INSURERS
Square Insurance secures Rs 25 crore in seed funding led by Negen Capital and others
Square Insurance received $3 million in seed funding led by Negen Capital. The company said that the funding will boost their tech infrastructure, particularly focusing on cattle insurance and custom micro-insurance products.
Gadkari urges FM to withdraw 18% GST on life, medical insurance premiums
Nitin Gadkari, the Road Transport Minister, urged Finance Minister Nirmala Sitharaman to eliminate the 18% GST on life and medical insurance premiums. He highlighted concerns raised by the Nagpur Division Life Insurance Corporation Employees Union about the fairness of taxing premiums, arguing it penalizes individuals seeking to insure against life's uncertainties and their families' protection.
Withdraw 18% GST on life and medical insurance premium: Gadkari writes to FM Sitharaman
The Transport Minister noted that the Nagpur Divisional Life Insurance Corporation Employees Union urged the removal of GST on life and medical insurance premiums. They argued that taxing these premiums unfairly targets individuals seeking security for their families and hampers the growth of the medical insurance sector.
Buy SBI Life Insurance Company, target price Rs 1955: Axis Securities
SBI Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 174945.43 Crore) operating in Financial Services sector.
High financial uncertainty despite India growth story
According to a recent survey by Aditya Birla Sun Life Insurance, almost 88% of Indians anticipate increased financial instability worldwide over the next five years. As a result, they are inclined to opt for conventional investment options such as fixed deposits, gold, and real estate to ensure their financial security.
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Tourist visas with health insurance soon to be a reality in the UAE
The UAE has introduced a new initiative to streamline health insurance for tourists applying for visas. Managed by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), this project will allow tourists to obtain health insurance through an online platform while applying for their visas.
Should investors bet on insurance and metal stocks? Pashupati Advani answers
If they stabilize again, they will lose a bit of money they were making on transactions as they have to give some of it to the banks. But overall, the business model remains intact. So, it's good news for Paytm.
InsuranceDekho secures composite broking licence, to start reinsurance biz
InsuranceDekho, a Gurugram-based insurance marketplace, has secured the composite insurance broking licence from IRDAI. Its customers can now avail the reinsurance service from the company. With this, the company takes on rival Policybazaar, which had received the permit in February this year. InsuranceDekho processed around Rs 3,300 crore in premium for insurance companies in the last financial year.
Chola MS General Insurance clocks GWP of Rs 1,945 cr in Q1
Cholamandalam MS General Insurance Company Ltd reported a Gross Written Premium of Rs 1,945 crore for Q1 2024, showing a 14.3 per cent growth compared to the industry average. The company, a joint venture of Murugappa Group and Mitsui Sumitomo Insurance Group, achieved a profit before tax of Rs 179 crore, settling 1.3 lakh claims. It invested in Data Analytics and Artificial Intelligence for motor insurance claims through the SAHAI mobile app. Managing Director V Suryanarayanan emphasised the company's commitment to growth and technology transformation.
Covrzy secures insurance broking licence from IRDAI
In May last year, the early-stage venture that focuses on insurance for startups, raised $400,000 in its first round of funding, led by Antler, with participation from Shastra VC (formerly Veda VC).
Buy SBI Life Insurance Company, target price Rs 1900: Motilal Oswal
SBI Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 163552.49 Crore) operating in Financial Services sector.
Start 30% tax slab at Rs 30 lakh in Budget 2024 to give inflation-relief to middle class: Expert view
Budget 2024 expectations income tax slab changes: The tax rate of 30% for income exceeding Rs. 15 lakh in the new tax regime is very steep and should be made applicable only for income exceeding Rs. 30 lakh. This will widen the tax slab of 20% ensuring that most personal taxpayers in the mid-income group get relief which would also propel higher consumption and savings.
Budget 2024 expectations: 8 expectations of salaried, individual taxpayers from FM Nirmala Sitharaman today
Budget 2024 income tax expectations: Let's delve into the various expectations that both salaried individuals and taxpayers have from Budget 2024.
Economic Survey flags misselling, claims issue in insurance sector
While referring to financial products misselling, the survey said that misselling and misrepresentation need acknowledgment, with firms compensating for consequential losses. This practice is important for stockbroking, fund management, banking, and insurance firms, the survey said.
Microsoft outage likely to expand insurance coverage, pricing
The outage, caused by a cyber incident involving CrowdStrike, is expected to have had a limited impact on insurance claims due to existing policy constraints. A majority of claims related to the outage fall under business interruption coverage, which typically includes a waiting period. This means for the initial few hours of disruption, coverage does not activate, restricting the overall impact of the event.
Insurers face business interruption claims after global tech outage
A worldwide tech outage caused by a cybersecurity firm's software update has led to possible business interruption claims across various industries. Insurers are preparing for a surge in notifications, with experts highlighting limitations in coverage. The event may result in significant economic losses and legal implications for the involved companies.
Budget 2024: Relief on buying EV, HRA rationalisation, higher tax deduction on health insurance premium and more, what to expect
Budget 2024: Earlier this year, while presenting the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman did not propose any change in taxation or tax rates. In the upcoming Budget 2024, one may expect the government to continue moving towards a simplified tax regime through the new tax regime (NTR).
Major insurance changes in Budget 2024: Combi products offering life, health insurance soon; will insurers sell mutual funds?
Budget 2024 insurance changes: The government is set to introduce a Bill proposing significant changes to the Insurance Act. This could include of composite licenses for the insurance companies that allows life insurers to offer health and general insurance policies, simplifying investment rules, and facilitating easier registration for intermediaries and allowing insurers to distribute other financial products. This would create a more holistic insurance market with insurers offering bundled products catering to diverse customer needs.
GST, tax reforms will boost growth, equity in insurance sector
The insurance industry in India is gearing up for the Union Budget with expectations for tax reforms, universal health schemes, and social security measures. Collaborative efforts and proactive risk management strategies are highlighted as crucial for creating a financially secure and resilient India.
Insured Declared Value in motor insurance cover: How is it calculated, is lower IDV better?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the seventh part of this series, ET Wealth explains the meaning of Insured Declared Value (IDV) in vehicle insurance.
Term insurance premium up 2-3%
Major life insurance companies, including Bajaj Allianz and Max Life, have raised term insurance premiums by 2-3%, with HDFC Life introducing a 10% hike for policyholders aged 60 and above, citing factors like age, health, and rising mortality rates.
Financial wellness platform Cashe acquires Centcart Insurance
Cashe acquired Centcart Insurance, offering life and general insurance. Managed by Aeries Financial Technologies and chairman V Raman Kumar, it broadens Cashe’s range. In 2022, Cashe acquired Sqrrl Fintech for wealth management. Over seven years, Cashe facilitated Rs 10,200-crore digital loans to 3 million users. Centcart holds an IRDAI broking license.
Bima Bharosa portal for insurance grievances: Step-by-step process to register an insurance-related grievance
Bima Bharosa has been launched by the Insurance Regulatory and Development Authority of India (Irdai) to serve as an online platform for grievance redressal of insurance policyholders. Here’s a step-by-step process to register an insurance-related grievance on the portal.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
LIC warns policyholders about offers to buy their current insurance policies
The life insurance behemoth has urged all policyholders to proceed with extreme caution before making any decisions about their policy that might compromise their family's risk coverage and financial stability.
Insurance basics: Know the difference between sum insured and sum assured
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the fourth part of this series, Riju Mehta explains the difference between sum insured and sum assured.
Now, customise motor, home insurance policies: Irdai
The IRDAI master circular, which repeals all earlier circulars and guidelines, was released on 11 June 2024 and suggests providing wider choice and options to customers. It follows a master circular on health insurance released on 29 May.
Electric vehicle (EV) insurance: Coverage for battery replacement, roadside assistance top insurance add-ons, finds survey
Premium is the top consideration while picking insurance, claims a recent ICICI Lombard survey on electric vehicles.
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