Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world with a steady brand value of US$9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, according to a report by Brand Finance Insurance 100 2024.
The Life Insurance Corporation of India (LIC) has launched Amritbaal, a traditional endowment policy - non-linked, non-participating - aimed at parents who are looking to build a higher education for their children over the long term.
ICICI Prudential Life Insurance has launched ICICI Pru Gold Pension Savings, a tax-efficient pension product that enables customers to make systematic contributions and build the desired retirement corpus to lead financially independent retired lives.
SBI Life Insurance has recently launched two products -SBI Life - Saral Swadhan Supreme and SBI Life - Smart Swadhan Supreme. These two new products not only provide a life cover but also benefit of return of premiums at maturity, to fulfil customer's financial objectives.
Payout by life insurance companies declined by about INR6,000 crore during 2022-23 because of lesser number of death claims as compared to previous financial year which was impacted by COVID-19. The life insurance industry paid a total benefit of INR4.96 lakh crore in 2022-23 as compared to INR5.02 lakh crore in FY22, according to the latest annual report released by sector regulator IRDAI.
Bajaj Allianz Life Insurance has introduced a variation of its participating savings plan, providing customers with a stream of increasing income while also protecting against the impact of rising inflation, while HDFC Life's new product is a guaranteed savings life insurance plan, designed to safeguard the future of loved ones' and attain their financial objectives.
The life insurance industry reported a 25.28% decline in new business premium income in November 2023 to INR26,494.83 crore from INR34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged down the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively.
Called MaxProtect, the latest addition to its range of customer-focused products is tailored to align with the dynamic lifestyles of customers. The product is designed to provide a cost-effective, inflation-adjusted solution to address the healthcare requirements of both individuals and families.
Called Jeevan Utsav, it is a non-linked, non-participating, comprehensive form of life insurance providing lifetime coverage.
Life insurance remains a sunrise sector in India, characterised by low penetration, a large protection and pension gap, and massive growth opportunities in the coming decade. This was the consensus view of the Life Insurance CEO panel at the recent Business Standard BFSI Insight Summit.
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