Tata AIA is aiming to capture a share of the massive Rs 10 lakh crore wedding market in India with the launch of its Shubh Muhurat endowment policy, specially designed to provide financial protection and savings for couples on their special day.
Tata AIA Life Insurance has launched a new policy called Shubh Muhurat, designed to help parents save for their child's wedding expenses and ensure financial support in case of the parent's demise. The policy encourages goal-based investing and offers planned payouts to cover wedding-related expenses, providing a guaranteed lump sum return for...
LIC earns Guinness World Record for selling highest life insurance policies in 24 hours
The Life Insurance Corporation of India (LIC) has achieved a remarkable feat by earning a Guinness World Record title for selling the most life insurance policies in 24 hours. This incredible achievement was verified by Guinness World Records and recognizes the exceptional performance of LIC's dedicated agency network. On January 20, 2025, a...
LIC MD & CEO R Doraiswamy prioritizes ‘Insurance For All’ mission
Life Insurance Corporation of India (LIC) is prioritizing its mission of "Insurance for All" under the leadership of its Managing Director and CEO, R Doraiswamy. According to Doraiswamy, the primary objective of LIC is to ensure that every individual in the country has access to insurance, thereby providing them with financial security and...
Edelweiss Mutual Fund CEO Radhika Gupta offers investment advice, suggesting key areas where investors should allocate their funds.
Radhika Gupta, the CEO of Edelweiss Mutual Fund, has been sharing her thoughts on personal finance and other social issues on social media. Recently, she emphasized the importance of adopting a balanced approach to personal finances, going beyond just saving and investing for the long-term. She encouraged individuals to enjoy the fruits of their...
Tata AIA has observed a 10% increase in individuals choosing term life insurance coverage below the age of 70, highlighting the significance of timing over tenure in such decisions.
Tata AIA Life Insurance has observed a significant shift in the way customers are purchasing term insurance. According to Sujeet Kothare, Executive Vice President of the company, there has been a 10% increase in new customers opting for term plans with coverage below the age of 70. This trend indicates that policyholders are becoming more aware...
13 years later, woman emerges victorious in Mediclaim case for knee surgery; insurer ordered to pay ₹3 lakh
A Nainital resident, Neelam Mehrotra, has finally received relief from the state consumer commission 13 years after her knee surgery claim was denied by United India Insurance Co Ltd (UIICL). The commission reversed a 2016 district commission order and directed UIICL to pay Mehrotra ₹1.5 lakh for the claim, ₹1 lakh for mental distress, and...
UK’s financial watchdog has initiated an investigation into Aviva’s proposed £3.7 billion acquisition of Direct Line, a major player in the insurance industry.
The UK's Competition and Markets Authority (CMA) has launched an investigation into Aviva's £3.7 billion takeover of rival insurer Direct Line. The deal, which was agreed last year, aims to combine the insurance operations of both companies, creating one of the largest car insurers in the country. The CMA's phase 1 investigation, which began on...
LIC earns Guinness World Record for selling highest life insurance policies in 24 hours
The Life Insurance Corporation of India (LIC) has achieved a remarkable feat by earning a Guinness World Record title for selling the most life insurance policies in 24 hours. This incredible achievement was verified by Guinness World Records and recognizes the exceptional performance of LIC's dedicated agency network. On January 20, 2025, a...
LIC MD & CEO R Doraiswamy prioritizes ‘Insurance For All’ mission
Life Insurance Corporation of India (LIC) is prioritizing its mission of "Insurance for All" under the leadership of its Managing Director and CEO, R Doraiswamy. According to Doraiswamy, the primary objective of LIC is to ensure that every individual in the country has access to insurance, thereby providing them with financial security and...
Life Insurance Corporation (LIC) of India has intensified its efforts to target the younger demographic with the introduction of two new insurance plans.
The Life Insurance Corporation of India (LIC) has introduced two new non-par, non-linked individual plans, Nav Jeevan Shree and Nav Jeevan Shree Single Premium. These plans combine both savings and protection features, catering to the needs of individuals, particularly the younger generation. The plans aim to provide a comprehensive solution for...
Resolve long pending issues of LIC pensioners.
On Friday, Life Insurance Corporation (LIC) pensioners in Visakhapatnam staged a protest to demand resolution of their long-pending issues on the occasion of 'All India Demands Day'. The protest, organized by the All India Insurance Pensioners' Association (AIIPA), highlighted several key issues that have been pending for a long time. These...
CEO Siddhartha Mohanty of LIC says stake acquisition in health insurance company to be decided by March 31.
The Life Insurance Corporation of India (LIC), the country's largest insurer, is planning to expand its presence in the insurance market by acquiring a stake in a health insurance company. According to CEO Siddhartha Mohanty, a decision on the potential acquisition is expected to be made by the end of March, before the close of the current...
LIC reports 14.64% growth in new business premiums for 2024, with total collections amounting to Rs 2.33 lakh crore.
The Life Insurance Corporation of India (LIC) has reported a significant 14.64% year-on-year growth in new business premiums, collecting a total of Rs 2.33 lakh crore in the January-December period of 2024. This outpaces the overall insurance industry's growth rate of 14.41% and the private life insurers' growth rate of 14.55%. The data, released...
RenewBuy has partnered with LIC and ICICI Prudential to launch a term plan specifically designed for working professionals and small business owners, catering to their unique financial security needs.
RenewBuy, an insurance company, has launched a new term plan called Smart Term in partnership with leading insurers LIC and ICICI Prudential. The plan is designed to address the common pain points of term insurance, such as complexity, affordability, and lack of customization options. The Smart Term plan is tailored for working professionals and...
Star Health Insurance has teamed up with Medi Assist to revolutionize the claims process by leveraging artificial intelligence and digital innovation.
Star Health and Allied Insurance Company Ltd., India's largest retail health insurer, has partnered with Medi Assist to adopt MAtrix, an advanced AI-powered claims platform. This collaboration is a significant step in Star Health's claims transformation journey, aiming to deliver faster settlements, better customer engagement, and technology-led...
Star Health collaborates with Medi Assist to implement AI-powered claims digitization.
Star Health and Allied Insurance, India's largest retail health insurer, has partnered with Medi Assist Healthcare Services to deploy an advanced AI-powered claims platform called MAtrix. This move is a significant step in Star Health's digital transformation journey, aimed at accelerating claims settlements, improving fraud detection, and...
An insurance company has been ordered to pay Rs 3 lakh to a woman after it wrongfully denied her claim.
The Punjab State Consumer Disputes Redressal Commission has ordered Star Health and Allied Insurance Company to pay Rs 3 lakh to Neelam Saini, a resident of Gurdaspur district, for denying her a health claim for pregnancy-related expenses. The company had rejected her claim citing an exclusion clause in the policy that stated it was not liable to...
CEO Siddhartha Mohanty of LIC says stake acquisition in health insurance company to be decided by March 31.
The Life Insurance Corporation of India (LIC), the country's largest insurer, is planning to expand its presence in the insurance market by acquiring a stake in a health insurance company. According to CEO Siddhartha Mohanty, a decision on the potential acquisition is expected to be made by the end of March, before the close of the current...
Star Health names Rajeev Kher as Chairperson of the Board
Star Health and Allied Insurance Company Ltd, a leading standalone health insurance provider, has made a significant announcement regarding the appointment of a new Chairperson to its Board of Directors. At a Board meeting held on April 29, 2025, Rajeev Kher, an Independent Director, was appointed to this key position. This appointment is pending...
Life Insurance Corporation (LIC) plans to acquire a stake in a health insurance firm by March 31, according to CEO Mohanty.
The Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to its Managing Director and CEO, Siddhartha Mohanty. The company is in the final stages of discussions, but the name of the potential investee has not been disclosed. Mohanty...
Star Health has elevated its Chief Marketing Officer, Himanshu Walia, to the position of Whole-time Director.
Star Health and Allied Insurance Company, a leading insurance provider, has announced the elevation of two key executives to Whole-time Director positions. Himanshu Walia, the company's Chief Marketing Officer, and Amitabh Jain, the Chief Operating Officer, have been designated as Key Managerial Personnel. The appointments are subject to approval...
UK’s financial watchdog has initiated an investigation into Aviva’s proposed £3.7 billion acquisition of Direct Line, a major player in the insurance industry.
The UK's Competition and Markets Authority (CMA) has launched an investigation into Aviva's £3.7 billion takeover of rival insurer Direct Line. The deal, which was agreed last year, aims to combine the insurance operations of both companies, creating one of the largest car insurers in the country. The CMA's phase 1 investigation, which began on...
Aviva abandons international growth plans, focuses on expanding domestic presence
Amanda Blanc, the CEO of Aviva, has made notable comments that highlight a significant shift in the company's strategy. Unlike in the past, when Aviva expanded its operations globally, Blanc's approach is more focused on consolidation and streamlining. The company, formed in 2000 through the merger of Norwich Union and CGU, had previously amassed...
Aviva partners with CyberCube to enhance cyber exposure management capabilities.
CyberCube, a leading provider of cyber risk analytics, has partnered with US insurer Aviva to leverage artificial intelligence (AI) for cyber threat actor intelligence. The partnership will enable Aviva to use CyberCube's "Portfolio Threat Actor Intelligence" service and suite of cyber analytics software to strengthen its cyber exposure...
Aviva Issues Fire Risk Warning Due to Rising Claims
The UK has experienced its sunniest spring on record, with over 630 hours of sunshine between March 1 and May 27. However, this warm weather has also led to an increase in garden fire claims, according to insurance giant Aviva. The insurer reported that the average fire claim involving a garden in the UK amounts to nearly £16,000. The rise in...
Aviva Issues Fire Risk Warning Due to Rise in Claims
The UK has experienced its sunniest spring on record, with 630 hours of sunshine recorded between March 1 and May 27, according to the Met Office. However, this warm weather has led to an increase in garden fire claims, with Aviva reporting that April and May saw the highest number of claims this year. The average cost of a garden fire claim is...
Aviva has implemented the Reltio Data Cloud solution to unify its data.
Aviva, a multinational insurer based in the UK, has implemented the Reltio Data Cloud solution to provide real-time data intelligence and improve customer experiences. Prior to this deployment, Aviva struggled with fragmented data across different systems, which hindered its ability to gain a comprehensive view of customer interactions. The...
Aviva holds a 4.91% stake in Conduit as of May 22.
Aviva plc is a leading insurance, wealth, and retirement business company based in the United Kingdom. The company operates through several segments, including UK & Ireland Insurance, General Insurance, and Aviva Investors, as well as International investments and Other Operations. The UK and Ireland Life operations focus on providing life...
Seventy-four percent of Indian financial companies have adopted Generative Artificial Intelligence, according to a report by EY.
In 2024, India's financial services sector saw significant adoption of Generative AI (GenAI) beyond innovation projects to business-driven implementation. According to an EY India survey, 74% of financial firms have initiated GenAI proof-of-concept projects, with 11% already running in production. Non-Banking Financial Companies (NBFCs) and...
Healthcare regulator, common empanelment for hospitals must for pricing transparency: Bajaj Allianz CEO
The CEO of Bajaj Allianz, Tapan Singhel, has emphasized the importance of having a healthcare regulator and common empanelment for hospitals to ensure pricing transparency in the healthcare sector. He believes that the lack of transparency in medical billing is a significant issue in India, making it difficult for patients to understand the costs...
The Competition Commission of India (CCI) has given its approval to Bajaj Finserv’s acquisition of Bajaj Allianz firms.
Omaxe, a leading real estate developer, has announced a significant expansion in Madhya Pradesh with the acquisition of 450 acres of land along Indore's Super Corridor. The company plans to develop a modern, integrated township on this land, with an investment of Rs 12 billion. The project is expected to be completed in multiple phases and is...
Bajaj Group receives CCI approval to acquire 26% stake of Allianz in insurance joint ventures for Rs 24,180 crore.
The Competition Commission of India (CCI) has given approval for the Bajaj Group's acquisition of Allianz SE's 26% stake in their joint life and general insurance ventures, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. The deal, valued at Rs 24,180 crore, is the largest in the country's insurance sector. With...
Bajaj Allianz introduces region-specific health insurance plans to cater to distinct state-wise requirements.
Bajaj Allianz General Insurance has launched a new health insurance policy that is customized to meet the unique healthcare needs of each state in India. The policy, called "State-wise Health Insurance Policy," takes into account the local hospital infrastructure, prevalent health concerns, and affordability levels of each state to provide...
LIC to fast-track insurance claims for victims of Air India AI-171 crash
The Life Insurance Corporation of India (LIC) has announced immediate measures to support the families of the victims of the Air India Flight AI-171 crash in Ahmedabad. The insurer expressed deep sorrow over the loss of lives and assured that it would expedite claim settlements to provide financial relief to the affected families. LIC has...
Major fire destroys Bajaj Allianz office
A devastating fire broke out at the Bajaj Allianz office in Siwan city, located near Hotel Prakash at Babunia Mor, early on Friday morning. The fire, which is believed to have been caused by a short circuit, resulted in extensive damage to the property and valuables. Fortunately, no casualties were reported in the incident, as the office was...
Meet the woman who once headed a Rs 59,800 crore government firm, now works as a yoga instructor; she is the daughter of India’s oldest billionaire.
Meet Ananya Birla, the daughter of India's oldest billionaire, Kumar Mangalam Birla. Ananya, who once led a government firm worth Rs 598,000 crore, has now taken a different path in her career. As the chairperson of the Aditya Birla Group's microfinance arm, Svatantra Microfin, Ananya has been working tirelessly to empower women and promote...
Aditya Birla introduces the Super Term Plan, offering a combination of health services and flexible coverage options.
CEO Siddhartha Mohanty of LIC says stake acquisition in health insurance company to be decided by March 31.
The Life Insurance Corporation of India (LIC), the country's largest insurer, is planning to expand its presence in the insurance market by acquiring a stake in a health insurance company. According to CEO Siddhartha Mohanty, a decision on the potential acquisition is expected to be made by the end of March, before the close of the current...
HDFC Life appoints Pritika Shah as Head of Marketing, as CMO Vishal Subharwal departs.
HDFC Life, a leading life insurance provider in India, has announced the elevation of Pritika Shah to the position of Executive Vice President and Head of Marketing and Corporate Social Responsibility (CSR). Shah, who has been with the company for nearly 12 years, will oversee the development and implementation of marketing strategies, brand...
Aditya Birla Sun Life Insurance Introduces Super Term Plan to Increase Life Coverage
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has launched the ABSLI Super Term Plan, a comprehensive pure protection term insurance plan that provides goal-linked financial protection and built-in health management services. The plan is designed to support the overall well-being of policyholders and offers flexibility in coverage...
Aditya Birla Capital is now live on the Open Network for Digital Commerce (ONDC) across all three of its core financial services.
Aditya Birla Capital, a leading non-banking finance company (NBFC), has successfully integrated its core financial services on the Open Network for Digital Commerce (ONDC) platform. This milestone achievement enables the company to offer its services, including lending, insurance, and mutual fund investments, to customers through various live...
Aditya Birla Capital has become the first player in the banking, financial services, and insurance (BFSI) sector to integrate its lending, insurance, and investment services with the Open Network for Digital Commerce (ONDC).
Aditya Birla Capital has become the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC). ONDC is a government initiative aimed at creating an open and interoperable e-commerce network, promoting inclusivity, competition, and accessibility in digital commerce. By...
IRDAI takes action against health insurance claim lapses, targets 8 insurance companies: Report
The Insurance Regulatory and Development Authority of India (IRDAI) has conducted inspections at eight general insurance companies, including New India Assurance, ICICI Lombard General Insurance, and HDFC ERGO General Insurance, among others. The inspections aimed to review adherence to the Health Master Circular, a directive that streamlines...
Mohali: Insurer to pay ₹2 lakh for rejecting medical claim
The District Consumer Disputes Redressal Commission in Mohali has ordered HDFC ERGO Health Insurance Limited to reimburse ₹2 lakh to a policyholder, Kuldeep Singh Sandhu, who was wrongly denied a mediclaim. Sandhu had purchased a group mediclaim policy from Apollo Munich through Canara Bank, which provided a cover of ₹5 lakh for both him and his...
Which Insurance Company Has the Highest Claim Approval Rate? Find Out the Best Performers in This Report
When purchasing insurance, individuals trust that their insurance companies will provide financial support in times of need. However, a recent report by the Insurance Brokers Association of India (IBAI) revealed that the claim-to-settlement ratio in India dropped from 87% in FY22 to 86% in FY23. This means that out of all the claims filed, 86%...
Parthanil Ghosh is Executive Director of HDFC ERGO General Insurance.
Parthanil Ghosh has been appointed as the Executive Director of HDFC ERGO General Insurance, effective May 1, 2025. The appointment was approved by the company's Board of Directors, the Insurance Regulatory and Development Authority of India (IRDAI), and other relevant authorities. Ghosh has been associated with HDFC ERGO since 2016 and has over...
HDFC ERGO and PCI introduce PlayAble, an initiative to empower para-athletes.
HDFC ERGO General Insurance has launched a groundbreaking platform called PlayAble, in partnership with the Paralympic Committee of India (PCI), to provide para-athletes with access to training facilities, coaches, and like-minded training partners across the country. The platform aims to empower para-athletes to train, grow, and compete with...
HDFC ERGO General Insurance has elevated Mukesh Kumar to the position of Joint Vice President of Human Resources (JVP-HR).
HDFC ERGO General Insurance has promoted Mukesh Kumar to the position of Joint Vice President - Human Resources. In this new role, Kumar will focus on strengthening the company's human capital growth and strategic people planning. Kumar joined the company in October 2022 as Deputy Vice President - HRBP & Talent Acquisition, where he was...
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays...
IRDAI takes action against health insurance claim lapses, targets 8 insurance companies: Report
The Insurance Regulatory and Development Authority of India (IRDAI) has conducted inspections at eight general insurance companies, including New India Assurance, ICICI Lombard General Insurance, and HDFC ERGO General Insurance, among others. The inspections aimed to review adherence to the Health Master Circular, a directive that streamlines...
PhonePe is providing insurance coverage for attendees of the Maha Kumbh Mela.
PhonePe, a digital payments firm, has launched an innovative insurance plan in partnership with ICICI Lombard General Insurance, specifically designed for travelers attending the Maha Kumbh Mela, a major spiritual event in Uttar Pradesh, India. The event, which takes place from January 13 to February 26, 2025, attracts millions of devotees from...
ICICI Lombard has collaborated with Clearspeed to identify and prevent fraudulent claims.
ICICI Lombard, a leading private general insurance company in India, has partnered with Clearspeed, a global leader in voice-based risk assessment technology, to address the issue of fraudulent insurance claims in the country. The partnership, facilitated by channel partner Aelius, aims to tackle the problem of motor theft claims, which is a...
ICICI Lombard has acquired the branding rights for the Siddhivinayak Metro Station.
ICICI Lombard, a leading insurance company, has acquired the branding rights for the Siddhivinayak Metro Station on Mumbai Metro Line 3 (Aqua line). The station, located in the heart of Mumbai, near the famous Shri Siddhivinayak Temple, will now be known as the ICICI Lombard Siddhivinayak Metro Station. This branding initiative is a significant...
Star Health has elevated its Chief Marketing Officer, Himanshu Walia, to the position of Whole-time Director.
Star Health and Allied Insurance Company, a leading insurance provider, has announced the elevation of two key executives to Whole-time Director positions. Himanshu Walia, the company's Chief Marketing Officer, and Amitabh Jain, the Chief Operating Officer, have been designated as Key Managerial Personnel. The appointments are subject to approval...
Delhi High Court quashes Rs.150 Crore GST Demand against ICICI Lombard General Insurance
The Delhi High Court has quashed a Goods and Services Tax (GST) demand of Rs. 150 crore against ICICI Lombard General Insurance Company Limited. The company had been issued a demand notice by the GST Officer, Department of Trade and Taxes, Government of the National Capital Territory of Delhi, for the financial year 2019-20. The demand included a...
Park+ partners with ICICI Lombard to offer digital car insurance.
Park+, a leading auto-tech platform in India, has partnered with ICICI Lombard, a prominent insurance provider, to offer car insurance services to its users. The partnership, announced on May 19, 2025, aims to simplify the process of acquiring and managing car insurance for Park+'s user base of over 20 million car owners. Through this...