India's life insurance market posted a 2% increase in total new business premium (NBP) to INR3,780bn ($45.4bn) in the financial year ended 31 March 2024 (FY2024), according to data from the Life Insurance Council.
The Indian government is open to a minority stake sale in General Insurance Corporation of India (GIC Re) and Life Insurance Corporation of India (LIC) in the current financial year which started on 1 April 2024, after assessing investor appetite, reported Reuters.
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from 1 April 2024. Earlier, individuals were restricted to purchasing new insurance policies only until the age of 65.
The IRDAI has removed the age ceiling on those who can buy health insurance policies, with the move taking effect from 1 April 2024.
Closing India's large protection gaps and supporting the growth of new and existing insurance lines will require significant additional capacity, as well as innovation, according to Aon in its "Reinsurance Market Dynamics April 2024" report.
Max Life Insurance Company (Max Life), a joint venture between Max Financial Services Limited and Axis Bank Limited, has announced that it has achieved INR1.5 trillion of assets under management (AUM) by the end of March. The firm has reportedly registered a 20% growth rate year-over-year.
India's Goods and Services Tax (GST) Council is set to review exempting reinsurance business from GST.
The IRDAI has announced its decision to allow general insurers to change the wordings in all corporate insurance policy documents, except motor third party. The move is expected to lead to a sea change in the way insurance policies are issued, insurance officials say.
The Financial Planning Standards Board (FPSB) India is planning to increase the representation of women in the financial planning field to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
The IRDAI has amended the terms of coverage for people with pre-existing health conditions by reducing the maximum waiting period set out in health insurance policies to 36 months from 48 months previously. The change took effect from 1 April 2024 for new and renewed health insurance policies.