Insurance

Bima Trinity – Bima Vistaar, Bima Vahak and Bima Sugam to be reality soon: IRDAI

IRDAI proposes to standardize customer information sheet in health insurance.

Bajaj Allianz Life has launched a ULIP having features like balanced advantage funds or dynamic asset allocation fund.

The insurance regulator said that this unregistered company is possibly soliciting surety insurance.

The critical illness covers 130 surgeries and 57 critical illnesses.

The insurance regulator has also asked insurance companies to offer direct plans in insurance by reducing the premium amount.

Majority of profits has come due to availability of solvency margin.

However, the life insurance industry saw marginal decline both in terms of new business premium and total policies sold.

CBDT clarified that maturity proceeds on insurance policies issued after April 1, 2023 will be taxed if the aggregate premium amount exceeds Rs.5 lakh. However, not all maturity proceeds will be taxed.

The NFO opens on August 25.

Star Health, Care Health and Niva Bupa are the most profitable players in the health insurance space.

Insurers only pay if damage is due to an accident. The new feature will cover minor scratches on car body and electrical damages, which were so far not covered.

LIC records the highest renewal premium collection. SBI Life and HDFC Life occupied the next spots in terms of renewal premium.

The Life insurer now manages assets of Rs 3.28 lakh crore, 25% higher than the last year.

ICICI Lombard, Bajaj Allianz and The New India Assurance were the most profitable non-life players in FY 2023.