Your Trusted Resource for Affordable, Tailored Business Coverage
Life Insurance Corporation of India (LIC), the country’s largest insurer, has introduced two new insurance products for the domestic market, available from 15 October. The two offerings, LIC Jan Suraksha and LIC Bima Lakshmi, are designed to cater to different individual needs, providing financial protection and savings benefits. These are the first products LIC has…
Insurance intermediaries such as agents and brokers may see a hit to their commissions as insurers face pressure to pass on the full benefit of the recent GST (goods and services tax) cut to consumers. From 22 September, GST on individual life and health insurance policies was reduced to zero from 18%, but the removal…
Take the case of Kolkata-based Sabita Mukherjea, who had been hospitalized due to a respiratory tract infection. “First, the insurer did not approve the cashless claim and later rejected the reimbursement claim saying hospitalisation was not necessary. I had paid more than seven premiums in the policy,” Mukherjea said. However, as per the moratorium clause…
The year 2024 has been transformative for India’s life insurance sector, marked by regulatory advancements, evolving customer needs, and innovative product developments. These changes have driven industry growth and reinforced its role in securing the financial well-being of millions of Indian families. The sector has shifted towards greater digitalisation, improved product offerings, and enhanced accessibility,…
This lag in insurance coverage presents opportunities for insurers. They can expand their reach in tier-II and tier-III cities and rural areas with low awareness and accessibility. “Insurance density in India is relatively low compared to global standards. Innovative distribution models can facilitate the inclusion of underinsured customers who are already covered by government schemes,”…
Despite taking both life and health insurance policies, policyholders are suggested to opt for a critical illness rider. This is because it helps policyholders manage their finances well in case of an eventuality. Those who are not aware, a critical illness rider is attached to the life insurance policy and provides financial protection against life-threatening critical illnesses. This…
You need to choose the right term insurance policy to provide for your family. Still, it is important to ensure that you don’t make avoidable errors such as: inadequate coverage, hazy policy terms, higher premiums, vague add ons etc. Also Read | How to Choose the Best Term Insurance Plan This should be kept in…
The Centre has removed GST on all individual life insurance policies, whether term life, ULIP or endowment policies and subsequent reinsurance; and on family floater policies and policies for senior citizens and reinsurance thereof, from September 22, 2025, onwards. The move, announced by Finance Minister Nirmala Sitharaman, is aimed at reducing entry barrier price for…
