As Federal Health Care Subsidies Expire, State and City Efforts Aim to Lower Insurance Costs – baystatebanner.com
As federal healthcare subsidies are set to expire, state and city efforts are underway to lower insurance costs for individuals and families. The American Rescue Plan Act (ARPA) provided temporary subsidies to make health insurance more affordable, but these subsidies are slated to end in 2023. To mitigate the potential fallout, states and cities...
Allianz PNB Life enhances its cybersecurity measures by adopting a risk-based approach.
Allianz PNB Life, a leading insurance company, is prioritizing cybersecurity and fraud prevention by adopting a risk-based approach. The company recognizes that not all assets are created equal and that a targeted defense is necessary to protect high-risk assets from cyber threats. According to Rosanna Canlas, Head of Information Security, the...
Honolulu doctors are now opting out of the traditional healthcare system, choosing not to accept health insurance and instead, are directly billing patients for their services.
A father-daughter medical practice in Honolulu is revolutionizing the way they provide healthcare by cutting out the middle man - health insurance companies. Dr. Curtis Takemoto-Gentile and his daughter Dr. Krishanna Takemoto-Gentile have adopted a direct primary care model, where patients pay a monthly fee for better access to the doctor. This...
As the quest for affordable health insurance continues, Americans are exploring various options to access quality healthcare without breaking the bank. With the rising costs of medical care, many individuals and families are struggling to find coverage that fits within their budgets. In response, some are turning to alternative solutions, such as short-term health plans, health sharing ministries, and community clinics, in an effort to obtain affordable health insurance.
The high cost of health insurance and healthcare is a significant burden for millions of Americans, making it difficult for them to afford necessary care for themselves and their families. The expiration of enhanced advance premium tax credits (APTCs) in December has led to a significant increase in health insurance costs, with some individuals...
Nunn: Extend enhanced health care tax credits as transition to repealing ACA – iowacapitaldispatch.com
U.S. Senator Tina Smith (D-MN) and Senator Jacky Rosen (D-NV) have introduced a bill to extend enhanced health care tax credits, which were established under the American Rescue Plan Act (ARPA). The enhanced credits, set to expire at the end of 2022, have made health insurance more affordable for millions of Americans. The proposed legislation...
Centre approves wage, pension revisions for PSGICs, NABARD and RBI.
The Indian government has approved a long-pending wage revision for Public Sector General Insurance companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). The revision will benefit approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners across these organizations. The wage revision for...
Insurers to charge 18% GST on agents’ commission, Input Tax Credit issue
The Indian government's decision to reduce the Goods and Services Tax (GST) on health insurance premiums from 18% to 0% has had an unintended consequence on the insurance industry. Insurers are now imposing an 18% GST on commissions paid to agents and distributors to offset losses from the withdrawal of input tax credit (ITC). This move has come...
A mountain of transgressions and shattered vows
The article discusses the breach of trust by the Life Insurance Corporation of India (LIC), the country's largest insurer, with its customers. The concept of "uberrima fides" or utmost good faith is a fundamental principle in insurance, which demands complete honesty from both parties. However, LIC has consistently violated this principle by...
LIC Schemes: LIC has introduced two new plans, offering potentially high returns.
The Life Insurance Corporation of India (LIC) has introduced two new insurance products, LIC Jan Suraksha and LIC Bima Lakshmi, which will be available for sale starting October 15. Both schemes are non-linked and non-participating, meaning they are not affected by market fluctuations, ensuring a safe investment. These products cater to different...
Earn a monthly pension of up to ₹44,000.
The Life Insurance Corporation (LIC) of India has introduced the Smart Pension Plan 2025, a retirement planning solution that provides a guaranteed monthly income for life in exchange for a one-time lump sum investment. This non-linked, non-participating annuity plan is available for a minimum investment of ₹1 lakh. The plan's payout structure is...
LIC of India will launch 2 new schemes starting tomorrow, namely LIC’s Jan Suraksha and LIC’s Bima Lakshmi.
The Life Insurance Corporation of India (LIC) is set to launch two new schemes, LIC's Jan Suraksha and LIC's Bima Lakshmi, starting tomorrow. These schemes aim to provide financial security and protection to individuals and their families. Here are the details of the two schemes: LIC's Jan Suraksha LIC's Jan Suraksha is a micro-insurance plan...
LIC clocks 14.6% growth in individual premium for June
The Life Insurance Corporation of India (LIC) has reported a significant increase in individual premiums for the month of June 2025. According to data released by the Life Insurance Council, LIC's individual premiums grew by 14.6% year-on-year, outpacing the 12.12% growth rate of private life insurers. This robust growth is a positive sign for...
The Central Bureau of Investigation (CBI) has booked a LIC Admin Officer for allegedly embezzling ₹43.8 lakh and tampering with records to conceal the fraud.
The Central Bureau of Investigation (CBI) has launched an investigation into an administrative officer with the Life Insurance Corporation of India (LIC) for allegedly embezzling ₹43.8 lakh. The officer, who worked in the pension and group schemes unit, is accused of transferring funds to third-party accounts and then to his own account between...
- LIC (Life Insurance Corporation of India): With a claim settlement ratio of 98.62%, LIC is one of the most trusted life insurance companies in India.
- HDFC Life Insurance: Offering a claim settlement ratio of 99.07%, HDFC Life Insurance is known for its efficient claim processing.
- ICICI Prudential Life Insurance: With a claim settlement ratio of 98.58%, ICICI Prudential is a popular choice among policyholders.
- SBI Life Insurance: SBI Life Insurance has a claim settlement ratio of 94.99%, making it a reliable option for life insurance.
- Max Life Insurance: Max Life Insurance boasts a claim settlement ratio of 99.22%, ensuring that policyholders receive their claims in a timely manner.
- Tata AIA Life Insurance: With a claim settlement ratio of 99.07%, Tata AIA Life Insurance is a trusted name in the Indian life insurance market.
- Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance has a claim settlement ratio of 98.48%, providing policyholders with peace of mind.
- Kotak Mahindra Life Insurance: Kotak Mahindra Life Insurance offers a claim settlement ratio of 98.15%, making it a popular choice among policyholders.
- PNB MetLife India Insurance: With a claim settlement ratio of 97.18%, PNB MetLife India Insurance is a reliable option for life insurance.
- Aegon Life Insurance: Aegon Life Insurance has a claim settlement ratio of 98.01%, ensuring that policyholders receive their claims efficiently.
- Exide Life Insurance: Exide Life Insurance boasts a claim settlement ratio of 98.47%, providing policyholders with a smooth claim experience.
- Reliance Nippon Life Insurance: With a claim settlement ratio of 97.71%, Reliance Nippon Life Insurance is a trusted name in the Indian life insurance market.
- Birla Sun Life Insurance: Birla Sun Life Insurance has a claim settlement ratio of 96.35%, making it a reliable option for policyholders.
- Aviva Life Insurance: Aviva Life Insurance offers a claim settlement ratio of 97.41%, ensuring that policyholders receive their claims in a timely manner.
- Future Generali India Life Insurance: With a claim settlement ratio of 95.71%, Future Generali India Life Insurance is a popular choice among policyholders.
- Canara HSBC OBC Life Insurance: Canara HSBC OBC Life Insurance has a claim settlement ratio of 95.39%, providing policyholders with a smooth claim experience.
- Pramerica Life Insurance: Pramerica Life Insurance boasts a claim settlement ratio of 95.55%, ensuring that policyholders receive their claims efficiently.
- Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance has a claim settlement ratio of 96.67%, making it a trusted name in the Indian life insurance market.
- Star Union Dai-ichi Life Insurance: With a claim settlement ratio of 95.13%, Star Union Dai-ichi Life Insurance is a reliable option for policyholders.
- Shriram Life Insurance: Shriram Life Insurance offers a claim settlement ratio of 94.99%, providing policyholders with peace of mind.
The life insurance industry in India has evolved from being a tax-saving instrument to a vital component of financial security. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies, setting standards such as Claim Settlement Ratio (CSR) and solvency ratio. As of FY...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
AHPI issues notice to Star Health Insurance, warns of suspension of cashless services from September 22, 2025 – Express Healthcare
The Association of Healthcare Providers India (AHPI) has issued a notice to Star Health Insurance, warning of a potential suspension of cashless services starting from September 22, 2025. This move is likely a result of unresolved issues between the two parties, although the specific reasons behind the notice are not explicitly stated. As a...
Healthcare providers’ body demands immediate restoration of cashless services by Star Health Insurance
The Association of Healthcare Providers (AHPI) has suspended cashless services in several hospitals across India, including prominent chains like Care Hospitals, Manipal Hospital, and Max Hospitals, among others. This move is in response to a dispute with Star Health Insurance, one of the leading health insurance companies in the country. AHPI...
Rising Health Insurance Complaints in India: Key Data Insights
Complaints against health insurers in India are on the rise, indicating growing consumer awareness and the importance of effective grievance redressal mechanisms. According to Insurance Samadhan, a grievance platform, there was a 45% increase in complaints in Q2 2025 compared to the previous quarter, with 974 cases involving claims worth over...
Sharp premium drop hits general insurers in August; New India Assurance down 47% MoM
The Indian insurance sector experienced a decline in premium collections in August, with several leading insurers reporting sharp drops on a month-on-month (MoM) basis. In the general insurance segment, New India Assurance saw the steepest decline, with premiums falling 47% MoM to ₹2,197 crore. However, the company attributed this drop to the...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...
Aviva Life Insurance has been awarded Product of the Year 2025 in two categories: Retirement Income and Unit Linked Insurance Plans (ULIP).
Aviva Life Insurance, a leading private life insurance company in India, has been awarded the prestigious Product of the Year 2025 title in two key categories: Life Insurance – Retirement Income and Life Insurance – ULIP. The recognition was based on a nationwide consumer survey conducted by NielsenIQ, as part of the 17th edition of Product of...
Tata Consultancy Services (TCS) has expanded its partnership with Aviva in the UK.
Tata Consultancy Services (TCS) has expanded its partnership with Aviva, a leading insurance, wealth, and retirement provider in the UK. As part of the agreement, TCS' subsidiary, Diligenta, will manage an additional 1.1 million Aviva policies in the UK, bringing the total number of policies managed to 6.5 million. The expanded partnership aims...
TCS Strengthens Partnership with Aviva UK to Enhance Life and Pensions Customer Experience – FF News | Fintech Finance
Tata Consultancy Services (TCS) has strengthened its partnership with Aviva UK, a leading insurance company, to enhance the life and pensions customer experience. The partnership aims to leverage TCS' technology expertise and Aviva's industry knowledge to create a more seamless and personalized experience for Aviva's customers. As part of the...
Tata Consultancy Services (TCS) has expanded its partnership with UK-based investment firm Aviva, taking on the management of an additional 1.1 million policies.
Tata Consultancy Services (TCS) has strengthened its partnership with UK-based investment firm Aviva to manage an additional 1.1 million policies. This expansion is part of a long-standing relationship between the two companies, with TCS already handling a significant portion of Aviva's policy administration. Under the terms of the agreement, TCS...
Tata Consultancy has expanded its partnership with Aviva.
Tata Consultancy Services (TCS) has announced an expansion of its partnership with Aviva UK, a leading insurance, wealth, and retirement provider in the UK. The partnership will see TCS' subsidiary, Diligenta UK, manage over 6.5 million policies on behalf of Aviva, including an additional portfolio of life insurance business. This expansion is a...
Aviva tops the 2025 UK Commercial Insurance Broker Survey as the market leader.
Aviva has received high praise from brokers in the 2025 UK Commercial Insurance Broker Survey conducted by GlobalData. The survey found that Aviva led the market in 10 out of 12 categories, including underwriting flexibility, digital capabilities, and AI integration. These elements are crucial in the rapidly changing insurance landscape, and...
Aviva Life Insurance introduces Smart Vitals, a pioneering fixed health benefit plan that incorporates wellness rewards.
Aviva Life Insurance has introduced a novel insurance plan called Smart Vitals, a first-of-its-kind fixed health benefit plan that incorporates wellness rewards. This innovative plan is designed to provide policyholders with a comprehensive health insurance coverage, while also encouraging them to prioritize their well-being through various...
From Crisis Cover To Daily Care: How Health Insurance Became A Real Life Partner
The insurance industry has undergone a significant transformation, shifting from a reactive model to a proactive one. According to Sanjiv Bajaj, joint chairman and managing director of Bajaj Capital, insurance is no longer something that individuals hope to never use. Instead, it has become a tool that people engage with regularly, not just for...
Jammu and Kashmir government constitutes UT-Level Insurance Committee to enhance insurance coverage
The Government of Jammu and Kashmir has established a Union Territory Level Insurance Committee (UTLIC) to oversee the implementation of the UT Insurance Plan. This committee aims to increase insurance awareness and penetration throughout the Union Territory. The decision was formalized through a government order issued by the General...
A tug-of-war is brewing over cashless health insurance, posing a potential threat to policy holders.
A recent standoff between hospitals and health insurance providers in India has raised concerns among policy-holders about the availability of cashless health insurance services. The Association of Healthcare Providers of India (AHPI) had advised its member hospitals to suspend cashless services provided by Bajaj Allianz, citing issues such as...
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard,...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...
AHPI revokes suspension of cashless services for Bajaj Allianz policyholders
The Academy of Hospital Administration (AHA) and the Insurance Provider, Bajaj Allianz, have come to a resolution regarding the suspension of cashless services for Bajaj Allianz policyholders. Recently, the AHA had revoked the suspension, allowing policyholders to once again avail of cashless services at empaneled hospitals. The suspension was...
Bajaj and Allianz have parted ways, marking a fierce battle for control in the Indian insurance market, as reported by Bloomberg.com.
The Indian insurance market has witnessed a significant development with the split between Bajaj Finserv and Allianz, marking a fierce control battle in the industry. Bajaj Finserv, a prominent financial services company in India, and Allianz, a global insurance giant, had a long-standing partnership in the Indian insurance market through their...
Preventive care is becoming a priority in Indian health insurance, according to Mayank Bathwal of ABHI.
The healthcare costs in India are rising, and as a result, preventive care is becoming a key focus for insurers. Despite progress in coverage, over 60% of healthcare expenses are still borne directly by households, highlighting gaps in traditional insurance models. Mayank Bathwal, CEO of Aditya Birla Health Insurance, explains that conventional...
Preventive care is gaining prominence in Indian health insurance, according to Mayank Bathwal of ABHI.
The rising healthcare costs in India have led to a shift in focus towards preventive care, particularly in addressing the significant out-of-pocket spending burden on households. Despite progress in coverage, over 60% of healthcare expenses are still borne directly by households, highlighting the gaps in traditional insurance models. Mayank...
Policybazaar introduces a 100% claim settlement option for planned hospitalisations on select health insurance policies.
Policybazaar, a leading insurance marketplace, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and cashless experience for policyholders, ensuring zero deductions on eligible hospital bills. The benefit is available on specific plans from Bajaj...
On October 8, 2025, insurance agents and associations are likely to raise the issue of Goods and Services Tax (GST) with the Insurance Regulatory and Development Authority of India (IRDAI) and the Finance Ministry.
The insurance industry in India is facing a significant issue related to the Goods and Services Tax (GST) and Input Tax Credit (ITC). Private insurers have reduced distributor payouts by 15-18% to offset the loss of ITC, following the GST exemption on life and health insurance premiums. This move is expected to have a significant impact on...
National Insurance Awareness Day: Insurers Increasingly Invest in Wellness as Health Plans Undergo Transformation
The health insurance landscape in India is undergoing a significant transformation, shifting from a traditional safety net for emergencies to a wellness partner that encourages policyholders to adopt healthier lifestyles. Insurers are now incorporating wellness-linked benefits into mainstream health plans, using digital tools such as...
The latest claim settlement ratio of health and general insurance companies was released by IRDA in 2025. According to the data, Navi and Acko have taken the lead, while Star Health and Zuno have fallen below the 90% mark.
The rising medical inflation has made it challenging for individuals to bear medical expenses without a comprehensive health insurance policy. In India, the Insurance Regulatory and Development Authority (IRDAI) releases an annual list of claim settlements by health and general insurance companies. The claim settlement ratio, which refers to the...
The insurance industry is seeking government assistance to extend Input Tax Credit (ITC) benefits to include distribution costs and renewals, according to the CEO of Aditya Birla Sun Life Insurance.
The life insurance industry in India is planning to approach the government with new demands after the GST Council recently exempted individual life and health insurance policies from tax. The industry's primary request is to extend input tax credit (ITC) benefits to distribution costs and renewal premiums of past policies, even under the new...
HDFC ERGO has partnered with Consumr.ai to enhance its customer intelligence capabilities.
Consumr.ai, a leading customer intelligence platform in India, has been selected by HDFC ERGO to pilot a proof-of-concept (POC) aimed at transforming the insurance customer journey. The POC will utilize Consumr.ai's proprietary AI Twins technology, which creates virtual representations of consumer cohorts based on real behavioral data. This...
HDFC ERGO General Insurance Wins Duck Creek Standard of Excellence Customer Award at Formation ’25
Duck Creek Technologies, a global intelligent solutions provider, has announced HDFC ERGO General Insurance Company Limited as a 2025 Standard of Excellence Customer Award winner. HDFC ERGO, India's leading private sector general insurer, has been recognized for its digital transformation and innovation in the insurance industry. The company has...
Two-wheeler insurance scam: Rs 80 crore duped from 25,000 victims
A massive insurance fraud racket has been uncovered in Ghaziabad, India, with over 25,000 people falling victim to the scam. The fraud, which involves vehicle insurance, has a financial impact of more than Rs 50 crore (approximately Rs 80 crore) in Ghaziabad alone, with 128 people from the city affected. The scam was busted by the Ghaziabad Cyber...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
Non-life insurers record 5% premium growth in June, data reveals
The Indian general insurance industry has witnessed a mixed performance in terms of premium growth, with some insurers reporting significant increases while others saw declines. New India Assurance, the largest general insurer, led the pack with a 10.6% year-over-year (YoY) increase in premiums to Rs 3,328 crore. This growth is notable, given the...
Sharp premium drop hits general insurers in August; New India Assurance down 47% MoM
The Indian insurance sector experienced a decline in premium collections in August, with several leading insurers reporting sharp drops on a month-on-month (MoM) basis. In the general insurance segment, New India Assurance saw the steepest decline, with premiums falling 47% MoM to ₹2,197 crore. However, the company attributed this drop to the...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard,...
Insurance premium collections rose in August, driven by Bajaj Allianz and New India Assurance.
The Indian general insurance sector experienced modest year-on-year growth in premium collections for August, according to data from the General Insurance Council. However, several major players reported significant sequential declines in premiums compared to July. ICICI Lombard General Insurance saw a 2.1% year-on-year increase in gross direct...