Prudential plc and HCL Group are collaborating on a new health insurance joint venture.
UK-based Prudential Plc has announced a plan to establish a health insurance joint venture with India's HCL Group. The new business will have Prudential Group Holdings Limited, a UK subsidiary, holding a 70% stake, while Vama, an HCL Group company, will hold the remaining 30%. This move is part of Prudential's expansion in the Indian insurance market, which it has been a part of since the establishment of ICICI Prudential Life Insurance in 2001. This development comes as other players in the...
Dabur’s corporate leadership gains full control of Religare’s operations.
The Dabur group, led by the Burmans, has finally taken control of Religare Enterprises after an 18-month struggle. With a current ownership stake of 25.2%, the Burmans have secured a significant threshold that enables them to implement special resolutions. However, to increase their stake to over 26%, they require approval from the Reserve Bank of India (RBI). Although the Burmans have taken control, they have not yet nominated their representatives to Religare's board. Previously, four...
Former New India Assurance Manager Sent to Prison for Filing False Insurance Claim
The Central Bureau of Investigation (CBI) Court in Ahmedabad has sentenced five individuals to five years of rigorous imprisonment and imposed a cumulative fine of Rs 23.5 lakh in connection with a fraudulent insurance claim. The accused, Dinesh Parshotamdas Patel, Sanjay R. Chitre, Manan D. Patel, Shishupal Rajput, and Amar Singh Bialbhai, were found guilty of manipulating insurance claims and causing a financial loss to the New India Assurance Company Limited (NIACL). The investigation...
The government is negotiating with the Reserve Bank of India to issue 50-year and 100-year government bonds.
According to a recent statement by Life Insurance Corporation of India (LIC) CEO and MD Siddhartha Mohanty, the organization is in discussions with the Reserve Bank of India (RBI) to introduce 50-year and 100-year bonds. This is an extension of the usual 20-30 year bond terms typically offered by the RBI, with the organization having already issued a 40-year bond in the past. In an interview at the 25th Global Conference of Actuaries in Mumbai, Mohanty shared that LIC is exploring this option...
The Religare board of directors has approved the appointment of four new members to the company’s leadership team.
Religare Enterprises, a financial services firm controlled by the Burman family, has approved the appointment of four new directors: Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam. The new directors will be non-executive and non-independent, and their appointments are subject to approval from the Reserve Bank of India (RBI) and the company's shareholders. This move comes after the Burman family acquired a 25.16% controlling stake in the company earlier this...
ICICI Lombard Unveils AI-Powered Anthem for TripSecure+, Its Revolutionary Travel Insurance Solution
ICICI Lombard has launched an AI-generated anthem for its travel insurance solution, TripSecure+, which is being played on RadioOne and on the company's social and digital platforms until March 31. This innovative move marks a new direction in the insurance industry, aiming to make insurance more immersive, relatable, and engaging for modern travelers. According to Sheena Kapoor, Head of Marketing, Corporate Communication, and CSR at ICICI Lombard, the launch of the AI-generated song is not...
The Religare board of commissions is seeking funding from the Burman group for a governance review.
Religare Enterprises, a private sector financial services company, has hired Deloitte Touche Tohmatsu Limited (DTTL) to undertake a comprehensive governance review of its board, including its structure, composition, and functioning. The review aims to strengthen the company's corporate governance practices and ensure compliance with regulatory requirements. As part of the review, the Deloitte team will assess Religare's board oversight, risk management, and compliance functions, as well as its...
The National Institute of Advanced Corporate Law (NIACL) has released the admit card for Phase 1 of the 2024 competitive exams, which can be downloaded from the official website newindia.co.in.
New India Assurance Co. Ltd. (NIACL) has released the admit card for the Phase 1 examination of the Assistant recruitment 2024. Candidates who have registered for the exam can download their admit card from the official website of NIACL at newindia.co.in. The Phase 1 examination is scheduled to take place on January 27, 2025. The admit card will be available for download from January 16 to January 27, 2025. To download the admit card, candidates can follow the steps provided by NIACL. The...
Unlocking the full potential of Karnataka through cutting-edge artificial intelligence.
The Souvenir magazine, a collaboration between Elets Technomedia and eGov magazine, along with the Department of Information Technology, Biotechnology, and Science & Technology, Government of Karnataka, will be released at the Bengaluru Tech Summit 2024. This special edition magazine will showcase the significant developments and future vision of Karnataka for driving the state's growth forward. The Souvenir will highlight the state's remarkable achievements and accomplishments in various...
Religare Enterprises ventures forth in pursuit of financial support from the esteemed Burman family.
Religare, a financial services company, has submitted an exchange filing stating that it aims to review its past operating practices, suggest improvements, and identify potential cases of misconduct by current or former employees. This move comes as the company faces a cash-flow gap and has approached the Burmans, its major shareholder, for immediate funding support to sustain its operations. The cash-flow gap is expected to affect the company's operations over the next few months, and...
Will LIC Offer Health Insurance? The CEO Has Spoken
The Life Insurance Corporation of India (LIC) may acquire a stake in a health insurance company by the end of March, CEO Siddhartha Mohanty has revealed. While the CEO did not provide further details on the potential deal, he clarified that the company is not looking to take a majority stake. This marks a significant move for LIC, which currently only offers life insurance policies, pension plans, and investment-linked insurance products, but not health insurance. The Indian insurance sector...
Congress leader Rahul Gandhi interacted with agents of Life Insurance Corporation.
Rahul Gandhi, the Leader of Opposition in the Lok Sabha, met with a delegation of LIC agents at his office in the Parliament House complex in New Delhi. The agents expressed concerns about recent changes in rules by the IRDAI and LIC, which they fear will make insurance less affordable for the poorest and most marginalized communities and weaken their position as agents. Gandhi stated that the LIC was founded in 1956 with the goal of providing affordable insurance to all Indians, particularly...
Rahul Gandhi has noted that LIC is shifting its priority from social welfare to commercial interests.
On March 19, 2025, a delegation of Life Insurance Corporation (LIC) agents met with Leader of Opposition in the Lok Sabha, Rahul Gandhi, at Parliament House in New Delhi. The agents expressed their concerns about recent changes in rules by the Insurance Regulatory and Development Authority of India (IRDAI) and LIC, which they believed would make insurance less affordable for the poor and marginalized communities and weaken their position as agents. The agents shared their worries about...
India’s PNB MetLife has formed a strategic partnership with IPPB to provide comprehensive life insurance solutions to its clients.
PNB MetLife India Insurance has formed a strategic partnership with India Post Payments Bank (IPPB) to offer life insurance solutions through IPPB's 650 banking outlets, serving over 110 million customers. The goal of this partnership is to enhance financial inclusion and boost life insurance adoption and awareness in India. The partnership aims to provide PNB MetLife's life insurance products to a broader customer base, allowing customers to access life insurance solutions tailored to their...
Amanda Blanc, Chief Executive Officer of Aviva, discusses the UK pension scene and market volatility at 7:03 a.m. Eastern Daylight Time on March 19, 2025.
Ms. Amanda Blanc is a seasoned business executive and leader, currently serving as the Chief Executive Officer (CEO) and Executive Director at Aviva Plc. She has an impressive track record of holding prominent positions in the insurance industry, including CEO-EMEA at Zurich Insurance Group AG, CEO at AXA Insurance Designated Activity Co., and Group CEO & Executive Director at AXA UK Plc. Blanc's expertise extends beyond the insurance sector, having also served as a Chairman at the Association...
Niva Bupa Health Insurance aims to achieve a capital adequacy ratio of 95% within the next three years, a strategic move to boost profitability.
Niva Bupa Health Insurance Co. aims to reduce its combined ratio to a range of 95-96% within the next two to three years, reported its Managing Director and Chief Executive Officer, Krishnan Ramachandran. The combined ratio is a key performance indicator (KPI) for insurance companies, measuring their profitability and financial stability. A combined ratio below 100 indicates profitability, while a ratio above 100 indicates lower profitability. In the October-December quarter, Niva Bupa's...
Apollo Munich introduces comprehensive dengue fever insurance coverage at a premium of Rs. 444.
Apollo Munich, a leading healthcare insurance company, has launched a new health insurance policy specifically designed to cover dengue fever, a leading cause of hospitalization and death in many parts of the world. The policy, called "Apollo Dengue Cover", aims to provide financial protection to individuals who are at risk of contracting the disease. The policy is available at a premium of Rs. 444 per annum, making it an affordable option for individuals who are concerned about the high costs...
ICICI Prudential introduces GIFT Select, a new plan offering a guaranteed income feature.
ICICI Prudential Life Insurance has launched a new long-term savings product called 'ICICI Pru GIFT Select', which offers guaranteed income along with a lump sum maturity benefit. This product is designed to provide financial stability in the face of market volatility. Customers can choose when their guaranteed income starts, its duration, and the final maturity amount, as well as opt for life cover for added financial security. One of the key features of this plan is the increasing income...
ICICI Lombard’s Caring Hands illuminates a brighter future for the young generation of India
ICICI Lombard's Caring Hands CSR initiative has launched a new campaign to highlight the often-overlooked issue of vision problems affecting millions of schoolchildren in India. The campaign, which is a 100% employee volunteering initiative, aims to raise awareness and encourage solutions to improve children's sight and future prospects. A powerful story is shared, highlighting the daily struggles of a young student who is unable to see clearly, affecting their academic performance and...
HDFC ERGO kicks off ‘Galat Raaste Pe Mat Jao’ road safety awareness campaign for National Road Safety Week.
HDFC ERGO General Insurance has launched a new campaign, #GalatRaastePeMatJao, to raise awareness about unsafe driving practices and promote responsible road usage during National Road Safety Week. The campaign aims to reach drivers across India and encourage them to rethink their unsafe actions behind the wheel. The initiative is a response to the rising number of road accidents in the country, with over 4.60 lakh accidents and 4.40 lakh injuries reported in 2022. The campaign highlights the...
The Bajaj Group has acquired complete ownership of the Bajaj Allianz Life and General Insurance entities, now making it 100% owner of these insurance companies.
Bajaj Group, a leading business conglomerate in India, has acquired a 100% stake in Bajaj Allianz Life Insurance Co. and Bajaz Allianz General Insurance Co. Ltd, its two joint venture insurance businesses in India. This move comes after Bajaj Group owned 74% stake in both companies, which was previously owned by Allianz SE, a German-based global financial services group. The acquisition is seen as a strategic step by Bajaj Group to further strengthen its presence in the Indian insurance...
The Life Insurance Corporation (LIC) is poised to acquire a significant stake in a pure health insurer, with an announcement expected by March 31.
The Life Insurance Corporation of India (LIC) is close to acquiring a significant stake in a pure health insurance company, according to its Managing Director and CEO, Siddhartha Mohanty. Mohanty stated that the discussions are in the final stages and that he hopes a decision will be made by March 31. The acquisition will mark LIC's entry into the health insurance market and will broaden its footprint in the sector. However, Mohanty declined to reveal the name of the company, saying that it...
Religare Enterprises Announces Virtual Shareholders’ Meeting to Address Important Matters
Religare Enterprises, a leading financial services company, has scheduled a virtual extraordinary general meeting (EGM) to address outstanding issues and matters related to the company. The meeting is set to take place on [Date and Time] and will be conducted through a digital platform, allowing shareholders and other stakeholders to participate remotely. The decision to hold a virtual EGM is a result of the current health and economic situation, which has affected the ability of shareholders...
The Rural Mechanics and Allied CT Travelers (MACT) Awards 1.39 Crore Compensation to Sales Manager for Disability Following 2019 Bus Accident.
A sales manager at Diageo India (United Spirits Limited) has been awarded a compensation of ₹1.39 crore by the Thane Motor Accident Claims Tribunal (MACT) after he suffered permanent disability in a luxury bus accident in 2019. The bus was owned and insured by United India Insurance Company, which was also held liable for the accident, which occurred on December 15, 2019, near Savarne Village near Tokawade. The driver of the bus, who was also found to be negligent, was also responsible for the...
Launch your insurance journey with us, and make a one-time premium payment – we’ll ensure that you receive a lifelong pension, guaranteed!
The Life Insurance Corporation (LIC) has introduced its new pension plan, the Smart Pension Plan, designed to provide a comprehensive, adaptable, and secure retirement solution for individuals and groups. This non-participating, non-linked plan offers a range of options for single and joint life annuities, catering to different financial goals and aspirations. The plan is available for individuals aged 18 to 100, with the option to select from single life annuity or joint life annuity,...
The Religare Board has officially approved the appointment of four new directors.
Religare Enterprises, a financial services firm controlled by the Burman family, has appointed four new directors to its board. The new directors, Abhay Kumar Agarwal, Arjun Lamba, Gurumurthy Ramanathan, and Suresh Mahalingam, will serve as non-executive and non-independent directors. Their appointment is subject to approval from the Reserve Bank of India (RBI) and the company's shareholders. The appointments are effective immediately, pending the receipt of necessary approvals. The company...
India Post Payments Bank and PNB MetLife have partnered to offer a range of insurance products to their customers through bancassurance.
Insurance Asia is offering various opportunities to work together to advertise and connect with customers. Their team can assist in creating a customized advertising campaign, including print and digital options, on their website and magazine. Additionally, they can help organize a real-life or digital event, recruiting thought leaders and industry leaders as speakers and potential partners. Insurance Asia also runs award programs that recognize achievements and provide opportunities for...
ICICI Lombard hit with ₹273-crore tax demand for settling motor insurance claims under GST.
ICICI Lombard General Insurance Company Limited has received a tax demand of ₹273,44,50,284 from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate. The order relates to an industry-wide issue regarding the applicability of Goods and Services Tax (GST) on salvage and ineligible Input Tax Credit (ITC) on motor claims settled. The order has two main findings: 1. The company's deduction of the value of scrap/salvage/wreck from motor vehicle claims payable is considered...
After discussing with the Reserve Bank of India (RBI), Moneycontrol is poised to introduce a 100-year government bond.
The Life Insurance Corporation of India (LIC) is in talks with the Reserve Bank of India (RBI) to introduce 50-year and 100-year government bonds to the Indian financial market. This move is aimed at tapping the huge demand for long-term investments from the country's pension funds, insurance companies, and foreign investors. Introducing 50-year and 100-year government bonds will provide investors with an attractive option to invest in government securities for a longer tenure, which can help...
HDFC Life introduces Click 2 Achieve Plus, a new life insurance offering that empowers you to reach your goals.
HDFC Life, a leading insurance provider, has launched a new product called HDFC Life Click 2 Achieve Par Advantage, designed to help individuals achieve their long-term goals and provide financial security for their loved ones. The product is designed to cater to various life stages, such as buying a home, sending children to prestigious educational institutions, and securing a financially secure future. According to Aneesh Khanna, Head of Products & Segments at HDFC Life, the product is...
The Religare Board authorizes a comprehensive governance review.
Religare Enterprises Ltd (REL) has hired Grant Thornton and Trilegal to conduct a governance review and identify potential instances of misconduct by current and former employees, including ex-CEO Rashmi Saluja. This review is aimed at examining the company's financial practices over the past few years, suggesting improvements to systems and controls, and identifying any potential instances of misconduct. The review is expected to be completed within the next two months. The board has also...
A comprehensive insurance plan catering to expectant mothers: ‘PregnancyGuard’ – Providing tailored coverage for prenatal care, hospital stays, and newborn care, starting at $99 per month.
This article provides an overview of maternity insurance plans in India, which cover pregnancy-related expenses, including prenatal care, delivery, and postpartum care. The article highlights the importance of having maternity insurance, as these plans can help with the significant medical expenses associated with pregnancy and childbirth. The article then reviews some of the best maternity insurance plans available in India, including Aditya Birla Activ Health Platinum - Enhanced Plan with...
Bajaj Finserv is reported to acquire Allianz’s 26% stake in its life and general insurance business.
Bajaj Finserv has agreed to buy out Allianz's 26% stake in their life and general insurance joint ventures, Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, for approximately Rs 24,000 crore (€2.6 billion). This sale marks Allianz's exit from its Indian insurance joint ventures after 24 years. The deal is part of Allianz's global strategy to reduce its stakes in non-core businesses and focus on its core insurance operations. Bajaj Finserv, on the other hand, plans to maintain...
Enjoy a secure financial future with 6 ways that LIC’s Smart Pension Plan can enrich your life
The Life Insurance Corporation of India (LIC) has launched its new Smart Pension Plan, a single premium pension scheme that provides various options for both single life and joint life annuities. The plan is designed to help individuals prepare for retirement and offers a one-time lump sum payment or installments over several years, with the benefit of receiving a pension upon retirement. The LIC Smart Pension Plan features a single premium payment, multiple annuity options, liquidity options,...
HDFC Ergo Launches Groundbreaking Cashless Claims Process for Post-Hospitalisation Expenses
HDFC Ergo, a leading non-life insurance company, is planning to introduce a cashless claims facility for post-hospitalization treatment. This move would make it one of the first non-life insurance companies to offer this service, which is not currently available in the industry. While some insurance companies provide reimbursement for post-hospitalization claims, HDFC Ergo is set to pioneer cashless settlements through its "HERE" app, which has over 70 lakh downloads and four lakh users....
MetLife Insurance, in collaboration with PolicyBazaar, introduces the Smart Invest Pension Plan, a cutting-edge financial solution.
Lift Insurance Firm PNB MetLife has partnered with Policybazaar to launch a new pension plan, the PNB MetLife Smart Invest Pension Plan, designed to help individuals plan for their golden years. This Unit-Linked, Non-Participating Individual Pension Plan is aimed at people aged 40-50, offering a flexible approach to early retirement planning. The plan allows customers to choose an immediate annuity upon maturity or defer it for a few years, and up to 60% of the maturity amount can be withdrawn...
Benefit from the best returns on your investment with our comprehensive LIC policy, custom-designed to suit your needs.
Investing and saving have become a priority for many individuals, with various schemes and options available. One popular choice is the Life Insurance Corporation of India (LIC) policies, which offer impressive returns. Specifically, the LIC Jeevan Umang policy is gaining attention for its high returns. With a modest initial investment of just Rs 1,300, one can potentially build a fund of Rs 27.60 lakh, providing coverage for up to 100 years. The policy is available for individuals aged 3 to...
Discover how you can enjoy the convenience of an Apple Watch at no additional cost with our exclusive HDFC Ergo plan.
HDFC Ergo and Zopper have collaborated to launch the "India Gets Moving" program, a unique initiative that encourages individuals to adopt a healthier lifestyle through technology and rewards. The program challenges participants to take 15,000 steps daily for a year, with a tempting reward: a free Apple Watch. To participate, customers must purchase an eligible Apple Watch model from an Apple Premium Reseller, register for the Zopper Wellness Program, and sync their Apple Health Kit data with...
India’s regulatory body grants approval for Go Digit to become the country’s first private reinsurer.
The Insurance Regulatory and Development Authority of India (Irdai) has granted a certificate of registration to Valueattics Reinsurance, allowing it to become the first private sector reinsurer in the country. This development marks a significant step towards fostering competition in the reinsurance sector, previously dominated by the state-owned General Insurance Corporation of India (GIC Re). Valueattics Reinsurance is promoted by Oben Ventures LLP, founded by Go Digit's Kamesh Goyal, and...
Aditya Birla Sun Life Insurance introduces the country’s first AI-powered digital billboard, revolutionizing outdoor marketing with its interactive display.
Platinum Outdoor, a unit of Madison World, has launched India's first-ever AI-powered, real-time, interactive digital billboard at Juhu Beach for Aditya Birla Sun Life Insurance. The campaign, part of the brand's #BoodheHokeKyaBanoge initiative, allows participants to upload selfies to see a glimpse of their future selves. What sets this campaign apart is the real-time display of these AI-generated images on digital billboards, creating a highly personalized and engaging experience for the...
Aditya Birla Sun Life Insurance opens its inaugural all-female branch in Mulund, Mumbai.
Aditya Birla Sun Life Insurance, a joint venture between Aditya Birla Group and Sun Pharmaceuticals, has launched its first-ever all-women branch in Mulund, Mumbai. This new branch is specifically designed to cater to the unique needs of women, providing them with a dedicated and exclusive space to address their financial planning and insurance needs. According to a press statement, the all-women branch is staffed entirely by women advisors, who have undergone comprehensive training to...
Life Insurance Corporation of India Launches Innovative Martech Solution to Revolutionize Next-Generation Customer Interactions
The Life Insurance Corporation of India (LIC), India's largest insurance company, has launched its Marketing Technology (MarTech) platform, a significant milestone in its digital transformation initiative, Project DIVELIC. This launch marks LIC's first step towards becoming a global leader in the insurance industry, leveraging cutting-edge technology to revolutionize customer engagement at an unprecedented scale. The MarTech platform enables hyper-personalized, always-on campaigns, enhancing...
Niva Bupa honours its advisors as ‘Health Captains’ with a new campaign, #KaamMeinShaanHai.
Niva Bupa Health Insurance Company Limited has launched a campaign titled #KaamMeinShaanHai to recognize and celebrate the valuable contributions of its advisors and agents. The campaign, which translates to "This is a Victory in their Work" in Hindi, aims to instill a sense of pride among advisors and acknowledge their selfless acts that go unnoticed in times of medical need. Advisors play a crucial role in guiding customers through the healthcare process, from selecting the right product to...
The joint effort by LICI and UTI Mutual Fund has successfully established a robust network of financial services in rural India.
Established institutions in India, such as Life Insurance Corporation of India (LIC) and UTI Mutual Fund, have successfully expanded their reach into rural India by employing specific strategies. The key strategies include building trust and relationships, adopting a localized approach, enhancing financial literacy and awareness, leveraging agent networks, and demonstrating long-term commitment. To build trust and relationships, both organizations focus on consistent presence, reliability, and...
HDFC ERGO Ventures Launches ‘Drive Smart, Stay Safe’ Initiative to Promote Responsible Road Behavior
HDFC ERGO, a leading non-life insurance company in India, has launched a new initiative called "GalatRaastePeMatJao" to raise awareness about the risks associated with unsafe driving practices and promote responsible road usage. The campaign aims to educate individuals about the importance of not using mobile phones while driving, not exceeding speed limits, and following road safety guidelines. According to the World Health Organization, road traffic crashes are a major cause of death and...
Aviva selects AutoRek’s automated reconciliation solution to streamline their operations
Aviva, a leading insurance, wealth, and retirement business in the UK, has chosen AutoRek, a leading provider of automated reconciliation solutions, to implement a seamless and compliant reconciliation and CASS (Client Assets, Responsibilities, and Securities) process. This collaboration aims to increase efficiency and compliance by automating the reconciliation process, providing complete transparency for CASS auditors and internal stakeholders. With AutoRek's end-to-end platform, Aviva will...
By investing in the LIC Saral Pension Scheme, you can potentially secure a monthly pension of ₹12,000.
The Life Insurance Corporation of India (LIC) has launched a new scheme called Saral Pension Scheme that offers a guaranteed pension of ₹12,000 per month after retirement. This scheme is ideal for those who want to secure their future after retirement. To be eligible, candidates must be between 40 and 80 years old and not have a life insurance policy with any other insurance company. The scheme allows individuals to invest in an annuity, with options to pay for it every 3 months, 6 months, or...
The Aviva executive warns of an impending surge in chronic injury claims.
Declan O'Rourke, the CEO of Aviva Ireland's general insurance business, has been involved in the industry for over three decades. He has experience working in various insurance companies, including AIG, where he spent 27 years before becoming the CEO of Aviva Ireland. In his current role, he is responsible for leading the company's general insurance business, which includes a range of products such as car, home, and commercial insurance. O'Rourke has been instrumental in the launch of Level...
Consumer Court Rules in Favor of Policyholder, Orders Aditya Birla Health Insurance to Pay ₹69,000 in Compensation for Unjustified Claim Rejection
The District Consumer Disputes Redressal Commission-2 in Chandigarh has delivered a significant verdict against Aditya Birla Health Insurance, ordering the company to pay ₹69,228 to policyholder Sanjeev Rana. Rana had filed a complaint after his health insurance claim was unfairly denied, resulting in medical expenses of ₹54,228, as well as compensation for mental harassment and litigations costs. Rana was hospitalized at Max Super Specialty Hospital in Mohali in April 2024 due to severe...
Star Health reports a 35% surge in PAT in the second quarter of FY 2024, according to BW Healthcare World.
Star Health Insurance, a leading health insurance company in India, has reported a significant growth in its Premium AUM (Assets Under Management) in the second quarter of fiscal year 2023-24 (Q2FY24). According to the company's Second Quarter Results for FY24, Star Health's PAT (Profit After Tax) has surged by 35% year-on-year (YoY) to ₹434.3 crores during the quarter, ending September 30, 2023. The company's total health insurance premiums grew by 20% YoY to ₹5,341.1 crores during the...
PNB MetLife launches a new campaign that encourages thoughtful retirement planning, starring cricket star Smriti Mandhana.
PNB MetLife India Insurance Company Limited has launched a new campaign, "Aapka Aage Ka Plan Kya Hai?" featuring Royal Challengers Bengaluru (RCB) captain, Smriti Mandhana. The initiative aims to encourage people to take control of their financial futures and plan for a secure retirement. The campaign urges Indians to think about their future and make proactive financial decisions to ensure a pleasant life after retirement. The Grand Assured Income Plan (GAIN) is the campaign's centerpiece, a...
Kotak Life introduces its cutting-edge AI-driven HR companion
Insurance Asia is an online community that offers various opportunities for businesses to advertise and connect with customers. The team behind Insurance Asia can help create a customized advertising campaign, including print and digital options, for companies to reach their target audience on the website and in the print magazine. In addition, they can organize events, both online and offline, and arrange for thought leaders and industry leaders to attend, potentially leading to new...
A warning has been issued to residents to prepare for potentially hazardous weather conditions, with freezing temperatures and a risk of flooding on the horizon.
As the UK prepares for a cold snap, residents are being advised to take precautions to protect themselves and their homes from the effects of freezing temperatures. Aviva, a leading insurance provider, has issued a list of steps to help residents stay safe and prevent damage to their homes and belongings. The cold weather is expected to bring a range of issues, including frozen pipes, snow, and ice, as well as the risk of flooding as snow thaws. Aviva's head of home claims, Laura Lazarus,...
HDFC Ergo Introduces a Cost-Effective Alternative to Its Best-Selling Optima Health Insurance Plan
HDFC Ergo General Insurance has launched Optima Lite, a more affordable health insurance plan with a base sum insured of Rs 5 and Rs 7.5 lakh. This new product is a variant of their flagship my:Optima Secure health insurance plan and offers a range of benefits including organ donor expenses, home hospitalization, and emergency ambulance services. Additionally, it includes unlimited restorations of the base sum insured during the policy year. Along with Optima Lite, HDFC Ergo has introduced...
According to recent data, the total new business premiums collected by life insurers decreased by 12% in February, with LIC at the forefront of this trend.
New business premiums of life insurance companies in India continued to decline in February, marking the fourth consecutive month of decline since the new surrender value guidelines came into effect in October 2024. The data from the Life Insurance Council showed that new business premium (NBP) stood at Rs 29,985.58 crore, a 12% year-on-year decline from Rs 33,913.18 crore in the same period last year. The decline was led by Life Insurance Corporation of India (LIC), the country's largest life...
A New Opportunity Unfolded: 105 Apprentice Trainee Positions Available – Review Eligibility Criteria, Age Restrictions, and Key Requirements
The United India Insurance Company Limited has released a new notification for the recruitment of Apprenticeship Training in various disciplines. The company is inviting applications from eligible Engineering and Non-Engineering graduates who passed out in 2021, 2022, 2023, and 2024 from specific regions, including Tamil Nadu, Puducherry, Andhra Pradesh, Telangana, Kerala, and Karnataka. The recruitment process involves 105 vacancies, with 35 from Tamil Nadu, 5 from Puducherry, 30 from...
Aditya Birla Sun Life Insurance opens its first-ever all-female branch in Mulund, Maharashtra.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has opened its first all-women branch in Mulund, Mumbai, with a goal of empowering women through meaningful career opportunities. The branch is staffed by 50 women and plans to onboard additional employees in the coming months. The all-women branch offers a supportive environment for professional growth and work-life balance, with a dedicated play area for employees and advisors to work with their children present. The move is in line...
The State Consumer Forum’s handling of disputes related to the defrauded LIC scheme is marred by lengthy delays, exacerbating the suffering of innocent beneficiaries, says Ravindranath.
On March 14, 2023, Udupi Human Rights Protection Foundation president Ravindranath Shanbhag expressed his concerns about the lack of progress in resolving the issue of LIC's Jeevan Madhur policyholders in Chikkamagaluru district. Over 50,000 policyholders have been waiting for justice for years, despite paying premiums to agents appointed by LIC's Udupi Division. The policy, which was launched in 2005, offered a low-cost life insurance scheme, with beneficiaries paying a premium of ₹600 per...
Ten Essential Considerations for Selecting the Right Life Insurance Policy: Insights from Vishal Subharwal, Chief Marketing Officer and Group Head – Strategy, Distribution Planning, and E-Commerce at HDFC Life.
When it comes to purchasing life insurance, it's essential to be well-informed to make the right choice for yourself and your loved ones. Here are 10 key points to keep in mind, as outlined by Vishal Subharwal, Chief Marketing Officer and Group Head – Strategy, Distribution Planning, and e-Commerce at HDFC Life: Know your Human Life Value (HLV) and purchase life insurance cover accordingly: Calculate your HLV to determine the adequate life insurance coverage required. This will help you choose...
Bajaj Allianz Japan, a provider of innovative health insurance solutions, is proud to introduce ‘HERizon Care’, a pioneering comprehensive health insurance plan designed specifically for the unique needs of Indian women.
Bajaj Allianz General Insurance has launched a groundbreaking policy called HERizon Care, which offers two comprehensive covers: Vita Shield and Cradle Care. Vita Shield is designed to provide critical illness and holistic wellness protection, covering 34 critical illnesses, including female-specific conditions. It also offers optional extensions, such as coverage for child education, loss of job, and incidental expenses, as well as a holistic wellness ecosystem. Cradle Care, on the other...
HDFC Ergo General Insurance has invited bids for its bond issue, according to sources.
HDFC Ergo General Insurance, an Indian insurance company, has accepted bids worth 3.25 billion rupees ($37.3 million) for subordinated bonds with a 10-year tenure. The bonds will offer an annual coupon of 8.20%. The issue will have a call option at the end of five years and every year thereafter. The company received bids from bankers and investors earlier in the day. The deal is part of a list of deals reported on March 13, which includes: * PFC (Power Finance Corporation) - 1 year and 1...
As Indian insurance market continues to evolve, a thought leader in the field weighs in on the impact of newcomers in the general insurance space.
Patanjali Ayurved, a prominent Indian consumer goods company founded by Baba Ramdev, has acquired a majority stake in Magma General Insurance, a non-life insurance company, for a valuation of Rs 4,500 crore. The deal is expected to bring significant changes to the Indian insurance sector, as Patanjali Ayurved, which has traditionally focused on wellness, personal care, and food products, expands its business offerings. The acquisition is seen as a strategic move for Patanjali Ayurved, which...
According to the latest settlement ratios, Axis Max and HDFC secured the top spots with an impressive 99% rate, while Reliance Nippon trailed slightly behind at 94%.
The article discusses the importance of claim settlement ratio when it comes to life insurance, as it helps policyholders understand how likely an insurer is to honor their claims. The claim settlement ratio is the percentage of claims that an insurance company pays out of the total claims received. A higher claim settlement ratio is generally preferred, as it indicates that the insurer tends to honor most claims quickly and effectively. The Insurance Regulatory and Development Authority of...
Aditya Birla Sun Life Insurance inaugurates its first-ever all-female branch in Mulund, Mumbai, marking a significant milestone in its commitment to empowering women in the insurance industry.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has opened its first-ever all-women branch in Mulund, Mumbai, aimed at empowering women through career opportunities and creating a supportive environment for their professional growth. The branch, staffed by 50 women, features a dedicated play area where employees and advisors can work while their children are engaged nearby. This initiative is part of ABSLI's commitment to creating opportunities for women to build sustainable careers...
Rishi Tiwari takes on the role of Senior Vice President of Human Resources at Kotak Life Insurance.
Kotak Life, a prominent insurance company, has appointed Rishi Tiwari as its new Senior Vice President of Human Resources. Based in Mumbai, Tiwari will be responsible for leading the company's HR functions, including human capital management, talent acquisition, talent management, and strategy. With over 18 years of experience in the IT, hospitality, and BFSI (Banks, Financial Institutions, and Insurance) sectors, Tiwari brings a wealth of expertise in HR strategy, leadership development, HR...
According to a recent report, the top 10 most valuable Indian brands of 2025 include Tata, Infosys, Reliance, LIC, and HDFC – a badge of honor for these Indian businesses.
The article highlights the top 10 most valuable Indian brands in 2025, according to the Brand Finance Global 500 2025 Report. The list includes leading companies such as Tata Group, Infosys, HDFC, and more, showcasing India's growing global presence across various industries. Tata Group, valued at $31.6 billion, leads the list, followed by Infosys, valued at $16.3 billion, and HDFC Group, valued at $14.2 billion. Other notable brands include LIC, Reliance Group, SBI Group, HCLTech, Airtel,...
IFFCO-Tokio General Insurance Marks Quarter Century Milestone, Reinforces Pledge to Achieve IRDAI’s Ambitious Goal of Insurance Penetration for All by 2047.
IFFCO-Tokio General Insurance is celebrating its 25th year of operations, marking a significant milestone in its journey to provide customer-centric insurance solutions. The company was founded in 2000 as a joint venture between IFFCO and Tokio Marine Group, with the goal of making insurance accessible to every individual, household, and business. Since its inception, the company has grown rapidly, with a GWP of ₹6 crore in 2000 expanding to ₹10,000 crore in 2024, serving millions of customers...
HDFC Life asserts that the earlier data breach had no significant consequences.
HDFC Life Insurance has announced that the data theft incident reported in November has been resolved and did not have any adverse material impact on the company. Despite the unauthorized exploitation of a specific, identified issue, the insurer was able to contain and mitigate the breach without any significant consequences. In November, HDFC Life reported that an unknown source shared customer data with the company with malicious intent. At the time, the company did not provide further...
The HDFC Ergo Scheme is accused of manipulating step-count data, leaving participants uncertain about their cashback rewards.
HDFC Ergo, an insurance company, launched the "India Gets Moving" initiative in November 2024, in collaboration with Zopper and Apple, to promote healthy habits by incentivizing customers to buy Apple Watches and track their daily step count. The initiative promised to return the cost of the Apple Watch to customers who achieved a minimum daily step count of 15,000 steps. However, after a backlash on social media, the company started making payments to customers who had genuinely achieved...
Introducing Toothlens’ pioneering initiative: the first ever cashless dental OPD insurance in India, in partnership with Star Health.
Toothlens, in collaboration with Star Health and Vizza Broking Services, has launched India's first cashless Dental OPD insurance program, making dental care more accessible and affordable for millions of Indians. Oral diseases are a significant global health concern, with over 3.5 billion people worldwide suffering from oral diseases, disproportionately affecting low and middle-income populations. This initiative aims to address the dearth of affordable dental care in India, where millions of...
HDFC, Max Life, and LIC have a superior track record when it comes to processing and settling claims.
The Insurance Regulatory and Development Authority of India (IRDAI) has released its annual report on the Claim Settlement Ratio (CSR) for 2023-24, which provides information on how different insurers handle claims. The overall CSR for individual death claims within 30 days, including both private insurers and Life Insurance Corporation of India (LIC), stood at 96.82%. The report highlights the performance of various life insurers in India. Axis Max Life Insurance Limited, a private insurer,...
The Madras High Court has granted permission to the Chennai Metro Rail Limited (CMRL) to acquire the premises of a temple, in a major u-turn from its earlier stance.
A single judge of the Madras High Court has allowed a writ petition filed by the United India Insurance Company Ltd. (PIL) challenging a notice issued by the Chennai Metro Rail Limited (CMRL) to acquire its property for the construction of a metro station. The CMRL had initially planned to acquire the premises of the Arul Mighu Sri Rathina Vinayagar and Durgai Amman Temple for the station, but later announced that it would shift the station's entrance to the petitioner's building, United India...
Unlock the benefits of secure living with the Bharti AXA Postal Life Insurance Policy, offering comprehensive premium rates, wide range of benefits, and convenient online status check.
Bharti AXA Postal Life Insurance is a unique life insurance product that combines the trust and reach of India Post with the expertise and innovation of Bharti AXA Life Insurance. This collaboration aims to provide affordable and accessible life insurance solutions to individuals across the country, especially in rural and semi-urban areas. The product is designed to cater to the diverse needs of policyholders, offering financial protection, savings, and investment opportunities. Bharti AXA...
Niva Bupa Embraces the Ambit of the Missing Middle with the Launch of Rise in India
Niva Bupa Health Insurance Company Limited, a leading standalone health insurer in India, has launched a new health insurance plan called "Rise" to address the health insurance needs of India's "Missing Middle" segment. The plan is designed to make quality healthcare more accessible to this segment, which includes individuals who earn too much to qualify for government-sponsored health schemes but too little to afford private health insurance. The "Rise" plan offers a range of features that...
LIC emerges as the world’s third-strongest insurance brand, recording a 36% surge in brand value.
According to the Brand Finance Insurance 100 report for 2025, the Life Insurance Corporation of India (LIC) has been recognized as the world's third strongest insurance brand, achieving a Brand Strength Index (BSI) score of 87.9 out of 100. This recognition highlights LIC's robust market presence and the trust it has built with its extensive customer base. The report also notes that the combined brand value of India's insurance sector, which includes LIC and SBI Life, has grown by 35%...
HDFC Ergo General Insurance considers issuing bonds, sources indicate.
India's HDFC Ergo General Insurance Company is planning to raise 3.5 billion rupees (approximately $11.47 million) through the sale of subordinated bonds with a 10-year maturity period. The company has invited bids from bankers and investors for the issue, with the bidding process set to take place on March 13. The interest rate for the bonds has not yet been disclosed. This is the latest development in a series of bond issuance deals reported on March 11, including a 7.68% yield offered by...
The deadline to apply for our 500 Assistant positions is today – find the details here.
The New India Assurance Company Limited (NIACL) is set to close online applications for the recruitment of Assistants on January 1, 2024. The recruitment drive aims to fill 500 positions. To be eligible, candidates must be between 21-30 years old as of December 1, 2024, with a graduation degree in any discipline from a recognized university or equivalent qualification recognized by the Central Government. Additionally, they must have passed English as one of the subjects in SSC/ HSC/...
The High Court has issued an order restraining the Life Insurance Corporation (LIC) from outsourcing its staff.
The Madhya Pradesh High Court has stayed the operation of the Industrial Tribunal's order that restrained Life Insurance Corporation of India (LIC) from outsourcing the recruitment of class IV employees. The LIC had decided to outsource the recruitment, but a petition was filed against this decision, which was initially dismissed by the court in August 2023. Undeterred, the employees moved an application to the Industrial Tribunal, arguing that the process of reconciliation was still pending...
TripJack and Aditya Birla Health Insurance join forces to offer comprehensive travel protection solutions.
TripJack, a B2B travel platform in India, has launched TripSafe, a comprehensive global assistance package designed to protect international travelers from unexpected disruptions. The package includes medical, baggage, and trip cancellation coverage, as well as travel insurance under a group policy from Aditya Birla Health Insurance Company Limited (ABHICL). TripSafe offers three coverage tiers: Silver Plus, Super, and Gold Plus, each with varying levels of assisted services and insurance...
The company saw a significant 28% increase in group yearly renewable premiums for the period of April to February.
The Life Insurance Corporation of India (LIC) has reported a significant surge in group and individual premiums for the first 11 months of FY25. According to industry data, the corporation's total premium collection stood at 1.90 lakh crore, a 1.90% increase from the corresponding period in FY24. The individual premium collection declined by 1.07% in February 2025, but the group premium collection saw a 13.53% rise to 4,898 policies. This growth was driven by an increase in group yearly...
Aviva, the UK’s second-largest insurance provider, has launched legal action against Palestine Action.
Protesters from Palestine Action have targeted the Manchester office of Aviva, an insurance company, by occupying the entrance and causing minor damage. The protest began at 7am on March 11, 2023, and some protesters even climbed on top of the revolving doors and hung Palestinian flags on the wall. Aviva has stated that it will take legal action in response to the protest, which has not affected service to customers. This is not the first time Palestine Action has targeted Aviva, as the group...
A Chennai-based consumer court has ordered an insurance firm and a bank to collectively pay a compensation of Rs 51 lakh to the widow of a customer who had filed a complaint against them.
A widow and her son, Santosh and Sandeepan Sudhersan Sharma, have won a case against Niva Bupa Health Insurance and Karur Vysya Bank in the Chennai North District Consumer Disputes Redressal Commission. The commission ordered the companies to pay the family a compensation of Rs 51,00,000 and additional 9% interest on it, along with Rs 1,05,000 in compensation for deficiency in service, mental agony, pain, and suffering, and Rs 5,000 in litigation costs. The case arose when Sudhershan Pohloram...
Insurance giant sees 28% boost in group renewal premiums for the year-to-date, with significant growth from April to February.
The Life Insurance Corporation of India (LIC) has reported a significant surge in its premium collections and policy sales during the first 11 months of FY25. According to the latest industry data, LIC's group yearly renewable premiums rose by 28.29% to Rs 1.90 lakh crore, while individual premiums saw a 7.9% increase. The insurer also issued 12.02 lakh policies under the individual category and 1,430 policies and schemes under the group yearly renewable segment. Overall, LIC's total number of...
New India Assurance is taking steps to enhance its underwriting standards and risk management protocols.
The New India Assurance Company's financial performance is expected to remain adequate, with a strong balance sheet and a top-notch capital adequacy ratio. According to AM Best, the company's balance sheet is underpinned by its risk-adjusted capitalisation at the strongest level, with a well-rated investment portfolio mainly composed of domestic government and corporate bonds. However, its balance sheet is still exposed to potential volatility due to its allocation to domestic equity...
Do LIC policyholders receive a sovereign guarantee on the sum assured, similar to the guarantees offered by PPF, SCSS, and SSY?
The Life Insurance Corporation of India (LIC) offers policies that are backed by a sovereign guarantee, similar to small savings schemes such as the Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS). This means that even if LIC fails, the government would pay the sum assured to policyholders. The sum assured on all LIC policies is governed by the Life Insurance Corporation Act, 1956, Insurance Act, 1938, and IRDAI Act, 1999, and is supported by the government's sovereign...
From April 1, Tata AIG’s Star Health policyholders will no longer have access to cashless services at Ahmedabad hospitals.
From April 1, 2025, hospitals and nursing homes in Ahmedabad will no longer offer cashless services to patients with Star Health and Tata AIG General Insurance policies. This decision was made due to growing tensions between healthcare providers and insurance companies, resulting from unjustified deductions, low reimbursement rates, non-renewal of tariff rates, and insurance companies' tendency to blacklisting hospitals. Hospitals have reported difficulties in continuing cashless services due...
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today's world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it's essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the...