The Insurance Regulatory and Development Authority of India (IRDAI) data shows that the life insurance industry saw a 23% growth in new business premium collections in the first quarter of FY 2025. The industry collected new business premiums of Rs 90,000 crore in April-June 2024, compared to Rs 73,000 crore in April-June 2023. LIC India, …
Ageas Federal Life Insurance, a private life insurance company in India, has announced its highest-ever total bonus of Rs 134.44 crore for the fiscal year 2023-24. This marks an achievement for the company, highlighting a 53% increase from the previous fiscal year’s total bonus of Rs 87.86 crore. Details of the Bonus The total bonus …
In a recent move aimed at enhancing customer benefits, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated significant reforms in the realm of life insurance policies. These reforms, encapsulated in a newly issued master circular, are designed with the interests of policyholders at the forefront. IRDAI Mandates Policy Loan Facility One of …
The life insurance industry experienced a significant surge in new business premium collections in May 2024, rising by 15.15%. This growth was driven by strong demand for enhanced insurance protection from both individual and corporate consumers. Overall Premium Collections According to the Life Insurance Council, new business premium collections for life insurance companies increased to …
In a significant move to streamline health insurance practices in India, new guidelines have been introduced to enhance customer experience and ensure comprehensive coverage. Here’s a breakdown of what these new regulations entail. Immediate and Broad-Ranging Implementation The new guidelines are designed to standardize the health insurance landscape across the country. All general, health, and …
HDFC Life Insurance, a leading private sector life insurer in India, has announced its highest-ever bonus of Rs 3,722 crore on participating plans. This substantial bonus will benefit nearly 22.23 lakh policyholders, marking a significant milestone in the company’s commitment to rewarding its loyal customers. Record Bonus for Participating Policies Participating or ‘par’ policies are …
In April 2024, the life insurance industry experienced a significant rise in New Business Premium (NBP) income, marking a robust growth of 61.23% year-on-year. The total NBP income reached Rs 20,258.86 crore, a substantial increase from Rs 12,565.31 crore recorded in the same period last year. This surge is a testament to the industry’s resilience …
ICICI Prudential Life Insurance has become a leading company in the insurance sector as it says it has a very high claim settlement ratio and even faster death claims processing times. This year, for the financial year 2023-24, ICICI Prudential’s statement reveals that they have amazed many with their 99.17% settlement rate of these cases …
