Sachin Bansal, co-founder of e-commerce giant Flipkart, is in talks with Kishore Biyani's Future Group to buy out its life insurance JV arm Future Generali India Life Insurance Co. Ltd. Bansal's financial services startup Navi Technologies is likely to acquire the Future Group's insurance firm for Rs 1,400-1,500 crore. The deal is in a formal proposal stage and is likely to be announced soon. The embedded value of Future Generali Life is estimated to be around Rs 800 crore and a multiple of 1.5-2 times, which seems to be a decent valuation as per the industry standards, Mint reported citing sources. Earlier there were reports that debt-ridden Future Group may exit both its general and life...
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The impact of the Covid-19 epidemic on the insurance industry is clear, but opportunities also arise, especially with the health care insurance segment of life insurance sector. The target of 11 percent of the population enrolled in insurance is achievable Statistics of the Vietnam Insurance Association (IAV) show that, in the first six months of 2020, the total of the whole market reached about 56 trillion dong, up 19%. In which, revenue from new exploitation insurance contract is approximately 17.7 trillion dong, up by 12%. According to Ngo Trung Dung, IAV deputy Secretary general, it is expected that in 2020, the growth of the total premium revenue of the market will hardly reach 20%,...
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Addressing the recent AIOFP virtual conference, MetLife head of advice strategy Jeffrey Scott said changes introduced earlier this year to restrict the sale of agreed value policies were just the beginning of a significant overhaul of the income protection insurance sector that Mr Scott likened to “using a sledgehammer to crack open a walnut”. “With regards to the proposals to be implemented on 1 January [2021], life companies are now going to be required to review their premiums every 18 months based on industry claims statistics,” Mr Scott said. “We have seen volatility with most IP policies in the past three to five years, so expect that to continue going forward. These first proposals...
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More than £4.5m paid out due to Covid-19 so far and more than £10m more expected in coming weeks Zurich UK paid out over £154.2m in life insurance claims during first half of 2020 - this is £14.2m more than the same period last year. Financial support through life, critical illness and income protection policies has been paid to more than 3,200 customers by the insurer so far this year. Claims already paid for Covid-19 account for around a third of the increase in life insurance payments made, however the insurer said it expects over £10m to be paid to customers due to the pandemic over the coming weeks. For life insurance, more than 2,100 claims were received during H1,...
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A file photo of Bollywood actor Sushant Singh Rajput. (AP) Sushant Singh Rajput had no life insurance policy, clarifies lawyer Vikas Singh 3 min read . Updated: 03 Sep 2020, 10:33 AM IST ANI 'This is a lie being spread by the channels and Sushant had no life insurance," SSR's family lawyer Vikas Singh said The lawyer said that the FIR in Sushant death case very clearly states that the deceased actor started having mental problems after Rhea Chakraborty came in his life "There are suggestions being given by media by some channels that Sushant had a life insurance policy and the money will not be given to the family if it was a suicide. It is being suggested that the family would not be...
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A screenshot from part of a Life Insurance Awareness Month 2020 chat that took place on Twitter Wednesday. (Credit: Life Happens) Too many people think of buying life insurance as something boring that they ought to do, a top financial advisor said Wednesday. The first step toward persuading the uninsured to get covered is “the overcoming of the so-called ‘grudge purchase’ syndrome that public has around life insurance,” Kobus Kleyn tweeted, during a Twitter chat organized by Life Happens. “The public must perceive life insurance as an ‘investment’ into their families.” Resources Life Happens has been organizing Life Insurance Awareness Month campaigns every September since 2004. This year’...
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Q – I am interested in purchasing life insurance. Could you please explain to me some of the different options? A – Life insurance policies come in many shapes and sizes, and they should be set up based on your specific situation. Factors that should be considered are your age, life expectancy, family, others dependency on you, financial situation like income, assets and debt. There are important differences between term life insurance and permanent life insurance to consider when choosing a plan. Term life insurance is set for a term, or specific timeframe with a specific death benefit. Usually this term is 10, 20 or 30 years. Term policies are contracts that expire with no...
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Thousands of grieving families have received a life insurance payout of £63,000 on average following the death of a loved one due to coronavirus. Almost 39,000 people died after testing positive for Covid-19 in Britain during the three months between the beginning of March and the end of May. Insurance providers have paid out £90m during that time, the equivalent of £980,000 every day, the Association of British Insurers reported. According to the trade body, only 7,000 claims were made during the height of the pandemic, representing just 18pc of all coronavirus-related deaths. However all claims made were accepted, with 83pc having already been paid in full and the rest in course of...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a+” and affirmed the Financial Strength Rating of A (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These companies collectively are referred to as the Jackson National Group (JNG). The outlook of the Long-Term ICRs has been revised to stable from negative, while the outlook of the FSR is stable. Additionally, AM Best has downgraded the Long-Term Issue Credit Ratings (Long-Term IR) to “a” from “a+” on the notes issued under...
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SCOR has partnered with Haven Life, an insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), to launch “Haven Secure,” an innovative new term life insurance product that can be purchased entirely online. With Haven Secure, coverage mirrors the policyholder’s monthly income or can match a large recurring expense (like a mortgage). If the policyholder were to die within the term length, Haven Secure would provide their loved ones with a steady monthly benefit for a minimum of five years. Haven Secure is 100% digital buying experience and will initially be sold through partners, including fintechs, insurance brokers, parenting sites and more. “At...
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