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.
Bajaj Allianz Life Insurance, one of India's leading private life insurers, and South Indian Bank, a leading Indian private sector bank, have signed a corporate agency arrangement in Kochi. Through this strategic partnership South Indian Bank's customers' can now fulfil their long-term life goals by investing in Bajaj Allianz Life Insurance's value-packed products across the bank's 942 branches in the country.
About 47% of individuals either surrendered their life insurance policies or failed to renew them over the past five years, highlighting a significant gap in financial preparedness in the country, according to SBI Life's Financial Immunity Report.
Although the Indian life insurance industry is witnessing a surge in awareness, it still struggles with low penetration and unawareness regarding the benefits of life insurance when taken at a young age. Financial Express lists seven reasons for why taking up insurance at a young age is a good idea.
Aditya Birla Sun Life Insurance (ABSLI) has launched the 'ABSLI Nishchit Laabh Plan', a non-linked, non-participating individual life insurance savings plan offering guaranteed returns and flexibility in choosing the benefits.
The 8th Asia Trusted Life Agents & Advisers Awards (ATLAA) concluded yesterday evening, celebrating 16 winners recognised for their outstanding contributions and performance.
LIC has launched Dhan Vriddhi, a new non-linked, non-participating, individual, savings, life insurance plan. The plan is only available in the domestic market.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted a life insurance business licence to Go Digit Life Insurance Limited. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business.
Bajaj Allianz Life has launched the country's first term insurance product designed for Type 2 diabetics and pre-diabetic individuals. The plan is targeted at a segment that ends up being underinsured as they are denied cover at standard rates for health reasons.
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