Live Insurance News

Life insurance industry in India to rise by 15 percent by 2018

September 23, 2013September 21, 2013 G. Turner

Recent estimates have shown that the sector is strong in the country and that it will see steady growth. The latest estimates from the life insurance sector of the industry in India has indicated that there will not only be increases in size over the next five years, but that it will be up to 15 percent compounded annual growth. There are many reasons for this high growth rate, but it is especially credited to two main ones. These two main factors that are sending the life insurance industry upward…

Life insurance customers in India pay 56 percent more if they smoke

June 5, 2013June 3, 2013 G. Turner

Non-smokers in the country pay less than half than their counterparts do within that country. The research from Aviva Life Insurance in India has revealed that when a 10 year term plan is purchased by a smoker in India, he or she pays 56 percent more than his or her nonsmoking counterparts. This is because the habit has been identified as increasing a large number of health risks among policyholders. Term plans are the form where only the life insurance amount is paid at the time of a policyholder’s death…

Life insurance policies are experiencing a lapsing trend

January 1, 2013January 1, 2013 H. Cutner

Insurers in India have been seeing an increase in the number of policies that have been allowed to lapse. Recent data released by the Insurance Regulatory and Development Authority (IRDA) in India has revealed that life insurance companies are experiencing a trend with an increase in policy lapses and forfeitures throughout the last financial year. This information was revealed within the authority’s annual report for the most recent fiscal year. Equally, the Life Insurance Corporation of India (LIC) a public sector insurer, revealed that it had experienced a lapse ratio…

Life insurance more common among Indian consumers than world average

December 3, 2012April 30, 2013

The government of India has announced that the country’s residents have more coverage than the global median. According to the latest data released by the government of India, residents of that country have a larger overall life insurance coverage than the global average in 2010. The Minister of State for Finance Namo Narain Meena made the announcement in a written statement. Within the announcement, Meena said that “Life insurance penetration in India was higher than the world’s average in 2010 and the combined average is higher than Brazil and Russia…

Life insurance in India becoming less profitable

November 26, 2012April 30, 2013

The premiums collected from this coverage sector have dropped by 2.33 percent compared to 2011. The latest life insurance news from India is that premiums collected during the third quarter, which ended on September 30, have experienced a year over year decrease by 2.33 percent, said the most recent report of the Insurance Regulatory and Development Authority (IRDA). This drop has been blamed on the overall slowing in economic growth. This, according to Namo Narain Meena, the Minister of State for Finance. The minster explained that as a whole, there…