2024 in Review: The future of life insurance – trends to watch for 2025
1 week, 3 days ago

2024 in Review: The future of life insurance – trends to watch for 2025

Live Mint  

The year 2024 has been transformative for India’s life insurance sector, marked by regulatory advancements, evolving customer needs, and innovative product developments. Customer-centric Innovations powering product evolution Post-pandemic customer preferences have reshaped life insurance products. Trends Shaping 2025 Several key trends are expected to shape the life insurance sector in 2025: Rising demand for long-term savings products amid market volatility. By driving technological advancements, enhancing distribution models, and aligning with the government’s vision, the life insurance sector is laying the foundation for a more inclusive and secure financial future for all Indians.

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History of this topic

Fewer Indians Seem To Have Life Insurance Now. Here’s Why
2 weeks, 3 days ago

Fewer Indians Seem To Have Life Insurance Now. Here’s Why

ABP News  

By AR Hemant The BankBazaar Moneymood 2025 survey report revealed a troubling trend: life insurance uptake in India is on the decline. Of the salaried men and women surveyed in 2024, only 37 per cent of Indians invested in life insurance-linked investment products in 2024, a sharp drop from 46 per cent in 2022. Endowment Plans and ULIPs Lose Their …

Life Insurance Corporation of India Q2 Results Live: Profit Falls by 3.76% YOY
2 months ago

Life Insurance Corporation of India Q2 Results Live: Profit Falls by 3.76% YOY

Live Mint  

Life Insurance Corporation of India Q2 Results Live : Life Insurance Corporation of India has released its Q2 results on November 8, 2024, reporting a topline increase of 13.77% compared to the previous year. In comparison to the previous quarter, Life Insurance Corporation saw a revenue growth of 9.04%, but profits took a significant hit, declining by 26.7%. Life Insurance …

Record Year For Life Insurance Sector: Policies Jump, 31% Increase In Premium, Check Latest Details
6 months, 4 weeks ago

Record Year For Life Insurance Sector: Policies Jump, 31% Increase In Premium, Check Latest Details

News 18  

The Life Insurance Council has released updated industry business numbers for May 2024. New business premiums expanded from Rs 23,448 Crs in May 2023 to Rs 27,034 Crs in May ’24, with YTD collections growing even more from Rs 36,043 Crs to Rs 47,293 Crs this year. According to data released by the Life Insurance Council, the life insurance industry …

India insured by 2047: Insurance companies must be profitable to achieve this
7 months, 2 weeks ago

India insured by 2047: Insurance companies must be profitable to achieve this

Live Mint  

In synchrony with the broader national intent of India becoming a developed nation, the Insurance Regulatory and Development Authority of India has embraced the laudable goal of “India Insured by 2047." The objective is to ensure that “every citizen has appropriate life, health and property cover and every enterprise is supported by an appropriate solution" and to make India’s insurance …

4 key trends shaping the future of life insurance for the millennials and Gen Z
9 months, 2 weeks ago

4 key trends shaping the future of life insurance for the millennials and Gen Z

Live Mint  

Millennials have disrupted many industries, and insurance is not an exception. In the dynamic landscape of the Indian life insurance industry, a transformative shift is underway, with prime focus on providing tailored financial protection for the next generation. By providing clear information and eliminating confusing jargon, insurers can build trust and make it easier for millennials to make informed decisions …

Life Insurance Gains Momentum In Urban India, Report Highlights Shift In Awareness
10 months, 3 weeks ago

Life Insurance Gains Momentum In Urban India, Report Highlights Shift In Awareness

News 18  

In a notable development for financial preparedness, a recent report revealed that three-quarters of urban Indians have embraced life insurance products, showcasing significant progress in urban India’s financial landscape. The following findings reveal insights that highlight urban India’s shift in attitude and approach towards financial preparedness; Financial Preparedness Of Urban Indians The highest progress is seen in awareness of life …

Interim Budget 2024 Wishlist: Insurance Industry Expects Higher Deductions for Medical Insurance Premiums
11 months, 2 weeks ago

Interim Budget 2024 Wishlist: Insurance Industry Expects Higher Deductions for Medical Insurance Premiums

News 18  

Written By Ramkumar S & Bijal Khara: The Union Budget 2023 was a bitter pill to swallow in many ways for the insurance sector, stemming from the fact that increased limit under Sections 80C and 80D, separate deduction for home insurance, relook at GST rates, and tax-free status for pension/annuity were not considered in the Budget. This impacted life insurance …

‘Life insurance companies should be permitted to sell health plans’
11 months, 2 weeks ago

‘Life insurance companies should be permitted to sell health plans’

Live Mint  

India’s life insurance industry has come together to bridge the high protection gap—the difference between available insurance cover and actual needs in case of a policyholder ‘s death— by organizing awareness campaigns and offering more flexibility to customers in terms of coverage and mode of payment. In an interview with Mint, Mahesh Balasubramanian, managing director, Kotak Mahindra Life Insurance, says …

Universal cover: The Hindu editorial on the Insurance Regulatory and Revelopment Authority of India’s all-in-one insurance policy
1 year, 7 months ago

Universal cover: The Hindu editorial on the Insurance Regulatory and Revelopment Authority of India’s all-in-one insurance policy

The Hindu  

May 31, 2023 12:20 am | Updated 12:20 am IST Last week, the chief of India’s insurance sector regulator unveiled a fresh blueprint to cover a larger portion of the population against risks of adverse shocks, with an eye on insuring everyone by 2047. The lynchpin of this “UPI-like moment”, being pursued by the Insurance Regulatory and Development Authority of …

Insurance yet to take deep roots in rural India
1 year, 9 months ago

Insurance yet to take deep roots in rural India

Deccan Chronicle  

Chennai: The penetration of life insurance in rural areas is significantly lower than the urban areas. Only 22 per cent of the rural population owns life insurance products as against 73 per cent ownership in urban India. As per the survey by Max Life and Kantar, conducted across 113 villages, rural India scored 12 points on the protection quotient scale, …

India at 75: Investment options to help millennials create an effective portfolio
2 years, 4 months ago

India at 75: Investment options to help millennials create an effective portfolio

Live Mint  

Millennials today desire something more out of their lives which should be bursting with experiences. Portions of Millennial are generally financially self-sufficient because of their guardians or low self-generated income but proper investment strategies can assist them in managing the money side by side helping in building a bigger corpus. They have a higher risk tolerance and often seek innovative …

Investing In A Life Insurance Policy Is The Need Of The Hour
2 years, 9 months ago

Investing In A Life Insurance Policy Is The Need Of The Hour

The Quint  

In a world full of uncertainties, all of us want something safe, secure, and tangible to hold on to, especially in adverse conditions when the going can get tough. Recently, the Life Insurance Council surveyed over 12,000 people across 40 cities to understand the India’s perception towards life insurance. 64% of the respondents surveyed across cities in South India believed …

India must look at uniformity of insurance
2 years, 9 months ago

India must look at uniformity of insurance

Live Mint  

Around two years ago, Insurance Regulatory and Development Authority, the insurance regulator, under its previous chairman, kick-started the standardization of insurance products with health insurance. Especially long-term products like term life and health insurance, where customers commit big premiums for the long term, in most cases for their lifetime. As per our check on the IRDAI portal, there have been …

Insurance Platforms Online Going to Disrupt Insurance Industry in 2022; Here's How
3 years ago

Insurance Platforms Online Going to Disrupt Insurance Industry in 2022; Here's How

News 18  

The COVID-19 pandemic played a momentous role in pushing digitisation across the insurance sector. A major investment in digital transformation across insurance operating models and customer experience enhancement through digital and remote channels can be expected in the coming year 2022. The Role of Technology in Disrupting the Insurance Industry Meeting customer demands is going to be the utmost priority …

Indians more inclined towards life insurance during Covid's second wave
3 years, 6 months ago

Indians more inclined towards life insurance during Covid's second wave

India Today  

The deadly second wave of Covid-19 in India has claimed more than 3.83 lakh lives so far. The individual life insurance rose by 27.06 per cent during the first two months of the current fiscal year. “There has been a rising awareness about insurance, more so during the current pandemic times,” Bikash Choudhary, Appointed Actuary and Chief Risk Officer, Future …

Budget 2021: More relaxed rules on investment in insurers set to attract US, European players
3 years, 11 months ago

Budget 2021: More relaxed rules on investment in insurers set to attract US, European players

Live Mint  

The Indian government on Monday said it plans to raise limits on how much foreign companies can invest in the country's insurance industry, a move that could attract inflows from US and European insurers. Finance Minister Nirmala Sitharaman in her budget speech for 2021-22 said the government would allow foreign direct investment of up to 74% in insurance entities, up …

How to tackle under-penetration and protection gap of insurance in India
4 years, 4 months ago

How to tackle under-penetration and protection gap of insurance in India

Live Mint  

Statistics about insurance in India don’t make for happy reading. This means consumers have savings and insurance of just ₹7.8 for every ₹100 needed for protection, a gap of ₹92.2, according to Mortality Protection Gap Report, Asia -Pacific, by Swiss Re. The purchase of any kind of pure insurance, commonly known as term insurance, helps protect from financial shocks due …

Life insurers post 7% rise in new business after dismal Q1
4 years, 5 months ago

Life insurers post 7% rise in new business after dismal Q1

The Hindu  

For the first time this fiscal monthly new business or the first-year premium of life insurers turned positive in July, with an almost 7% increase as India accelerated the reopening of the pandemic-hit economy. Collectively, the first-year premium of the 24 insurers stood at ₹22,986.10 crore, 6.87% more than the ₹21,509.25 crore they reported in July 2019, as per the …

Life insurance industry to focus on millennials, digital-human interface
5 years, 7 months ago

Life insurance industry to focus on millennials, digital-human interface

Live Mint  

The topic of the second panel discussion at Mint’s insurance conclave was: Life insurance 20-20: Issues for the next 20 years. Then as you said, 2010 regulatory changes happened, where essentially the product become a long-term product and minimum lock-in was stipulated and I thought that the regulator did a smart thing by saying that let us go through the …

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