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Life insurance ownership in India remains at 78%: Survey, Mint

Life insurance ownership in India remains at 78%: Survey 4 min read . Updated: 24 Feb 2022, 12:24 PM IST Livemint With increasing immunization coverage and a growing positive outlook beyond Covid-19, the ‘Protection Quotient’ of urban India has moved 3 points to 50, witnessing a gradual rise from previous IPQ editions With increasing immunization coverage and a growing positive outlook beyond Covid-19, the ‘Protection Quotient’ of urban India has moved 3 points to 50, witnessing a gradual rise from previous IPQ editions. The trend line reflects a steady growth in the country’s overall financial protection that has led to prioritizing financial security over all aspects. The survey...

Total Number Of Life Insurance Policies Sold In June 2022 Up 32%, Shows Irdai Data

Total Number Of Life Insurance Policies Sold In June 2022 Up 32%, Shows Irdai Data Though the growth in the total number of policies sold jumped 32 per cent, the growth in premium collection was just 4.15 per cent, shows data released by insurance regulator Irdai. The importance of life insurance has increased after Covid-19 breakout. How Ramnami Sect In Chhattisgarh Fights India's Brutal Caste System By Tattooing Ram's Name A central Indian community marks its devotion to Ram by tattooing his name all over their bodies as a protest against caste oppression. But their youth are abandoning the tradition as it impedes their social acceptance. Asura: The Last Words Uttered By Ravan A...

LIC of India introduces New Pension Plus – an NPS alternative with additional benefits, The Financial Express

LIC of India introduces New Pension Plus – an NPS alternative with additional benefits The Life Insurance Corporation (LIC) of India has introduced New Pension Plan (NPP) – a non-participating, unit linked, individual pension plan – that may be used by individuals to build corpus by systematic and disciplined savings, which can be converted into regular income as annuity on retirement or even as early as 35 years of age. Like the National Pension System (NPS), LIC’s New Pension Plus (NPP) also provides pension seekers various investment options, out of which an investor may select the one that suits his/her risk appetite and risk-taking capacity. The investment options available are...

Types Of Life Insurance In India Forbes Advisor INDIA

Purchasing a life insurance policy is one of the best and most responsible decisions you could ever take. A life insurance policy ensures that your loved ones are not left without a financial support system in the event of your death. It can also help you accumulate wealth to fulfil the dreams and aspirations of yourself and your loved ones. Historically, insurance has never been seen as an important financial instrument and penetration levels have remained extremely low as a result. Current levels of life insurance penetration as a percentage of premium of GDP in India stand at just 3.2%. Insurance awareness tells a similar story. Traditionally, most people used to only be exposed to...

Life insurance industry in India to grow at 10.3% annually till 2026: GlobalData, The Financial Express

Life insurance industry in India to grow at 10.3% annually till 2026: GlobalData The life insurance industry in India is set to grow at a compound annual growth rate (CAGR) of 10.3% from Rs 7.0 trillion ($92.3 billion) in 2021 to Rs 11.4 trillion ($150.6 billion) in 2026, in terms of gross written premiums, forecasts GlobalData, a leading data, and analytics company. Anjuli Shrivastava, Insurance Analyst at GlobalData, comments: “The life insurance industry in India is witnessing a significant post-pandemic growth, supported by growing awareness, increasing demand for group policies, and a favorable regulatory environment. Furthermore, the life insurance industry is set to grow by 10.2% in...

Potential investors in India LIC s giant IPO fret over govt control of insurer -sources, Reuters

MUMBAI, Feb 22 (Reuters) - Prospective investors in Life Insurance Corp of India's (LIC) $8 billion IPO are seeking assurances from company management that it will not sacrifice their interests to meet the goals set out by the government, its controlling shareholder, sources said. In virtual roadshows for India's biggest ever public listing, LIC management and the IPO bankers have been peppered with questions about the insurer's past investments and their quality, four people with knowledge of the matter said. LIC has in recent years been a key buyer of shares in state-owned firms sold off by New Delhi, often bailing out less-than-successful public issues of shares. It has...

LIC plans digital platform to take on private peers, Mint

LIC plans digital platform to take on private peers Life Insurance Corp. of India chairman M.R. Kumar. “We want to have an entire vertical which will be digital. This will be apart from our plan to review and refurbish our existing online channel," LIC chairman M.R. Kumar told a pre-IPO meeting on Monday. Between December 2020 and January 2022, LIC’s market share fell from 68.05% to 61.4% in terms of premium income. The 55-year old state-run insurer lost about 13 percentage points in market share to private life insurers since June 2020, when it had 74.04% market share. This is primarily due to LIC’s dependence on agents, who found it difficult to approach prospective customers amid...

India s largest IPO, for insurer LIC, oversubscribed 2.95 times, Reuters

MUMBAI, May 9 (Reuters) - India's largest ever initial public offering (IPO), by Life Insurance Corp (LIC), was oversubscribed 2.95 times as six days of bidding came to an end on Monday, according to a stock exchange filing. The government expects to raise up to $2.7 billion - a third of its original target - from selling a 3.5% stake in the country's top insurer. Investors bid for 478.4 million shares compared with the total 162.1 million on offer. Bids were oversubscribed nearly twice by retail individual investors (RIIs), who were offered 69.2 million shares at a discount of 45 rupees per share. The price range for the issue has been set between 902 and 949 rupees per share and...

1 in 3 life insurance policies in India sold to women: SBI report, Deccan Herald

Every one in three life insurance policies in India are sold to women even as the insurance industry is set for an overhaul post Covid-19 pandemic. According to a research by State Bank of India’s Economic Research Department, the number of policies issued to women in FY21 is around 93 lakh which is a 33 per cent share as against a share of 32.23 per cent in 2019-20. The proportion of policies on women in case of private life insurers is 27 per cent and that of LIC is 35 per cent, says the report authored by Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI. In 19 states/UTs, the share in number of policies bought by women to the total policies sold is higher than the all-India...

Factbox: Four facts about Indian insurance giant LIC as mega-IPO nears, Reuters

NEW DELHI, Feb 14 (Reuters) - The Indian government has set the ball rolling for the country's biggest initial public offering (IPO) by March-end, filing draft papers for a share sale by state-owned insurance giant Life Insurance Corp of India (LIC) with regulators on Sunday. Very little was previously known about finances at the 65-year-old firm, which declared its embedded value for the first time pegging it at 5.39 trillion rupees ($72 billion). Embedded value is a measure of future cash flows in life insurance companies, a key gauge. Here are some four key facts to consider ahead of the IPO: ASSETS UNDER MANAGEMENT LIC's assets under management (AUM) stood at 39.56 trillion...