Sanjeev Jain’s Post

1 September – LIC Foundation Day Life Insurance Corporation of India A true saga Of Trust. Happy 66 Years of Trusted Relationship. Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India. LIC was founded on September 1, 1956. Parliament of India passed the Life Insurance of India Act that merged and nationalized 245 insurance companies and providers in India to create the state-owned Life Insurance Corporation of India. Though journey started over six decades ago, LIC is still conscious of the fact that, (while insurance may be a business) being part of millions of lives every day for the past 64 years has been a process called TRUST. Vision- ‘A trans-nationally competitive financial conglomerate of significance to societies and Pride of India’. #grrf #lic #insurance #people #unstoppableindian

Life insurance sales soar in India. ? However, there is a growing need for life insurance among senior citizens who may have dependents or outstanding debts. With the right marketing strategies and products tailored to their needs, insurance companies could tap into this overlooked market and provide valuable coverage for older individuals.

Life insurance companies in India are recording a boost in business, Aathira Varier reports for Business Standard, citing data from the Life Insurance Council. In February this year, new business premium (NBP) for insurers operating in this space jumped by 48% to touch ₹33,913.18 crore. NBP is the sum that insurance companies receive from new policies for a particular year. While the Life Insurance Corporation of India (LIC) recorded an increase of 67.5%, private insurers saw a growth of 27.8%. Reason? More customers buy policies and products for tax-saving purposes during this period, which is likely to have contributed to this surge, experts say. “The landscape of life insurance in India is undergoing a profound transformation,” Tushar Tiwari, Senior Manager at Max Life Insurance, writes on LinkedIn. “With each passing day, we witness the convergence of innovation, technology, and customer-centricity.” Source: Business Standard - https://lnkd.in/eeG-q7Kn ✍: Preethi Ramamoorthy 📷: Getty Images #Insurance #LifeInsurance #LIC

MARKET SIZE The insurance industry in India has witnessed an impressive growth rate over the last two decades driven by the greater private sector participation and an improvement in distribution capabilities, along with substantial improvements in operational efficiencies. In FY24 (until September 2023), non-life players’ saw a premium income increase by 14.86% year-over-year to Rs. 1,43,802 crore (US$ 17.29 billion) due to strong demand for health and motor policies. In April-February 2024, life insurers’ new business premiums grew to Rs. 317,746 crore (US$ 38.2 billion), according to Life Insurance Council data.

latest updates in the general insurance market: - *Insurance Penetration on the Rise*: General insurance penetration is increasing in India, with industry leaders discussing the challenges and future potential of the sector ¹. - *Non-Life Insurers See Premium Growth*: Non-life insurers have posted a 27.5% premium growth in October, with general insurers collecting Rs 25,396.68 crore in premiums ¹. - *GST Council May Waive 18% Tax on Senior Citizens' Insurance Plans*: The GST Council is scheduled to meet in December to discuss potential tax relief on select insurance plans for senior citizens ¹. - *Chola MS General Insurance Sees 60% Rise in PBT*: Chola MS General Insurance has clocked a 60% rise in profit before tax (PBT) at Rs 350 crore ¹. - *Tata AIG Eyes 30% CAGR Growth in Retail Health Portfolio*: Tata AIG is planning to expand its agent network and eyes a 30% compound annual growth rate (CAGR) growth in its retail health portfolio over the next three years ¹. - *IRDAI's New Surrender Value Norms*: IRDAI's new surrender value norms are expected to drive insurance demand, although they may be painful for insurers in the short term ¹.

INSURING INDIA (Part - 3) Key Insurance Metrics: 1. Insurance density in India has increased from $11.1 in 2001 to $91 in 2021 (Life insurance- $69, Non-life insurance – $22) 2. Insurance penetration in India has been steadily increasing (from 2.7% in 2000 to 4.2% in 2021) 3. The insurance penetration in the life insurance sector was 3.2% in 2021 -twice more than emerging markets and slightly above the global average 4. In FY 22, the gross direct premium of non-life insurers and life insurers witnessed a YoY growth of 10.8% and 10.2%, respectively 5. In FY23, the New Business Premium of the life insurance industry grew at 17.91% with private insurers accounting for 37% of the NBP of ~$45 Bn. The First Year Premium for Life Insurers (for the quarter ending June 23) is $8.7 Bn, with private insurers accounting for 38.5%. Source: investindia #NonLifeInsurance #PremiumGrowth #PrivateInsurers

Latest updates on General Insurance Market

The Evolving Landscape of Life Insurance in India: Understanding Changing Customer Needs The life insurance landscape in India is undergoing a significant transformation. With increasing awareness and growing financial literacy, customers are seeking more than just a traditional life insurance policy. They want personalized solutions that cater to their unique needs and provide value beyond just risk coverage. Some of the key changing customer needs in life insurance in India include: Customization: Customers want policies that are tailored to their individual needs and circumstances. Flexibility: Customers are looking for policies that offer flexibility in terms of premium payments, coverage, and benefits. Digitalization: Customers expect a seamless digital experience, from purchasing to claims processing. Investment component: Customers are seeking policies that offer a potential for returns on their investment. Riders and add-ons: Customers want to customize their policies with additional features and benefits. As a life insurance professional, it's essential to understand these changing customer needs and adapt our offerings to meet their evolving expectations. By doing so, we can build trust, increase customer satisfaction, and drive business growth. Let's work together to create a more customer-centric life insurance industry in India! #LifeInsurance #India #CustomerNeeds #Digitalization #Personalization #Flexibility #Investment #Riders #Addons

"Celebrating 25 years of the Indian insurance industry! The Insurance Regulatory and Development Authority of India (IRDAI) has reached a milestone, marking 25 years of growth and development in the industry. From de-tariffing and portability to the amendment of the Insurance Act, which made health insurance an independent line of business and raised FDI limits to 49%, the industry has come a long way. Notably, the industry has recently welcomed six new entrants, breaking years of stagnation. As we look back on the pre-IRDAI era, we remember the nationalization of the life insurance sector in 1956, which led to the formation of the Life Insurance Corporation of India (LIC). #IndianInsuranceIndustry #IRDAI #Insurance #Growth #Innovation #CustomerCentricity" https://lnkd.in/gczcVmJJ