Insurance Premium

Bad news for vehicle owners as third party premium to be hiked from Jun

From June 1, 2022 onwards, the motor third party liability insurance premium has been jacked up by the central government despite the portfolio being hugely profitable for the insurers

Pay your health insurance premium on time and enjoy lifelong renewability

Accumulated no-claim bonus and advantage of having crossed waiting period will be lost if you fail to pay your health insurance premium on time

Life insurers' new business premiums zooms 84% in April, thanks to LIC

In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period

Hotels ask govt to restore insurance premium rates to 2018-19 level

HAI claimed that the increased premium rates put all hotels at par and do not differentiate between the quality of risk undertaken

Hotel Association of India urges govt to bring down insurance premiums

The hotel association alleged that insurance companies are not allowed to quote different rates to hotel properties based on the risk category of the insured, thereby putting all the hotels at par

Group health policies see rise in premiums in renewal cycle, shows data

There was a marginal increase of 0-5 per cent in group health insurance premiums

New business premiums of life insurance companies jump 37% in March

In FY22, life insurers post 13% growth in new biz premium, compared with 7.5% growth in FY21

New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22

Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal

Health cover premiums shoot up as Covid-19 pandemic threat looms

Premium costs jump 10-15%, driven by large number of claim payouts during pandemic as well as factors such as rising healthcare costs

Tata AIA Life expects total premium income to cross Rs 14,000 cr in FY22

Tata AIA Life Insurance's total premium income is likely to grow over 30 per cent to cross Rs 14,000 crore in the current fiscal, a top company official has said. The industry growth for the first 10 months of the year has been about 20 per cent mainly because of the base effect and if you look at the growth of the company, it is about 32 per cent on weighted new business premium, Naveen Tahilyani, MD & CEO, Tata AIA Life Insurance Co Ltd, told PTI in an interaction. The life insurer had earned a total premium income of Rs 11,105.09 crore in 2020-21. "We grew at 32 per cent in the first nine months of this fiscal and close to 40 per cent in the first ten months of the year. So, I expect to close the year with about 35 per cent business growth in new business premium and about 30 per cent growth in total premium. Our total premium should certainly cross Rs 14,000 crore this year," Tahilyani said. He said the awareness towards buying insurance has increased post-Covid. However, the .

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

LIC effect: Life insurers' February new business premium rises 22%

NBP is the premium acquired from new policies for a particular year

Allowing your life insurance policy to lapse carries a very high cost

You will lose out on the cover, pay a surrender charge, and usually end up paying a higher premium when you buy a new policy

LIC IPO: How the embedded value of the insurance behemoth was calculated

Shareholders get more say on how LIC treats its profit and policyholder's interest

Buying new policy instead of reviving old one could mean higher premium

But it means avoiding the premiums and interest for lapsed years, so do the math

Protect yourself from these common mis-selling ploys insurance agents use

An IRDAI report shows that banks and broker channels received more mis-selling complaints than other channels

Life insurers seek separate bucket for premium, tax-free annuity in Budget

The life insurance industry has recommended the government to create a separate bucket for tax rebate under section 80 (C) and make annuity tax-free for the benefit of subscribers

New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai

The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday. All the 24 life insurance companies had written new business or the first year premium totalling Rs 19,159.30 crore in November 2020. The insurance behemoth LIC -- the only state-owned life insurer in the country -- witnessed over 32 per cent rise in the first-year business premium in November at Rs 15,967.51 crore, as against Rs 12,092.66 crore in the year-ago same period, as per the data shown by the Insurance Regulatory and Development Authority of India (Irdai). Rest of the 23 players belonging to the private sector registered a spike of 58.63 per cent in their collective first-year premium income at Rs 11,209.75 crore during the month, as against Rs 7,066.64 crore a year ago same month. On a cumulative basis, the new business premium income of all the insurers during the April-November period of FY'22 was up by 8.46 per

18% GST on insurance premium is atrocious: Former IRDAI member Nilesh Sathe

Says insurance becomes a necessity in the absence of any social security for citizens, nowhere else in the world one has to pay such heavy tax on premium

Soon, regular yoga will get you a discount on your insurance premium

Irdai set to allow wellness programme along with life plans; policyholders participation voluntary