Insurance

How much do insurers spend on commission payout and operations?

The expenses incurred by private players (as % of premium) is higher than that of LIC but is coming down steadily.

by Team Cafemutual Mar 21, 2022

Niva Bupa Health Insurance launches affordable cancer policy

Priced at Rs. 1,499, the policy provides a coverage of Rs. 5 lakh for a family of up to 5 members

by Team Cafemutual Mar 17, 2022

LIC, SBI Life and ICICI Prudential collect highest renewal premium

Overall, private players collected Rs. 1.30 lakh crore renewal premium in FY 2020-2021

by Team Cafemutual Mar 16, 2022

LIC and SBI Life are masters in selling new life insurance policies

HDFC Life is a close third in new business premium collection in FY 2021 at Rs. 20,624 crore

by Abhishek Kumar Mar 10, 2022

Individual agents rule health insurance space

Overall, they lag behind brokers and direct channels in general insurance, shows IRDAI data.

by Abhishek Kumar Mar 5, 2022

Even after 20 years of opening up, insurance penetration in India is less than 5%

Penetration of insurance is just 4.20% of GDP, which is far less than global average of 7.2%.

by Team Cafemutual Mar 2, 2022

‘Average premium of term insurance increases to Rs.30,720’

The average annual premium of term insurance policy having sum assured of Rs.1 crore has increased from Rs. 29,443 to Rs. 30,720.

by Team Cafemutual Mar 2, 2022

Of the total premium of Rs.100, non-life companies pay Rs.81 as claim

The incurred claim ratio of general insurers has declined from 86% in FY 2019-20 to 81% in FY 2020-21.

by Team Cafemutual Feb 28, 2022

Max Life and LIC are most generous in paying commission

Max Life has paid 6.5% of total premium or Rs.1,236 crore to agents in FY 2021.

Posted on Feb 23, 2022

‘Life insurers can spend up to 90% of first-year premium’

IRDAI allows newer players to spend more due to higher costs in initial phase of operations.

by Team Cafemutual Feb 18, 2022

An LIC agent brings new business premium of Rs.4.18 lakh per year

Such a contribution is Rs.1.25 lakh for the top 5 private insurers.

by Nishant Patnaik Feb 16, 2022

A 2-minute guide on new ULIP taxation rules

Proceeds from ULIP plans with over Rs.2.50 lakh yearly premium are now subject to capital gains tax. But what happens when an investor has bought more than one plan? Here is a guide.

by Abhishek Kumar Feb 5, 2022

What does the new provision for differently abled persons in insurance mean?

Insurers can issue a policy through which a differently abled can get annuity or lumpsum support even during the lifetime of his/her dependent parent or guardian.

by Team Cafemutual Feb 3, 2022