Life Insurance Premiums Decline by 4.5% in November amid LIC decline
LIC's NBP dropped to Rs 11,751.11 crore, while private insurers recorded a significant 30.84% growth to Rs 13,555.45 crore, offsetting the overall decline.
The decline follows revised surrender value norms introduced in October, requiring insurers to pay enhanced special surrender values after one year. LIC's individual premiums fell by 5.66% to Rs 4,021.87 crore, while group premiums dropped 35.37%. However, private sector growth indicates the industry's adaptation to the new regulations, with premiums expected to stabilize in the coming months.
LIC's Bima Sakhi Scheme Targets Women Agents
The Bima Sakhi scheme launched by LIC aims to boost women's participation as insurance agents, with plans to recruit 25,000 women in its initial phase and 2 lakh over the next three years. Currently, women constitute 28% of LIC's agent workforce, up from 6 lakh in 2017 to 7.5 lakh in 2023.
Eligible candidates, aged 18-70 and educated up to Class 10, will receive stipends of Rs 7,000, Rs 6,000, and Rs 5,000 per month over three years, along with commission-based earnings. Graduates may also qualify as development officers. LIC expects to generate five times the premium income compared to the Rs 840 crore stipend cost in the first year, aiming to address unemployment and strengthen its presence in rural areas.
LIC Enters REIT Market with Brookfield Investment
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"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."
Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?
The Role of AI and Big Data in Transforming Life Insurance Underwriting
The life insurance industry is undergoing a significant transformation, driven by the adoption of Artificial Intelligence (AI) and Big Data. Traditional underwriting methods relied heavily on lengthy paperwork, manual risk assessments, and standardized criteria, which often led to inefficiencies, delays, and conservative risk evaluations.
Unlocking the Implication of Warranty
It is heartening to note that the regulator in India (IRDAI) recently formed a high-power panel to suggest measures for insurance reforms. It is expected to examine various areas of the Insurance Act 1938 and recommend suitable and adequate amendments in keeping with the changing business trends and requirements of the customers.
The future of work: Model of the Talent Life Cycle (TLC)
Its time that organizations understand that the perfect candidate with the perfect set of skills will be scarcely available in a highly competitive labor market. Hence we have to focus on our existing employees and identify opportunities to train or refocus their skills into new positions.
Life Insurance News
SBI Life Insurance Company added 1.76% after the company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.
Smart Pension Plan for Smart People
LIC Smart Pension Plan is a single premium, instant annuity plan that provides lifelong financial security through guaranteed pension payments. Ideal for retirees and professionals looking for a stable retirement income, the scheme offers flexible payout options, death benefits, credit facilities and tax benefits.
Al-Powered Investigation: The missing link in India's fight against insurance fraud
Every year, insurers lose 8-10% of their revenue to fraud, but they manage to thoroughly investigate only about 1% of fraudulent claims. This ongoing issue continues because of significant gaps in the current fraud detection and investigation practices.
Health Insurance News
Despite a steep increase in premium for health insurance policies in the last one year, there has not been any decline in renewals and the demand for new policies, say experts.
Insurance Regulator Update
The first phase of Bima Sugam - an ambitious project of the insurance regulator to create an Amazon-like one-stop digital platform for buying, selling, and servicing insurance policies - is expected to be rolled out in the mid of this year instead of April announced earlier, a source privy to the development said.
Mahakumbh at the Parliament! Union Finance Budget 2025
The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.
