Insurance

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.

SBI Life Insurance and HDFC Life Insurance occupy the next two spots in terms of new business premium collection.

Of the total 26 lakhs life insurance agents, close to 7 lakhs distribute non-life policies.

Average health premium prices increase from Rs. 26,326 to Rs. 27,219 in the last quarter.

Of the total Rs 42,146 crore, the insurance industry paid 72% i.e. Rs 30,386 crore to individual agents.

The insurer’s AUM crosses Rs 2.5 lakh crore in Q1 FY 2023-24.

Read on to know the latest findings on term insurance premiums published by PolicyX.Com.

The general insurer saw its profit growing by 12%.