Business life insurance

Life insurance companies record 37% rise in new business premium in March

Life insurance companies record 37% rise in new business premium in March Market leader LIC logged in a 51 percent surge in first-year premiums in March, while it jumped nearly 8 percent to Rs 1.98 trillion for 2021-22 Life insurance providers have clocked a 37 percent rise in new business premiums (NBP) to Rs 59,608.92 crore in March 2022, with the market leader LIC logging in a 51 percent surge in first-year premiums. In FY22, the life insurance industry's combined new business premium growth rate was 13 percent year over year, according to data released by the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation (LIC), which is on course to go...

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Business Insurance Retirement Plans, New York Life

Types of business insurance. Key executive life insurance Your key people are your greatest assets. Life insurance for your small business can reimburse the company for loss of services if a key person dies. If you don’t have key person coverage on your most valuable people (and that includes you), you ought to at least explore its advantages. If you already have this valuable insurance, it may be time to review it. Are all key players covered, including the owner(s)? Are the amounts in proportion to the value of each key person? Should names be changed on policies where a key person has left the company? What’s the cash value on each policy? Disability insurance If you, a partner, or a...

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Group Health Life Insurance for Your Business, ADPIA

Common questions about group health insurance Group health insurance is an employee benefit provided by an employer that offers medical coverage to employees and sometimes their spouses, partners and/or legal dependents. What's the difference between group health insurance and individual coverage? If you have a business that employs two or more people, you're eligible to purchase group health insurance for your business. By pooling employees together, premiums for group health insurance plans can be less expensive than buying individual plans for your employees. In addition, employer-paid premiums are generally tax-deductible. Your employees' contributions to their premiums can be paid with...

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Life Insurance for Business Owners in Canada - Dundas Life

Additionally, life insurance can provide financial assistance to its business partners and employees. Continue reading to find out why business owners need life insurance. Why do business owners need life insurance? When you run your own business, the number of people who depend on you financially is greater. Not only do you have to think about your family and the people close to you, but your business partner(s) and employees as well. Life insurance can help you secure your family’s and your business’s future in the event of your death. It will help your family live comfortably after you are gone, and ensure your business continues to thrive in your leave/vacation. Is personal life...

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Life insurers new business premium income rises 13% in FY22, The Financial Express

Life insurers’ new business premium income rises 13% in FY22 Collective new business premium income of life insurance companies’ witnessed a 12.93% year-on-year growth to Rs 314,263 crore for the last financial year, from Rs 278,278 crore in the previous fiscal, backed by a rise in group single premium and group yearly renewable premium, data from Irdai showed on Monday. The new business premium, or the first-year premium, of 23 private sector life insurance companies, posted a 22.74% Y-o-Y growth to Rs 115,503.12 crore for 2021-22, while IPO-bound LIC registered a 7.92% Y-o-Y increase to Rs 198,759.85 crore. Notably, for 2020-21, the life insurance sector’s first-year...

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Is Life Insurance A Business Expense?, Explained

Unlike the strict rules for individuals, it’s true that businesses have a bit more leniency with tax-deductible life insurance premiums. But only in very specific cases are they deductible as a business expense. In all other cases, deducting those premiums can lead to costly consequences. When Can Businesses Deduct Life Insurance Premiums as a Business Expense? Businesses must meet a very specific set of qualifications for these premiums to be a deductible business expense. And even those rules have their own caveats. These are the criteria that businesses must meet: They must be classified as either an S Corporation or an LLC. The insureds must be employees or corporate officers...

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Group Life Insurance for small businesses SMEs, YuLife

YuLife can help you arrange life insurance policies for employees of SMEs and companies with fewer than 100 employees. Our bespoke policies give small and medium-sized companies the opportunity to purchase life insurance cover for all their employees with one simple online portal – taking everyone’s age, health and wellbeing into consideration with no medicals required. Reward employees for healthy habits Where most life insurance policies offer just basic cover, YuLife also offers an innovative app which is designed to reward employees for healthy behaviours. Staff will earn YuCoin for walking, meditating, cycling and taking in-app challenges. They get to use their YuCoin to receive...

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Life - Lloyd's

To identify the territory of regulation and tax of a life risk consider: The nature of the cover provided; and The location of the insured’s residence(s) or business establishment(s). Term life (including group cover) Term life insurance can be taken out either by an individual or a corporate entity. Where an individual takes out a life policy the risk location is the territory in which the insured is resident. Where a corporate entity takes out life insurance to cover its staff, the corporate entity is the insured and the risk location is the territory in which its business is established. If the contract covers more than one business establishment, and they are located in different...

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Starting a Business, iA Financial Group

First steps There is no one way to start a business. The way you approach it will be influenced by your financial situation, your needs, the location where you are starting your business and the nature of your business. Depending on the scope of the project and the services you want to offer, in addition to thinking about your financial security and that of your business, you should also think about the following: Come up with a unique, catchy and distinctive name for your business that reflects your values and the products and services you offer. Check websites, such as Canada Business Network, to see whether you can use the name you’ve come up with. Whether you are starting off part...

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Aviva Adviser: Business Life Insurance Options - Aviva

Product details Why Business Life Insurance Options? Cover details Cover options The following options are also available, with Business Life Insurance Options: Conversion option - for life cover only. Before age 65, your client can convert their original policy to a new whole of life policy without any further medical questions being asked. They can use this option any time before their policy ends as long as they haven’t made (or aren’t in a position to make) a claim for the death benefit, terminal illness benefit or waiver of premium benefit). The cover amount must be less than or equal to the original policy value, and must end before the life covered reaches age 71. Renewal option -...

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