Mumbai: India is planning to seek cabinet’s approval to sell 25% stake in the nation’s largest life insurer, people with knowledge of the matter said, as Prime Minister Narendra Modi seeks resources to plug a widening budget gap. The government plans to amend the act of parliament under which the state-run Life Insurance Corp. of India was set up to prepare for the sale, the people said, asking not to be identified as the discussions were private. The timing of the insurer’s initial public offering will be depend on market conditions, and the sale is likely to be done in tranches, they added. A finance ministry spokesman was not immediately available for a comment. A stake sale in LIC...
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Change is the law of life. Whether you’re getting married, having a baby, moving, or starting a new job, your financial commitments will most likely change. That’s where a reliable insurance agency comes in. Morris & Templeton Insurance wants to help you celebrate these milestones in your life, and protect you and your family as you go through them. We’ve compiled a list of some very important life changes, that will also lead to some very important changes in your insurance coverage. Are you getting married? It’s good to let your insurance agency know before walking down the aisle. They will want to make sure you and your spouse are both protected: adding both new legal names to all...
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A new business intelligence report released by HTF MI with title “Global Straight Life Insurance Market Size, Status and Forecast 2020-2026” is designed covering micro level of analysis by manufacturers and key business segments. The Global Straight Life Insurance Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance...
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One of life’s greatest fears is that you will be unable to care for yourself because of chronic mental or physical problems. The same goes for one of your family members. Having to provide services, such as nursing home care, home health care or care in assisted living facilities, can be an emotional and financial burden. The Federal Long-Term Care Insurance program was created to lift some of that burden off your back. As a rule, if you are an employee of the federal government, you only need to be eligible for the Federal Employee Health Benefits (FEHB) program to be eligible to apply to enroll in FLTCIP. Note the phrase “apply to enroll.” Unlike other federal employment-related insurance...
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NCB Group gets approval to streamline insurance business NCB Financial Group has received approval from the Financial Services Commission (FSC) in Jamaica for subsidiary JNCB Insurance Company Limited (NCBIC) to streamline the insurance business offered by subsidiaries, NCBIC and Guardian Life Limited (GLL). National Commercial Bank Jamaica (File photo) The application was made in June. Having received approval, the Group said it will permit the transfer of 100 per cent of NCBIC’s portfolio of insurance and annuities business to GLL which is to take effect on September 30, 2020. It will also allow the licensing of NCBIC as a dealer under the Securities Act; and the registration of NCBIC as...
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Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy, but there’s a catch: If you wait too long, your intentions may be defeated. Essentially, if ownership of the policy is transferred within three years of your death, the proceeds revert to your taxable estate. Eliminating “incidents of ownership” The proceeds of a life insurance policy are subject to federal estate tax if you retain any “incidents of ownership” in the policy. For example, you’re treated as having incidents of ownership if you have the right to: Designate or change the policy’s beneficiary, Borrow against the policy or pledge...
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Hold tight: A patient is pushed by a family member after undergoing a check-up at Bahteramas Hospital in Kendari, Southeast Sulawesi. (Antara/Jojon) The life insurance industry will see a contraction in premium income this year on the back of the COVID-19 crisis, despite people’s rising awareness on health, the Indonesian Life Insurance Association (AAJI) has stated. AAJI chairman Budi Tampubolon said on Sept. 25 that the association expected the industry's premium income to contract 2.5 percent year-on-year (yoy). The life insurance industry’s premium income has contracted 2.5 percent yoy to Rp 88.02 trillion (US$5.9 billion) in the first half of the year from the same...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Klaus Vedfelt/Getty Images When Cheryl Lock and her husband sat down to figure out their life insurance policy, signing up was easy — until it came to figuring out how much coverage they needed. To decide how much life insurance coverage they needed, they considered their mortgage, their annual expenses, and future college costs for their young children. As far as estate planning goes, if you have loved ones in your life, putting together a life...
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The Insurance Regulatory and Development Authority of India (IRDAI) is planning to come up with standard products for term plans, dwelling and small & medium enterprises (SMEs) to improve penetration in the industry. Challenges faced due to the economic impact of COVID-19 have lowered sales of insurance products in the country said the regulatory body's chairman Subhash Khuntia, addressing an event organised by industry lobby group CII, adding that the industry is working on introducing standardised policies for life and small businesses soon, to make insurance more accessible and easier for consumers to understand. "The idea to come out with the standard products for dwelling units is...
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