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Tag: premium

Life insurance sector’s new business premium declines 3 per cent in December

Life insurance sector’s new business premium declines 3 per cent in December

Finance
NEW DELHI: The new business premium of life insurance industry contracted by 3 per cent year-on-year to Rs 24,383.42 crore in December. The new business or the first-year premium of 24 life insurance companies was Rs 25,079.89 crore in the same month of 2019. The country's largest life insurer LIC contributed Rs 14,345.70 crore or 58 per cent to the total premium generated during the month, showed data from the Insurance Regulatory and Development Authority of India (Irdai). LIC's new business premium declined by 15 per cent from Rs 16,861.98 crore in December 2019. Private sector comprising of 23 players registered a growth 22 per cent by earning new premium of Rs 10.037.72 crore in December, as compared to Rs 8217.91 crore in the year-ago period. Among private sector life insurers, Bajaj...
UK digital bank Monzo relaunches premium accounts after original service flopped

UK digital bank Monzo relaunches premium accounts after original service flopped

Finance
Users of Monzo's premium account, Monzo Plus, will get sent blue cards with holographic foil to makeMonzoBritish financial technology start-up Monzo is giving paid-for checking accounts another go, with a revamped premium service it hopes will help generate a new source of revenue.Monzo, which provides banking services through an app, initially tried to launch a premium offering last year. Dubbed Monzo Plus, the packaged account was eventually scrapped by the firm due to complaints from customers.It has relaunched Monzo Plus as a subscription service that costs £5 ($ 6.30) a month and comes with perks including 1% interest on balances of up to £2000 and credit score checks. That may prove attractive to current users of the firm's "Pots" savings feature, who have seen interest rates decline...
Health insurance claims not contestable after 8 years of premium payment: Irdai

Health insurance claims not contestable after 8 years of premium payment: Irdai

Finance
NEW DELHI: Health insurance companies will not be allowed to contest claims once the premium has been paid for a continuous period of eight years, regulator Irdai said in a fresh set of guidelines. Irdai said the objective of the guidelines is to standardise the general terms and clauses incorporated in indemnity based health insurance (excluding personal accident and domestic/overseas travel) products by simplifying the wordings of general terms and clauses of the policy contracts and ensure uniformity across the industry. "All policy contracts of the existing health insurance products that are not in compliance with these guidelines shall be modified as and when they are due for renewal from April 1, 2021 onwards. "After completion of eight continuous years under the policy no look bac...
Life insurers see a 32% drop in new premium collection in March: IRDAI data

Life insurers see a 32% drop in new premium collection in March: IRDAI data

Finance
MUMBAI: Country’s life insurance players saw nearly all financial metrics such as sum assured, first year premiums, policies issued, and lives covered decline significantly in March which could be reflected in a washed out fourth quarter in the upcoming earnings of the listed insurers. The overall industry – with 24 players - saw 32.2 percent year-on-year (YoY) decrease in new premium collection to Rs 25,409.30 crore in the month whereas number of policies underwritten, and the number of lives covered in the month reduced by 66 percent and 41 percent respectively, latest data released by IRDAI showed. However, for FY20 the sector saw a 20.6 percent YoY increase in first year premiums at Rs 2.58 lakh crore. While the country’s largest insurer Life Insurance Corporation of India (LIC) saw a ...
Hike in 3rd party motor insurance premium for FY2020-21 put on hold

Hike in 3rd party motor insurance premium for FY2020-21 put on hold

Finance
Good news for private vehicle owners, both 4- and 2-wheelers, as IRDAI, the insurance regulator, has said that the existing third-party insurance premium rates for the year 2019-20 stand extended beyond March 31, 2020 till further notice. This means that the third-party motor insurance premiums will not be increased for the next financial year i.e FY2020-21 as proposed earlier, until the regulator notifies the same. This move may well be due to the lockdown in the country due to the coronavirus infection spread and the situation arising from it. The government has already postponed several deadlines and announced relief for the common man in various areas due to the lockdown.The Insurance Regulatory and Development Authority of India (IRDAI), in an order dated March 27, has said that the v...