In the wake of a transformative year for the insurance industry, marked by the influx of new companies, technological innovations, and changing consumer dynamics, the stage is set for competitive landscape with the need to increase insurance penetration in the country, which is currently at 4%. The good part is that Indians have become more … Read more
There has been a rise in health insurance policy portability in recent times, and it can be attributed to a variety of factors, including the hikes in premiums. Many policyholders are looking for more affordable options, especially if they face steep increase in premium in their current plans. Insurers offering premium discounts attract customers seeking … Read more
I’m a 37-year-old married person residing in Mumbai. I have bought an LIC endowment plan, Jeevan Saral, where I pay Rs 17,000 every month. As per the policy, I need to pay Rs 17,000/month (Rs 2 lakh/year) only for 15 years & then I will be paid Rs 2 lakh per year till 100 years … Read more
When you buy a term life insurance policy online, you may be surprised that your insurer is interested in your educational background. This may seem unusual or even invasive, but there are valid reasons why insurance providers consider this information necessary. Pricing structures, called premium rates, are ultimately determined based on the probability and cost … Read more
Embracing regulatory transformation and innovation, the year 2023 was nothing short of a milestone for the insurance industry. The dynamic customer needs served as a catalyst of change and the industry rose to the occasion with several customer-centric policy changes. The regulatory authority is already steering the sector toward Insurance 2.0 with initiatives like Bima … Read more
The year 2022-23 has seen a surge in the surrenders and withdrawals of life insurance policies. It has increased by 25.62 per cent to Rs 1.98 lakh crore compared to Rs 1.29 lakh crore in 2021-2022. The jump has been attributed to several factors ranging from rise in inflation and issues related to mis-selling of … Read more
The combined market valuation of three of the 10 most valued firms jumped Rs 70,312.7 crore last week, with Reliance Industries emerging as the biggest winner, amid volatile market conditions. From the top 10 pack, Reliance Industries, HDFC Bank and Hindustan Unilever were the gainers, while Tata Consultancy Services (TCS), ICICI Bank, Infosys, State Bank … Read more
By Siddharth Singhal Today’s digital world might heavily bank on technology, but actually, it’s the experience that you create with technology that matters after all. Especially, when you are dealing in a sensitive industry like insurance, technology should be so seamless that it fits like a missing piece of the puzzle. With growing healthcare needs … Read more
Abandoning life insurance policies midway through the term often results in a significant financial setback due to the high surrender costs associated with the early years of the policy. Recognising this, the Insurance Regulatory and Development Authority of India (Irdai) has proposed measures to increase the surrender value of non-linked policies in an exposure draft … Read more
Bike insurance premiums can increase significantly if you make frequent claims, especially for minor accidents and damages. Insurance companies view multiple claims as indication of higher risk and charge higher premiums from such policyholders. However, there are some steps you can take to avoid making unnecessary claims and keep your premium costs low. Rakesh Goyal, … Read more