Royal Sundaram has appointed Vedanarayanan Seshadri as its new Managing Director.
Royal Sundaram General Insurance Company Limited has announced the appointment of Vedanarayanan Seshadri as its new Managing Director. Seshadri takes over the reins from M. S. Sreedhar, who has completed his tenure as the MD and CEO of the company. Vedanarayanan Seshadri has over two decades of experience in the insurance industry and has held various leadership positions in his previous roles. Prior to joining Royal Sundaram, he was the Chief Distribution Officer at Tata AIG General Insurance...
Niva Bupa introduces ‘Rise’ to cater to India’s Missing Middle demographic.
Niva Bupa Health Insurance Company Limited has launched a new health insurance plan called "Rise" to provide affordable and accessible healthcare to India's "Missing Middle" population. This segment, comprising around 40 crore Indians, earns too much to qualify for government-sponsored health schemes but too little to afford premium private health insurance. The plan is designed to bridge the gap of inadequate coverage for this segment, which is vulnerable to financial burdens during medical...
Aditya Birla Sun Life Mutual Fund launches Aditya Birla Sun Life Choti SIP, a fully online service.
Aditya Birla Sun Life AMC Limited (ABSLAMC) has introduced a new initiative called Aditya Birla Sun Life Choti SIP, effective March 5, 2025. This innovative plan allows investors to participate in a Systematic Investment Plan (SIP) with a minimum investment of just Rs. 250. The Choti SIP is available for all schemes of the fund, except Debt, Sectoral & Thematic, Small & Midcap Funds, and can be invested in exclusively under the Growth option. To be eligible for Choti SIP, investors must commit...
Tata AIA Life introduces a new goal-based insurance policy specifically designed to help parents plan and save for their children’s wedding expenses.
Tata AIA Life Insurance has introduced a new life insurance product called "Shubh Muhurat" designed to help families save for their children's weddings. This hybrid product offers a unique combination of capital guarantee through debt exposure and wealth creation through equity exposure, providing a safeguard against wedding-related expenses. The plan is tailored for parents with children between the ages of 1 and 20, aiming to alleviate financial concerns associated with one of the most...
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 milestone for the company, aimed at increasing its visibility and building a deeper connection with the people of Mumbai. The station has been...
Millions of people would lose their healthcare coverage under the Obamacare repeal bill proposed by the Trump administration.
The Republican policy bill, which passed the House last month, would have significant consequences for Obamacare enrollees. According to the Congressional Budget Office (CBO), the bill's proposals would lead to approximately four million people losing health coverage over the next decade. The bill's changes are largely technical, including reductions to enrollment periods, adjustments to formulas, and additional paperwork requirements. However, collectively, they would make coverage more...
ICICI Prudential Life has disbursed over ₹900 crore as loans against traditional policies in the fiscal year 2025.
ICICI Prudential Life Insurance has reported a significant increase in loans disbursed against traditional insurance policies, with over ₹900 crore in loans given out during FY2025. This facility allows customers to borrow up to 80% of their policy's surrender value, providing them with urgent funds without disrupting their life cover or long-term savings. The company has seen a 60% year-on-year increase in loan disbursals, indicating growing customer awareness and utilization of this feature....
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 by the Insurance Regulatory and Development Authority of India (IRDAI) and will take effect on the date of approval. Himanshu Walia, with over 22...
Protecting Rhode Islanders’ health coverage begins with the passage of the affordability act.
Rhode Island has made significant progress in expanding access to healthcare, with over 97% of its residents having insurance coverage. However, proposed cuts in Congress' reconciliation bill threaten to undermine this progress, particularly the enhanced premium tax credits under the Affordable Care Act, which will expire at the end of 2025. These tax credits provide critical financial assistance to low- and middle-income families, allowing them to afford private insurance. The expiration of...
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 management strategy. By utilizing AI, particularly large language models (LLMs), Aviva will be able to analyze extensive digital forensics data and data leaks...
The New India Co-operative Bank Crisis and DICGC’s RoleThe New India Co-operative Bank, which is based in Mumbai, was on the verge of collapse due to mismanagement and fraud. The bank had a significant presence in the state of Maharashtra, with numerous branches and a large customer base. However, in 2018, it was discovered that the bank’s management had been involved in large-scale irregularities, leading to a substantial loss of funds.As a result, the Reserve Bank of India (RBI) had to step in and take control of the bank to prevent its collapse. The RBI also asked the Deposit Insurance and Credit Guarantee Corporation (DICGC) to provide insurance coverage to the bank’s depositors.DICGC, which is a subsidiary of the RBI, provides deposit insurance to protect depositors in case of bank failures. The corporation ensures that depositors receive their insured deposits up to a certain amount, even if the bank fails. In the case of the New India Co-operative Bank, DICGC played a crucial role in providing insurance coverage to the depositors.The failure of the New India Co-operative Bank highlighted the importance of regulatory oversight and the need for effective deposit insurance coverage. It also underscored the significance of DICGC’s role in maintaining financial stability and protecting depositors’ interests.
The New India Co-operative Bank in Mumbai is facing a financial crisis due to allegations of a Rs 122 crore fraud, prompting the Reserve Bank of India (RBI) to impose strict restrictions on the bank's operations. The restrictions include a ban on granting new loans, renewing existing advances, and accepting new deposits, as well as a six-month moratorium on deposit withdrawals from February 13, 2025. However, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the...
Tata Digital CEO Naveen Tahilyani Resigns
The Tata Group's digital venture, Tata Digital, is facing a significant leadership crisis with the departure of its Managing Director and CEO, Naveen Tahilyani. This marks the second CEO exit in just over a year, highlighting the company's struggles to stabilize its operations and execute its vision for its super-app platform, Tata Neu. Tahilyani, a Tata Group veteran, took over the reins in February 2024 but has now stepped down to take on a broader international role with Prudential Plc....
LIC Sets Guinness World Record With 5.88 Lakh Policies Sold In One Day
The Life Insurance Corporation of India (LIC), a public sector insurance firm with a market capitalization of over Rs 5.4 lakh crore, has achieved a remarkable feat by earning a Guinness World Record title for the most life insurance policies sold in 24 hours. On January 20, 2025, a total of 452,839 agents of LIC successfully issued an astonishing 588,107 life insurance policies across India, setting a new global benchmark for agent productivity in the life insurance industry. This achievement...
Mumbai man triumphs over insurance firm after 8-year battle, receives ₹16.5-lakh claim
A 49-year-old Mumbai man, Chetan Tolia, has finally received ₹16.5 lakh in insurance compensation eight years after a road accident left him blind in one eye. The accident occurred in Hyderabad in 2017, and Tolia underwent multiple surgeries, including a failed corneal graft and treatment for retinal detachment. Despite his vision in his left eye being declared permanently and irreversibly lost, the insurer, The New India Assurance Company Limited, initially paid him only ₹4.5 lakh, citing a...
LIC India’s consolidated net sales for March 2025 stood at Rs 243,134.49 crore, marking a 1.85% year-on-year increase.
The latest financial reports indicate a strong performance by India's public sector units (PSUs), with several companies recording robust profit growth. LIC India, the country's largest insurer, has reported a consolidated net sales of Rs 243,134.49 crore for the quarter ended March 2025, representing a 1.85% year-over-year (Y-o-Y) increase. Notably, LIC India has emerged as the most profitable government company in India, surpassing other major PSUs such as State Bank of India (SBI), Steel...
Edelweiss Launches Zurich to Seattle Flight Service
On June 2, 2025, Edelweiss, Switzerland's premier leisure airline, celebrated the launch of its inaugural flight from Zurich to Seattle, marking a significant expansion of its transatlantic offerings. The launch event, held at Zurich Airport, featured a ribbon-cutting ceremony attended by Edelweiss CEO Bernd Bauer, Chief Commercial Officer Patrick Heymann, and other dignitaries. This new route connects Switzerland to the vibrant US Pacific Northwest, with Seattle becoming the airline's fourth...
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 fire claims is attributed in part to the increased use of barbecues and bonfires in gardens during the warmer weather. Aviva has warned that lightning...
Santa Clara County has taken over a managed health care program.
Santa Clara County leaders are seeking to reduce the financial burden of supporting the county's public hospital system by streamlining the management of Medi-Cal reimbursements. The county has established a plan to consolidate the management of Medi-Cal, a program for low-income families, foster youth, disabled people, and older adults, under a single-plan model. This move aims to improve reimbursement rates, eliminate inefficiencies, and reduce duplicative costs. As part of this plan, the...
House Republican Health Agenda Cuts Coverage, Raises People’s Costs – Center on Budget and Policy Priorities
The Center on Budget and Policy Priorities has analyzed the House Republican health agenda and concluded that it would cut health coverage and raise costs for millions of Americans. The agenda, which includes several bills and proposals, would repeal and replace the Affordable Care Act (ACA), also known as Obamacare, with a system that would leave many people without access to affordable health insurance. One of the main components of the agenda is the American Health Care Act (AHCA), which...
Bajaj Allianz Life introduces comprehensive policy for women
Bajaj Allianz Life has introduced a comprehensive insurance policy specifically designed for women, addressing their unique needs and concerns. The all-in-one policy provides a range of benefits, including life insurance, health insurance, and savings, to cater to the diverse requirements of women at various stages of their lives. This innovative policy acknowledges the distinct financial challenges and responsibilities that women face, such as managing family expenses, saving for their...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders of FY25
Bajaj Allianz Life Insurance has announced a significant annual bonus of Rs 1,833 crore for the financial year 2024-25, marking a 32% increase from the previous year's bonus of Rs 1,383 crore. This bonus will benefit over 1.17 million policyholders who hold traditional participating policies that were active as of March 31, 2025. The bonus is sourced from the insurer's participating fund and will be disbursed upon policy maturity or exit, as per the terms of the policies. In addition to the...
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 nearly £16,000. The rise in fire claims is partly attributed to the increase in people enjoying barbecues and bonfires in their gardens during the...
India’s Mother’s Day 2025 brand campaigns feature notable contributions from Kotak Life, Blue Tribe Foods, Wondrlab, Mahindra Tractors, Morepen, and BML Lead.
In celebration of mothers in 2025, several Indian companies launched campaigns that showcased the strength, wisdom, and legacy of mothers. Kotak Life Insurance, in partnership with Wondrlab, created a film titled "Ma Ki Di Hui Viraasat" that highlighted the unspoken lessons and values that mothers pass down to their children. The campaign aimed to reflect the values that are passed from one generation to the next, and the creators described it as a nostalgic process that reconnected them with...
Best LIC Policy in 2025: Jeevan Anand Offers ₹30 Lakh with Daily Investment of ₹200
The Life Insurance Corporation of India (LIC) offers a popular investment scheme called "Jeevan Anand Policy" that provides a safe and profitable way to collect funds worth lakhs of rupees with a daily deposit of just ₹200. This policy is a term maturity plan, where the policyholder pays a premium for a specified period, such as 30 years, and receives a lump sum amount at the end of the term. With a daily premium of ₹200, policyholders can collect a fund of approximately ₹30 lakhs over a...
ICICI Prudential Life has achieved the highest claim settlement ratio of 99.04% in the second quarter of the fiscal year 2025. Here’s how other insurance companies rank in terms of claim settlement ratio:* ICICI Prudential Life: 99.04% * [Insert other insurers’ ratios] Note: The claim settlement ratio is a key metric that indicates the percentage of death claims settled by an insurer out of the total claims received. A higher ratio suggests a better track record of settling claims.
ICICI Prudential Life Insurance has achieved a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The company settled claims worth Rs 451.05 crore during this period, with an average claim settlement turnaround time of just 1.2 days. According to Amish Banker, Chief Operations Officer, the company handles every claim with utmost sensitivity, considering it the ultimate moment of truth. The company's 'Claim...
LIC Bima Sakhi Yojana launched with concept of ‘Har Ghar Insurance’: Goa CM Sawant
The Life Insurance Corporation of India (LIC) has launched a new initiative called 'Bima Sakhi Yojana' with the concept of 'Har Ghar Insurance', aiming to provide insurance coverage to every household in the country. The scheme was launched by Goa Chief Minister Pramod Sawant in the presence of top officials from LIC. The Bima Sakhi Yojana is a unique initiative that aims to utilize the services of self-help groups (SHGs) and women from rural areas to sell life insurance policies. The scheme...
LIC CEO Mohanty stated that the firm will finalize acquiring a significant stake in a health insurance company by March 31.
The Life Insurance Corporation of India (LIC) is planning to reveal details of its latest acquisition by the end of the current fiscal year, according to MD and CEO Siddhartha Mohanty. The state-owned insurance company is in the final stages of acquiring a major stake in a standalone health insurance company, with the goal of finalizing the deal by March 31. While Mohanty did not disclose the name of the target company, he confirmed that the process is nearing completion and that the...
HDFC Life has been ranked as the ‘Next Leader’ on the Indian Corporate Governance Scorecard for 2024.
HDFC Life, a leading life insurer in India, has been recognized as a 'Next Leader' in the Indian Corporate Governance assessment conducted by Institutional Investor Advisory Services (IiAS) as of December 31, 2024. This recognition is a testament to the company's commitment to transparency, accountability, and exemplary governance practices. HDFC Life has been featured on this prestigious list for the fourth consecutive year, which is based on the annual assessment of the BSE 100 companies...
The Reserve Bank of India (RBI) has lifted the restrictions imposed on ECL Finance and Edelweiss Asset Reconstruction Company (ARC).
The Reserve Bank of India (RBI) has lifted the business restrictions it had imposed on ECL Finance Ltd. and Edelweiss Asset Reconstruction Company Ltd., two entities belonging to the Edelweiss Group, with immediate effect. The restrictions were put in place on May 29, 2024, due to supervisory concerns. ECL Finance Ltd. was restricted from undertaking any structured transactions in respect of its wholesale exposures, while Edelweiss Asset Reconstruction Company Ltd. was prohibited from...
HHS Office for Civil Rights Resolves HIPAA Security Rule Inquiry with Florida-Based Healthcare Entity via Settlement – HHS.gov
The U.S. Department of Health and Human Services' (HHS) Office for Civil Rights (OCR) has recently settled a Health Insurance Portability and Accountability Act (HIPAA) Security Rule investigation with a Florida-based healthcare provider. The settlement highlights the importance of ensuring the confidentiality, integrity, and availability of electronic protected health information (ePHI). The investigation was initiated after the healthcare provider reported a breach of unsecured ePHI...
Edelweiss’ Radhika Gupta reacts to Donald Trump’s order on deregulation: ‘Akin to mom telling me I need to discard…’
Radhika Gupta, the Managing Director and CEO of Edelweiss Mutual Fund, has praised US President Donald Trump's recent executive order, which aims to reduce regulatory burdens by mandating the removal of 10 existing rules for every new one introduced by any agency. Gupta took to social media to express her admiration for the move, stating that it will help keep regulations up to date without increasing the cost of compliance. She compared the approach to a mother asking her child to get rid of...
LIC Obtains ISO 22301:2019 Certification for Business Continuity from BSI
The Life Insurance Corporation of India (LIC) has achieved a significant milestone by being awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI). This prestigious certification is a global benchmark for business continuity management and recognizes LIC's ability to maintain robust business continuity practices, ensuring uninterrupted services even during unforeseen disruptions. The ISO 22301:2019 certification is an...
LIC of India has been awarded the ISO 22301:2019 certification for Business Continuity Management System by the British Standards Institution.
The Life Insurance Corporation of India (LIC) has achieved a significant milestone by receiving the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI). This certification recognizes LIC's operational resilience, business continuity planning, and risk management capabilities, which are now aligned with global best practices. The ISO 22301:2019 standard is an international benchmark for business continuity management, focusing...
New India Assurance Co. Ltd., Oman receives the prestigious Times of Oman Best Brand in Customer Experience Award
New India Assurance Co. Ltd., Oman, has been honored with the prestigious Times of Oman Best Brand in Customer Experience Award in the insurance category at the Oman CX Awards 2025. This recognition is a testament to the company's unwavering commitment to delivering exceptional service and customer satisfaction across the Sultanate. The award was received by Mr. Gaurav Sharma, Chief Operating Officer of New India Assurance, Oman Operations, on behalf of the company. The Oman CX Awards 2025...
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 company evaluated various vendors to replace its legacy IBM Master Data Management system and ultimately chose Reltio's solution. The Reltio Data Cloud...
The Congressional Budget Office (CBO) has revised its estimate regarding the number of individuals who would lose health insurance coverage.
A recent analysis by the nonpartisan Center on Budget and Policy Priorities has estimated that approximately 15.7 million Americans could lose their health insurance coverage if the bill passed by the House of Representatives on May 22 becomes law. This figure is significantly higher than previous estimates and is based on revised numbers published by the Congressional Budget Office (CBO) after the House Republican caucus made changes to the bill. The analysis, entitled "By the Numbers: House...
Innovate to address new risks, Finance Minister advises insurers
Finance Minister Nirmala Sitharaman held a meeting with public sector general insurance companies to discuss their performance and future strategies. The meeting was attended by top officials, including Financial Services Secretary M Nagaraju. Sitharaman emphasized the importance of innovation and diversification in the insurance sector, citing the need for products that address emerging risks such as cyber fraud. The Minister encouraged the insurers to develop new products and services that...
ICICI Prudential Life Insurance and Axis Max Life Insurance are leading the way in customer experience.
The Hansa Research Life Insurance CuES 2025 report has ranked the top life insurance companies in India based on customer experience. The report is based on feedback from over 3600 customers across 13 life insurance brands in the country. The report reveals a significant improvement in customer experience in the life insurance industry, with a notable increase in the Net Promoter Score (NPS) from 54% to 58% over the past year. This improvement can be attributed to insurers effectively meeting...
Edelweiss Mutual Fund has introduced a new low-duration fund.
Edelweiss Asset Management has launched a new open-ended low duration debt scheme, Edelweiss Low Duration Fund, with a minimum investment amount of Rs 100. The fund aims to generate income by investing in debt and money market securities with a Macaulay duration of 6-12 months, striking a balance between stability and returns. The scheme is suitable for investors seeking short-term income with low to moderate risk. According to Radhika Gupta, Managing Director and CEO of Edelweiss Mutual Fund,...
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 insurance, long-term health and accident insurance, savings, pensions, and annuity products to individuals and businesses. The UK and Ireland General...
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 tax amount of Rs. 1,49,55,43,768, interest of Rs. 1,24,34,72,940, and a penalty of Rs. 14,95,54,377. The GST demand was based on the company's...
Edelweiss Mutual Fund is set to launch Altiva SIF in the hybrid category soon, according to CEO Radhika Gupta.
The Securities and Exchange Board of India (SEBI) has set a minimum investment threshold of Rs 10 lakh for Scheme of Investment Funds (SIFs). This higher entry point is due to the increased complexity of SIFs, which often involve the use of derivatives and may have limited liquidity in certain categories. According to industry experts, derivatives require a deeper understanding and nuance, making them more suitable for savvier investors. The use of derivatives in SIFs can be complex, and the...
LIC secures Guinness World Record for selling 5.8 lakh insurance policies in 24 hours
The Life Insurance Corporation of India (LIC), a government-owned insurer, has achieved a remarkable feat by earning a Guinness World Records title for selling the most life insurance policies in 24 hours. On January 20, 2025, a total of 452,839 agents of LIC successfully issued an impressive 588,107 life insurance policies across India. This extraordinary achievement has set a new global benchmark for agent productivity in the life insurance industry within a 24-hour period. The record...
Bajaj Group receives CCI approval to acquire Allianz’s 26% stake in insurance joint ventures for Rs 24,180 crore
The Bajaj Group has received approval from the Competition Commission of India (CCI) to acquire Allianz's 26% stake in their insurance joint ventures for a whopping Rs 24,180 crore. This deal marks a significant milestone in the Indian insurance industry, as it paves the way for the Bajaj Group to gain full ownership of the joint ventures. The joint ventures in question are Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, which were established in 2001 as a partnership between...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders for FY25
Bajaj Allianz Life Insurance has announced a bonus of Rs 1,833 crore for its policyholders for the financial year 2024-25. This bonus is a testament to the company's strong performance and its commitment to rewarding its customers. The bonus will be distributed among the policyholders who have been with the company for a certain period, and it is expected to benefit over 12 lakh policyholders across India. The bonus announcement was made by the company's Managing Director and Chief Executive...
ICICI Prudential and Union Mutual Fund have launched new fund offers that cater to diverse investment strategies.
ICICI Prudential Mutual Fund and Union Mutual Fund have introduced two new investment schemes, catering to the diverse needs of retail investors. The ICICI Prudential Nifty200 Quality 30 Index Fund is an open-ended index scheme that tracks the Nifty200 Quality 30 Index, focusing on 30 high-quality companies with strong financial metrics. This passively managed fund offers exposure to companies with high return on equity, low financial leverage, and stable earnings growth. The scheme is...
Calcutta High Court Prohibits GST Refund to Electronic Credit Ledger of Defunct Business
The Calcutta High Court has made a significant ruling in a case involving the Goods and Services Tax (GST) refund. The petitioner, Edelweiss Rural & Corporate Services Limited (Edelweiss), had approached the Court after being aggrieved by contradictory orders issued by the Revenue Department. Edelweiss had previously successfully appealed against a refund rejection order and had filed a new refund application in October 2023. However, the Revenue Department issued a refund sanction order that...
Health and Care Sector: Latest Developments
The UK's National Health Service (NHS) is facing significant changes and challenges. GP leaders are warning against plans to fragment primary care services through neighborhood health teams, which could lead to a "one size fits all" approach being abandoned in favor of targeted services based on patient groups. The Royal College of General Practitioners' chair, Professor Kamila Hawthorne, has expressed concern that this could undermine general practice as the universal healthcare gateway and...
Edelweiss Asset Management Launches New Brand Identity, ‘Altiva SIF’, Expanding Its Capabilities
Edelweiss Asset Management Limited, one of India's fastest-growing asset management companies, has launched a new brand identity called "altiva SIF" for its Specialized Investment Funds (SIFs) business. This move reinforces the company's commitment to innovation and unique product offerings. The altiva SIF will provide differentiated investment solutions across equity, hybrid, and fixed income categories, catering to the evolving needs of investors. According to Radhika Gupta, MD & CEO of...
Budget 2025 Expectations: Reduce tax burden by increasing limits under Section 80D of IT for health insurance, says ManipalCigna Health Insurance CFO Srikanth Kandikonda
The insurance industry is eagerly awaiting the Union Budget for FY 2025-26, with high expectations from the government's annual financial document. The sector is hoping for several key announcements that could impact its growth and development. As the Budget is set to be unveiled, industry stakeholders are keeping their fingers crossed, anticipating several significant changes. One of the key expectations from the insurance sector is an increase in the foreign direct investment (FDI) limit...
Naveen Tahilyani has stepped down as the CEO of Tata Digital and will be joining Prudential Plc.
Naveen Tahilyani has resigned as the CEO and Managing Director of Tata Digital, a position he held for just over a year. He will be taking on a new role as Regional CEO for India, Africa, Cambodia, Laos, and Myanmar at UK-based Prudential Plc. Tahilyani will also be overseeing the company's health vertical and will be a part of the global executive committee. He is set to take charge on July 29 and will be based in India, reporting directly to Prudential CEO Anil Wadhwani. Tahilyani's...
NIACL Assistant Mains Result 2024 Declared; Download Link Available
The New India Assurance Company Limited (NIACL) has announced the results of the Assistant Phase II exam, which was held on March 2, 2025. Candidates who took the exam can now check their results on the official NIACL website, newindia.co.in. The results declare the list of qualified candidates who have been shortlisted for the Regional Language Test, a crucial step in the recruitment process. The recruitment drive aims to fill 500 Assistant posts, and the qualified candidates will now proceed...
Aditya Birla Sun Life Insurance has partnered with Equitas Small Finance Bank to increase accessibility to life insurance products, enhancing its reach to a broader customer base.
Aditya Birla Sun Life Insurance ( ABSLI) has entered into a partnership with Equitas Small Finance Bank to expand the accessibility of life insurance products to a wider audience. This collaboration aims to leverage the bank's extensive network and customer base to offer a range of life insurance solutions to its customers. Through this partnership, ABSLI will offer its suite of life insurance products, including term life, savings, retirement, and health insurance plans, to Equitas Small...
Edelweiss AMC launches ‘Altiva SIF’ to expand Specialized Investment Fund offerings; check details
Edelweiss Asset Management Limited has launched a new brand identity called "altiva SIF" as it enters the Specialized Investment Funds (SIFs) space. This move positions Edelweiss as one of the first asset management companies in India to formally build out offerings in this emerging category. The altiva SIF platform aims to offer a range of investment solutions in equities, hybrids, and fixed income, catering to the changing requirements of investors looking for options outside of conventional...
New India Assurance Company appoints seven General Managers
The New India Assurance Company Limited, a leading insurance company in India, has announced the appointment of seven new General Managers. The company has informed the regulatory authorities and stakeholders about the new appointments through a regulatory filing. The newly appointed General Managers are: 1. Ms. Jayashree Nair 2. Ms. Abraham Mary 3. Mr. Prashant Biswas 4. Ms. Rema Devi V. 5. Mr. Dinakaran S. 6. Ms. S Jayashree 7. Mr. K Ramesh This strategic expansion of the general managers'...
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 integration, users will be able to purchase insurance coverage for both new and used vehicles digitally, with the entire process taking only a few minutes. The...
Aditya Birla Capital has integrated its credit and insurance offerings on the Open Network for Digital Commerce (ONDC) platform.
Aditya Birla Capital Limited (ABCL) has become the first financial services company to integrate its three core services - lending, insurance, and investments - on the Open Network for Digital Commerce (ONDC). This move aims to simplify access to financial products on the platform and enhance user experience. ABCL's offerings will be available on ONDC via multiple buyer apps, allowing users to access financial products directly without downloading additional applications. The integration is a...
Edelweiss Pianos Introduces Groundbreaking Piano Configurator for Bespoke Designs
Edelweiss Pianos, a prestigious British piano company founded in 1975, has launched a revolutionary piano configurator that allows clients to design and customize their own pianos. This innovative tool, available online and in-store, enables customers to choose from a wide range of colors and finishes to create a unique and personalized instrument that reflects their individual style and home decor. The configurator is a significant milestone in Edelweiss Pianos' commitment to providing...
Aviva Partners with CyberCube to Enhance AI-Driven Cyber Risk Management Solutions
Aviva, a British insurer, has partnered with CyberCube, a cyber risk analytics company, to enhance its cyber risk management strategy using artificial intelligence (AI) capabilities. The partnership aims to help Aviva understand cyber threats and their targets by utilizing CyberCube's Portfolio Threat Actor Intelligence solution. This solution leverages large language models to extract threat intelligence from digital forensics data and data breaches associated with ransomware groups. The...
Tata AIA has witnessed a 10% increase in buyers choosing term life insurance covers below the age of 70, highlighting the significance of timing over tenure in such policies.
Tata AIA Life Insurance has observed a significant shift in the way customers are purchasing term insurance. Instead of opting for lifelong protection, more people are choosing term plans that cover them only until they are 70 years old. According to Sujeet Kothare, Executive Vice President of Tata AIA Life Insurance, there has been a 10% increase in new customers selecting term plans with coverage below the age of 70. This trend indicates that customers are becoming more informed and are...
Concerns are growing over potential medical coverage losses stemming from the proposed healthcare legislation, dubbed the big, beautiful bill.
The Hill recently reported on growing concerns over the potential loss of medical coverage for millions of Americans under the new healthcare bill proposed by the Republican Party. The bill, touted as a replacement for the Affordable Care Act (ACA), has been dubbed the "big, beautiful bill" by President Trump. However, critics argue that the proposed legislation would lead to significant losses in medical coverage, particularly for low-income individuals and families. The Congressional Budget...
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 three decades of experience across various industries. Ghosh began his career as a senior sales executive with NIIT in 1992 and has since held various...
Star Health Advocates for Reduced Costs to Ensure Sustainability
Star Health and Allied Insurance, the largest standalone health insurer in the country, is advocating for a reduction in distribution costs, including commissions, to make health insurance more sustainable. According to CEO Anand Roy, the current cap on management expenses, which stands at 35%, should be gradually reduced by a percentage point every year. This, he believes, will help bring down the cost of insurance. Roy's company is one of the few that operates within the expense of...
A well-designed garden can serve as a natural barrier against extreme weather conditions, shielding your property from potential damage. Here’s how:
- Flooding: Strategically planting trees, shrubs, and other vegetation can help absorb excess rainwater, reducing the risk of flooding and preventing water from entering your home.
- Strong Winds: A garden with a mix of trees, hedges, and shrubs can act as a windbreak, Lessening the impact of strong gusts and preventing damage to your property.
- Drought: Drought-resistant plants and efficient irrigation systems can help conserve water and protect your garden from the effects of drought, reducing the risk of soil erosion and damage to your property’s foundation.
- Storm Surges: A garden with a slope or a retaining wall can help protect your property from storm surges by redirecting water away from your home and preventing erosion.
- Heatwaves: A garden with plenty of shade-providing trees and plants can help cool the air around your property, reducing the urban heat island effect and keeping your home cooler during heatwaves.
- Landslides: Planting deep-rooted trees and shrubs can help stabilize soil and prevent landslides, protecting your property from potential damage.
- Snow and Ice: A garden with a slope or a snow-melt system can help prevent snow and ice from accumulating on your property, reducing the risk of damage to your home andmaking it safer to access.
The growing trend of using artificial grass in residential areas may pose an environmental concern, according to Aviva, a leading insurer. While artificial lawns are often chosen for their convenience and low maintenance requirements, they can contribute to the problem of waste disposal and environmental degradation. The majority of artificial grass products are made from plastic, which has a limited lifespan and eventually ends up in landfills. The disposal of artificial grass in landfills is...
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM. Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and...
Will Break Even by Next Fiscal, Says Shanai Ghosh – Money News
Zuno General Insurance, backed by the Edelweiss Group, has reported a strong performance in the previous fiscal year, with a gross premium of approximately ₹1,000 crore. The company achieved a growth rate of 19%, outpacing the industry growth rate of 6%. Managing director and CEO Shanai Ghosh attributes this success to the company's focus on innovation, experience, and efficiency. Zuno aims to maintain a growth trajectory of 2.5 to 3 times the industry rate, targeting a premium of around...
Bajaj Allianz Life’s campaign showcases the benefits of a steady and consistent approach.
Bajaj Allianz Life, a private life insurer, has launched a new campaign film featuring cricketer Shubman Gill as its brand ambassador. The campaign aims to highlight the importance of a steady and consistent approach in achieving long-term financial security, whether it's navigating life's ups and downs or market fluctuations. The film showcases Gill's journey, filled with triumphs and setbacks, and demonstrates how consistent efforts can lead to success, both on and off the field. According...
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 dignity and equal opportunity. PlayAble is an amalgamation of community, empowerment, and comfort, ensuring that no para-athlete trains alone. The...
Raj Kumar has exited his position as the LIC nominee director from IDBI Bank.
Shri Raj Kumar, a veteran of the life insurance industry, has completed his term as LIC Nominee Director on the Board of IDBI Bank Limited, effective May 18, 2025. With over four decades of strategic leadership and operational experience, Mr. Kumar has had a distinguished career in the insurance sector. He joined LIC in 1984 as an apprentice officer and has held various key positions, including Managing Director of LIC, Chief Executive Officer of LIC Mutual Fund Asset Management Limited, and...
Man who lost leg in bus accident near Pune awarded Rs 1 crore
A 34-year-old man, Abhijit Pujare, from Nalasopara, has been awarded a compensation of approximately Rs 1 crore, including interest, by the Motor Accident Claims Tribunal. The amount will be paid jointly by the owner of the bus, M/s RN Cabs Pvt Ltd, and the insurance firm United India Insurance Co Ltd. The accident occurred in 2021 when the bus, in which Pujare was a passenger, overturned near Pune due to the driver's rash and negligent driving. Pujare, who worked as a manager for a private...
Tata AIA Launches ‘Pledge to Protect’ Initiative to Drive Insurance Awareness in Bengaluru
Tata AIA Life Insurance has launched its "Pledge to Protect" initiative in Bengaluru, aiming to secure one lakh lives in the fourth quarter of FY25. The initiative is part of the company's efforts to promote life insurance awareness and financial security among Indians. On its 24th Foundation Day, the Tata AIA Agency team in Bengaluru engaged with nearly 200 consumers through awareness sessions and distributed leaflets, water bottles, and other essential items to old age homes. The company's...
Edelweiss Mutual Fund CEO Radhika Gupta Offers Advice for ‘Less Experienced’ Investors
Edelweiss Mutual Fund CEO Radhika Gupta has emphasized the challenges of timing the markets, a task that proves difficult for both individual investors and experienced fund managers. In a post on social media platform X, Gupta questioned the predictability of recent market movements, citing the unpredictability of events such as geopolitical outcomes and trade deals. She pointed out that attempts to move in and out of the market based on such events often end in failure, as it is hard to...
Tata AIA has launched two new funds, aiming to capitalize on the growing consumption trends in India.
Tata AIA Life Insurance has launched two new funds that aim to capitalize on the growing consumption trends in India. The company has introduced the "Tata AIA Life Insurance Consumption Fund" and the "Tata AIA Life Insurance India Opportunities Fund", which will invest in companies that are expected to benefit from the increasing consumer spending in the country. The Indian economy has been witnessing a significant shift towards consumption-driven growth, with rising incomes, urbanization, and...
Hansa Research Releases Health Insurance Customer Experience Report
Hansa Research, a consumer insights firm, has released its first edition of the Health Insurance Customer Experience Score (CuES) 2025 report. The study, based on feedback from over 3,800 respondents, examines customer expectations, satisfaction levels, and insurer performance across 12 health insurance brands in India. The report highlights the growing importance of understanding and improving customer experience in the health insurance sector, which continues to grow following a surge in...
Care Health Insurance launches bold new ‘Who Cares?’ campaign to highlight healthcare accessibility
Care Health Insurance, a specialized health insurer, has launched a new digital campaign for its Care Supreme Health Insurance product. The campaign aims to make quality healthcare accessible and affordable for everyone. Through a series of engaging and quirky 15-second digital ads, the campaign explores the question "Who Cares?" in everyday scenarios that highlight common health insurance concerns. The ads use humor and insight to creatively underscore the importance of comprehensive health...
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 responsible for managing human resources and talent acquisition across various departments in India. With over 20 years of experience in the HR domain, Kumar...
Term insurance is gaining popularity among working members of Generation Z, according to a report by Tata AIA Life Insurance.
According to a recent report by Tata AIA Life Insurance, term insurance is gaining popularity among working Gen Z individuals in India. The report highlights a significant shift in the mindset of younger generations towards life insurance, with increasing awareness about the importance of financial planning and protection. The report reveals that Gen Z, born between 1997 and 2012, is showing a keen interest in term insurance, which provides a death benefit to the nominee in the event of the...
Aditya Birla Capital partners with Open Network for Digital Commerce (ONDC) to provide financial services.
Aditya Birla Capital Limited (ABCL) has achieved a significant milestone by becoming the first BFSI company to go live on the Open Network for Digital Commerce (ONDC) platform for all three core financial services: lending, insurance, and mutual fund investments. This move reinforces ABCL's commitment to leveraging India's Digital Public Infrastructure (DPI) to increase financial inclusion and provide open network access to financial products, especially in underserved markets. Through the...
The 2025 budget reconciliation is expected to have significant implications for the Affordable Care Act (ACA), Medicaid, and the uninsured rate in the United States. Several key provisions are anticipated to be included in the reconciliation, which may lead to changes in healthcare coverage and accessibility.Firstly, regarding the ACA, potential modifications could impact the health insurance marketplaces, including subsidies for individuals and families purchasing coverage. The reconciliation might extend or make permanent the enhanced subsidies provided under the American Rescue Plan Act, which could help maintain or increase the number of individuals covered under the ACA. This, in turn, could stabilize or even expand the health insurance marketplaces, potentially enhancing the overall stability of the ACA.Secondly, the budget reconciliation may also affect Medicaid, a joint federal-state program that provides health coverage to low-income individuals and families. Provisions could include incentives for the 12 states that have not expanded Medicaid under the ACA to do so, potentially covering hundreds of thousands of additional individuals. Other potential changes could involve adjustments to Medicaid eligibility, benefits, or reimbursement rates, which could either expand coverage or alter the scope of services provided to Medicaid beneficiaries.Lastly, the changes to the ACA and Medicaid through the 2025 budget reconciliation are likely to impact the uninsured rate in the U.S. If the reconciliation leads to more generous subsidies, incentives for Medicaid expansion, and other provisions that make healthcare more affordable and accessible, it could result in a decrease in the uninsured rate. Conversely, if changes lead to less affordable or less comprehensive coverage options, the uninsured rate might increase. The ultimate effect will depend on the specific provisions included in the reconciliation and how they are implemented by states and the federal government.Overall, the 2025 budget reconciliation has the potential to significantly influence the landscape of healthcare coverage in the United States, with implications for the ACA, Medicaid, and the number of uninsured individuals. The exact nature of these changes will be determined by the final provisions included in the reconciliation package.
Congressional Republicans are considering a budget reconciliation package that would significantly alter Medicaid and the Affordable Care Act (ACA). The proposed changes include work and reporting requirements for certain Medicaid enrollees, codifying changes to the ACA Marketplaces, and allowing states to impose new cost-sharing requirements. These changes are estimated to increase the number of uninsured people by at least 13.7 million by 2034, according to the Congressional Budget Office...
Aviva CEO states that government investment mandates are a red line for the sector.
The CEO of Aviva, a leading insurance company, has stated that government investment mandates are a "red line" for the sector. This comment highlights the tension between the insurance industry and governments over investment regulations. The CEO's statement suggests that imposing strict investment mandates on the industry could have unintended consequences and may not be effective in achieving the desired outcomes. The insurance industry has been under pressure from governments to invest in...
Bajaj Allianz Life has implemented the Bima-ASBA facility.
Bajaj Allianz Life Insurance, a leading Indian private insurer, has introduced the Bima-ASBA facility, a new initiative by the Insurance Regulatory and Development Authority of India (IRDAI) aimed at streamlining the insurance premium payment process. As the first insurance company to adopt this facility, Bajaj Allianz is leveraging the Unified Payments Interface's One-Time Mandate (OTM) to allow policyholders to block funds up to Rs200,000 ($2,306) in their bank account. The Bima-ASBA system...
Term insurance gaining popularity among working Gen Z, reveals Tata AIA Life Insurance report
A recent report by Tata AIA Life Insurance has highlighted the growing popularity of term insurance among the working Generation Z (Gen Z) population. Gen Z, born between 1997 and 2012, is becoming increasingly aware of the importance of life insurance, particularly term insurance. The report suggests that this demographic is driving growth in the term insurance segment, which has traditionally been dominated by older generations. According to the report, Gen Z is demonstrating a higher...
Star Health has introduced a complimentary healthcare initiative called Doc Kendra in Tiruppur.
Star Health and Allied Insurance Co. Ltd has introduced a community healthcare initiative called Doc Kendra in Tiruppur, Tamil Nadu. The primary objective of this initiative is to provide free primary healthcare services to the local community through its branches. Each Doc Kendra will be equipped with a doctor and a paramedic, and patients will also have access to general physicians and specialists via telemedicine. This will enable individuals to receive consultations and guidance from...
Government appoints Dinesh Pant and Ratnakar Patnaik as Managing Directors of Life Insurance Corporation of India (LIC)
The Indian government has announced the appointment of Dinesh Pant and Ratnakar Patnaik as Managing Directors of the Life Insurance Corporation of India (LIC), effective June 1, 2025. Both individuals are currently serving as Executive Directors at LIC, with Pant holding the position of Appointed Actuary & Executive Director (Actuarial) and Patnaik serving as Executive Director (Investment – Front Office) & Chief Investment Officer. Pant's appointment as Managing Director will be until May 31,...
What Insurer Is Eyeing in Health Segment
The Indian non-life insurance sector has witnessed significant growth, with a 19.5% year-over-year increase in premium income. According to the India Brand Equity Foundation (IBEF), the total premium income for non-life insurers in India stood at Rs 1,14,972 crore ($13.8 billion) in the financial year 2024 (FY24). This substantial growth can be attributed to the rising demand for health and motor insurance policies. The growth in the non-life insurance sector was primarily driven by three key...
FSIB Recommends Sanjay Joshi as CMD of Oriental Insurance
The Financial Services Institutions Bureau (FSIB) has recommended Sanjay Joshi, a seasoned officer from the 1989 batch, for the post of Chairman-cum-Managing Director (CMD) of the Oriental Insurance Company Limited (OICL). This decision comes after the retirement of R.R. Singh in February 2025. Joshi is currently serving as General Manager at United India Insurance Company and has over 30 years of experience in the general insurance sector. The recommendation of Sanjay Joshi as CMD of OICL...
Cancer leads Aviva protection claims in 2024.
According to Aviva's Individual Protection Claims and Wellbeing Report for 2024, cancer remains the leading cause of individual protection claims across all product lines. The report highlights the significant impact of cancer on claimants, accounting for 58.4% of critical-illness claims, 32.4% of children's benefit claims, and 42.2% of life-insurance claims. Additionally, cancer made up 13.6% of income protection claims, with Aviva providing financial support and rehabilitation services to...
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief Operating Officer, has been promoted to Whole-Time Director and designated as a key managerial personnel. Jain brings over 25 years of experience in...
Now pay LIC premium through WhatsApp, check the process here
In a significant move, the Life Insurance Corporation of India (LIC) has introduced a new facility that allows policyholders to pay their premiums through WhatsApp. This innovation is expected to bring relief to the millions of LIC policyholders in the country, eliminating the need to visit LIC offices or undergo lengthy payment processes. To access this feature, policyholders simply need to send a "Hi" message to the number 89768 62090 from their WhatsApp account. Upon doing so, they will be...
Kotak Life celebrates the ‘viraasat’ of mothers
As Mother's Day approaches, various brands are launching campaigns to celebrate the special bond between mothers and their children. Kotak Life, an insurance company, has released a heartwarming film that highlights the true essence of a mother's legacy, or "viraasat". The campaign aims to showcase the values, traditions, and wisdom that mothers pass down to their children, making them a significant part of their lives. The film features a mother who is not only a caregiver but also a teacher,...
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI). The appointments of Amitabh Jain as COO and Himanshu Walia as CMO will become effective once the necessary approval is...
Delhi State Commission Holds United India Insurance Responsible For Deficiency In Service
The Delhi State Commission, led by Justice Sangita Dhingra Sehgal, has ruled that bariatric surgery for chronic diseases is a life-saving procedure and cannot be excluded from standard policy terms. The case involved a group medical insurance policy provided by the insurer, which covered pre-existing conditions. The complainant, a member of the Supreme Court Bar Association, sought approval for cashless claims for his father's dual surgeries: gallbladder removal and bariatric surgery. However,...
Only half of mid-retirees are confident they are on track to make their private pension last for life
A new report by Aviva and Age UK has found that only 48% of mid-retirees aged 65-75 who do not pay for financial advice are confident that their pension savings will last for life. The report, "Retirement Reality: Managing money in mid-retirement," surveyed 1,000 mid-retirees and found that many are struggling to manage their finances in retirement. Nearly two-thirds (65%) of respondents believe that there is not enough support for people managing their financial needs as they age. The report...
India’s soon-to-be-introduced bond forwards are expected to boost demand for state debt.
The Reserve Bank of India (RBI) has introduced guidelines for bond forwards, a new financial instrument that is expected to boost demand for state debt and lower borrowing costs for sub-national issuers. The move is seen as a positive step towards deepening the country's local bond market. Bond forwards are contracts that allow investors to buy or sell bonds at a fixed price on a future date, helping them hedge against interest rate risks. The RBI's decision comes after insurance companies...
Ketan Mankikar is revolutionizing the insurance industry with a focus on transforming it for the new generation. He understands the evolving needs and preferences of younger consumers and is working to make insurance more accessible, user-friendly, and tailored to their lifestyles. By leveraging technology and innovative approaches, Ketan aims to bridge the gap between traditional insurance models and the expectations of modern customers, ultimately creating a more inclusive and relevant insurance ecosystem for the next generation.
The Indian insurance industry has undergone significant changes over the past decade, driven by policy changes, digital platforms, and shifting consumer mindsets. Marketing has become more data-driven, customer-focused, and digitally integrated, enabling personalized and proactive engagement. The industry is leveraging data analytics to understand customer behavior, simplify complex policies, and make insurance more relatable and approachable. Social media, YouTube, and influencer platforms...
Two insurance firms resume cashless facility at Ahmedabad’s Ahmedabad Nursing Home Association (AHNA) hospitals.
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has reinstated the cashless facility for policyholders of Star Health Insurance and Care Health Insurance. This decision was made after both insurance companies committed to resolving outstanding issues related to claim settlements and service delays. The suspension of cashless facilities for these insurance companies was initially announced on April 2, along with Tata AIG, due to unresolved issues. During the suspension, patients were...
Kerala Human Rights Commission directs insurance company to process claim without delay
The Kerala State Human Rights Commission has intervened in a decade-long case of a missing fisherman, directing an insurance company to decide on the claim filed by his family within two months. Biju, a fisherman from Pallithura, went missing on November 16, 2014, while venturing into the sea from the Vizhinjam coast. Despite the family producing a certificate of "man missing" issued by the sub-collector, the insurance company, United India Insurance Company, rejected the claim citing...
A massive fire erupted at a LIC building located in Patna, near the Exhibition Road intersection.
A massive fire broke out at the Life Insurance Corporation (LIC) building in Patna, India, early on Sunday morning. The blaze started around 5:00 AM near the busy Exhibition Road intersection and quickly spread, engulfing the entire building in flames. The fire caused widespread panic in the area, with thick plumes of smoke billowing from the building and visible to nearby residents. Multiple fire tenders were deployed to the scene, and firefighters used hydraulic systems to try to control the...
EMIs in Health Insurance: Understanding the Essentials Before Opting for Installment Plans
Equated Monthly Installments (EMIs) in health insurance allow policyholders to pay their premiums in monthly installments instead of a lump sum. Here’s what you should know:
How EMI Works in Health Insurance
- Premium Payment: The annual premium is divided into 12 equal monthly installments.
- Interest Charges: Most insurers charge an interest rate on the installment amount, which can range between 1.5% to 2% per month.
- Payment Term: The payment term typically spans the entire policy year, usually 12 months.
Benefits of EMI in Health Insurance
- Cash Flow Management: EMIs help in managing cash flow by allowing policyholders to pay premiums in smaller, manageable amounts.
- Increased Affordability: Larger premium amounts are broken down, making health insurance more accessible to a wider audience.
- Reduced Financial Strain: Paying in installments can ease the financial burden, especially during times of financial crunch.
Things to Consider Before Opting for EMI
- Interest Rates: Understand the interest rate charged and calculate the total amount you will pay over the year.
- Penalty for Late Payments: Missing an installment can attract late payment fees or penalties.
- Policy Terms: Some policies might have specific terms or restrictions when opting for the EMI payment plan.
- Claim Process: Understand if the EMI plan affects the claim process or the coverage in any way.
Calculating EMI Premiums
- Example: If your annual health insurance premium is ₹24,000 and the insurer charges an interest of 1.5% per month, your monthly EMI could be approximately ₹2,150.
- Considerations: Always factor in the interest and any additional charges when calculating your EMI.
Choosing the Right EMI Plan
- Assess Your Budget: Ensure that the monthly installment fits within your budget.
- Interest Comparison: Compare interest rates among different insurers to get the best deal.
- Policy Coverage: Ensure the policy offers comprehensive coverage despite the payment plan.
Opting for an EMI plan in health insurance can be beneficial for managing premiums, but it’s crucial to understand the terms, interest charges, and potential penalties before making a decision.
The concept of Equated Monthly Instalments (EMIs) has expanded beyond buying homes and cars, and is now being used to purchase health insurance policies. With medical inflation on the rise, health insurance premiums have increased significantly, making EMIs an attractive option for those who cannot afford to pay the full premium upfront. However, health insurance EMIs come with a significant disadvantage that is often overlooked. When making a claim under an EMI option, all subsequent...
Review of PSU General insurers on cards to gauge capital needs
The Indian government is set to review the financial and operational performance of three state-run general insurers: Oriental Insurance, National Insurance, and United India Insurance. The review aims to determine the need for capital infusion to strengthen the solvency ratios of these companies, which are currently below the regulatory requirements of 1.50. Despite significant improvement in their financial performance, the solvency ratios of these companies remain a concern. The government...