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The "LIC's Bima Sakhi Yojana" [27] scheme is a significant program introduced by the Life Insurance Corporation of India (LIC) under the guidance of the Government of India. [28] The scheme was officially inaugurated by Prime Minister Narendra Modi [29] [30] [31] on December 9, 2024, in Panipat, Haryana. The program aims to empower women by ...
In February 2014, Canara HSBC Life Insurance [7] introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online. [ 10 ] It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in Karnataka and Shreyas Gramin Bank in Uttar Pradesh in 2009 and South ...
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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The plan is available with 20 years and 25 years term. In the event of death within the policy term, the death claim is made up of full sum assured without deducting any of the survival benefit amounts already paid. The bonus is also calculated on the full sum assured. The premium paid is tax-deductible under section 80C of Income Tax Act 1961. [1]
National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata.Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India.
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the ...
The total premium income was ₹ 320 billion (US$3.7 billion) of which ₹ 120 billion (US$1.4 billion) was from the new business premium while approx. ₹ 210 billion (US$2.4 billion) was of the renewal premium. [22] In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM. [23]