In India, one in five health insurance policyholders is unaware of basic policy terms despite purchasing the policy on their own according to a new insurance literacy survey by ICICI Lombard Insurance.
Finance Minister Nirmala Sitharaman, in her annual Union Budget speech yesterday, proposed to provide that where the aggregate of premiums for life insurance policies (other than unit-linked insurance policies [ULIPs]) issued on or after 1 April 2023 is above INR500,000 ($6,115), income from only those policies with an aggregate premium up to INR500,000 shall be exempt from income tax.
Government initiatives in the insurance sector and measures to improve financial inclusion have driven insurance adoption across segments in India according to the Economic Survey 2022-23 presented to the Indian parliament on 31 January 2023.
Insurance adoption and penetration in India increased largely due to government schemes and financial inclusion initiatives, according to the "Economic Survey 2022-23" tabled in the Parliament yesterday.
State-run Life Insurance Corporation (LIC), India's largest insurer, is reviewing Adani Group's response to scathing criticism by a US short-seller and will hold talks with the group's management within days, reported Reuters.
With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, an increase in the rebate on health insurance premiums is the next big ask among the respondents (45%) to the second edition of the India Union Budget Survey.
In India, like large corporations and cooperatives, the government too can benefit from the use of insurance captives for public programmes like the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Pradhan Mantri Jan Arogya Yojana (PMJAY), says Mr Ankur Nijhawan, CEO of AXA France Vie India Reinsurance Branch.
India's retail health insurance segment has the potential to become a $25bn market in the next five years according to a new research study.
Edelweiss Tokio Life Insurance has launched a new income-oriented life insurance product called Premier Guaranteed Star, offering guaranteed regular income till the policy term on payment of all due premiums.
India's retail health insurance sector has the potential to give a 20% yearly return on equity (RoE), according to a report by Mumbai-headquartered financial services firm Avendus Capital.