New-business premium in India's life insurance market in the financial year that commenced on 1 April 2024 (FY2025) is expected to rebound on a comparatively lower base, according to CareEdge, an analytical group offering credit rating, analytics, consulting, and sustainability services.
The median sum insured by companies has risen by 66% to INR500,000 per employee ($5,990) from INR300,000 in the latest survey of employee benefits by Plum, an InsurTech platform company.
The Insurance Regulatory and Development Authority of India (IRDAI) held deliberations with insurance companies on the pricing and other modalities of the all-in-one affordable insurance product, Bima Vistaar.
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.