New Delhi, March 26 (IANS) India’s health insurance sector has recorded strong growth, with total premiums crossing Rs 1.2 lakh crore in 2024-25, the government said on Thursday.India’s health insurance sector continues to expand steadily, growing at around 9 per cent annually, driven by increasing awareness, better access to healthcare financing and a rising need for financial protection against medical expenses.To improve efficiency and ensure faster support to policyholders, the Insurance…
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New Delhi, March 24 (IANS) The National Human Rights Commission (NHRC) has taken cognisance of a complaint alleging that persons with hearing and speech disabilities are being denied access to life insurance benefits due to the refusal of insurance companies to extend coverage to them.According to the complaint received by the Commission, individuals with such disabilities are unable to avail themselves of life insurance policies, raising concerns over discriminatory practices within the insuran…
Mumbai, March 11 (IANS) In response to growing complaints regarding difficulties in health insurance claim approvals and exorbitant medical billing by private hospitals, Maharashtra’s Minister for Public Health and Family Welfare Prakash Abitkar on Wednesday issued strict directives stating that both insurance companies and hospitals must operate with the patient at the centre of their services.At a meeting with the Insurance Regulatory and Development Authority of India (IRDAI), major private…
Jaipur, Feb 9 (IANS) Rashtriya Loktantrik Party (RLP) President and Nagaur Lok Sabha MP, Hanuman Beniwal, on Monday, raised a query in the Lok Sabha regarding GST reforms on personal life insurance and health insurance policies. He said that despite the Union government reducing GST to zero on these insurance products, insurance companies in Rajasthan and several other states have increased base premiums by 8 to 12 per cent.Nagaur MP Beniwal asked the Union government on what concrete action pla…
Mumbai, Feb 5 (IANS) Life Insurance Corporation of India (LIC) reported a consolidated net profit of Rs 12,930 crore for Q3 FY26, marking a 17 per cent year-on-year increase from the Rs 11,008.65 crore net profit reported in Q3 FY25.The insurer’s net premium income, meanwhile, rose to Rs 1,25,988.15 crore during the third quarter of FY 26.The standalone net profit for the nine months ended December 31, 2025, was Rs 33,998 crore as compared to Rs 29,138 crore for the nine months ended December 31…
Mumbai, Jan 19 (IANS) Underscoring the vision of ‘Insurance for All by 2047’ as roadmap for inclusive insurance growth, M. Nagaraju, Secretary, Department of Financial Services (DFS), said on Monday that the Indian insurance sector, an integral part of the financial system, plays a significant role in the economy by providing protection against mortality, property and casualty risks, encouraging savings, and providing long-term funds for infrastructure development and other long-gestation pr…
Mumbai, Jan 17 (IANS) The Secretary of the Department of Financial Services (DFS), M. Nagaraju, on Saturday said that LIC has transformed into a tech-enabled and capital-efficient financial powerhouse, remaining one of the most trusted brands in Indian households. Speaking at LIC’s Strategy Meet here, the Secretary highlighted the company’s historic transformation from a traditional brick-and-mortar insurer into a digitally driven, value-focused organisation.“LIC has transformed into a tec…
New Delhi, Dec 29 (IANS) The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 1 crore on Reliance General Insurance Company for violating several regulatory norms related to insurance intermediaries, outsourcing of activities and corporate governance.The action comes after a remote inspection carried out by Insurance Regulatory and Development Authority of India between December 27 and December 31, 2021.Based on the findings of this inspection, the regu…