DFS, GIC and LIC pitches for GST rate rejig on insurance premia but with ITC
New Delhi: As the Group of Ministers (GoM) get ready for another round of discussions, three key stakeholders, Financial Services Department, GIC and LIC support lowering GST on insurance premia but with input tax credit (ITC). The GST Council, in its meeting on December 21 deliberated on the GoM report, but suggested further discussions. After the meeting, Bihar’s Deputy Chief Minister Samrat Chaudhary, who also leads the Group of Ministers (GoM) on insurance, said: “For the report which was to be given by the GST GoM, many ministers were of the view that one more meeting should happen. Whether it is for group insurance, individual insurance or senior citizens’ insurance, we will do another meeting for it. We will discuss it all in the next meeting.” Further, he added that said next meeting will take place in January before the proposal is reintroduced to the Council.

Fire, engineering insurance premiums likely to move up by 60% in 2025
 

Looking ahead: Financial sector braces for leadership changes in 2025
Two public-sector banks (PSBs) — Punjab National Bank and Indian Bank — will see new faces right in the beginning of the year with incumbents, Atul Kumar Goel and S L Jain, retiring on December 31. The Financial Services Institutions Bureau (FSIB) had recommended Ashok Chandra for the top post in PNB and Binod Kumar at Indian Bank.

2024 in Review: The future of life insurance – trends to watch for 2025
The year 2024 has been transformative for India’s life insurance sector, marked by regulatory advancements, evolving customer needs, and innovative product developments. These changes have driven industry growth and reinforced its role in securing the financial well-being of millions of Indian families. The sector has shifted towards greater digitalisation, improved product offerings, and enhanced accessibility, setting the stage for continued growth in 2025.

Chaya M V of Bengaluru bags the 'Spell Master of India' Title at SBI Life Spell Bee Season 14
The event was graced by Indian Actress, Fashion Designer and Television Presenter, Mandira Bedi, who enthusiastically hosted the Grand Finale of SBI Life Spell Bee Season 14 and revealed the winners. The National Champion of SBI Life Spell Bee Season 14 was awarded the prestigious grand prize of INR 1,00,000/- along with an all-expenses-paid expedition to Disneyland, Hong Kong, accompanied by their parents.
 

Small-cap stock Vakrangee jumps 5% after partnership with Shriram Life Insurance: Stock inches close to 1 year high
Stock Market Today: Small-cap stock Vakrangee Ltd gained 5% during intraday trades on Monday follwing its announcement regarding a partnership with Shriram Life Insurance

SBI Life picks up 10% stake in Bima Sugam India Federation
New Delhi: SBI Life on Monday said its board has approved picking up of 10 per cent stake in Bima Sugam India Federation for ₹6.6 crore.

The US’ angst over health insurance: Lessons for India
The recent murder of the head of a prominent health insurer in the US, allegedly fuelled by resentment toward the industry's practices, has cast a harsh spotlight on claims policies that have left many policyholders dissatisfied. While the act itself was an extreme and tragic anomaly, it has reignited discussions on the contentious practices within the health insurance sector—an issue that resonates globally, including in India.

Can insurance help cover mental health treatment costs in India?
In India, the cost of care and treatment associated with mental illnesses is extremely high. As per the Global Burden of Disease study conducted between 1990 and 2017, one in seven Indians was affected by mental disorders, and the proportional contribution of mental disorders to the total disease burden has almost doubled since 1990.

Health insurers disallowed claims worth Rs 15,100 crore during FY24
https://www.telegraphindia.com/business/health-insurers-disallowed-claims-worth-rs-15100-crore-fiscal-2023-24/cid/2074332

Health insurance and the fragile fabric of trust
The murder of Brian Thompson, CEO of United Healthcare, is a chilling and tragic event. Beyond the act itself, it highlights a larger, deeply troubling reality: a healthcare system fraught with mistrust and frustration. While such violence is inexcusable, it underscores the urgent need to address systemic flaws within health insurance ecosystems globally. For India, this incident serves as a pivotal moment to redefine health insurance, not as a transactional product but as a compassionate safeguard for millions.

Niva Bupa shares surge 10% on GST rate cut hopes
Shares of Niva Bupa Health Insurance surged 9.89 per cent to ₹90.15 at 12.23 pm on the BSE, following reports of a potential reduction in the Goods and Services Tax (GST) rate on health and life insurance policies.  According to a PTI report, Finance Minister Nirmala Sitharaman had announced on Monday that a decrease in the GST rate on insurance policies could lead to lower costs for policyholders. A Group of Ministers (GoM) had been formed to examine GST-related issues for the life and health insurance sector. 

Health cover. Over three years, health insurance claims rise 30%
Seasonal and chronic conditions are driving up health insurance claims. The most common conditions leading to claims include fever (seasonal diseases), gastritis, heart disease, diabetes and cancer. Seasonal diseases like fever typically drive a surge in claims during specific months, particularly during monsoon and winter. Meanwhile, conditions like heart disease, diabetes, and cancer reflect long-term health trends, indicating increasing prevalence of chronic diseases among Indians.

10-year G-Sec yields may ease to 6.60 per cent by March: Tata AMC
The yield on the 10-year benchmark is expected to fall to 6.60% by the end of March and could fall further to 6.50%, Akhil Mittal, senior fund manager-debt at Tata Asset Management, told FE.

Budget wishlist: Mutual fund industry seeks tax relief on debt schemes
In April 2023, the government removed the indexation benefit for debt MF schemes. The gains are now taxed at the investor's slab rate irrespective of the holding period. Changes in Budget 2024 added to the taxation challenge for debt MF investors as investments that were made before April 2023 also lost the indexation advantage.

Bajaj Finserv AMC launches Bajaj Finserv Gilt Fund – Check details
Bajaj Finserv AMC has launched the Bajaj Finserv Gilt Fund, an open-ended debt scheme investing in government securities across maturity with relatively high-interest rate risk and relatively low credit risk. The fund opened for subscription on December 30, 2024, and the New Fund Offer period ends on January 13, 2025.

Mutual Funds, AUM falls marginally in November after 21-months of rising trend

New Delhi: The average assets under management (AUM) of mutual funds in India witnessed a marginal decline for the first time in 21 months in November 2024, according to a report by the National Stock Exchange (NSE).

34 Mutual Fund debt schemes fail stress test