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25-03-2025

₹62 Lakh Crore: Life Insurance Industry's Growth Explained

IRDAI data shows the life insurance industry's AUM grew over 9%, from Rs. 55 lakh crore in March 2023 to Rs. 62 lakh crore in March 2024. LIC India leads with Rs. 44 lakh crore, 72% of the total AUM. Private players hold Rs. 18 lakh crore. SBI Life and HDFC Life follow with Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. Tata AIA Life saw the highest growth at 39%. New entrants include Go Digit Life, Credit Access Life, and Acko Life.

14-03-2025

Life Insurers See 5.7% Premium Growth: April-Feb Report

In February, life-insurance companies saw an 11.6% drop in new business premiums (NBP) due to a 22% decline in premiums from state-owned LIC. However, from April to February FY25, overall premiums grew by 5.71% to Rs 3.35 trillion. LIC's premiums increased by 1.90% to Rs 1.90 trillion, while private insurers saw an 11.11% growth, reaching Rs 1.46 trillion.

04-03-2025

Life Insurance Agents Surge: 3 Million in 2025

Volkswagen India will launch the Golf GTI and Tiguan R-Line by the end of Q2 2025. The Tiguan R-Line, unveiled in 2023, features aggressive styling, larger 19-inch alloy wheels, and LED light bars. Inside, it boasts a 12.9-inch touchscreen, 10.3-inch digital instrument console, and ambient lighting. Powered by a 2.0-litre turbo-petrol engine with 261bhp and 400Nm, it offers six-speed manual and seven-speed DCT automatic transmissions.

19-02-2025

Life Insurance: FDI Boosts Growth Potential | 2025 Update

The Indian life insurance sector is set to grow significantly with the government's decision to raise the Foreign Direct Investment (FDI) limit to 100%. This move will provide the necessary capital for industry expansion, allowing insurers to increase mortality coverage and market penetration. Private insurers have already seen a notable rise in retail sum assured, outpacing new business premiums. The shift to unit-linked investment plans (ULIPs) may pressure margins, but increased capital inflows will help meet the growing demand for coverage.

12-02-2025

Budget 2025 Brings Changes to ULIP Taxation

The Union Budget 2025 has redefined the taxation landscape for Unit Linked Insurance Policies (ULIPs). Starting April 1, 2026, ULIPs with annual premiums exceeding ₹2.5 lakh will be classified as capital assets, subjecting their gains to capital gains tax rather than treating them as income from other sources. This amendment aims to align ULIP taxation with other equity-oriented investments, ensuring a uniform tax treatment across financial products. Policyholders are advised to reassess their investment strategies in light of these changes to optimize their tax liabilities.

02-02-2025

New Tax Rules for Life Insurance Premium

Starting April 1, new income tax rules will impact ULIPs and other life insurance policies with premims over 5 lakh will no longer enjoy tax-free maturity benefits under Section 10(10D). This move aims to align insurance with genuine risk coverage rather than high ticket investments. Smart investors might now explore alternate tax-saving strategies!

12-12-2024

Policyholders Now Get Increased Surrender Value

The new business premium of life insurers was Rs 377,960 crore in the fiscal year ending March 2024. Starting October 1, policyholders will receive higher refunds if they discontinue their policies, as per new IRDAI regulations. This change may lead to increased premiums, impacting insurers' margins. Policies must comply with the new surrender value norms by September 30. Despite initial opposition, the changes aim to improve customer benefits and are expected to positively impact the insurance industry over time.

10-12-2024

Premium Costs for Life Insurance Decrease in November

In November 2024, new business premiums (NBP) of life insurance companies fell by 4.5% year on year (YoY) to Rs 25,306.56 crore, mainly due to a 27.17% drop in LIC's premiums. However, private insurers saw a 30.84% YoY growth in NBP to Rs 13,555.45 crore. Revised surrender value norms, effective October 1, led to enhanced special surrender values for policyholders. Despite the overall decline, private sector growth improved, cushioning the fall. The life insurance industry saw a 15.7% YoY growth in NBP during April–November 2024.

18-11-2024

Govt's FDI Plan: New Insurance Rules

The government plans to allow 100% foreign ownership of insurance businesses, attracting international companies. This proposed legislation also lets individual insurance agents offer policies from multiple companies. The changes are part of the Insurance Amendment Bill, set for introduction in the winter session of Parliament. These measures aim to increase insurance penetration, currently at 4%, by allowing more companies to underwrite policies and enabling agents to sell various covers.

08-11-2024

Record Growth: Life Insurers Boost Premiums 18.56%

The Life Insurance Council reported a 13.16% year-over-year growth in October 2024 New Business Premiums (NBPs), reaching ₹30347.6 Crs, up from ₹26819.01 Crs in October 2023. Year-to-date (YTD) collections also increased by 18.56%, from ₹185195.81 Crs to ₹219561.64 Crs. This growth is attributed to life insurers' focus on first-time buyers. Despite this, new policy issuances dropped by 41.6%. Individual single premiums grew by 8.60%, with overall YTD growth at 14.16%.