If millennials want to invest for a longer duration and are willing to take some amount of risks, they should look at investing in unit-linked insurance plans (ULIPs). Millennials are many times accused of being a spendthrift as they tend to focus on buying the latest gadgets, accessories and bespoke clothes. For many people, investments are only to set aside some money to save tax under Section 80C of the Income Tax Act. But the younger tech-savvy generation has started to look at investing in life insurance products, but more needs to be done to attract more people to attract towards life insurance, which can help them have financial freedom. Investing in life insurance is a must for not...
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Data from the sector regulator shows that HDFC Life has fared far better than peers in recovering from the pandemic’s blow. (Photo: Pradeep Gaur/Mint) Investors choose HDFC Life over peers but valuations cause worry 2 min read . Updated: 10 Sep 2020, 10:56 PM IST Aparna Iyer Despite a 33% contraction in new business premium, HDFC Life kept its margins at 24.1% The bounceback in new premium in Jul-Aug resulted in narrowing the decline in biz for HDFC Life To begin with, the private sector life insurer was on a strong footing even before the covid-19 pandemic hit in late March. The company’s FY20 performance was superior to its peers. Profitability indicators, such as value of new business...
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Flipkart co-founder Sachin Bansal. (Photo: Mint) Sachin Bansal eyes Biyani insurance JV 3 min read . Updated: 01 Sep 2020, 06:44 AM IST Anirudh Laskar Future Generali Life is a three-way joint venture, in which Future Group holds a total of 57.62%, Industrial Investment Trust Ltd. holds 16.88% and Generali holds 25.5% Future Generali Life is a three-way joint venture, in which Future Group holds a total of 57.62%, Industrial Investment Trust Ltd. holds 16.88% and Generali holds 25.5%. “The deal has reached a formal proposal stage and will be announced soon as both parties are keenly interested in the transaction," said the first person, adding that the embedded value of Future Generali...
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On August 14, at its all-virtual summer national meeting, the National Association of Insurance Commissioners (NAIC) adopted guidance governing illustrations for index-based life insurance. In a key development, New York voted no on the proposal, which was taken up at the NAIC's Executive Committee / Plenary session. Issuers of these products should take immediate steps to align their illustrations with the new guidance (codified as Actuarial Guideline XLIX-A), which takes effect in November 2020. Carriers offering these policies in New York may wish to consider the significance of that state's opposition. At the meeting, the representative of the New York Department of Financial...
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Life insurance is often thought of as something you buy to protect loved ones in the event of your death. Viewed through this lens, the premiums you pay seem more like an expense than an investment. On the other hand, an insurance policy that will take care of your family members and your business partners could let you spend more of your money guilt-free as you age and ease into retirement. From this perspective, life insurance is a great investment and well worth the cost. Here's why. "The goal of leaving a big inheritance to your children, a faith group, or a favourite charity can discourage a lot of people from tapping into their wealth and enjoying the rewards of their hard work,"...
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According to Section 45, a life insurance company cannot reject an insurer's claim after three years. Photo: iStock Life insurance claims: All you need to know about Section 45 of Insurance Act 2 min read . Updated: 01 Aug 2020, 02:14 PM IST Avneet Kaur An insurer cannot question any life insurance policy on any grounds after three years According to Section 45 of the Insurance Act, an insurer cannot question any life insurance policy on any grounds after three years from: a. the date of issuance of Policy, or b. the date of commencement of risk or c. the date of revival of Policy, in case the policy had lapsed due to non payment of premium, or d. the date of rider to the Policy,...
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SBI Life Insurance reported a 5.1 per cent jump in net profit at ₹390.89 crore in the first quarter of of FY21 against ₹371.90 crore a year ago. Its net premium income increased by 14 per cent in the quarter ended June 30to ₹7,588.09 crore when compared to ₹6,655.02 crore in the same period a year ago. “Increase in gross written premium by 14 per cent to ₹7,640 crore in the first quarter of the fiscal was mainly due to strong growth in renewal premium by 30 per cent to ₹4,580 crore in the first quarter of the fiscal,” it said in a statement on Tuesday. It also noted that it has achieved market leadership in total new business premium at ₹3,060 crore, with 23.9 per cent private market share...
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After receiving all of the regulatory green lights in late June, AMP has now sealed the sale of its life insurance business to Resolution Life. The sale, worth a total of AU$3.0 billion, consists of AU$2.5 billion in cash and a AU$500 million equity interest in Resolution Life Australia, a new holding company that now owns AMP Life. While the final cash proceeds will be determined by a number of post completion adjustments, AMP states that it expects net proceeds to increase its capital in excess of target surplus by AU$1.1 billion. According to AMP, any capital in excess will first be used to fund the delivery of its new AMP strategy, and then from there it will assess capital management...
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HARTFORD, Conn.--( BUSINESS WIRE )--Nassau Financial Group, L.P. (“Nassau”) today announced that it has completed the acquisition of Foresters Life Insurance and Annuity Company (“FLIAC”) from The Independent Order of Foresters. Nassau is headquartered in Hartford, CT, and offers a suite of insurance and fixed annuity products, along with reinsurance, insurance distribution and asset management capabilities across its four segments. After this transaction, Nassau has combined assets of approximately $27 billion and capital of approximately $1.2 billion. “The closing of the FLIAC acquisition marks an exciting milestone for Nassau, as we continue to grow across our platform, including through...
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As risk managers, insurers and investors, the insurance industry plays an important role in promoting economic, social and environmental sustainability—or sustainable development. With the adoption of the UN Sustainable Development Goals (SDGs), Paris Agreement on Climate Change, and Sendai Framework for Disaster Risk Reduction in 2015, and the upcoming Post-2020 Global Biodiversity Framework, there is growing pressure and urgency across all sectors of society to respond and find solutions to sustainability challenges the world is facing. Environmental, social and governance (ESG) issues—also known as sustainability issues pose a shared risk to insurers, communities, businesses, cities,...
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