The Financial Planning Standards Board (FPSB) India is planning to increase the representation of women in the financial planning field to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
Japan's Nippon Life Insurance has established a new subsidiary in India to bolster its operations in the market, the company said recently. Nippon Life Asia Pacific, a unit based in Singapore, formed Nippon Life India as its direct subsidiary. The new unit will provide management support and market research for Nippon Life's affiliates in India. Until now, Nippon Life has done business in India through partially owned local entities. The life insurance division offers products to individuals and organizations while the asset management division deals in stocks, bonds and exchange-traded funds. The Indian operations had been overseen by Nippon Life's headquarters in Tokyo, but those functions are being transferred to the Singapore subsidiary starting this fiscal year. The new Indian subsidiary is intended to enhance collaboration with the group's local affiliates there and boost research capabilities, reported Nikkei Asia.
Customer satisfaction has been a key aim for life insurance companies. However, the annual survey by Hansa Research, a market research company, called "Investor CuES" which measures customer satisfaction of the life insurance industry using a metric called 'Net Promoter Score' (NPS) shows stagnation in this important area in the last one year from 2023 to 2024.
The Indian Institute of Management, Bangalore (IIM Bangalore) has collaborated with the Financial Planning Standards Board (FPSB) to launch the Executive Program in Financial Planning for working professionals and students.
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.
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