Page 2 - Insurance
Term insurance ownership has risen to 43% from 36% in two years: IPQ Survey
This indicates consumers are now diversifying their insurance holdings and building a holistic portfolio by investing more in life insurance, including term, market-linked and savings plans
 "Term insurance ownership has risen to 43% from 36% in two years: IPQ Survey")
Health insurance premiums drive non-life industry growth, shows data
Group premiums grew 30% against 17% growth in retail segment
 "Health insurance premiums drive non-life industry growth, shows data")
Insurer can't change policy terms unilaterally
The National Commission pointed out that when a change in policy terms is made without a fresh proposal, the insurer must get the insured's consent
 "Insurer can't change policy terms unilaterally")
IPO-bound LIC exhibits distribution strength to financial investors
Insurer already sourced 97% of FY22 new business premium till September
 "IPO-bound LIC exhibits distribution strength to financial investors")
Insurance term prices will continue to rise: HDFC Life's Vibha Padalkar
Company is a steady performer and it is 'comfortably beating' the Sensex's performance, says the top executive.
 "Insurance term prices will continue to rise: HDFC Life's Vibha Padalkar")
ICICI Prudential, HDFC Life Insurance opt for higher retention on books
An increase in retention limit means the insurer increases the degree of risk it retains on its balance sheet
 "ICICI Prudential, HDFC Life Insurance opt for higher retention on books")
Covid provision pool lowered, but 'we got you covered': Life insurers
As claims burden drops, life insurers hold enough reserves, cushioning balance sheet against risk
 "Covid provision pool lowered, but 'we got you covered': Life insurers")
How to build a health corpus if you're unable to get medical insurance
Also try to join a group health plan at the office, bank or one covering your professional group
 "How to build a health corpus if you're unable to get medical insurance")
Finance ministry invites applications for Irdai whole-time member post
The applicant should preferably have at least 25 years of experience in the area of insurance
 "Finance ministry invites applications for Irdai whole-time member post")
Insurers seek hike in tax exemption for higher adoption of pure risk plans
Currently, under Section 80C of the Income Tax Act, an individual can claim a deduction of the life insurance premium paid from his/her taxable income
 "Insurers seek hike in tax exemption for higher adoption of pure risk plans")
Street positive on Tech Mahindra's 310 million Euro acquisition
The deal will boost its digital and engineering R&D capabilities in BFSI space
 "Street positive on Tech Mahindra's 310 million Euro acquisition")
Exide Life appoints Sanjay Vij as Executive Director and Principal Officer
Exide Life has announced the appointment of Sanjay Vij as the Executive Director and Principal Officer with effect from January 10. On January one, 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals, an Exide Life statement noted on Monday. Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs 685 per share were allotted to Exide Industries Limited. Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly, the statement said. Vij joined HDFC Life in July 2001. As the Group Head - Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels, it was stated.
 "Exide Life appoints Sanjay Vij as Executive Director and Principal Officer")
Non-life insurance firms register 7% rise in gross premium at Rs 18,953 cr
The non-life insurance companies had underwritten gross premium valuing at Rs 17,662.32 crore in December 2020
 "Non-life insurance firms register 7% rise in gross premium at Rs 18,953 cr")
Insurance cover likely for traders under national retail trade policy
Proposed national retail trade policy to support kirana stores
 "Insurance cover likely for traders under national retail trade policy")
Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3
In Q3 of FY22, insurers earned NBP to the tune of Rs 73,249.97 crore
Life insurers' new biz premium income nearly flat at Rs 24,466 cr in Dec
The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020
Irdai seeks to revise formula for fixing insurers' obligation for Motor TP
The regulator has asked for comments from stakeholders, which they have to submit by January 25
 "Irdai seeks to revise formula for fixing insurers' obligation for Motor TP")
15-year cap on tenure of MD, CEOs of insurance companies on cards
Proposed remuneration to be divided between fixed/variable pay, perquisites
 "15-year cap on tenure of MD, CEOs of insurance companies on cards")
IRDAI caps value of surety insurance contracts at Rs 500 crore
The IRDAI has also stipulated that the non-life insurers wanting to underwrite the surety insurance risks should have a solvency margin of 1.25
 "IRDAI caps value of surety insurance contracts at Rs 500 crore")
Covid insurance policies will also cover Omicron treatment costs: Irdai
The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant
