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...
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 out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims. According to the data,...
HDFC Life elevates Pritika Shah to Executive Vice President and Head of Marketing and Corporate Social Responsibility.
HDFC Life, one of India's leading life insurance companies, has announced the promotion of Pritika Shah to Executive Vice President (EVP) and Head of Marketing & Corporate Social Responsibility (CSR). This move comes after the departure of Vishal Subharwal, who previously held the position of Head of Marketing at HDFC Life. Pritika Shah's elevation is a significant development, as she will now be responsible for leading the company's marketing and CSR initiatives. With her new role, Shah will...
LIC has introduced a new service that allows policyholders to pay their premiums via WhatsApp.
The Life Insurance Corporation of India (LIC) has introduced a new facility that allows policyholders to pay their premiums through WhatsApp. This move aims to provide customers with a convenient and hassle-free way to pay their premiums from the comfort of their own homes. To avail of this service, policyholders can send a message to the WhatsApp number 8976862090, which will activate a chatbot that will guide them through the payment process. The chatbot will present the customer with...
LIC achieves historic milestone, sells 600,000 policies in a single day
The Life Insurance Corporation of India (LIC) has achieved a remarkable milestone by selling an impressive six lakh policies in just one day, generating premiums totaling Rs 1.04K crores on January 20, 2025. This achievement coincided with the 69th anniversary of LIC's founding on January 20, 1956, making the occasion even more significant. The concerted efforts of LIC's extensive network of 4,50,000 agents were instrumental in reaching this target, demonstrating the strong trust that the...
When women generate income, they should be encouraged with income protection: Girija Subramanian
The Government of India has introduced the Women Udyam Bima Policy to support women entrepreneurs and encourage them to participate in the formal workforce. This policy, launched by The New India Assurance Co. Ltd, aims to provide financial protection and support to women running micro and small industries with an asset size not exceeding five crores. The policy covers fire, burglary, loss of profits, and weather-related damages, with a sum insured of up to five crores and flexible premium...
AHNA Lifts Suspension on Care and Star Insurance
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has lifted its suspension on cashless facilities for policyholders of Care Health Insurance and Star Health Insurance. The decision comes after constructive dialogue between AHNA and the two insurance companies, which resulted in a commitment to resolve pending issues related to delayed claim settlements and service inefficiencies. AHNA had initially suspended cashless services for Care, Star Health, and Tata AIG Insurance on April 2,...
United India Insurance and SIDBI have entered into a partnership to offer insurance products to Micro, Small, and Medium Enterprises (MSMEs).
United India Insurance Company Ltd (UIICL), a public sector non-life insurer, has partnered with the Small Industries Development Bank of India (SIDBI) to provide general insurance products to the MSME (Micro, Small, and Medium Enterprises) sector. The partnership aims to offer comprehensive insurance solutions, including home, health, motor, and engineering products, to SIDBI's customers across its 123 branches nationwide. The collaboration is expected to increase insurance penetration among...
The Health Insurance Law will be revised to offer complimentary medical services to all individuals.
The Vietnamese government is working towards providing free medical examination and treatment for all citizens. The healthcare sector has set a strategic plan for 2026-2030 and 2031-2035 to achieve this goal. The plan aims to ensure that every individual undergoes a regular health check-up at least once a year and eliminates hospital fees for all citizens. This goal was emphasized by Deputy Minister of Health Tran Van Thuan, who chairs the National Medical Council, at a recent workshop on...
Former Aviva CEO joins Broker Insights in senior role alongside multiple other high-level appointments
Broker Insights, an insurtech company, has strengthened its executive team with several key appointments and promotions. The company has hired Stuart Spink as its new Chief Operating Officer, who brings a wealth of experience from his previous roles at Lloyd's and Aviva. Spink expressed his excitement about joining the company at a pivotal time and is looking forward to helping scale its impact across the market. In addition to Spink's appointment, Broker Insights has also made several...
Former Malaysian Health Minister Dr. S. Subramaniam has expressed concerns over the Ministry of Health's (MOH) shift towards private sector involvement in healthcare, which he believes may sideline the poor. Speaking at a conference, Dr. Subramaniam supported some government policies, such as the Madani Scheme, which aims to expand access to private general practitioners (GPs) for low-income groups. However, he criticized the Rakan KKM initiative and the development of a basic private health...
Madras High Court Stays Order Allowing CMRL to Build Station Through Temples on Whites Road
A single judge has quashed the notification issued by the Chennai Metro Rail Limited (CMRL) to acquire land belonging to the United India Insurance firm for the construction of an entry and exit point. The notification was issued under Section 3(2) of the Tamil Nadu (Acquisition of Lands for Industrial Purposes) Act, 1997. However, the Advocate General, PS Raman, has argued that the CMRL had only intended to acquire the Open Space Reservation (OSR) land and not the land belonging to the...
Expansion of Impactful Samriddhi Initiative with Jind Skill Center
PNB MetLife India Insurance Company Limited has launched the "Samriddhi Skill Center" (SSC) in Jind district, Haryana, in collaboration with its NGO partner, Foundation of Development Initiative (FDI). This initiative is part of PNB MetLife's Samriddhi CSR project, which aims to prevent stubble burning and create sustainable economic opportunities for rural communities. The project has been successful since its launch in October 2024, with 80 awareness sessions conducted with farmers in 20...
Lloyd’s of London has named a former Aviva executive as its next chief executive officer.
Lloyd's of London, the 335-year-old insurance market, has named a new chief executive officer to lead the organization. Johnny Espinet, a former executive at Aviva Plc, has been selected to succeed John Neal as CEO. Espinet's appointment is seen as a significant move for Lloyd's, which has been working to modernize and expand its operations. Espinet brings a wealth of experience in the insurance industry, having spent over 30 years in various roles at Aviva, including as the company's managing...
Bharat Forge’s performance falls short of expectations across the board, while L&T and Asian Paints are under scrutiny.
The fourth quarter earnings season is in full swing, with a total of 25 prominent companies set to report their earnings for the January to March period on Thursday, May 8. The list of companies includes Larsen & Toubro, Titan, Asian Paints, Bharat Forge, Biocon, Aarti Industries, Britannia, Canara Bank, and Chambal Fertilisers & Chemicals, among others. These companies operate in various sectors such as construction, pharmaceuticals, finance, and consumer goods. In addition to the initial...
A majority of Californians support providing healthcare to undocumented immigrants.
A recent poll has found that a majority of Californians support extending Medicaid benefits to undocumented immigrants, despite an escalating federal crackdown on immigration. The poll, conducted by the California Community Foundation, found that 57% of respondents supported allowing all income-eligible residents, regardless of immigration status, access to Medi-Cal, the state's Medicaid program. Another poll by the POLITICO-UC Berkeley Citron Center found similar results, with a slim majority...
Care Health Insurance introduces customers to the future of Health Insurance: Launches Ultimate Care
Care Health Insurance, a leading health insurance provider, has introduced a new product called "Ultimate Care" that promises to revolutionize the health insurance landscape in India. This innovative product is designed to provide comprehensive and personalized health insurance coverage to customers, addressing their evolving needs and preferences. With Ultimate Care, Care Health Insurance aims to offer a unique and futuristic approach to health insurance, leveraging cutting-edge technology...
Edelweiss Mutual Fund introduces Edelweiss Low Duration Fund, providing investors with a new option for managing their finances.
Edelweiss Asset Management Limited has announced the launch of its Edelweiss Low Duration Fund, an open-ended debt scheme that aims to generate income by investing in low-duration debt and money market securities. The New Fund Offer (NFO) will be open for subscription from March 11 to March 18, 2025. The fund's investment objective is to provide a balance between stability and returns by actively managing a high-quality portfolio with a Macaulay duration between 6 and 12 months. The fund is...
Premium of ₹1,262 crore paid for Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS)
The Tamil Nadu Health Department recently paid a premium of ₹1,262.91 crore for the Chief Minister's Comprehensive Health Insurance Scheme (CMCHIS). The payment was made to United India Insurance Company, covering 95% of the premium amount for 1,48,57,459 beneficiary families, which amounts to ₹1,198.32 crore. This covers the period from January 11, 2025, to January 10, 2026. An additional ₹64.59 crore was paid, which is the remaining 5% of last year's premium amount. Health Minister Ma....
IFFCO Tokio Introduces Comprehensive Home Insurance Policy for Homeowners and Tenants Alike.
IFFCO-Tokio, a leading general insurer, has launched a new home insurance product called "Comprehensive Home Protector". This policy is designed to cover the risk of loss or damage to physical assets, interests, and liabilities of the insured and their family, leaving no insurance gap. The policy is guided by the Insurance Regulatory and Development Authority of India (IRDAI) and offers de-bundled fire coverage, allowing policyholders to choose "Basic Fire Cover" and opt for additional...
LIC ranked world’s third strongest insurance brand
The Life Insurance Corporation of India (LIC) has been ranked third among the world's strongest insurance brands, according to the Brand Finance Insurance 100 2025 report. With a Brand Strength Index (BSI) score of 88 out of 100, LIC trails behind Poland-based PZU and China Life Insurance, which secured the top two spots with scores of 94.4 and 93.5, respectively. In terms of overall brand value, LIC ranks 12th globally, while SBI Life ranks 76th, making them the only two Indian insurers in...
HDFC Life introduces Click 2 Achieve Par Advantage
HDFC Life has launched a new product called HDFC Life Click 2 Achieve Par Advantage, designed to provide individuals with a flexible and secure way to plan for their long-term financial goals. According to Aneesh Khanna, Head of Products & Segments at HDFC Life, the product is tailored to meet the specific needs of individuals at different life stages, taking into account their age, income, and plans for the future. The goal of HDFC Life Click 2 Achieve Par Advantage is to provide a financial...
Aditya Birla Capital Introduces Lending, Insurance, and Investments on Open Network for Digital Commerce (ONDC)
Aditya Birla Capital (ABCL) has become the first BFSI company to go live with three core financial services - lending, insurance, and mutual fund investments - on the Open Network for Digital Commerce (ONDC) platform. This development reinforces ABCL's commitment to leveraging India's Digital Public Infrastructure (DPI) to democratize open network access to financial products, especially in underserved markets, and enhance financial inclusion across the country. Through the ONDC Network,...
Ahmedabad District Commission Holds Iffco Tokio General Insurance Co. Liable For Wrongful Repudiation Of Valid Claim
The Additional District Consumer Disputes Redressal Commission in Ahmedabad, Gujarat, has held Iffco Tokio General Insurance Co. Ltd. liable for wrongly repudiating a valid claim made by a policyholder, Mr. Amrutlal Thakkar. The policy in question was a 'Corona Kavach' policy with a sum assured of Rs. 5 Lakh. Mr. Thakkar had undergone treatment for COVID-19 at Aartham Hospital, incurring an expenditure of Rs. 2,01,512/-. However, when he submitted a claim to the insurance company, they only...
Aviva Life Insurance Recognized as ‘India’s Most Trusted Private Life Insurer’ for Seventh Consecutive Year
Aviva Life Insurance has been recognized as 'India's Most Trusted Private Life Insurer' for the seventh consecutive year, as per a recent survey conducted by the Trust Research Advisory (TRA). This prestigious award is a testament to Aviva's unwavering commitment to providing exceptional service and building trust with its customers. The TRA survey is a comprehensive study that assesses various parameters such as brand trust, customer satisfaction, and overall performance of life insurance...
ManipalCigna Health Insurance CHRO on why human connection still matters in hiring – peoplematters.in
In an interview with People Matters, the CHRO of ManipalCigna Health Insurance emphasized the importance of human connection in the hiring process. With the increasing use of technology and AI in recruitment, it's easy to overlook the value of personal interaction. However, the CHRO believes that human connection is still a crucial aspect of hiring the right candidate. The CHRO highlighted that while technology can help streamline the recruitment process, it's essential to balance it with...
Liberty Shoes is on the lookout for a social media agency to handle its online presence.
Liberty Shoes, a prominent footwear brand, is on the hunt for a digital marketing agency that can help the company elevate its online presence. According to Arun Kumar Raghav, the brand's digital marketing manager, the ideal agency should be "passionate and result-driven" with expertise in "storytelling, strategy, and community building across platforms". This suggests that Liberty Shoes is looking for an agency that can not only create engaging content but also develop a comprehensive digital...
Policybazaar introduces 100% claim settlement option for planned hospitalizations on select health insurance policies.
Policybazaar, a leading insurance platform, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and financially secure experience for policyholders, ensuring that they can focus on their recovery without worrying about hospital bills. The benefit is available on specific plans from Bajaj Allianz, Niva Bupa, and Aditya Birla Health Insurance (ABHI). To be eligible for the 100% claim promise,...
Don’t fall for fear mongering : Edelweiss CEO Radhika Gupta on small and mid-cap risks
Edelweiss Mutual Fund CEO Radhika Gupta has countered veteran fund manager S. Naren's advice to exit the small and mid-cap segment, stating that a balanced approach with a long-term perspective is key to success. Naren had recently commented that small and mid-cap valuations were "absurd" and that investors should consider alternative options. Gupta took to social media to express her views, urging investors not to fall for fear mongering and instead focus on finding a good manager and holding...
UIIC Job Vacancy: Exciting Opportunities in Insurance – Apply Before the Deadline! | Latest News
United India Insurance Company Limited Recruitment The United India Insurance Company Limited (UIIC) is seeking a qualified candidate to fill a position that requires a high level of expertise in actuarial science. To be eligible for this role, applicants must meet specific qualification requirements. Firstly, they must be a Fellow Member under the Actuaries Act, 2006, and also a Fellow Member of the Institute of Actuaries of India (IAI). Additionally, the candidate should have experience in...
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim clearance rates of 91.88%, 92.1%, and 93.13%, respectively. The data shows that Aditya Birla Health received over 8.5 lakh claims in 2023 and settled...
Battle over health insurance for undocumented immigrants heats up at Minnesota Capitol
The debate over providing health insurance to undocumented immigrants has reignited at the Minnesota State Capitol. Democrats are pushing for a proposal that would allow undocumented immigrants to purchase health insurance through the state's MNsure exchange program, which is the state's health insurance marketplace. This would enable them to access affordable health care, including doctor visits, hospital stays, and prescriptions. Proponents of the bill argue that everyone, regardless of...
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo. The report...
Public Sector General Insurance Companies Register Combined Profit of Rs. 1066 Crore in Q3 of 2024-25
The Indian Public Sector General Insurance Companies (PSGICs) have experienced a significant turnaround, with all companies becoming profitable again after historically reporting losses. Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits in Q4 of FY 2023-24 and Q2 of FY 2024-25, respectively. United India Insurance Company Ltd. (UIICL) also reported a profit in Q3 of FY 2024-25, after a seven-year gap. New India Assurance Company...
Edelweiss Financial Services Ltd. is set to raise ₹2,000 million through the issuance of Non-Convertible Debentures (NCDs).
Edelweiss Financial Services Limited has announced a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) worth up to ₹2,000 million. The issue will open on April 8, 2025, and close on April 24, 2025. The NCDs will have a face value of ₹1,000 each and will be offered in twelve different series with varying tenures, including 24 months, 36 months, 60 months, and 120 months. The interest rates on the NCDs will range from 9.50% per annum to 11.00% per annum, with options for...
Care Health stops claim settlements at 12 Max hospitals in Delhi-NCR
Care Health Insurance has temporarily suspended cashless claim settlements at 12 Max hospitals in Delhi-NCR, effective February 17, 2025. This means that patients will no longer be able to receive cashless treatment at these hospitals, and instead will have to pay out of pocket and then seek reimbursement from the insurance company. The affected hospitals include eight super-specialty hospitals, two multi-specialty centers, a hospital in Gurugram, and a cancer care center in Lajpat Nagar,...
HDFC Life has been recognized as the ‘Next Leader’ on the Indian Corporate Governance Scorecard for 2024, as reported by ThePrint and ANI Press Releases.
HDFC Life, one of India's leading life insurance companies, has been recognized as a "Next Leader" in corporate governance 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 in this prestigious list for the fourth consecutive year, which assesses the BSE 100 companies based on the Indian Corporate Governance...