Sanket Mhapankar’s Post

Life Insurance Premiums Surge: Industry Sees 13% Growth in October The life insurance sector continues its strong growth trajectory, recording a 13% YoY rise in new business premiums, totaling ₹30,348 crore for October Life Insurance Corporation of India (LIC) led the market with ₹17,131 crore, marking a 9% increase. LIC’s growth was driven largely by group single premiums, totaling ₹13,129 crore. The private sector excelled too, achieving an 18% YoY growth at ₹13,216.51 crore. HDFC Life emerged as the top private player with ₹2,799.15 crore, a significant 28% rise, followed closely by SBI Life Insurance Co. Ltd. at ₹2,648.38 crore. Insurers like ICICI Prudential and Bajaj Allianz Life Insurance also witnessed over 20% growth, highlighting robust demand and investor confidence. #BFSI #FEBFSI #ModernBFSI #LifeInsurance #PremiumGrowth #LIC #InsuranceIndustry #NewBusinessPremiums #FinancialGrowth #FinancialServices #InsuranceUpdates #PolicyHolders #InvestmentOpportunities #FinancialPlanning Maxlife insurance company Pvt ltd| Aditya Birla Sun Life Insurance| Tata AIA Life Insurance| PNB MetLife India Insurance Co. Ltd| Reliance Nippon Life Insurance| Bharti AXA Life Insurance| Future Generali India Insurance Company Limited| Bandhan Life| Star Union Dai-ichi Life Insurance Company Limited| Tanya Krishna| Sumana Sarkar| Sakshi Kuchroo| E Kumar Sharma| Roshun Povaiah| Financial Express (India)

Strong Growth in India's Life Insurance Market: A Promising Future The #Indian life #insurance market is showing positive signs with a significant 48% year-on-year growth in new business premiums (NBP) this February. This growth is driven by a combination of factors: LIC's Strength: Life Insurance Corporation of India (LIC) witnessed a surge in group single premium business, nearly doubling its Y-o-Y figures. Private Insurers' Performance: Private insurers like SBI Life also posted healthy growth across segments, indicating strong demand across the board. Tax-Saving Focus: The February-March period is crucial for insurers as customers aim to finalize policies for tax benefits. While growth slowed down slightly year-to-date (April-February FY24) compared to the previous year, private insurers are showing consistent growth, outpacing LIC. This suggests a dynamic market with increasing competition. Looking ahead, the future of India's life insurance industry is promising due to several reasons: Growing Economy & Middle Class: India's burgeoning economy and expanding middle class are creating a larger customer base for life insurance products. Rising Awareness: Increased financial literacy and awareness about life insurance benefits are driving demand. Digital Transformation: #Insurtech startups and #digital adoption by traditional players are making insurance more accessible and convenient. This growth indicates a significant opportunity for insurers to cater to the diverse needs of Indian customers. By focusing on #innovation, customer-centricity, and digital outreach, the Indian life insurance industry is poised for even greater success in the years to come. Nikhil Garg Krutika Shaha Ashley George Pooja M. Nikhil Jagtap Divya Rathi Gyanesh Kumar Hema Gupta #LifeInsurance #IndianMarket #FinancialPlanning #Insurtech #Growth #viksitbharat

Growth of Life Insurance sector, that's the Growth of India. The growth story of life insurance in India has been remarkable over the past few decades. Here are some key points that highlight this growth:Liberalization and Privatization: The liberalization of the Indian economy in the early 1990s paved the way for the entry of private players in the insurance sector. Before that, the Life Insurance Corporation of India (LIC) held a monopoly in the market.Entry of Private Players: The Insurance Regulatory and Development Authority of India (IRDAI) was established in 1999 to regulate the insurance sector. This led to the entry of private insurance companies, fostering competition and innovation in the industry.Rising Income and Awareness: With the steady growth of the Indian economy and rising incomes, people became more aware of the need for financial security and protection for their families. This increased awareness contributed to the growth of the life insurance sector.Product Innovation: Insurance companies introduced a variety of products tailored to different customer needs, such as term insurance, whole life insurance, unit-linked insurance plans (ULIPs), and pension plans. This diversification of products attracted a wider customer base.Distribution Channels: Insurance companies expanded their distribution channels beyond traditional agents to include bancassurance (selling insurance through banks), online platforms, and tie-ups with various institutions. This made insurance products more accessible to customers across urban and rural areas.Government Initiatives: The Indian government also played a role in promoting insurance penetration through schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), which aimed to provide affordable insurance coverage to the masses.Increasing Penetration: Despite the significant growth, insurance penetration in India remains relatively low compared to other countries. However, there is still immense potential for further growth, especially in rural and semi-urban areas.Overall, the life insurance sector in India has witnessed robust growth driven by various factors including economic liberalization, rising awareness, product innovation, and government initiatives aimed at expanding insurance coverage to a larger segment of the population. #lifeinsurance #lifeinsuranceagents #irdai #lifeinsurancematters

Big Changes at LIC of India! ( commission) As of October 1, Life Insurance Corporation (LIC) of India has introduced significant updates to its commission structure and policy requirements! *Key Changes:* - _First-Year Agent Commission Reduced_: From 35% to 28% - _Renewal Premium Commission Increased_: From 5% to 7.5% - _Minimum Sum Assured Increased_: From ₹1 lakh to ₹2 lakh These changes follow the revision of surrender value norms by the Insurance Regulatory and Development Authority of India (IRDAI) . The new norms aim to ensure better payouts for customers who exit their policies prematurely. #LIC #Insurance #FinancialServices #IndustryUpdate https://lnkd.in/gZt6bY8h

The life insurance industry in India registered growth in July, with the total annualised premium equivalent (APE) increasing by 16.9% year-on-year. This growth was primarily driven by the private sector, which saw an impressive 18% rise in APE. Life Insurance Corporation of India (LIC), the country’s largest insurer, recorded a more moderate increase of around 13.5%. APE is the sum of annualised first-year premium on regular premium policies and 10% of single premium policies written in a fiscal year. In terms of total premiums collected in July, the industry saw a 14% YoY increase. LIC’s growth in July was moderate in terms of APE, but the total premium collections grew 20% YoY in July. The industry collected a total premium of ₹31,822 crore in July and ₹1.21 lakh crore in April-July period growing 20.5% on a YoY basis. Among the major life insurance companies, SBI Life Insurance reported a 9.3% growth in APE, largely due to strong sales of regular insurance policies. However, despite the increase in new policy sales, SBI Life’s total premium collection fell by 26% in July. This decline in total premiums is partly due to a high base. On the other hand, Max Life Insurance performed well, with a 38% jump in APE and a 27% rise in total premiums. ICICI Prudential Life Insurance reported a relatively subdued performance, with APE growing by just 3.6% and total premiums increasing by 7.3%. HDFC Life Insurance stood out with a 49.5% growth in APE and a 33.7% increase in total premiums. However, this growth came on the back of a lower base on-year. In July, the growth in APE was driven by the popularity of Unit-Linked Insurance Plans (ULIPs), which invest in the stock market. The recent equity rally made ULIPs more attractive, boosting their sales. The strong growth in APE across the industry in July twas on a lower base of the last year, which was affected partly by a rush in March 2023 to book high-value, non-participating policies before new tax rules came into effect and many customers purchased them before the tax benefits changed. Source: https://lnkd.in/gHjTuuj2 #insurance #lifeinsurance #growth

📌The insurance sector in India has experienced significant growth and transformation over the past few decades. Here's a brief overview: 👉History and Regulation: Insurance in India traces its roots back to the early 19th century, with the establishment of Oriental Life Insurance Company in Kolkata in 1818. The sector was nationalized in 1956, leading to the formation of Life Insurance Corporation of India (LIC) to control the life insurance market. In 1999, the sector was opened up to private companies with the enactment of the Insurance Regulatory and Development Authority Act (IRDA). 📈Market Structure: The Indian insurance market is divided into life insurance and non-life insurance (general insurance). LIC remains the dominant player in life insurance, while the general insurance market has seen significant private sector participation since liberalization. 🙋♂️Key Players: Besides LIC, which holds a substantial market share in life insurance, private insurers such as ICICI Prudential Life Insurance, HDFC Life, and SBI Life Insurance are prominent players. In non-life insurance, major players include New India Assurance, ICICI Lombard, and Bajaj Allianz, among others. ✍️Product Offerings: Life insurance products range from traditional endowment plans to unit-linked insurance plans (ULIPs), offering a mix of investment and protection. Non-life insurance covers a wide range of sectors including health, motor, property, and travel insurance, catering to individual and corporate needs. ⚖️Regulatory Framework: The Insurance Regulatory and Development Authority of India (IRDAI) oversees the insurance sector, regulating insurers, brokers, agents, and other intermediaries. Its role includes ensuring fair practices, protecting policyholders' interests, and promoting market stability. 📈Market Growth: The sector has shown robust growth driven by rising awareness, increasing disposable incomes, and government initiatives like Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, which promote insurance penetration. 📍Challenges: Challenges include low insurance penetration in rural areas, regulatory compliance, distribution network expansion, and adapting to technological advancements in service delivery and risk assessment. Overall, the insurance sector in India continues to evolve, offering diverse products and expanding its reach to a growing customer base across the country #insurance #lic #icici #hdfc #ergo #lombard #INDIA #sbi

Indian Insurance Market Buzz: This Week's Highlights 🇮🇳 The Indian insurance sector continues to witness interesting developments! Here's a quick catch-up on the news that caught my eye this week: LIC's Health Insurance Move: The Life Insurance Corporation (LIC) is reportedly considering entering the health insurance market, which could intensify competition and potentially lead to consolidation among existing players. This is a significant development to watch, especially considering LIC's vast customer base. [Source: Economic Times] General Insurance Growth Projection: A report by ICRA predicts a strong growth trajectory for the general insurance industry, with Gross Direct Premium Income (GDPI) expected to reach Rs 3.7 trillion by FY 2026. This growth is likely to be driven by improved underwriting performance by private insurers. [Source: Economic Times] IRDAI's Health Insurance Reforms: The Insurance Regulatory and Development Authority of India's (IRDAI) recent overhaul of health insurance regulations aims to empower policyholders and enhance service delivery. This is a welcome move that could increase transparency and improve the customer experience. [Source: Economic Times] Go Digit IPO : The price band for the issue has been fixed at Rs 258-Rs 272 per share. Go Digit General Insurance made a quiet debut on the stock exchanges on May 23 after listing at Rs 286. That's a premium of just 5.14 percent over the issue price of Rs 272. [Source: Money control] What are your thoughts on these developments? Is there a specific area of the Indian insurance market you're particularly interested in? Share your comments below! #indianinsurance #insuranceindustry #lic #healthinsurance #irdai

Unveiling the Potential of Life Insurance in India India's life insurance sector is poised for rapid growth with a vast population and low penetration rates. With technological advances and government initiatives boosting accessibility, the opportunities are immense. 🚀 Curious about how this market is transforming and what it means for investors and consumers alike? Click the link to dive deeper into the dynamic world of Indian life insurance. 👉 Read More: https://lnkd.in/eDGhPx3R #LifeInsurance #India #BusinessOpportunity #FinancialServices #InsurTech

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.