Future-Ready Protection: Tata AIA’s Digital Leap Redefining Life Insurance Experience – Press Trust of India
Tata AIA Life Insurance has taken a significant digital leap, redefining the life insurance experience for its customers. The company's future-ready protection strategy is designed to provide a seamless and personalized experience, leveraging cutting-edge technology to make life insurance more accessible and convenient. At the heart of Tata AIA's...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
Health insurance rates are skyrocketing due to several factors. Firstly, the increasing cost of medical care and services is a major contributor, as healthcare providers and facilities raise their prices to keep up with rising operational costs. Additionally, the growing prevalence of chronic diseases, such as diabetes and heart disease, leads to higher treatment costs, which are then passed on to policyholders through increased premiums. Furthermore, the rising cost of prescription medications, particularly specialty drugs, also plays a significant role in driving up health insurance rates. The impact of an aging population, with older adults requiring more frequent and costly medical care, is another factor contributing to the upward trend in health insurance costs. Moreover, the decreasing number of insured individuals, particularly among younger and healthier populations, leads to a smaller risk pool, causing premiums to rise for those who remain insured. Regulatory changes and mandates, such as the Affordable Care Act, have also had an impact on health insurance rates, as have the costs associated with administrative and regulatory compliance. Lastly, the fluctuating healthcare market and the consolidation of healthcare providers and insurers have led to reduced competition and increased costs, ultimately resulting in higher health insurance rates for consumers.
Open enrollment for health care plans has begun, allowing individuals to enroll, renew, or change their plans for the upcoming year. However, many people will experience sticker shock due to rising health care costs. According to Beth Umland, director of Employer Research for Health and Benefits at Mercer, the total health cost of health benefits...
Edelweiss Mutual Fund’s Altiva Hybrid Long-Short Scheme for Information Filings (SIF) has raised ₹320 crore in its maiden subscription.
Edelweiss Mutual Fund has successfully completed the first subscription of its Altiva Hybrid Long-Short Specialised Investment Fund (SIF), raising approximately ₹320 crore from both individual and corporate investors. This unique interval fund combines a core allocation to fixed income, equity arbitrage, and long/short equity strategies, with...
A tug-of-war is brewing over cashless health insurance, posing a potential threat to policy holders.
A recent standoff between hospitals and health insurance providers in India has raised concerns among policy-holders about the availability of cashless health insurance services. The Association of Healthcare Providers of India (AHPI) had advised its member hospitals to suspend cashless services provided by Bajaj Allianz, citing issues such as...
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard,...
Millions of people are facing sharply increasing health insurance premiums due to the GOP’s refusal to extend subsidies under the Affordable Care Act, also known as Obamacare.
The US federal government shutdown has entered its 28th day, with Democrats demanding that Republicans agree to extend healthcare subsidies from the Affordable Care Act that are set to expire. If Congress does not act, health insurance premiums are expected to more than double for 20 million people. Dr. Steffie Woolhandler, a distinguished...
A smart way to earn ₹20,000 every month for life
The LIC Jeevan Utsav plan, offered by the Life Insurance Corporation of India, is a retirement plan designed to provide lifelong income after a limited premium-paying term. This innovative policy allows individuals to choose a premium payment period of 5 to 16 years, after which they will receive an annual income of 10% of their sum assured for...
FSIB recommends R. Chander for MD’s position in LIC
The Financial Services Institutions Bureau (FSIB) has announced its recommendation for the position of Managing Director at the Life Insurance Corporation of India (LIC). After interacting with five candidates from LIC on September 30, 2025, the Bureau has selected R. Chander for the role. The decision was based on the candidates' performance...
A mountain of transgressions and shattered vows
The article discusses the breach of trust by the Life Insurance Corporation of India (LIC), the country's largest insurer, with its customers. The concept of "uberrima fides" or utmost good faith is a fundamental principle in insurance, which demands complete honesty from both parties. However, LIC has consistently violated this principle by...
LIC Schemes: LIC has introduced two new plans, offering potentially high returns.
The Life Insurance Corporation of India (LIC) has introduced two new insurance products, LIC Jan Suraksha and LIC Bima Lakshmi, which will be available for sale starting October 15. Both schemes are non-linked and non-participating, meaning they are not affected by market fluctuations, ensuring a safe investment. These products cater to different...
Earn a monthly pension of up to ₹44,000.
The Life Insurance Corporation (LIC) of India has introduced the Smart Pension Plan 2025, a retirement planning solution that provides a guaranteed monthly income for life in exchange for a one-time lump sum investment. This non-linked, non-participating annuity plan is available for a minimum investment of ₹1 lakh. The plan's payout structure is...
LIC of India will launch 2 new schemes starting tomorrow, namely LIC’s Jan Suraksha and LIC’s Bima Lakshmi.
The Life Insurance Corporation of India (LIC) is set to launch two new schemes, LIC's Jan Suraksha and LIC's Bima Lakshmi, starting tomorrow. These schemes aim to provide financial security and protection to individuals and their families. Here are the details of the two schemes: LIC's Jan Suraksha LIC's Jan Suraksha is a micro-insurance plan...
LIC clocks 14.6% growth in individual premium for June
The Life Insurance Corporation of India (LIC) has reported a significant increase in individual premiums for the month of June 2025. According to data released by the Life Insurance Council, LIC's individual premiums grew by 14.6% year-on-year, outpacing the 12.12% growth rate of private life insurers. This robust growth is a positive sign for...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...
A consumer panel in Chandigarh has ordered an insurance company to pay Rs 25 lakh to a policyholder for unjustly denying a claim.
The District Consumer Disputes Redressal Commission-I in Chandigarh has ordered Star Health and Allied Insurance Company to pay Rs 25 lakh to the heirs of a deceased policyholder, Sarita Dutta alias Sarita Sharma, whose medical claim was wrongly repudiated. The policyholder had purchased a health insurance policy from Star Health in 2018 for a...
India: Cashless hospital services resume through AHPI and Star Health partnership, as reported by Asia Insurance Review.
A recent dispute between hospitals and insurance providers in India has been resolved, with cashless hospital services set to resume from October 10. The dispute, which had been ongoing, had left many patients without access to cashless medical treatment. The Association of Healthcare Providers (India), or AHPI, which represents hospitals, had...
Tata AIG has joined Star Health and Niva Bupa in discontinuing cashless claim settlement at Max Hospitals.
Tata AIG General Insurance has suspended its cashless settlement arrangement with Max Hospitals, effective September 10, 2025. This move comes after a dispute over tariffs, with Tata AIG seeking further rate cuts and Max Healthcare refusing to comply. The hospital chain had signed a two-year tariff agreement with Tata AIG, but the insurer...
Insured, yet unprotected.
The Indian government's decision to reduce GST on insurance premiums to zero percent is a relief for millions, but it only scratches the surface of a deeper crisis in the insurance sector. According to the Council of Insurance Ombudsman's 2023-24 annual report, the top three firms with the most complaints are Star Health, CARE Health Insurance,...
Star Health has introduced ‘Know Your Policy’, a simplified guide to understanding health insurance coverage, as reported by the Press Trust of India.
Star Health and Allied Insurance, a leading health insurance provider in India, has launched a new initiative called 'Know Your Policy'. This program aims to educate policyholders about the various aspects of their health insurance coverage, making it easier for them to understand and navigate their policies. The 'Know Your Policy' initiative is...
Aviva’s wealth unit experiences £2.3 billion in inflows, resulting in a 5% increase in assets.
Aviva's wealth unit has experienced a significant surge in inflows, with £2.3 billion in new investments, leading to a 5% increase in assets under management. This growth is a testament to the company's efforts to expand its wealth management business and attract new clients. The influx of new funds has boosted Aviva's assets under management to...
Aviva expert questions new solvency regime – report
At the Insurance Investor Live forum in London, a representative from Aviva, Albici, expressed concerns about the current state of the UK insurance industry. Albici, who is responsible for private asset origination for Aviva's annuity business, stated that the Prudential Regulation Authority (PRA) had initially aimed to make UK insurers more...
Average cost of a honeymoon reaches £4,550 per couple, while popularity of minimoons rises
A recent survey conducted by Aviva has revealed that over a third of Brits (37%) have either traveled or plan to travel abroad for their honeymoons, with an average spend of £4,550 per couple. Additionally, 6% of couples plan to go on both a minimoon and a honeymoon abroad, with an estimated total spend of £8,861. The research also found that one...
SRG’s underwriting arm has secured new capacity from Aviva.
MX, the underwriting arm of Specialist Risk Group (SRG), has secured a multi-year delegated distribution agreement with Aviva to support Trilogy Underwriting. Trilogy Underwriting, which specializes in property and casualty business, was acquired by MX in 2024. This agreement significantly bolsters MX's London market offering, enhancing its...
Aviva’s digital transformation has resulted in lower customer premiums.
A recent survey by GlobalData found that price and speed of response are key factors for insurance brokers when choosing which insurer to place business with. The 2025 UK Commercial Insurance Broker Survey revealed that 28.4% of respondents considered price or premiums to be the most important factor, while 8.8% prioritized the speed of response...
Income Protection Insurance Market – Key Players:1. Aviva 2. AXA 3. Zurich 4. MetLife 5. Prudential 6. Allianz 7. AIG 8. Lloyds Banking Group 9. Royal London 10. LV=
The Income Protection Insurance market is expected to experience significant growth, with a projected revenue of USD 35.1 billion by 2033, growing at a CAGR of 5.5% from 2026 to 2033. The market's growth is driven by increasing awareness of financial security, rising health-related uncertainties, and expanding working populations, especially in...
MX enters multi-year distribution deal with Aviva to expand growth
MX is a company that specializes in providing property and casualty insurance solutions to small to medium-sized enterprises (SMEs) and mid-market clients across the UK and Ireland. Their portfolio has been growing, and they offer a wide range of commercial insurance products, including property, liability, motor fleet, and specialist sector...
A tug-of-war is brewing over cashless health insurance, posing a potential threat to policy holders.
A recent standoff between hospitals and health insurance providers in India has raised concerns among policy-holders about the availability of cashless health insurance services. The Association of Healthcare Providers of India (AHPI) had advised its member hospitals to suspend cashless services provided by Bajaj Allianz, citing issues such as...
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard,...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...
AHPI revokes suspension of cashless services for Bajaj Allianz policyholders
The Academy of Hospital Administration (AHA) and the Insurance Provider, Bajaj Allianz, have come to a resolution regarding the suspension of cashless services for Bajaj Allianz policyholders. Recently, the AHA had revoked the suspension, allowing policyholders to once again avail of cashless services at empaneled hospitals. The suspension was...
Bajaj and Allianz have parted ways, marking a fierce battle for control in the Indian insurance market, as reported by Bloomberg.com.
The Indian insurance market has witnessed a significant development with the split between Bajaj Finserv and Allianz, marking a fierce control battle in the industry. Bajaj Finserv, a prominent financial services company in India, and Allianz, a global insurance giant, had a long-standing partnership in the Indian insurance market through their...
ICICI Lombard appoints Parag Lokhande to lead AI, data science, and startup strategy
ICICI Lombard has appointed Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives. This move signifies the company's push towards AI-led innovation and collaboration with startups. Lokhande will be responsible for developing advanced machine learning solutions and engaging with emerging ventures to future-proof the insurer's...
Bajaj Allianz General Insurance transitions to Bajaj General Insurance
Bajaj Allianz General Insurance has undergone a rebranding and will now be known as Bajaj General Insurance. This change is part of a larger effort by Bajaj Finserv to rebrand its insurance businesses. The company's life insurance arm, previously known as Bajaj Allianz Life, has also been rebranded as Bajaj Life Insurance. The rebranding is seen...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
A look back at his journey through the lens of advertisements
Bollywood actor Vikrant Massey has announced his retirement from acting, surprising his fans and the entertainment industry. The actor, known for his roles in films and television shows, has also made a name for himself in the advertising world. With a relatable persona, Massey has become a popular choice for brands targeting younger, urban...
HDFC ERGO has partnered with Consumr.ai to enhance its customer intelligence capabilities.
Consumr.ai, a leading customer intelligence platform in India, has been selected by HDFC ERGO to pilot a proof-of-concept (POC) aimed at transforming the insurance customer journey. The POC will utilize Consumr.ai's proprietary AI Twins technology, which creates virtual representations of consumer cohorts based on real behavioral data. This...
Aditya Birla Sun Life Insurance has launched the Super Term Plan.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has launched the ABSLI Super Term Plan, a comprehensive pure protection term insurance policy designed to provide goal-linked financial protection and built-in health management services. The policy reflects the company's customer-first approach and commitment to supporting policyholders'...
- LIC (Life Insurance Corporation of India): With a claim settlement ratio of 98.62%, LIC is one of the most trusted life insurance companies in India.
- HDFC Life Insurance: Offering a claim settlement ratio of 99.07%, HDFC Life Insurance is known for its efficient claim processing.
- ICICI Prudential Life Insurance: With a claim settlement ratio of 98.58%, ICICI Prudential is a popular choice among policyholders.
- SBI Life Insurance: SBI Life Insurance has a claim settlement ratio of 94.99%, making it a reliable option for life insurance.
- Max Life Insurance: Max Life Insurance boasts a claim settlement ratio of 99.22%, ensuring that policyholders receive their claims in a timely manner.
- Tata AIA Life Insurance: With a claim settlement ratio of 99.07%, Tata AIA Life Insurance is a trusted name in the Indian life insurance market.
- Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance has a claim settlement ratio of 98.48%, providing policyholders with peace of mind.
- Kotak Mahindra Life Insurance: Kotak Mahindra Life Insurance offers a claim settlement ratio of 98.15%, making it a popular choice among policyholders.
- PNB MetLife India Insurance: With a claim settlement ratio of 97.18%, PNB MetLife India Insurance is a reliable option for life insurance.
- Aegon Life Insurance: Aegon Life Insurance has a claim settlement ratio of 98.01%, ensuring that policyholders receive their claims efficiently.
- Exide Life Insurance: Exide Life Insurance boasts a claim settlement ratio of 98.47%, providing policyholders with a smooth claim experience.
- Reliance Nippon Life Insurance: With a claim settlement ratio of 97.71%, Reliance Nippon Life Insurance is a trusted name in the Indian life insurance market.
- Birla Sun Life Insurance: Birla Sun Life Insurance has a claim settlement ratio of 96.35%, making it a reliable option for policyholders.
- Aviva Life Insurance: Aviva Life Insurance offers a claim settlement ratio of 97.41%, ensuring that policyholders receive their claims in a timely manner.
- Future Generali India Life Insurance: With a claim settlement ratio of 95.71%, Future Generali India Life Insurance is a popular choice among policyholders.
- Canara HSBC OBC Life Insurance: Canara HSBC OBC Life Insurance has a claim settlement ratio of 95.39%, providing policyholders with a smooth claim experience.
- Pramerica Life Insurance: Pramerica Life Insurance boasts a claim settlement ratio of 95.55%, ensuring that policyholders receive their claims efficiently.
- Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance has a claim settlement ratio of 96.67%, making it a trusted name in the Indian life insurance market.
- Star Union Dai-ichi Life Insurance: With a claim settlement ratio of 95.13%, Star Union Dai-ichi Life Insurance is a reliable option for policyholders.
- Shriram Life Insurance: Shriram Life Insurance offers a claim settlement ratio of 94.99%, providing policyholders with peace of mind.
The life insurance industry in India has evolved from being a tax-saving instrument to a vital component of financial security. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies, setting standards such as Claim Settlement Ratio (CSR) and solvency ratio. As of FY...
ICICI Prudential Mutual Fund has launched a new fund offer (NFO) for its Conglomerate Fund, which will focus on investing in India’s largest and most diversified business conglomerates.
ICICI Prudential Mutual Fund has introduced the ICICI Prudential Conglomerate Fund, an open-ended equity scheme that aims to capitalize on opportunities within India's largest promoter-led business groups. The New Fund Offer (NFO) began on October 3, 2025, and will close on October 17, 2025. This fund focuses on Indian conglomerates, which are...
Life insurance companies pay a 4% commission on Unit Linked Insurance Plans (ULIPs).
Recent data from the Insurance Regulatory and Development Authority of India (IRDAI) reveals that life insurance companies paid an average commission of 4.03% to distributors for Unit-Linked Insurance Plans (ULIPs) in 2024, up from 3.13% in 2023. The total commission paid for ULIPs in 2024 was Rs. 4,900 crore, while the total ULIP premiums...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
Duck Creek Technologies has been awarded the IDC FinTech Real Results Award for its work in insurance transformation.
Duck Creek Technologies, a global provider of intelligent solutions for the property and casualty insurance industry, has been named a co-winner of the 2025 IDC FinTech Real Results Awards in the Insurance Transformation category. The award recognizes Duck Creek's work with HDFC ERGO General Insurance Company, a leading private sector general...
A health insurance company has been fined Rs 30,000 for wrongly rejecting a medical claim. The insurer has also been ordered to pay Rs 2 lakh to the claimant, along with interest.
The District Consumer Disputes Redressal Commission in Mohali has ruled in favor of a policyholder, Kuldeep Singh Sandhu, who was wrongfully denied a mediclaim by HDFC ERGO Health Insurance Ltd. Sandhu had purchased a group mediclaim policy through Canara Bank, which covered both him and his wife for a sum insured of Rs 5 lakh. In March 2020,...
HDFC ERGO has partnered with Consumr.ai to enhance its customer intelligence capabilities.
Consumr.ai, a leading customer intelligence platform in India, has been selected by HDFC ERGO to pilot a proof-of-concept (POC) aimed at transforming the insurance customer journey. The POC will utilize Consumr.ai's proprietary AI Twins technology, which creates virtual representations of consumer cohorts based on real behavioral data. This...
HDFC ERGO General Insurance Wins Duck Creek Standard of Excellence Customer Award at Formation ’25
Duck Creek Technologies, a global intelligent solutions provider, has announced HDFC ERGO General Insurance Company Limited as a 2025 Standard of Excellence Customer Award winner. HDFC ERGO, India's leading private sector general insurer, has been recognized for its digital transformation and innovation in the insurance industry. The company has...
Posterscope India brings HDFC ERGO to the heart of Mumbai’s daily commute
HDFC ERGO General Insurance has launched an innovative Out-of-Home (OOH) campaign in collaboration with Posterscope India, aiming to integrate the brand into the daily routines of Mumbai commuters. The campaign transforms everyday travel stops into reminders of security, trust, and presence, connecting with people at moments that matter most. The...
HDFC ERGO marketing head Shilpa Desai joins Adfactors
Adfactors PR, a leading public relations firm, has announced the appointment of Shilpa Desai as Senior Vice-President of Digital and Innovation for its Banking, Financial Services, and Insurance (BFSI) and Capital Markets practices. This strategic move aims to strengthen the firm's market-leading position in these sectors. Shilpa will work...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard,...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...
Top insurance companies have successfully leveraged technology to revolutionize their approach to customer service, setting a new standard for the industry.
SBI General Insurance has emerged as the top performer in the motor insurance category. The company, which has partnered with 21 original equipment manufacturers (OEMs) for motor insurance, reported a moderate increase in the segment in the financial year 2024. Notably, it settled 2,70,716 motor own damage claims, with over 7,148 claims for...
ICICI Lombard appoints Parag Lokhande to lead AI, data science, and startup strategy
ICICI Lombard has appointed Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives. This move signifies the company's push towards AI-led innovation and collaboration with startups. Lokhande will be responsible for developing advanced machine learning solutions and engaging with emerging ventures to future-proof the insurer's...
ICICI Lombard has completed a cross-region disaster recovery (DR) upgrade using Amazon Web Services (AWS).
ICICI Lombard, in partnership with Amazon Web Services (AWS), has successfully completed a cross-region disaster recovery (DR) upgrade. The upgrade involved relocating the company's secondary setup from Mumbai to Hyderabad, enabling continued access to critical applications during disruptions. The new system features automated failover and...
ICICI Lombard and Mahindra Finance have entered into a partnership for the distribution of motor insurance products.
ICICI Lombard General Insurance, a leading private general insurer in India, has partnered with Mahindra & Mahindra Financial Services Limited, a prominent non-banking finance company, to offer motor insurance products to Mahindra Finance's customers. This collaboration aims to provide accessible and tailored insurance solutions by combining...