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I Have Life Insurance Through Work. Isn’t That Enough? - Main Street Insurance Group

Picture this: You land an exciting new job with great benefits: vacation time, health insurance, 401(k)… even free lunch once a week! They offer group life insurance, too – two times your annual salary. That sounds like a lot, right? In many cases, it might not stretch as far as you think. Let’s say you make $50,000 per year. A benefit of $100,000 can make a big difference to your family – for a while. But through the years, could it really go the distance to pay for expenses and reflect the legacy you want to leave for your family? Think about how far $100,000 could go to pay for these common needs over time: Private student loan debt Mortgage or rent payments Utilities, groceries and...

Axis Bank cuts stake purchase in Max Life Insurance, VCCircle

Private-sector lender Axis Bank will buy a smaller stake than previously planned in Max Life Insurance Company Ltd in an effort to secure regulatory approvals for the deal. The bank will now purchase a 17% stake in Max Life compared with 29% proposed in April, it said in a stock-exchange filing. Axis Bank, which already holds a small stake in Max Life, will own an 18% stake in the insurer when the deal closes. The bank and Max Financial Services Ltd, the parent of Max Life, didn’t specify a reason for lowering the deal size. They also didn’t reveal the financial terms of the revised deal. However, the companies tweaked the deal after the insurance regulator objected to certain clauses of...

Accidental Death and Dismemberment Insurance Market Size 2020, Brief Analysis by Top Companies – Allianz, Assicurazioni Generali, China Life Insurance, Metlife, Pingan Scientect

New Jersey, United States,- Market Research Intellect recently added the Accidental Death and Dismemberment Insurance Market research report which provides an in-depth scenario analysis of the market size, share, demand, growth, trends, and forecast for the market from 2020 to 2027. The report covers the impact analysis of the COVID-19 pandemic. The COVID-19 pandemic has affected export-import, demand, and industry trends and is expected to have an economic impact on the market. The report provides a comprehensive analysis of the impact of the pandemic on the entire industry and provides an overview of a post-COVID-19 market scenario. The report majorly mentions definitions, classifications...

Major bank hit with class action over insurance sales, Insurance Business

The Commonwealth Bank of Australia is facing a class-action lawsuit over insurance advice that its subsidiaries gave to clients. In a statement to the ASX on Friday, CBA said that class-action proceedings had been filed in the Federal Court of Australia against its subsidiaries, Commonwealth Financial Planning Limited (CFPL) and Financial Wisdom Limited (FWL), according to a report by Independent Financial Advisor. According to CBA, the case involves “certain CommInsure life insurance policies recommended by financial advisers appointed by CFPL and FWL.” Proceedings have also been brought against the Colonial Mutual Life Assurance Society Limited, CBA said. The bank said it was...

Gifts Of Life Insurance - Finance and Banking - Canada

Gifts of life insurance have long been one of the recognized ways in which donors can make gifts to charities. Recent communications from the BC Financial Services Authority ("BCFSA") brought into question the validity of these types of gifts. Much to the sector's surprise, the BCFSA appeared to take the position that donations of insurance policies constituted trading or trafficking in policies by charities and was offside the anti-trafficking provisions of the BC Insurance Act. In response to concerns raised by the sector, the BCFSA released an information bulletin, INS-20-003, Charitable Donation of Life Insurance Policies in British Columbia (the "Bulletin"), setting out its...

Max Financial gets re-rated, with Axis Bank-Max Life deal set to fructify

Axis Bank and Max have agreed to amend clauses that displeased the insurance regulator.bloomberg Max Financial gets re-rated, with Axis Bank-Max Life deal set to fructify 2 min read . Updated: 25 Aug 2020, 10:05 PM IST Aparna Iyer Investors are relieved that both parties are willing to make changes to the deal structure, after having a dialogue with regulators. The original deal envisaged a cash consideration, but this could change The fact that the private lender is now looking at buying a 17% stake, lower than the originally envisaged 29%, hasn’t dampened investor sentiment. In fact, shares of Max Financial Services surged nearly 13% on Tuesday. Investors are relieved that both parties...

Rajnath Singh Launches Life Insurance Scheme For Over 10,000 Cantonment Employees

Defence Minister Rajnath Singh on Tuesday launched a life insurance scheme that will provide a cover of Rs five lakhs each to more than 10,000 employees working in cantonment areas across India. "Chhavni COVID: Yodha Sanrakshan Yojana", a group life insurance scheme through the Life Insurance Corporation (LIC), was launched by Singh during a webinar attended by presidents, vice-presidents and chief executive officers of all 62 cantonment boards, a statement by the Ministry of Defence said. According to the statement, Mr Singh also said there should be no gaps in implementation of centrally sponsored schemes (CSS) like Ayushman Bharat and Pradhana Mantri Awas Yojana in the cantonment areas....

Covid may not have very severe impact on life insurance industry - The Financial Express

Exide Life Insurance’s gross written premium (GWP) witnessed growth of 12% year on year in the last financial year. Most life insurers are not taking a very aggressive stance to make investments in distribution channels in anticipation of growth, says Kshitij Jain, MD & CEO, Exide Life Insurance. In an interview with Mithun Dasgupta, Jain says for the country’s life insurance industry, Covid-19 will probably not have a very severe effect as companies tend to focus on offering cover to people in the age group of 30 to 50 years. Edited excerpt: Exide Life Insurance’s gross written premium (GWP) witnessed growth of 12% year on year in the last financial year. What kind of GWP growth do you...

US life insurer Prudential Financial reports net loss of $2.4bn in Q2 2020

The after-tax adjusted operating income of Prudential Financial was $742m for the reported quarter compared to $1.26bn reported for the second quarter of 2019 Prudential Financial headquarters in Newark, New Jersey. (Credit: Derek Jensen (Tysto)/Wikimedia Commons) Prudential Financial has reported a net loss of $2.4bn or $6.12 per share for the second quarter of 2020 (Q2 2020), compared to $798m net income or $1.71 per share, made in the same quarter in 2019. In the previous quarter, that is Q1 2020, the US insurance company had a net loss of $271m or $0.70 per share. The insurer’s after-tax adjusted operating income was $742m for the reported quarter compared to $1.26bn reported for...

Honcho set to disrupt insurance services through Hapi partnership

UK-based insurtech Honcho partnering with Personal Group’s Hapi is set to disrupt the way that employers offer employee benefits. The partnership will provide Hapi’s 475,000 users with access to Honcho’s motor insurance service, enabling users to choose insurance providers in a convenient way. Many organisations invest a significant amount of resources into designing and implementing benefits packages to attract and retain top talent, as well as increasing productivity within the organisation. According to GlobalData’s 2019 UK SME Insurance Survey, 37.2% of SMEs arranged employee benefits through the online channel, making it the most common method to do so. Hapi is a digital platform that...