Insurance

Life Insurance Corporation of India (LIC) has unveiled two innovative offerings—Nav Jeevan Shree and Nav Jeevan Shree Single Premium—designed to address evolving financial needs across life stages. These products combine life insurance with wealth accumulation, enabling policyholders to build a corpus through regular or lump sum premiums. In an environment marked by fluctuating interest rates, LIC emphasizes guaranteed additions throughout the policy tenure, reinforcing its commitment to financial security and stability.

In a pivotal move reshaping the third-party administration (TPA) landscape in India, Medi Assist Insurance TPA Pvt Ltd has completed the acquisition of a 100% stake in Paramount Health Services & Insurance TPA. Valued at Rs. 311.8 crore, the deal significantly enhances Medi Assist's portfolio, adding Rs. 4,000 crore in health premiums under administration. While both entities will continue to function independently in the short term, the strategic integration aims to streamline operations, leverage scale, and expand reach across the Indian health insurance ecosystem.

In a strategic move to align health insurance with proactive wellness, Galaxy Health Insurance has launched Galaxy Marvel, a flagship offering designed to reward policyholders for maintaining healthy lifestyles. Backed by the TVS Group and industry veteran V Jagannathan, the Chennai-based insurer is positioning itself at the intersection of preventive healthcare and digital innovation. The Marvel plan provides policyholders with health-linked incentives and digital wallet credits, deepening the firm’s commitment to affordability, accessibility, and long-term customer engagement.

In a significant move on Wednesday, Hong Kong-based hedge fund WFM Asia divested a 2.84% stake in Star Health and Allied Insurance Company for approximately Rs 701 crore through an open market transaction. The deal saw over 1.66 crore equity shares being offloaded at an average price of Rs 420.03 per share, marking a key reshuffling in the company’s investor base. Simultaneously, SBI Mutual Fund acquired a similar-sized stake in the health insurer, investing nearly Rs 690 crore for over 1.64 crore shares.

The tragic crash of Air India Flight 171, which resulted in the loss of 270 lives—including 241 on board and 29 on the ground—has presented an unprecedented dilemma for India’s insurance sector. In several cases, both the policyholder and their designated nominee perished, leaving insurers to identify legal heirs in the absence of direct beneficiaries.

Punjab National Bank (PNB) has entered into a strategic partnership with The Singareni Collieries Company Limited (SCCL) to roll out a tailor-made salary savings scheme offering substantial financial benefits to SCCL employees. The standout feature of the agreement, signed in Hyderabad, is an enhanced accidental insurance cover of Rs. 1.25 crore. The initiative also includes educational and matrimonial financial support for employees’ dependents, reflecting a comprehensive approach to employee welfare.

The life insurance industry in India has demonstrated strong momentum in the first two months of fiscal year 2025-26, recording a 10.8 per cent increase in new business premium collections. Data from the Life Insurance Council reveals that new premium income surged to Rs 30,463 crore in May 2025, up from Rs 27,034 crore a year earlier.

India’s life insurance sector has kicked off the fiscal year on a strong note, with new business premium collections registering a robust 10.8% increase in the first two months of FY2025-26. Data from the Life Insurance Council reveals that premium collections surged to Rs. 52,427 crore in April-May 2025, driven by an emphasis on first-time buyers and innovative insurance solutions. The Life Insurance Corporation (LIC), India’s largest life insurer, reported double-digit growth in both individual and group premiums.

Life Insurance Corporation of India (LIC) has announced that Sat Pal Bhanoo, the seniormost among the four managing directors, has been appointed as the acting chief executive officer and managing director. This temporary appointment follows approval from the Department of Financial Services (DFS) under the Ministry of Finance and is set to run until early September or until a permanent appointment is made.

In a recent high-level meeting, U.S. Awasthi, the Managing Director of fertiliser giant IFFCO (Indian Farmers Fertiliser Cooperative Limited), presented the organization’s stellar financial performance to Union Cooperation Minister Amit Shah. With a 16% increase in net profit and a robust growth in turnover, IFFCO has positioned itself as a key player in India's cooperative ecosystem. Beyond fiscal health, Awasthi shared insights into IFFCO's commitment to enhancing rural insurance coverage, leveraging the cooperative network to empower India's hinterland economies.