.5 billion. The insurer’s new business margins rose by 80 basis points to touch 16.2% at the end of FY17-18. The company’s operating expense ratio reduced from 7.8% in FY17 to 6.8% in FY18.

      ICICI Prudential Life’s premium collection increased by 21.1% in FY18 to touch a sum of Rs.270.69 billion. Further, the company’s new business margins grew by 640 basis points to 16.5% at the end of FY17-18.

      8 May 2018

    • Reliance Nippon’s Total Premium Collection touches Rs.4,042 Crore in FY18.

      Reliance Capital recently said that Reliance Nippon Life Insurance, a subsidiary of theirs, had reported a total premium collection of Rs.4,042 in FY17-18. The insurer’s renewal premium collection touched a sum of Rs.3,154 crore, which was a year-on-year (YoY) increase of 6%.

      As on 31 March 2018, the insurance provider’s assets under management (AUM) rose to Rs.19,096 crore, which was an 11% year-on-year increase. The insurer also reported an Embedded Value of Rs.3,220 crore, a 6% year-on-year increase. At the end of FY18, the insurance provider had about 3 million active insurance policies with an overall sum assured of over Rs.96,000 crore.

      25 April 2018

    • HDFC Life witnesses 24% growth in FY18

      Leading life insurance firm HDFC Standard Life witnessed a 40.4% growth in their standalone net profit to a sum of Rs.346.84 crore, for the quarter ending in March in FY17-18. The company had reported a net profit of Rs.2.47 billion, during the corresponding period in FY16-17.

      The company’s robust growth can be accredited to the growth of their new business premium collection and renewal premium collection at 32% and 13%, respectively. The net premiums collected by the company in the last quarter came up to a sum of Rs.89 billion. The company’s consolidated net profit for the full fiscal year increased by 24% to Rs.11.10 billion, as compared to Rs.8.90 billion in FY16-17.

      20 April 2018

    • ICICI Prudential Life Insurance open to acquisition opportunities

      Officials from ICICI Prudential Life Insurance have recently announced that they are open to acquisition deals, if good opportunities arise. However, the company also said that they are not currently holding any acquisition talks.

      Among the 24 life insurance companies in India, ICICI Prudential Life was the first company to list on the stock exchange in the year 2016. Established in the year 2000, ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Corporation Holdings.

      After the company’s listing and issue, ICICI Bank’s stake reduced to 55% from their previous 67.52%. Prudential Corporation Holdings currently holds a 25.83% stake in the company. Further, Hasham Traders and Compassvale Investments hold a 4% and 2% stake in the company, respectively.

      18 April 2018

    • Cognizant and consortium of life insurance providers develop blockchain solution for industry

      Cognizant, a leading professional services firm, in partnership with a consortium of life insurance providers in India, including Max Life Insurance, SBI Life Insurance, Canara HSBC OBC Life Insurance, IDBI Federal Life Insurance, Edelweiss Tokio Life Insurance, Birla Sun Life, Kotak Life, HDFC Life, Tata AIA Life Insurance, IndiaFirst Life Insurance, PNB MetLife Insurance, Bharti AXA, ICICI Prudential Life Insurance, Star Union Dai-ichi Life Insurance, and Aegon Life Insurance, have recently developed a blockchain solution which will facilitate data sharing across companies.

      This will reduce cases of money laundering and fraud and risk of data breaches, in addition to providing a superior customer journey to users through their improved turnaround time, increased process efficiency, and better record-keeping.

      17 April 2018

    • Life insurance providers request the GST Council to lower GST rate

      Life insurance companies have requested the GST Council to reduce the GST (Goods and Services Tax) rate from the current 18% to 12%. Before the implementation of the GST regime, a service tax of 15% was levied for most insurance policies. The sudden hike in the tax rate levied has impacted premium costs.

      Life insurance providers are hopeful that the GST Council will consider their request. Earlier this year, the GST Council had made reinsurance schemes, such as the Pradhan Mantri Fasal Bima Yojana, exempt from GST. A range of other government-back insurance schemes and certain micro insurance products are also exempt from GST regulations.

      14 April 2018

    • Max Life amongst the top 15 BFSI firms to work for in the country

      Max Life Insurance, which is one of the most preferred life insurance firms in the country, has recently been recognised as one of the top 15 companies to be employed in, within the BFSI (Banking, Financial Services, and Insurance) sector. Over 600 firms participated in this survey which was conducted by the Great Place to Work Institute. Among these 600 firms, only 55 companies belonged to the BFSI sector. The Great Place to Work Institute has been conducting surveys that access workplace culture for over a decade, across numerous organisations in India.

      13 April 2018

    • Max Life Insurance in lead to purchase IDBI Federal Life Insurance stake

      Max Life Insurance, a leading life insurance firm in India, is currently leading the race to acquire IDBI Bank’s stake in IDBI Federal Life Insurance. IDBI Federal Life Insurance is expected to divest its stake in the joint venture insurance company by the end of the first quarter of the current fiscal year.

      A few of the top companies that have shown interest in picking up IDBI Bank’s stake include Exide Life Insurance, Max Life Insurance, and Kotak Life Insurance. Among these companies, Max Life Insurance is said to be one of the leading contenders.

      12 April 2018

    • Sanjeev Nautiyal appointed as MD and CEO of SBI Life Insurance

      Sanjeev Nautiyal has been appointed as the new MD and CEO of SBI Life Insurance Company on 3 April 2018. Nautiyal has replaced Arijit Basu, who has taken over another key role within the SBI Group. Sanjeev Nautiyal started his career with SBI in the year 1985 as a probationary officer. His career has spanned over 32 years, and he has held several important roles in various divisions within the company. In his last assignment, Sanjeev Nautiyal worked as the Chief General Manager of SBI’s Ahmedabad circle.

      3 April 2018

    • HDFC Standard Life market capitalisation touches Rs.1 trillion mark

      HDFC Standard Life Insurance, which is one of the most profitable life insurance firms in the country, recently witnessed their market capitalisation crossing the Rs.1 trillion mark on the stock exchange. The company’s shares have gained over 71.3% since when it was listed and has gained 23% this year alone. HDFC Standard Life’s shares were listed with an issue price of Rs.290 apiece. The shares are currently being traded at a high of Rs.497 a piece.

      The company is expected to hold their board meeting on 18 April 2018 to discuss their earnings for the March quarter. For the quarter that ended in December, the insurer had reported a net profit of Rs. 207.32 crore, which was an increase of 14% since the corresponding period in the previous fiscal. Similarly, the insurer’s new business premium grew at the rate of 33% to touch Rs.7,070 crore from Rs.5,330 crore, by December 2017.

      2 April 2018

    • HDFC Life launches pension plan with guaranteed future returns

      HDFC Standard Life has recently launched a pension/annuity policy called ‘HDFC Life Pension Guaranteed Plan’. This policy offers two annuity options to customers – deferred annuity and immediate annuity.

      Under the deferred annuity option, policy buyers will have to purchase annuity and lock into the current annuity rate, at the time of purchasing the policy itself, unlike traditional deferred annuity plans where the customer first invests money into the policy and then uses this corpus to purchase an annuity at the then prevailing rate.

      Under the immediate annuity plan option, the insurer offers an annuity for life variant and an annuity for life with return of purchase price variant. Further, customers can purchase this on an individual basis for themselves or on a joint life basis. Here, too, the annuity rate that is offered by the insurer is guaranteed for the policy buyer’s lifetime.

      30 March 2018

    • Aditya Birla Sun Life Insurance (ABSLI) to launch new ad campaign with leading cricketers

      Aditya Birla Sun Life Insurance, a leading life insurance provider in the country, has partnered with four Indian cricketers – Virender Sehwag, Yuvraj Singh, Rohit Sharma, and Suresh Raina – to endorse the protection and wealth solutions offered by them.

      The insurer will be launching an ad campaign, which will see these cricketers speaking about the highs and lows and unpredictability of their careers. Mr. Ajay Kakar, the Chief Marketing Officer of Birla Sun Life Insurance, said that the objective of this ad campaign was to encourage viewers to purchase a life insurance policy by driving home the message that life is unpredictable and that it is important to be prepared for any eventuality.

      29 March 2018

    • Exide Life expresses interest in acquiring IDBI Federal Life stake

      IDBI Federal Life has been looking for buyers to purchase a stake in their company for over 2 months now. With regard to the acquisition of the life insurance firm, there are currently two leading contenders, namely Max Life Insurance and Aditya Birla Sun Life Insurance, who are looking to pick-up a stake in the company.

      It was recently reported that Exide Life has also expressed interest in purchasing a stake in IDBI Federal Life Insurance. IDBI Federal Life Insurance, which is a joint venture between IDBI Bank, Federal Bank, and European insurance firm Ageas, is valued at approximately Rs.6,000 crore.

      27 March 2018

    • Life Insurance Companies end Q3 with a 30% growth in asset equities

      Life Insurance Companies ended their third quarter on a high as they witnessed a growth of 30% in their equities for the quarter ending on December 31, 2017 according to a report by Life Insurance Council. This was a better performance than the last time as equity assets stood at Rs.8.7 lakh crore compared to 6.7 lakh crore in 2016.

      The equity assets which saw a jump is the highest in terms of growth since 2009. Fixed income assets surged 14.4 percent and stood at Rs.24 lakh crore which took the total assets value to Rs.33.2 lakh crore.

      26 March 2018

    • Indian Railways Finance Corporation seeks sovereign guarantee on bonds

      In order to make it easy for the Indian Railways to borrow funds from LIC (Life Insurance Corporation of India), the IRFC (Indian Railways Finance Corporation) is holding talks with the government to provide sovereign guarantee to the bonds that are issued by them.

      These talks are currently being held since the IRFC was to raise a sum of Rs.30,000 on an annual basis from LIC, but couldn’t do so since both LIC and the IRDAI (Insurance Regulatory and Development Authority of India) had asked for a sovereign guarantee. Thus, the IRFC was only able to raise a sum of Rs.16,500 crore against a target collection of Rs.30,000 crore.

      26 March 2018

    • Finance sector emerges as top choice for IIM Indore postgraduates

      The Indian Institute of Management (IIM), Indore recently conducted a placement drive, where about 624 of their students were placed successfully in over 200 international and national companies. Among the various firms that participated, finance sector companies were seen to be the most preferred by the postgraduate batch.

      In the finance domain, in keeping with the previous years, there was a 27% participation from the batch of postgraduates. Some of the key recruiters who offered placements in their companies to students include Max Life Insurance, Yes Bank, Kotak Mahindra Bank, Edelweiss, Axis Bank, ICICI Bank, etc.

      24 March 2018

    • Manipal Global Education Services and SUD Life partner for customised talent development program

      Manipal Global Education Services has partnered with Star Union Dai-ichi Life to deliver a customised training program for future employees of SUD Life. The course will be conducted in Bangalore at the Manipal Global Academy of BFSI Campus.

      The full-time training course will be offered over a span of one year, and will comprise on-campus training for four months, an internship for two months, and on-the-job training at any SUD Life branch for a period of six months.

      Upon completing this course, students will receive a post-graduate diploma in life insurance and will also secure employment at SUD Life. This course is designed to enhance the competencies and skills of the students, in order for them to perform to the best of their abilities once employed in SUD Life.

      22 March 2018

    • Life insurance providers report positive year-on-year growth in February

      The Indian life insurance industry has reported a positive year-on-year growth in February. Private life insurance companies saw the APE (Annual Premium Equivalent) grow at the rate of 11.4% in the month of February. This growth was witnessed by leading private life insurance companies, such as Kotak Life Insurance, Bajaj Allianz Life Insurance, IndiaFirst Life Insurance, Max Life Insurance, and HDFC Life Insurance. It was also reported that most of the growth witnessed by these private players came from single premium collections for their retail and group businesses.

      15 March 2018

    • Insurers lose 80% to 100% on PMSBY; ask for doubling of premium

      Government owned insurance companies are incurring a loss of upto 80% to 100% under Pradhan Mantri Suraksha Bima Yojana and have called for doubling of premium to neutralise the loss.

      The insurance companies have till now collected premium amount worth Rs.161 crore but have also disbursed claims around Rs.290 crore to Rs.320 crore. The insurers are planning to ask the government to double the premium from the existing Rs.12 per annum to Rs.20 to 30 per annum, but doubts have crept in if even doubling of premium will help the companies neutralise their losses.

      The selling of insurance may cost upto Rs.80 for an individual and Rs.45 to 50 for a group. A senior official said that the insurance scheme which was launched in 2015 has seen claims remain in the same range. The government had originally asked for the revision of the premium rates to take place only after three years.

      14 March 2018

    • SBI Life Insurance appoints Mr. Sanjeev Nautiyal as MD and CEO of the company

      SBI Life Insurance has recently announced that Mr. Sanjeev Nautiyal has been appointed as the MD and CEO of the company. Mr. Nautiyal will be replacing Mr. Arijit Basu, who held the same position since the year 2014. While the appointment has been approved by the Nominations and Remuneration Committee of SBI Life and their board of directors, the final approval will be given by the IRDAI (Insurance Regulatory and Development Authority of India). Post receiving the approval, Mr. Nautiyal will hold the position for a two-year period. Mr. Nautiyal has been an employee of SBI since 1985 and has held several important positions within the company since then.

      3 March 2018

    • Scope for inclusion of more accounts under PMJDY scheme, shows Crisil Inclusix report

      The Crisil Inclusix report has shown that since the launch of the PMJDY (Pradhan Mantri Jan Dhan Yojana) scheme in the year 2014, over 310 million new accounts have been opened by individuals. The report also shows that the number of life insurance policies that were issued in the country only amounted to around 340 million, which was only a fraction of the total number of deposit accounts present. Thus, it was concluded that the scope for inclusion of more deposit accounts under the PMJDY scheme is vast.

      1 March 2018

    • Government makes linking of Aadhaar with Insurance Policy and Bank Accounts mandatory by 31 March

      While the government had earlier made it mandatory for everyone to link their Aadhaar card and PAN with their insurance policies, bank accounts, etc., by 31 March 2018, it is now reported that there is a chance that the government could also shut down accounts that have not been linked with an Aadhaar number. In December 2017, the government had released a circular making it mandatory for people to link their Aadhaar with around 139 services.

      27 February 2018

    • Indian athletes participating in the Commonwealth Games to get Rs.50 lakh life insurance cover

      It was recently announced that all 227 athletes who will be participating in the Commonwealth Games in Australia will receive a life insurance cover of Rs.50 lakh from Edelweiss Tokio Life Insurance. Edelweiss Tokio Life had also previously announced a life cover of Rs.1 crore for Indian athletes participating in the Rio Olympic Games. It is also reported that Edelweiss Financial Services Limited will be the official sponsor of the Indian contingent for the upcoming Commonwealth Games happening in Australia, the 2018 Asian Games, and the Tokyo Olympics which will be held in the year 2020.

      27 February 2018

    • Life insurance sales witnesses a 14% Y-o-Y Growth, reports IRDAI

      The latest data released by the Insurance Regulatory and Development Authority of India (IRDAI) shows that life insurance sales within the country grew at the rate of 14%, to hit a target of Rs.4.18 lakh crore. Non-life insurance firms also witnessed a 31% annual growth. Within the general insurance sector, the insurance density increased to 13.20% in FY16-17.

      For life insurance, the insurance density increased to 46.5% in FY16-17. The total first premiums collected by life insurance firms in India also increased by 27% to touch 1.75 lakh crore. Within the general insurance segments, health and motor insurance contributed the most to the growth of the sector.

      24 February 2018

    • Aviva Life launches new digital platform called ‘Aviva Kid-o-Scope’

      Aviva Life Insurance, which is a leading life insurance firm in India, has recently launched a unique digital platform called Aviva Kid-o-Scope to help parents nurture the unique talents and aptitudes of their children from a very early age. Thus, by way of this platform, parents will be able to help their children choose a vocation that is in line with their interests and aptitude. The digital platform also enables parents to set up a financial plan to help fulfil these milestones.

      The assessments that are provided by this platform can help parents gauge the skill development of their children and can be taken up from when the child attains three years of age. Once an assessment is taken, the platform will provide customised advice to parents to help them nurture and hone the child’s talents, so it can grow into a field of study and then a career at a later age.

      News and updates on life insurance

      23 February 2018

    • Bajaj Allianz launches ULIP that offers Return of Mortality Charges

      Bajaj Allianz Life Insurance has launched a new ULIP (unit linked insurance plan) called the Bajaj Allianz Life Goal Assure. This one-of-a-kind plan offers the full cost of the policy to the life assured at the end of the policy tenure. In addition, policyholders can choose to receive this maturity benefit as a lump sum amount or in instalments. For maturity benefits that are paid in instalments, the insurer offers a Return Enhancer feature, which will provide a 0.5% hike in the instalment payout.

      Further, this policy also comes with a Fund Booster feature, which will add an additional amount to the policy’s Fund Value, at completion of the policy tenure. This ULIP also offers several other features including Loyalty Additions, the option to switch between funds for free, tax benefits, etc.

      News and updates on life insurance

      20 February 2018

    • LIC looks to invest Rs.10,000 crore in equities during fourth quarter

      Life Insurance Corporation of India (LIC) is looking to invest around Rs.10,000 crore in equities before the end of the current fiscal year. Up till the end of Q3, which ended on 31 December 2017, the insurer invested a sum of Rs.70,000 crore in equities. It is reported that while the insurer had reduced purchasing equity investments in December and January due to markets being at elevated levels, they have resumed purchasing equities again. Further, it is also reported that the insurance firm earned up to Rs.20,000 crore from selling equity investments in the current fiscal year, up to December 2017.

      News and updates on life insurance

      19 February 2018

    • 5,000 plus claims raised under the PMJDY, RTI query reveals

      A query which was filed under the Right to Information Act has revealed that over 5,000 crore claims have been raised under the PMJDY (Pradhan Mantri Jan Dhan Yojna), till date. It was also reported that as on 12 January 2017, around 4,543 claims were paid under this life insurance scheme. The total claim amount paid by the government came up to Rs.13.62 crore. All PMJDY account holders are provided a life cover of Rs.30,000 per head. Further, an accidental benefit cover of Rs.1 lakh is also provided to account holders under the government-sponsored scheme.

      News and updates on life insurance

      16 February 2018

    • HDFC Life launches new annuity plan – HDFC Life Pension Guaranteed Plan

      HDFC Standard Life Insurance has recently launched a new single-premium, retirement insurance policy for individuals who would like to plan for their retirement, well in advance. The annuity plan is called HDFC Life Pension Guaranteed Plan, and policy buyers have the choice to pick a certain annuity rate when purchasing this policy. The annuity rate can go up to a maximum of 13%, based on the deferment period. Thus, with this plan, policy buyers do not have to wait until their retirement to choose the annuity rate. HDFC Life offers this plan on a single life basis and on a joint life basis.

      News and updates on life insurance

      15 February 2018

    • Max Life Insurance likely to buy stake in IDBI Federal Life

      It was recently reported that leading insurance provider, Max Life, is most likely to either buy out or purchase a majority share in IDBI Federal’s stake sale. IDBI Federal Life Insurance is currently valued at around Rs.6,000 crore. At present, IDBI Bank holds 48% of the stake in the life insurance firm. The remaining shares are held by Federal Bank and Ageas.

      Other companies that have expressed an interest in purchasing IDBI’s stake in the insurance company include Aditya Birla Sun Life Insurance Co. Ltd., Tata AIA Life Insurance, Exide Life Insurance, and Kotak Mahindra Life Insurance.

      News and updates on life insurance

      14 February 2018

    • Shriram Life Insurance partners with SureBuddy to offer free life insurance

      Shriram Life Insurance announced that they will provide free life insurance cover of Rs.50,000 for SureBuddy app users. The users can avail this offer by downloading the app ‘FREE Life Insurance’. However, advertisement images will appear after phone calls and text messages. The user will have to view the advertisements to continue enjoying the insurance cover.

      Casparus Jacobus Hendrik Kromhout, the MD and CEO of Shriram Life Insurance Company believes that this initiative will help achieve their aim to provided life insurance to more and more people.

      News and updates on life insurance

      9 February 2018

    • ManuLife looks to purchase stake in IDBI Federal for around $650 million

      ManuLife, which is one of the largest life insurance companies in Canada, is looking to purchase a stake in IDBI Federal Life Insurance for around $550 million to $650 million. A few other investors looking to purchase a stake in the insurance firm include Birla Sun Life and HDFC Standard Life.

      The current shareholders of IDBI Federal Life Insurance are Federal Bank, IDBI, and Ageas, which is a Belgian insurer. While both Federal Bank and Ageas own a 26% stake in the company, IDBI owns the remaining 48%.

      It is also reported that the negotiation process is currently underway and that a deal will be closed by 31 March 2018. The shareholders have chosen JP Morgan to identify buyers for IDBI Federal Life.

      News and updates on life insurance

      8 February 2018

    • Union Budget 2018: Proposal made to increase life insurance penetration

      While presenting the Union Budget 2018, the Finance Minister of India, Mr. Arun Jaitley, announced that the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will be extended to cover a larger section of the population in an effort to provide life insurance coverage to people who are not covered by any life insurance plan currently.

      An announcement was also made to make pension schemes and micro insurance policies available to Jan Dhan Yojana accounts. Further, a proposal was also made to introduce capital gains tax for equity investments, which could make ULIPs or Unit Linked Insurance Plans a more attractive option from a long-term perspective.

      News and updates on life insurance

      7 February 2018

    • Union Budget 2018 imposes LTCG tax on equities

      The government, in the Union Budget 2018, has made a huge move to mobilise revenue. Long-term capital gains tax (LTCG) is going to be levied on equities for individuals who have annual earnings above Rs.1 lakh. It was found from the tax returns filed in 2017-18 that the LTCG tax-exempted income gained from the stock markets is equal to Rs.3.76 lakh crore. According to the estimate, the 10% LTCG tax will translate to around Rs.37,000 crore revenue in the FY 2019-20.

      The Finance Minister, Arun Jaitley, ascertained that the LTCG tax is a progressive tax and will mainly affect citizens with a high income. He is of the opinion that equity investment will remain attractive even after deduction of the tax imposed. The Union Budget 2018 also levied a 10% distribution tax on LTCG from mutual fund equities.

      News and updates on life insurance

      6 February 2018

    • Union Budget 2018: Oriental Insurance, United India Insurance, and National Insurance to be merged

      The Finance Minister of India, Mr. Arun Jaitley, has announced in the Union Budget presentation that the three public-sector insurance firms – United India Insurance, Oriental Insurance, and National Insurance – will be merged into a single entity and will also be listed on the stock market. The merging of these three public-sector health insurance firms will lead to the creation of a giant organisation, and will also be an important part of the Central Government’s divestment target amounting to Rs.80,000 crore, which has been set for FY18-19.

      News and updates on life insurance

      5 February 2018

    • Tata AIA, Max Life, and Birla Sun Life get shortlisted for IDBI Federal Life stake sale

      Insurance firms Tata AIA, Max Life, and Birla Sun Life are amongst the four companies that have been shortlisted to purchase a stake in IDBI Federal Life Insurance. It is expected that this deal will value the life insurance firm at over Rs.4,500 crore. A sale at this valuation will fetch IDBI Bank around Rs.2,200 crore, if they decide to sell the entire stake in the insurance firm.

      Besides IDBI Bank, European insurance firm Ageas and Federal Bank hold a 26% stake each, in the insurance firm. It is also reported that all three shareholders might sell their stake in the company, provided they get a good valuation. JP Morgan has been appointed by IDBI Federal to manage the sale.

      News and updates on life insurance

      1 February 2018

    • HDFC's profits in Q3 up by 233% post life insurance stake sale

      HDFC, which is a leading housing finance company in India and a key stakeholder in HDFC Life, has announced a net profit amounting to Rs.5,670 crore for its third quarter that ended in December 2017. This was a 233% increase over what the company announced for the same period, last fiscal. This extraordinary surge can be attributed to the gains made by the company from selling a part of its stake in HDFC Life in an Initial Public Offering (IPO). The company has also been offering affordable loans, which have also increased the income earned from operations.

      News and updates on life insurance

      31 January 2018

    • Reliance Nippon Life ties-up with Bank of Maharashtra

      Reliance Nippon Life Insurance has recently signed a bancassurance agreement with the Bank of Maharashtra. Bank of Maharashtra, which has over 1,880 branches across the country, will help Reliance Nippon Life to further their customer outreach. This partnership will also complement the existing financial solutions offered by the bank, including the savings, protection, and investment solutions.

      Reliance Nippon is currently one of the leading private life insurers in India. The company already has a large distribution network with over 700 branches across the country, and more than 10 million policyholders.  

      News and updates on life insurance

      23 January 2018

    • Max Life launches first-ever online ULIP

      Max Life, which is one of the leading insurance firms in the country, recently launched a Unit Linked Insurance Plan (ULIP) called Max Life Online Savings Plan. This policy will be available only through online channels. The policy was launched in an effort to help policyholders create long-term wealth and to help them meet key milestones in their lives.

      The policy, which comes in two variants, provides maximum returns to customers by way of their Zero Policy Administration and Zero Premium Allocation charges. Policy buyers can also choose any policy tenure between 5 and 30 years and a suitable premium payment term. In terms of the fund options, the insurer offers policy buyers the option to choose from up to five funds, which include debt funds, equity funds, and balanced funds.  

      News and updates on life insurance

      24 January 2018

    • Budget 2018: Proposition made to separate tax exemption limits for Life Insurance Products

      The last announcement made, related to the life insurance sector, in a Union Budget was in FY14-15, when the FDI limit was raised to 49%. It is expected that certain changes will be made in regards to the life insurance sector in the upcoming Union Budget 2018.

      At present, various financial instruments such as insurance premiums, EPF contributions, etc. are covered under one tax slab of Rs.1.5 lakh. Thus, people are hopeful that separate tax exemption limits will be made for life insurance and pension products alone, in the upcoming Budget.

      Also, GST (the Goods and Services Tax) has resulted in insurance premiums increasing for various insurance products, thus making it a less attractive investment option for policy buyers. Policyholders and insurance firms are hopeful that they will see the GST being waived of insurance premiums, in the upcoming fiscal year.

      News and updates on life insurance

      17 January 2018

    • LIC launches Jeevan Shiromani Plan for High Net-Worth Individuals

      Life Insurance Corporation of India (LIC) recently launched a new insurance policy called ‘LIC’s Jeevan Shiromani’. The Jeevan Shiromani Plan is a ‘with profit’, limited premium payment, non-linked, money-back life insurance policy that is specifically catered towards high net-worth individuals. It is also reported that the minimum sum assured that a policy buyer can opt for is Rs.1 crore. There is no limit on the maximum sum assured.

      The policy can be purchased by policy buyers between 18 and 55 years of age. The policy provides a risk cover against death and also offers a lump sum payout in case the policyholder is diagnosed with any of the critical illnesses mentioned in the policy document.

      News and updates on life insurance

      20 December 2017

    • IRDAI to review Insurance Regulations governing the Life Insurance Sector

      The Insurance Regulatory and Development Authority of India (IRDAI) will be reviewing the insurance regulations that are currently in place, in the country. The regulator had set up an eight-member panel which suggested that the investment norms that are currently in place need to undergo a significant change in the future in an effort to improve the returns that are generated by various funds.

      The committee also mentioned that the current investment norms are quite restrictive, and proposed that the mandatory proportion of G-Secs in General Annuity Funds, Pension Funds, and the Life Funds should be reduced.

      News and updates on life insurance

      18 December 2017

    • New Business Premium Income of Life Insurance Firms up by 6% in November 2017

      The overall new business premium collection of life insurance providers touched Rs.16,995 crore in November this year, against the collection of Rs.16,061 crore during the corresponding period last year. While LIC’s new business premium collection saw a slight drop, the total premiums collected by private insurance firms rose by 32% to touch Rs.4,658 crore this year, against Rs.3,533 crore last year.

      HDFC Standard Life Insurance’s premiums rose by 64%. Other life insurance firms that reported a steep increase in the collection of new business premiums include SBI Life Insurance, Max Life, Bajaj Allianz Life, Kotak Mahindra Old Mutual Life, and Birla Sun Life. Between April – November 2017, the cumulative premium collection of life insurance firms came up to Rs.1,22,937 crore.

      News and updates on life insurance

      12 December 2017

    • IDBI Federal Life Insurance kicks-starts 100% Stake Sale

      IDBI Federal Life Insurance, which is a three-way joint venture between Federal Bank, IDBI Bank, and Belgian insurance firm Ageas, has launched the process of their 100% stake sale. It is also reported that several players are interested in acquiring the private-sector insurance firm. IDBI Federal Life Insurance has appointed JPMorgan, the global investment bank, to manage the stake sale.

      At the end of FY 2016-2017, IDBI Federal Life Insurance had over a million policies, with a total sum assured of Rs.58,654 crores. The company’s assets under management (AUM) amounted to Rs.6,090 crore. The firm operates through its distribution partners IDBI Bank and Federal Bank, which together have over 3,000 branches across the country.

      News and updates on life insurance

      7 December 2017

    • LIC’s Total Premium Income up by 12%, touches Rs.1.48 trillion

      Life Insurance Corporation of India’s (LIC) total premium income increased by 12% to touch Rs.1.48 trillion during the 6-month period that ended in September. The life insurance firm’s total net income, during the corresponding period, also increased by 12.6% to hit Rs.2.50 trillion. The company made a profit of Rs.12,374 crore from the sale of equity shares during the same period.

      LIC is India’s largest institutional investor, and the company has a balance sheet size amounting to Rs.27.3 trillion. The insurer also purchased equity shares worth Rs.39,224 crore during the first half of FY2017-2018, compared to Rs.17,974 crore last year.

      News and updates on life insurance

      7 December 2017

    • Bajaj Allianz launches Digital Branch Services via Mosambee

      Life insurer Bajaj Allianz will be offering digital branch services through Mosambee, which is a handheld device that will help customers pay their premiums, update Aadhaar and PAN detail, key-in contact numbers, procure account statements, check the status of their claims, track the fund value, view their account statement, etc.

      The key benefit of Mosambee is that customers can choose to pay their premiums through various payment modes, such as DD, cheque, non-chip based debit and credit cards, etc. Bajaj Allianz will also be launching payment via e-wallets on the digital platform, shortly. The company also launched another digital initiative called ‘BOING’, which is a virtual chat assistant that is now available on the company’s Facebook page and their website.

      News and updates on life insurance

      5 December 2017

    • Edelweiss Tokio receives equity capital infusion of Rs.670 crore

      Edelweiss Tokio Life Insurance, a private-sector life insurance company, has received a capital infusion of Rs.670 crore from the company’s joint venture partners Tokio Marine Holdings and Edelweiss Financial Services. Edelweiss Financial Services currently holds a 51% stake in the company, while the remaining 49% is owned by Tokio Marine.

      It is reported that the capital infusion will help support the firm’s expansion plans and help in the development of their bancassurance channel. The life insurer is also improving their digital and technology platforms. Edelweiss Tokio Life Insurance had previously received a sum of Rs.527 crore from Tokio Marine in February 2016.

      News and updates on life insurance

      01 December 2017

    • Kotak Life launches Kotak e-Term Plan

      Insurance firm Kotak Mahindra Old Mutual Life has announced the launch of its new term insurance plan called Kotak e-Term Plan. The policy comes in three variants – Life Option, Life Plus Option, and Life Secure Option – that offer different coverage options.

      Life Option, the most basic of the three variants, offers a risk cover against death. Life Plus Option provides policyholders an additional cover against death caused due to an accident. The Life Secure Option offers an additional premium waiver benefit in case the policyholder suffers from total and permanent disability.

      The policy also provides policyholders the option to enhance their coverage at various stages of their life. Further, the nominee can choose to receive the death benefit payout as a lump sum amount, increasing recurring yearly payout, or recurring yearly payout.

      News and updates on life insurance

      30 November 2017

    • LIC issues notices against linking Aadhaar Number with Insurance Policies via SMS

      The Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for policyholders to link their insurance policies with their Aadhaar number, earlier this month. The IRDAI had set 31 December 2017 as a deadline for this. Given this, fraudsters have been circulating messages on social media, asking unsuspecting policyholders to link their Aadhaar by sending an SMS to a certain designated number.

      Thus, LIC has issued a notice on their website asking policyholders to beware of such attempts. In order to safely link your policy with your Aadhaar number, you will have to log into your insurer’s customer service portal and key-in certain relevant details. Non-registered users will have to first fill-up a registration form in order to generate a user-specific login ID. Policyholders can also walk into the nearest branch of their insurer with a self-attested copy of their Aadhaar card.

      News and updates on life insurance

      29 November 2017

    • LIC issues notices against linking Aadhaar Number with Insurance Policies via SMS

      The Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for policyholders to link their insurance policies with their Aadhaar number, earlier this month. The IRDAI had set 31 December 2017 as a deadline for this. Given this, fraudsters have been circulating messages on social media, asking unsuspecting policyholders to link their Aadhaar by sending an SMS to a certain designated number.

      Thus, LIC has issued a notice on their website asking policyholders to beware of such attempts. In order to safely link your policy with your Aadhaar number, you will have to log into your insurer’s customer service portal and key-in certain relevant details. Non-registered users will have to first fill-up a registration form in order to generate a user-specific login ID. Policyholders can also walk into the nearest branch of their insurer with a self-attested copy of their Aadhaar card.

      News and updates on life insurance

      29th November 2017

    • SBI Life Insurance to cut Term Insurance Premium Rates by December 2017

      SBI Life will be reducing the premium charges of all term insurance plans by the end of the current year, in order to increase the firm’s profitability under competitive market conditions. Overall, the insurance firm has been strengthening their market share and has reported a growth of 48.1% in new business premiums for the current fiscal, against what was reported for the corresponding period last year.

      The Chandigarh region, which includes the states of Haryana, Himachal Pradesh, Punjab, Union Territory of Chandigarh, and Jammu and Kashmir, has reported an overall growth of 65.8% in its individual new business premiums for the current fiscal. The insurer is looking to strengthen their business operations, showcase their offerings, and enhance customer service by way of the new regional office which was launched in Chandigarh.

      News and updates on life insurance

      23rd November 2017

    • HDFC Standard Life stocks up by 34% within 3 trading sessions

      HDFC Standard Life Insurance stocks rose over the 400 level within 2 sessions of its market debut, on the NSE and BSE. The insurer’s current market valuation stands at Rs.69,671.19 crore. The company’s IPO, which was open between the 7th and 9th of November, was subscribed 4.90 times. The shares reserved for QIBs (Qualified Institutional Buyers) was oversubscribed by 16.60 times, while shares allotted for non-institutional investors was oversubscribed 2.29 times. Shares for retail investors saw a 94% subscription.

      The insurer fixed a price band between Rs.275 and Rs.290 apiece for the IPO. The offer comprised the sale of a combined 1,91,246,050 shares, with HDFC selling a 9.55% stake in the life insurance firm and Standard Life Mauritius selling a 5.42% stake. The insurance firms has a pan-India reach, with around 414 branches across the country and 16,544 employees.

      News and updates on life insurance

      22nd November 2017

    • India Post bets on Postal Life Insurance and Rural PLI domains

      India Post has made a big bet on its Postal Life Insurance (PLI) and Rural PLI businesses. The business turnover in Andhra Pradesh is expected to increase to 20% from the current 10-12%, by the end of this financial year. PLI was originally launched for the Posts and Telegraphs employees, but started to extend to cover Central and State government employees post India’s Independence. Rural PLI was launched in the 1990s in order to make insurance accessible to the rural sector. By way of PLI’s increasing demand, India Post is looking to bring certain sections of society like registered professionals, government school teachers, etc. under their reach.

      News and updates on life insurance

      16th November 2017

    • Bajaj Allianz launches New Digital Platform – Life Assist

      Life insurance firm Bajaj Allianz has launched a new digital platform called Life Assist, which will provide 24x7 instant life insurance solutions to prospective policy buyers. With the platform providing the experience of a virtual branch, customers can access all services that are available at regular company branches digitally, round-the-clock. With Life Assist, customers can edit their profiles and contact information, modify their KYC details, check their claim status, make top-up premium payments, opt for riders, switch funds, revive policies that are lapsed, etc.

      The company also launched another online initiative called BOING, which is a 24x7 online chat assistant. BOING responds to user queries instantly and assists them with various services. Since its launch, chat assistant BOING has had around 27,000 visits from customers looking to issue account statements.

      News and updates on life insurance

      15th November 2017

    • HDFC Standard Life IPO subscribed 4.89 times on Day 3

      HDFC Standard Life’s Rs.8,695 crore IPO was subscribed 4.89 times on the last day of the bidding process. The insurer’s IPO received 1,07,50,87,700 bids against an issue of 21,97,59,218 equity shares. The shares that were allotted for institutional buyers and non-institutional buyers were subscribed 16.60 times and 2.29 times, respectively. The shares reserved for retail investors was subscribed 91%.

      Prior to their IPO that launched on 7 November, HDFC Standard Life raised a sum of Rs.2,322 crore from anchor investors. Key stakeholders HDFC Ltd. and Standard Life Mauritius will be selling a 9.55% and 5.42% stake in the life insurance firm, respectively. The promoters are expecting to raise around Rs.7,500 crore from the IPO. It is reported that the shares that were offered in the IPO will be listed on the NSE and the BSE.

      News and updates on life insurance

      14th November 2017

    • HDFC Standard Life IPO Oversubscribed by 17% on Day 2 of Bidding

      HDFC Standard Life Insurance’s Rs.8,695 crore IPO was oversubscribed by 17% on Day 2 of the company’s bidding process. The company received 25,73,36,050 bids against the issue of 21,97,59,219 equity shares. The shares reserved for institutional buyers saw the highest demand, with the shares reserved for employees next in line. The shares that were allotted for non-institutional investors had a 49% subscription. Equity shares that were reserved for retail investors and shareholders saw a subscription of 36% and 15%, respectively.

      The bidding process which started on 7 November 2017 will close on 9 November 2017. The price band set by the insurer is Rs.275-Rs.290 apiece. By way of the IPO, joint venture partners HDFC and Standard Life will be selling a 9.52% and 5.4% stake in the life insurance firm, respectively. The minimum bid lot per person is fixed at 50 shares, and in multiples of 50 thereafter.

      News and updates on life insurance

      9th November 2017

    • ICICI Prudential looks to invest in IT and Pharma sectors, after Telecom bet pays off

      Fund managers at ICICI Prudential Life Insurance are looking to invest in the Indian technology and pharmaceutical sectors after their very risky bet on the telecommunications sector paid off. It is reported that ICICI Prudential Life’s Chief Information Officer, Manish Kumar, in a very unorthodox fashion, kept purchasing shares in the telecommunications sector despite plunging profits and a price war which made other investors stop investing in the said sector.

      During that period, ICICI’s Prudential Life’s assets under management (AUM) increased by about 16%, and currently amount to Rs.1.3 trillion or $20 billion. Around 54% of the company’s assets are under debt, as per the requirements of the Insurance Regulatory and Development Authority of India (IRDAI) and the preferences of the company’s unit-linked policyholders.

      News and updates on life insurance

      8 November 2017

    • HDFC Standard Life’s IPO has a good start – 46% Shares Subscribed on Day 1

      HDFC Standard Life’s Rs.8,695 crore IPO was subscribed 46% on the very first day of bidding. The company is selling their equity shares at a price band of Rs.275-290. Investors are required to purchase a minimum of 50 shares, and in multiples of 50 thereafter. The issue which started on 7 November will close on 9 November. Earlier this week, the life insurance firm raised a sum of Rs.2,322 crore from anchor investors, at the upper end of the established price band.

      HDFC Standard Life is a joint venture between insurance firm Standard Life and HDFC. Before the IPO, HDFC had a 61.53% stake in the insurance firm, while Standard Life had a 34.94% stake. The remaining shares are held by shareholders and the Azim Premji Trust. HDFC Life is currently the third-largest private-sector life insurance firm in the country.

      News and updates on life insurance

      8 November 2017

    • Demonetisation aids Life Insurance Industry’s Growth

      HDFC Standard Life Insurance will be the third life insurance firm to get listed on the bourses. It will also be the first IPO (initial public offering) from the HDFC umbrella after the HDFC bank's stock market launch in 1995. HDFC Standard Life Insurance will open its Rs.8,695 crore stock market launch on November 7 of this year for subscription with a price belt of Rs.275 to Rs.290 per stake. The equity shares will be listed on the NSE (National Stock Exchange) and the BSE (Bombay Stock Exchange).

      The IPO is offering 29,98,27,818 equity shares of the firm and will close on November 9. The HDFC has offered to sell 19,12,46,050 of their shares while Standard Life has proposed to sell 10,85,81,768 of their shares.

      The offer includes reserving up to 21,44,520 shares to be purchased by the HDFC Life’s employees, up to 8,05,000 shares have been reserved for HDFC employees who are eligible and up to 2,99,82,781 shares are reserved for HDFC stakeholders.

      News and updates on life insurance

      7th November 2017

    • Demonetisation aids Life Insurance Industry’s Growth

      The demonetisation that happened last year has provided a large boost to the life insurance sector in terms of the premium collection. In November 2016, the total premium collected by insurance firms came up to a total of Rs.16,061 crore, which was a 113% increase from last year’s premium collection and a 45% increase from the previous month’s.

      It is reported that the life insurance industry grew at an 18% rate in the first half of FY17, which then increased to 23% during the next half of the fiscal year. Another benefit of demonetisation was that many people, including residents of Tier-2 cities, shifted from traditional premium payment methods to paying their premiums through digital means. This has in-turn resulted in a reduction of unclaimed funds and has helped life insurance firms step-up their automation process.

      News and updates on life insurance

      6th November 2017

    • HDFC Standard Life to Attract Long-term Investors

      HDFC Standard Life intents to raise up to Rs.8,695 crore from the primary market to provide liquidity to their promoters. The IPO is highly priced compared to the listed peers including ICICI Prudential Life Insurance. HDFC Standard Life is India's third-largest private sector life insurance firm with 16.5% share of the total private sector premiums in the financial year 2017. HDFC Standard Life holds 17.2% of the total market share hence ranking second overall with respect to the new business premium. HDFC Standard Life’s VNB margin is 22% in FY17 in comparison with 10% - 19% for some of it’s peers.

      The firm's business mix seems to be more balanced with pure protection products that form around 26% of NBP and the proportion in under 5% for the peers. The total income of HDFC Standard Life increased to Rs.30,554.4 crore between FY2013 and FY2017. The company also witnessed a remarkable growth in its net profit that increased to Rs.886.9 crore. A higher proportion of such products reduces exposure to market volatility.

      News and updates on life insurance

      3rd November 2017

    • Vikas Seth appointed as Bharti AXA Life Insurance’s new Chief Executive Officer (CEO)

      Bharti AXA Life Insurance, one of India's leading insurance companies and a joint enterprise between Bharti Enterprises and AXA announced the appointment of Vikas Seth as their CEO yesterday. Seth has more than 21 years of experience in various industries such as life insurance, telecom, and FMCG. He worked with the Aditya Birla Group for approximately 10 years, covering different roles prior to joining Bharti AXA Life.

      He also served as the Chief Distribution Officer for Birla Sun Life Insurance, and was responsible for Agency Sales Force, Bancassurance, Corporate Agency and Broker channels. He began his career with the ESSAR Group, followed by Amway and then ICICI in financial services sector. As the new CEO of Bharti AXA Life, Vikas will be responsible for managing the overall business, driving new partnerships, tie-ups and the firm's growth.

      News and updates on life insurance

      2nd November 2017

    • HDFC Standard Life sets Price Band for IPO at Rs.275 to Rs.290

      HDFC Standard Life is the fifth insurance firm to launch its IPO this year. The insurer has set a price band between Rs.275 and Rs.290 apiece for its Rs.8,695 crore IPO, which will open on 7 November 2017. The company’s Initial Public Offer (IPO) will close on 9 November 2017 and will be listed on 17 November 2017. Individuals interested in bidding will have to bid for a minimum of 50 shares, and in multiples of 50 thereafter.

      Out of the 29.98 crore shares on offer, 3.29 crore shares are reserved for employees of HDFC and HDFC Standard Life and for shareholders of HDFC. The remaining shares are for the public. HDFC Standard Life is a joint venture between HDFC and Standard Life. The insurance firm has over 414 branches across the country with around 16,544 employees.

      News and updates on life insurance

      31st October 2017

    • HDFC Standard Life to Launch IPO on 7 November

      Life insurance firm HDFC Standard has announced that it will launch its IPO on 7 November. The key joint venture partners of the life insurance firm are HDFC Ltd and Standard Life Mauritius. HDFC Ltd will be selling 9.55% of its stake in the insurance company, while Standard Life will be selling 5.42% of its stake.

      Anchor investors can start subscribing to the firm’s issue from 6 November, and the public can start subscribing from 7 November. The IPO is expected to close on 9 November. It is reported that the company’s promoters will be earning around Rs.7,500 crore from the IPO. Currently, HDFC has a 61.41% stake in the company, Standard Life has a 34.86% stake, and the remaining shares are owned by company employees and PremjiInvest.

      News and updates on life insurance

      26th October 2017

    • ICICI Prudential reports a Profit of Rs.421 Crore in Q2

      Private insurance firm ICICI Prudential has reported flat growth in its second quarter. The company made a net profit of Rs.421 crore this quarter against the Rs.418 crore that it made last year. The firm’s shares also increased from 0.19% to Rs.390.80. ICICI Prudential Life Insurance is currently focussing on its ULIPs (Unit Linked Insurance Plans). Up to 80% of the firm’s new business premium was contributed by ULIPs. The company’s new business margins also reportedly increased from 10.7% last year to 12.6% this year. While the company witnessed a 28% growth of its protection products this quarter, it was the savings products that contributed to the growth of the annualised premium income the most.

      News and updates on life insurance

      25th October 2017

    • General Insurers’ Gross Premium Increases by 13.6% to touch Rs.17,530.64 Crore

      The IRDAI (Insurance Regulatory and Development Authority in India) has reported that the gross premiums of general insurance firms in India have risen to Rs.17,530.64 crore this September. The same companies had collected Rs.15,428.17 crore as premium, last September. The premium collection of Public Sector companies increased from Rs.9,163.48 crore last year to Rs.9,812.27 crore this September. Whereas, premiums of private sector companies increased by 23% to touch Rs.7,718.37 crore this year.

      Premiums of standalone health insurance firms have also increased by 42.7% to touch Rs.635.88 crore. Also, the total premiums collected by general insurance firms between April to September 2017 increased by 19.46% to Rs.72,564.42 crore. Private sector non-life insurance companies had earned a total of Rs.34,956.86 crore, and public sector firms had earned around Rs.37,607.56 crore, during the same period last year.

      News and updates on life insurance

      11th October 2017

    • Reliance General Insurance files DRHP for IPO with SEBI

      Reliance General Insurance has filed its draft red herring prospectus (DRHP) with SEBI (Securities and Exchange Board of India), seeking approval for its IPO. As per the DRHF, the company is planning to sell up to 16.77 million shares in order to raise capital. The company will use these proceeds to augment its solvency margin and meet any future requirements for capital.

      The non-life insurance company has a host of insurance product in various sectors, such as motor, health, weather and crop, marine, and fire and engineering, on offer. Reliance General Insurance is the second private sector insurance firm, from the general insurance sector, to go public.

      News and updates on life insurance

      10th October 2017

    • SBI Life Insurance to Open a Branch Office in Bahrain by December 2017

      Insurer SBI Life will be foraying into the Middle Eastern insurance sector by opening a new branch in Bahrain by December 2017. It is reported that the company has received the due regulatory nod from the IRDAI (Insurance Regulatory and Development Authority of India) and the Central Bank of Bahrain. The company is aiming to use State Bank of India’s Bahrain branch to service its insurance products initially. The insurer will also tie-up with local banks in Bahrain later. While the life insurer is mainly targeting NRIs, they will also serve Bahrain nationals and other individuals living in the country. SBI Life is a joint venture between State Bank of India and BNP Paribas Cardif.

      9th October 2017

    • SBI Life Insurance’s $1 Billion IPO Opened to the Stock Market on Tuesday

      SBI Life made its debut in the stock market on Tuesday. The premium was expected to be around Rs.20 – Rs.30. SBI Life insurance is a joint venture between BNP Paribas Cardif and State Bank of India. The firm’s Rs.8,400 crore IPO was oversubscribed 3.58 times, between 20 September to 22 September. While the shares that were reserved for qualified institutional buyers were oversubscribed 12.56 times, the shares meant for retail and non-institutional investors received an 85% and 70% subscription, respectively. The issue price was set at Rs.700 apiece.

      SBI Life Insurance is the largest private life insurance firm in India, in terms of New Business Premiums. The company has maintained this position since FY10. Brokerage firms and analysts were of the opinion that the company’s premium valuations were justified since the firm has seen a high renewal premium growth from FY14 to FY17. Further, the firm’s steep growth over the past few years, brand name, and strong presence in the market is expected to positively impact the insurer.

      News and updates on life insurance

      4th October 2017

    • ICICI Lombard’s Shares Gain Momentum – Trading above Issue Price

      ICICI Lombard has made its debut on the bourses today. While the company had a slightly tepid start, it soon recovered. The general insurance firm’s shares have gained momentum, and are being traded at Rs.671 and a high of Rs.672. The issue price was Rs.661 apiece. The company’s initial offer was subscribed 3 times between 15 September and 19 September.

      ICICI Lombard is a joint venture between Fairfax Financial Holdings and ICICI Bank. While stakeholder ICICI Bank sold around 317.6 shares to raise Rs.2.099.40 crore, Fairfax Financial Holdings sold 544.8 crore shares to raise Rs.3,601.50 crore. ICICI Bank and Fairfax have diluted 7.15% and 12.27% of their stakes in the general insurance company, respectively.

      ICICI Lombard was launched in the year 2001, and is the largest, private sector, general insurance firm in India. The insurance company has a market share of 20.2%, as on the first quarter of FY18. The company’s franchise network, multi-channel network for distribution, and exhaustive product portfolio has helped the insurer retain its leadership position in the market since 2004.

      News and updates on life insurance

      27th September 2017

    • SBI Life Insurance IPO oversubscribed 3.58 times by Final Day of Bidding

      SBI Life launched its IPO in an effort to raise Rs.8,400 crore. By the last day of bidding (22 September), the company’s IPO was oversubscribed by 3.58 times. The insurer is expected to announce the allotment by 27 September 2017. SBI Life’s IPO is one of the largest IPOs to be launched in the last seven years. The life insurance firm received around 29.5 million bids, which was 3.58 times over the company’s offering of 8.8 million shares.

      SBI Life Insurance’s key joint venture partners, BNP Paribas Cardif and State Bank of India, are selling a 4% and 8% stake in the company, respectively. The price band for each share was fixed at Rs.685 – Rs.700 apiece, by the insurer. Other insurance companies that have filed for IPO include HDFC Standard Life, New India Assurance, and GIC-Re. All three firms together are expected to raise over $4 billion through their IPOs.

      News and updates on life insurance

      25th September 2017

    • Canara HSBC OBC Life targets a New Business Premium Collection of Rs.850 Crore

      Insurance firm Canara HSBC Oriental Life has witnessed a steep growth in the past fiscal years, and is currently targeting a 40-50% increase in its new business premium for FY 2017-2018. While the company is targeting a collection of Rs.850 crore, they are hoping to reach the Rs.1,000 crore mark, this financial year. The company has already reached a break-even point, and is also generating a profit.

      Due to the firm’s bancassurance model, the company has had profits in excess of Rs.100 crore, every year, for the last three financial years. The insurance firm has sufficient capital, a 400% solvency ratio against the standard 150%, and an 83% persistency ratio. It is reported that the company might also list its shares, in the next three to four years, if there is a need to dilute the firm’s shareholding.

      News and updates on life insurance

      22nd September 2017

    • Max Life Insurance and Birla Sun Life Initiate Talks over Possible Merger

      Insurers, Max Life Insurance and Birla Sun Life, are holding talks over a possible merger between the two to create a new insurance giant. However, these discussions have just started, and might not lead to an actual merger. It is reported that the insurers are holding discussions at the shareholder level, and not yet at the board level.

      Birla Sun Life is a joint venture between Sun Life and Aditya Birla Capital Limited, while Max Life’s holding company is Max Financial Services. It is reported that a plain merger of the respective firms’ life insurance businesses and a change in shareholding is being explored. Insurer Max Life has a 7.9% share in the market and Birla Sun Life has a 7.1% market share.

      The insurers are holding talks after the reported merger between HDFC Standard Life Insurance and Max Life Insurance was called off in the end of July, after failing to receive regulatory approval.

      News and updates on life insurance

      21st September 2017

    • SBI Life’s IPO to Open Today – Long-Term Subscription Recommended

      SBI Life Insurance Initial Public Offers of Rs.8,400 crore will open today. The company has priced its shares at Rs.685 – Rs.700 apiece, a fair price, according to analysts. The insurance firm’s IPO will be the largest offering that’s hit the market since October 2010, when Coal India Ltd. launched its IPO. SBI Life’s IPO is also the fourth-largest, as per the issue size.

      The firm is a joint venture between State Bank of India and BNP Paribas Cardif S.A., and the investors will sell 8% and 4% of their total stakes in the firm. SBI and BNP Paribas Cardif are expecting to earn Rs.5,600 crore and Rs.2,800 crore, respectively. Based on the company’s leadership position and strong growth over the past fiscal years, the company is expected to attract investor interest. Given the company’s mature valuations, analysts have recommended that investors opt for long-term subscription.

      SBI Life is the largest private, life insurer in India. Between 2015 and 2017, the company’s new business premium increased at a compounded annual growth rate of 35.45%, the highest among its peers. The insurance giant was established in the year 2001, and has a range of insurance products on offer for customers.

      News and updates on life insurance

      20th September 2017

    • National Insurance Company expects to Raise Rs.5,000 Crore from its IPO

      National Insurance Company (NIC), a general insurance firm, is expecting to launch its IPO by March 2018. The company is expecting to raise a sum of Rs.4,000 to Rs.5,000 crore through its IPO. It is also reported that the insurer will be looking at supporting its capital base to maintain the solvency margin, with the amount it raises.

      The insurance firm has submitted a request to the Insurance Regulatory and Development Authority of India (IRDAI) last week, after receiving due clearance from the government. The government is expected to come to a decision about the form and amount of stake dilution. National Insurance Company has been able to increase its solvency margin by raising its net worth. While the company collected premiums worth Rs.14,256 crore in the last financial year, they are targeting a premium collection of Rs.16,000 crore for the current financial year.

      News and updates on life insurance

      18th September 2017

    • ICICI Lombard’s IPO Valuation is Steep, yet Remains a Safe Option

      Insurer ICICI Lombard is set to put up equity shares worth Rs.5,700 crore on offer, in the primary market. This move will provide liquidity to the insurer’s stakeholders – FAL Corporation and ICICI Bank. While investors are concerned about the valuation being slightly steep, the company, which is a leader in the Indian general insurance industry, has proven its mettle with consistent growth, strong management, and dividend payments. These factors make it a viable choice to investors looking to invest in the general insurance business.

      The company, which was set-up in the year 2000, is currently the largest private-sector, general insurance firm in the country. Its gross direct premium income, for FY17, comes up to Rs.10,725 crore. The company has a varied product portfolio and has reported the quickest turnaround time for claims, having paid 94.4% claims within a single month. The company has also seen its assets doubling between 2013 and 2017. The insurer’s RoE (return on equity) for FY17 was 17.2%, which was more than the competitors’ average RoE of 14.4%.

      News and updates on life insurance

      14th September 2017

    • ICICI Lombard’s IPO to Open this Week

      ICICI Lombard, an ICICI Bank subsidiary, will launch its IPO worth 8,62,47,187 shares, between the 15th and 19th of this month. It is reported that ICICI Bank will be putting 3,17,61,478 shares on offer, and FAL Corporation, an investor, will make an offering of 5,44,85,709 shares. Further, 43,12,359 shares will be reserved for shareholders of ICICI Bank to purchase.

      ICICI Lombard received a go-ahead from SEBI (Securities and Exchange Board of India) for launch of its IPO earlier this week, and has set a price band of Rs.651 to Rs.661 as its IPO offer. The company, which is a joint venture between the internationally-based Fairfax Financial Holdings and ICICI Bank, is currently the biggest private-sector general insurance firm in the country.

      News and updates on life insurance

      11th September 2017

    • IndiaFirst Life Insurance launches Chatbot – IRIS (IndiaFirst Responds)

      IndiaFirst Life Insurance, an insurance firm that is promoted by Andhra Bank, Bank of Baroda, and Legal & General, has recently launched its chatbot named IRIS (IndiaFirst Responds). The bot comes complete with various functions, such as enabling customers to view product descriptions, notices, premium statements, application status, fund value inquiries, and surrender value inquiries.

      The main purpose of launching this chatbot was to modernize the traditional process, enhance the user journey and customer experience, reduce dependence on call centres for basic queries, etc. The company has always strived to maintain a ‘customer first’ approach and simplify processes by way of using innovative technology. The chatbot will empower the company’s sales force to meet the requirements of customers, in real-time.

      The insurer has also launched a solution, which will enable their sales team to receive correct responses to any queries that they may have, in real-time, through an app.

      News and updates on life insurance

      8th September 2017

    • SBI Life receives approval from SEBI for Rs.8,400 crore IPO

      SBI Life Insurance has now received approval from SEBI (Securities and Exchange Board of India) to launch its IPO, which will be worth Rs.8,400 crore. The launch is expected to happen in the third week of September. The insurer’s IPO will include 12% of their equity capital, which will come up to around 120 million secondary shares.

      The insurance firm’s joint venture partners, State Bank of India and BNP Paribas, own a 70.1% and a 26% stake in the company, respectively. While SBI will sell around 80 million shares, BNP Paribas will sell 40 million shares. SBI Life’s other key stakeholders, Temasek Holdings and KKR Asian Fund, own another 1.95% stake in the company. Other companies that are leads on the IPO are Deutsche Bank, JM Financial, SBI Capital, Axis, Citigroup, BNP, Kotak, and ICICI Securities

      News and updates on life insurance

      8th September 2017

    • Jeevan Utkarsh Policy Launched by LIC

      Life India Corporation of India (LIC) has recently launched a new plan – the Jeevan Utkarsh policy. This is a single premium plan and offers members the dual benefit of a risk cover and a savings option. The premium payable will vary based on the sum assured opted for and the age at which the member purchases the policy. The minimum and maximum age at entry is restricted to 6 years and 47 years, respectively. This is an annual policy with loan facility. While the minimum sum assured that can be opted for is Rs.75,000, there is no restriction on the maximum sum assured. The policy can be purchased between 6th September and 31st March.

      News and updates on life insurance

      7th September 2017

    • SBI Life Insurance looks to raise Rs.8,000 crore from IPO

      SBI Life Insurance is awaiting approval from SEBI (Securities and Exchange Board of India) and IRDAI (Insurance Regulatory and Development Authority of India) to launch its IPO this month. The company expects to raise a sum of Rs.8,000 crore from this.

      Earlier this year, SBI Board members held a meeting to approve the IPO and to explore possibilities of whether SBI’s stake in SBI Life could be diluted through the IPO. Further, the insurance firm also chalked up plans to sell up to 12% of its equity shares, by way of the IPO.

      Between the JV partners, SBI will now be selling 8% of its stake in SBI Life and BNP Paribas Cardif will be selling 4% of its stake. Another 3.9% of the stake in SBI Life was sold at the end of last year to a Singapore Investment firm, by the parent company. It was reported that this deal was worth Rs.46,000 crore.

      News and updates on life insurance

      6th September 2017

    • LIC completes 61 years since its Inception

      Life Insurance Corporation of India (LIC), India’s only public-sector insurance firm, has recently completed 61 years, since it began its operations in 1956. The insurance company has always aimed to spread awareness of life insurance products to the general public, and has set and crossed several milestones in the insurance sector. The firm had 23 plans on offer under its Individual Business category, during the financial year 2016-2017, and has added four more policies to its offering this year.

      When the firm was set-up in 1956, it had an initial capital of Rs.5 crore. However, it now has assets over Rs.25 lakh crore with Life Fund, which amounts to a sum of Rs.2323802.59 crore. The insurer has over 4,897 offices across the country, employs around 1.15 lakh individuals, has 11.31 lakh agents, and has over 29 crore plans. Between 2016 and 2017, the insurer reported a growth of 27.22% in its New Business of First Year Premiums. The company also has one of the best claim settlement ratios in the country, and has settled around 99.63% of death claims and 98.34% of maturity claims.

      .LIC had also encouraged and initiated technological reforms to improve the value of its services and offerings. The company’s technologically-forward initiatives include an SMS-based helpline channel, SMS alerts on any transaction, digital premium payment by way of mobile wallets, NEFT, debit cards, credit cards, etc. LIC is also actively involved in social responsibility initiatives and had setup the LIC Golden Jubilee Foundation in the year 2006. In addition to its own schemes and services, the Foundation also actively supports independent NGOs.

      News and updates on life insurance

      5th September 2017

    • GST to make Life Insurance Products more Expensive

      The increase in tax rates from 15% to 18% is expected to make purchasing life insurance policies more expensive. Life Insurance Corporation of India (LIC), a public-sector insurance firm, has been making requests to the GST Council to reduce the tax rates back to the original 15%, and has also urged consumers to make appeals to the government for the same.

      While the rate of penetration of life insurance products, especially in rural India, is quite low, LIC has been spearheading the effort to provide life insurance policies. The company initially started with a capital of Rs.5 crore, and currently has total assets amounting to Rs.25 lakh crore with a life fund of Rs.23 lakh crore. It is reported that, in the last fiscal, the company collected an approximate of Rs.124396.27 crore as premium, which amounted to approximately Rs.340 crore. LIC’s share in the market is around 71.07% in terms of premiums and 76.09% for number of policies.

      The company had a claim settlement ratio of 98.34% for maturity claims and 99.63% for death claims. The year 2016-2017, saw the insurance firm settling around 215.58 lakh claims, which amounted to a total of Rs.1.12 lakh crore. Currently, LIC has around 1.15 lakh employees, over 29 crore policies, 4,897 offices, and 11.31 lakh agents, across the country.

      News and updates on life insurance

      5th September 2017

    • Indian Insurance Companies to use Blockchain to ease Policy Registration

      Hailed as a breakthrough in the insurance industry, 13 insurance companies in India have collaborated to use blockchain technology to ease the policy registration process and prevent duplication of customer information. A blockchain is much like a decentralized and distributed register, which will hold customer information digitally.

      The main purpose of using this technology is that it will help insurers reduce the costs that they would otherwise incur by conducting tests, performing medical and financial underwriting, and storing individual records separately. The technology will also help companies detect any claims that are fraudulent in nature. It is expected that once this blockchain technology evolves, it will lead to improved efficiency and reduction of costs for all parties involved.

      EY (Ernst & Young) will be aiding this transition for Indian companies through its partnerships with different technology firms. Various platforms, such as Hyper Ledge, Corda, etc. will be used for this. While the blockchain will hold all relevant customer data, customers are given the option to pull out their data from the system, anytime. However, the 13-member group is certain that this move will only lead to increased transparency and reduced costs, and are hoping that more Indian insurance firms will join them, in the future.

      News and updates on life insurance

      28th August 2017

    • Indian Insurance Companies to use Blockchain to ease Policy Registration

      Hailed as a breakthrough in the insurance industry, 13 insurance companies in India have collaborated to use blockchain technology to ease the policy registration process and prevent duplication of customer information. A blockchain is much like a decentralized and distributed register, which will hold customer information digitally.

      The main purpose of using this technology is that it will help insurers reduce the costs that they would otherwise incur by conducting tests, performing medical and financial underwriting, and storing individual records separately. The technology will also help companies detect any claims that are fraudulent in nature. It is expected that once this blockchain technology evolves, it will lead to improved efficiency and reduction of costs for all parties involved.

      EY (Ernst & Young) will be aiding this transition for Indian companies through its partnerships with different technology firms. Various platforms, such as Hyper Ledge, Corda, etc. will be used for this. While the blockchain will hold all relevant customer data, customers are given the option to pull out their data from the system, anytime. However, the 13-member group is certain that this move will only lead to increased transparency and reduced costs, and are hoping that more Indian insurance firms will join them, in the future.

      News and updates on life insurance

      28th August 2017

    • HDFC Life’s IPO to Test its Success on a Premium Valuation

      Last year’s merger deal between Max Life and HDFC Life Insurance saw HDFC Life being valued at Rs.45,000 crore. While the deal between the two companies was called off, HDFC Life has decided to go ahead with an IPO (initial public offering), and the insurer’s promoters are expecting the valuation to match, if not exceed, last year’s valuation figure, considering how the insurer’s value has only increased to Rs.12,290 crore for the current fiscal.

      While final valuations may vary based on what is determined by merchant bankers and shareholders at the time of the initial public offering, HDFC Life is not wrong in expecting this valuation. Firstly, when compared to ICICI Prudential Life Insurance, HDFC Life has a more superior insurance portfolio. 53% of HDFC Life’s product offering comprises of traditional policies, unlike ICICI Prudential Life’s product portfolio, which includes a 74% share of market-linked products.

      HDFC Life also has a stronger franchise. The insurer’s new business premiums are increasing at an annually compounded rate of 17.8% for the last five years, and is the currently the highest in the market. The insurer’s stocks are also expected to be cheaper than ICICI Prudential Life Insurance, since HDFC Life trades at 3.7 times its embedded value.

      While ICICI Prudential’s stocks dropped 11% on the day of listing despite being launched at a discount, the stock prices have steadily increased since then and the stocks are currently valued at Rs.427.15 per share. ICICI Prudential’s success is guaranteed to play at hand in HDFC Life’s success on the day of listing. It is also expected that if not for the many factors and metrics to its credit, the strongly-performing market will help HDFC Life’s IPO performance this year.

      News and updates on life insurance

      21st August 2017

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    Life Insurance Reviews

    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      LIFE INSURANCE CORPORATION OF INDIA is the insurance provider where i have taken the JEEVAN LAKSHYA policy before 15 years and i am using it, policy premium i ma paying on yearly basis also the policy coverage is for complete family. /it also provides the accidental benefits with this policy.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC
      LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken the JEEVAN LABH life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the tenuity period of this policy is for twenty years also i am holding it since from last 15 years. The premium i am paying for yearly once with this policy.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am holding the JEEVAN SATHI policy with the LIFE INSURANCE CORPORATION OF INDIA since from last fifteen years as the maturity period is for twenty years with this life insurance policy. It gives the life coverage after the maturity period.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the LIFE INSURANCE CORPORATION OF INDIA since from last 15 years where i have purchased the JEEVAN SARAL policy which gives the policy coverage is for complete family where the maturity period is for twenty years also the premium i pay by yearly once.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The name of the policy is JEEVA ANAND policy that i have purchased it through the LIFE INSURANCE CORPORATION OF INDIA before 15 years. where the maturity period is for twenty years also the policy coverage is for complete family. The premium i pay on yearly once.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is MONEY BACK where i am holding it since from last 15 years. It gives the life coverage after the maturity period with this insurance policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I am holding the BHIMA GOLD policy with the LIFE INSURANCE CORPORATION OF INDIA LIFE INSURANCE CORPORATION OF INDIA where i have been using it from last 10 years. The premium i pay for 3 months once also the maturity period is for 15 years with this policy.
      Was this review helpful? 1
      , yamuna nagar
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I have taken the JEEVAN SARAL policy with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period is for 12 years also the premium i pay for 3 months once for this insurance policy. It gives the self coverage with this insurance policy.
      Was this review helpful? 1
      , yamuna nagar
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      LIFE INSURANCE CORPORATION OF INDIA is the insurance provider where i have taken the life insurance policy. I am not aware of the name of the policy but it is a life insurance policy where the maturity period is 20 years along with that it gives the life and accidental coverage with this policy.
      Was this review helpful? 1
      , nagpur
      Reviewed on Jan 30, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have taken the life insurance policy of CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last en years also the maturity period if this policy is for 20 years and the premium i pay yearly once. It gives the self coverage.
      Was this review helpful? 1
      , nagpur
      Reviewed on Jan 30, 2019
    • Bankbazaarinsurance.com Life Insurance
      "CONVENIENT PORTAL TO USE"
      0.5 3.0/5 "Satisfactory"
      It is the first time experience with the Bankbazarinsurance.com where i am using it through the website as the portal is user friendly also it i s convenient to access. the customer servcie is good but if they respond properly and correctly it would be better.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 30, 2019
    • ICICI Prudential Life Insurance
      "GOOD POLICY"
      0.5 3.0/5 "Satisfactory"
      The reason for taking the life insurance policy with the ICICI PRUDENTIAL is because it is good policy to use. Premium and the IDV value is satisfactory wit this insurance policy. It is the term plan, i have not received the hard copy yet with this policy.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 30, 2019
    • ICICI Prudential Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the accidental policy with the ICICI PRUDENTIAL where in am using it since from last one year and it gives the coverage for self for any accidentals. Premium i am paying it on 6 months once as 6k-10k with this insurance policy.
      Was this review helpful? 2
      , nizamabad
      Reviewed on Jan 29, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and the name of the policy is JEEVAN SREE plan where the maturity period is for 22 years and i got the sum assured amount added on that they are giving the coverage after the maturity.
      Was this review helpful? 1
      , nizamabad
      Reviewed on Jan 29, 2019
    • ICICI Prudential Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I have taken the EULIP policy with the ICICI PRUDENTIAL where it gives the self coverage also the maturity period of this policy is for 20 years. Premium i pay on monthly basis with this policy. The documentation process is simple and easy to get the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 29, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      LIFE INSURANCE CORPORATION OF INDIA is life insurance provider where i have taken the MONEY BACK policy with this and i am using from last few years and the policy has got matured. The maturity period is for 15 years where the premium i pay yearly once.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 29, 2019
    • Bharti Axa Life Life Insurance
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I am holding the life insurance policy with the BHARATI AXXAwhere i have been using it since from last two years and the name of the policy is CHILD PLAN where the maturity period is for 10 years. I am paying premium for 6 months once with this policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 29, 2019
    • Bankbazaarinsurance.com Life Insurance
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      The customer service is very good and i am very much satisfied because they have supported by getting the life insurance policy also they are responsive. It is the first time experience and i am using it through the mobile application as the portal is user friendly to access.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 29, 2019
    • Aegon Life Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the life insurance policy with the AEGON LIFE is because when compared to the other insurance polices it is best. It is the term insurance policy where i pay the premium on monthly basis. The policy coverage is for self and spouse.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 29, 2019
    • LIC Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have been using the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from last 10-15 years where the maturity period of this policy is for long term added on that the policy coverage is for complete family. Premium i pay on yearly once for this insurance.
      Was this review helpful? 3
      , noida
      Reviewed on Jan 29, 2019
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