At 96%, LIC had the highest settlement ratio for death claims under individual death policies by value in FY22, data released by insurance regulator Irdai showed.
NEW DELHI: Finance minister Nirmala Sitharaman on Tuesday kept the income tax slabs unchanged yet again in what was a largely infrastructure-focused budget for the coming financial year.
MUMBAI: Life Insurance Corporation of India has said that its asset base has crossed Rs 38 lakh crore with total investments of Rs 36,76,170 crore and a life fund of Rs 34,36,686 crore as of March 2021.
CHENNAI: Besides its debilitating health impact, Covid is draining the finances of its victims, particularly the uninsured, causing some to get into long-term debt.
Union finance minister Nirmala Sitharaman presented the Union Budget 2021 in Parliament on Monday. The finance minister provided a major boost to healthcare and infrastructure in Union Budget 2021. However, there was no change in Income Tax slabs this year.
BENGALURU: Annual premium on health covers have risen by 40-70% for policyholders after insurance companies hiked rates following a regulatory diktat to widen coverage and standardise conditions with regard to exclusions.
Life Insurance Corporation (LIC), which is set to get listed following the government’s decision to float an initial public offering (IPO), is expected to be the most valuable company in the country. In an interview with TOI, LIC chairman M R Kumar speaks of how the corporation keeps reinventing itself to remain relevant to every generation...
MUMBAI: Life Insurance Corporation (LIC) of India has said that it has settled 561 death claims due to COVID-19 amounting to Rs 26.7 crore. The corporation has also relaxed its norms during the lockdown to allow payment on maturity claims based on email submission of survival benefit requirements and subject to conditions is settling such claims without the policy document.
Chennai/Delhi: Madhusudan’s apartment in Velacherry, a southern suburb in Chennai was sold for Rs 88 lakh, when a similar sized one in another block inside the same complex was picked up for Rs 1.10 crore last November. Prices of resale properties across the country are down 10% to 25% as cash strapped owners, most of whom had picked up their second apartment as an investment, try and liquidate.
NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday announced a 25 per cent reduction in TDS (tax deducted at sources) and TCS (tax collected at source) rate for the current financial year. This will release liquidity worth Rs 50,000 crore.
BENGALURU: The Covid-19 pandemic has dramatically changed what Indians are searching for on Google. Online searches for grocery delivery, immunity, online classes, UPI transactions, and even coronavirus insurance have gone up dramatically this year, according to Google’s latest ‘What is India searching for’ report.
MUMBAI: Not only did a Santa Cruz resident lose his 74-year-old father to Covid-19-related complications, but he was also left with a bill of Rs 16 lakh for his father’s 15-day ICU stay in a city hospital.
Chennai: Rising trade war between US & China has pushed South Korean companies to consider moving some of their factories from China to India.
LONDON: The 2020 edition of the Wimbledon had to be cancelled due to the outbreak of the coronavirus, but The All England Club is set to pocket over £100 million due to the insertion of a virus-related clause in the insurance policy post the SARS outbreak.
BENGALURU: In a major relief for 23 crore individual vehicle owners and 40 crore citizens, who benefit from a private or state health insurance scheme, the ministry of finance has amended the law and extended validity of insurance papers till April 21, 2020.
NEW DELHI: Hit by the lockdown and faced with uncertainty, many people are looking to avail of the repayment relief that banks are offering. Although banks are yet to announce the details of the relief package and how it will work out, we do know that this is only a grace period and they are likely to charge interest for the unpaid amount.
TOKYO: The 2020 Tokyo Olympics have been postponed to no later than the summer of 2021 because of the coronavirus pandemic sweeping the globe, the International Olympic Committee announced Tuesday.
NEW DELHI: India emerged as the world's fifth largest economy by overtaking the UK and France in 2019, says a report.
MUMBAI: With assets under management of Rs 31 lakh crore, Life Insurance Corporation (LIC) continues to expand and plans to hire 17,000 people this year, which will add to the headcount. In an interview with TOI, LIC chairman M R Kumar speaks about the focus areas for the corporation.
NEW DELHI: Vehicle owners will now receive messages from the transport department if their vehicle doesn’t have third party insurance or the policy has expired.
CHENNAI: Friend Assurance feature proposed by health insurance companies will now allow both friends and families to buy a health insurance policy, besides a discount awarded to the healthiest group.
BENGALURU: Lakhs of mediclaim customers are expected to be the first casualty of the government-proposed merger of 10 banks as premiums for most of the customers of the banks which are being merged are set to increase between 50% and 300% from next year.
Do I have enough money to retire? This is the most asked question in retirement planning. When I wrote about the need to take charge in your 40s, friends asked for a method to evaluate whether they have enough. Let’s consider some pointers.
The central bank believes that a reduction in rates on the small savings schemes will enable banks to cut deposit rates that have been sticky as banks do not want to lose out on deposits The rates were left unchanged by the government when they were last reviewed at the end of September
A cut in the repo rate would be immediately transmitted to retail borrowers as the RBI has forced banks to link loans to an external benchmark instead of a self-determined reference rate Most banks have chosen the RBI’s repo as a benchmark, which means that home loans could fall to below 8%
NEW DELHI: Cases of common cancer, including oral, cervical and breast cancer, diagnosed at state-run NCD clinics increased by nearly 324% between 2017 and 2018, according to National Health Profile, 2019 data.
NEW DELHI: The states which recorded the most cases of common cancer in 2018 — Gujarat, Karnataka, Maharashtra, Telangana and West Bengal — also recorded a significant jump in cases as compared to the previous year, according to National Health Profile, 2019 data.
In an interview with TOI, LIC chairman M R Kumar speaks about the focus areas for the corporation 'We are long-term players — so long as the scrip gives a return over 10-15 years, it is good enough,' Kumar stated
How you drive and how many accidents you are involved in could soon be a factor for insurance companies to decide the premium you need to pay to insure your vehicle. This is the first time when such an initiative has been taken At present, insurance premium is linked to the type of vehicle and engine capacity
Once returns are filed and verified by the taxpayers, the I-T department starts processing it to check for any discrepancies between the income declared, and taxes paid After the processing is complete, taxpayers can get confirmation on the website
MUMBAI: India's cancerburden will almost double to 20 lakh cases in the next 20 years and mainly due to demographic changes, says a new study. The country registered 11.6 lakh new cancer cases in 2018, according to GLOBOCAN, the World Health Organisation's cancer-mapping programme.
Move Comes Due To Improved Liquidity, Will Help Lower Lending Rates
NEW DELHI: The Reserve Bank of India (RBI) will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction.
Finance minister Nirmala Sitharaman presented the Union Budget 2019 in the Parliament on Friday. The first Budget of Narendra Modi government's second tenure is the maiden one for Sitharaman, who is the second woman finance minister of India after Indira Gandhi. Here are the key highlights of the Budget:
To put things simply, a taxpayer doesn't need to have PAN while filing Income Tax returns. In other announcements, the finance minister said that the government would take substantial steps to promote rental housing and would make amendments in the existing rental laws
Standard deduction is the amount that gets subtracted from your taxable income Finance Act 2018 reintroduced standard deduction, which was last available for the financial year 2004-05
Mumbai: Life Insurance Corporation of India (LIC) has seen its asset base rise 9.1% to Rs 31.1 lakh crore as on March 31, 2019, compared to Rs 28.5 lakh crore in the corresponding period of the previous year. This is despite total premium income growing only 6% to Rs 3.4 lakh crore in FY19 as compared to Rs 3.2 lakh crore in the previous year.
The government is looking at the possibility of introducing a tax on those withdrawing Rs 10 lakh in cash a year as it seeks to discourage the use of paper currency, crack down on black money and promote use of digital payments for all manner of transactions.
The Reserve Bank of India (RBI) on Thursday decided to remove charges on RTGS (Real Time Gross Settlement System) and NEFT (National Electronic Funds Transfer) transactions.
Women should be financially independent and take charge of their wealth
The RTGS system is primarily meant for large value transactions The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling
NEW DELHI: The government released on Friday new income 0tax return forms , which seek more disclosures from those who claim exemption on a large agricultural income, directors on the boards of companies, individuals with foreign assets or bank accounts as well as those holding shares in unlisted companies.
The list of fastest growing cities is dominated by India with 17 among the top 20 cities in the world, according to a global economic research report.
NEW DELHI: The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday.
MUMBAI: The Employees' Provident Fund Organisattion (EPFO) office at Bandra (east) has submitted a complaint against a person masquerading as its official and attempting to dupe people, especially pensioners, of their hard-earned savings.
MUMBAI: State Bank of India (SBI) has halved cash withdrawal limit on its ATM cards ahead of the festival season citing fraud precaution as a reason. The existing daily cash withdrawal limit of Rs 40,000 under the bank’s classic and maestro cards have been reduced to Rs 20,000.
NEW DELHI: An insurance company cannot deny claim in case of the murder of a person insured for accidental death unless such crimes are excepted in the policy, the apex consumer body has ruled.
COIMBATORE: With the markets on a sticky wicket, investors in equity mutual funds (MF) (including ELSS or equity-linked savings schemes) have taken the exit route pulling out $3.8 billion ( Rs 27,330 crore) from equity MFs (including ELSS) in July and August.
MUMBAI: In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year.
MUMBAI: The government is looking at selling a strategic stake in IDBI Bank to Life Insurance Corporation (LIC) of India. The proposal is part of a plan to professionalise the state-owned lender using the Axis Bank model, which has been mooted for a long time.
Three reasons why women should save more are - they earn less, they work for fewer years and they have higher life expectancy According to the 2011 Census, there were nearly 74 million single women in India- a section which should be proactive about handling finances
The EPFO had provided 8.65 per cent interest for 2016-17. The members got 8.8 per cent in 2015-16 and 8.75 per cent each in 2014-15 and 2013-14
The new ITR form mandates salaried class assessees to provide their salary breakup and businessmen their GST number and turnover All the seven ITRs are to be filed electronically except for some category of taxpayers The last date for filing the ITR is July 31
April being the start of the financial year has great significance when it comes to managing your personal finance. It’s that time of the year to give special attention to accomplishing specific financial tasks, and set the new year’s financial strategy in place.
A belated return (which means an I-T return which is filed late beyond its original due date) can now be filed before the expiry of twelve months from the last day of the financial year To create public awareness, a series of advertisements were rolled out, says an I-T official
According to section 139 (1) of the Income Tax Act, 1961 of India any person whose total income during the Financial Year is more than the maximum amount not chargeable to tax, should file their income tax returns (ITR).
NEW DELHI: The Lok Sabha on Thursday passed the Payment of Gratuity (Amendment) Bill which seeks to empower the government to fix period of maternity leave and tax-free gratuity amount with an executive order.
NEW DELHI: With the onset of March every year, tax planning and saving become a primary concern for all. While a good financial plan begins from the first day of a financial year, if you have not been able to follow one, there is still some hope for you before it comes to an on March 31st.
LIC has been the driver of growth for the life insurance industry for the last two years and projects 15-17% growth in FY18.
CBDT chairman Sushil Chandra has said that Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin A panel set up by the government to look into issues relating to cryptocurrencies is expected to submit its report by March 31
Tax exemption limit on interest income from bank savings deposits and post office schemes has been raised to Rs 50,000 from the existing Rs 10,000 LIC scheme, for seniors above 60 years of age, was started in 2017 for one year, but has now been extended to March 2020
Salaried employees have always complained about receiving salary after high deduction of income-tax while professionals are able to claim all sort of expenses and offer only the net profit to taxes.
CHENNAI; The Economic Survey 2018, released on Monday, said insurance penetration -- the ratio of premium underwritten in a given year to the gross domestic product (GDP) -- in India increased to 3.49% in 2016-17 from 2.71% in 2001.
CHENNAI: Over two decades back, doctors at Tata Memorial Hospital, Mumbai, noticed that most gall bladder cancer patients were from the Gangetic belt states of Bihar, Uttar Pradesh or West Bengal.
NEW DELHI: A committee appointed by the government last year to examine issues related to cryptocurrency has submitted its report, a senior law ministry official said on Thursday.
Mumbai: LIC continues to be ahead of private life companies in paying out claims with a settlement ratio of 98.31% for FY17. Private life insurers have improved their claim settlement ratio 93.72% compared to 91.48% during the previous year.
MUMBAI: In perhaps the biggest-ever investment cheating case in the city, the economic offences wing (EOW) took over the probe in PanCard Clubs (PCL) case where more than 50 lakh investors were allegedly duped of approximately Rs 7,035 crore.
If you are a first time home buyer, you can claim income tax benefit under Section 80EE of Income Tax Act. You can claim income tax deduction on home loan interest paid. But the amount allowed for deduction is up to maximum Rs 50,000 per financial year under this Section.
Coimbatore: The city stands on top of the list when it comes to the number of people having health insurance cover, thanks to the growing awareness among citizens for quality healthcare and the new-age finance.
The LIC's 'Cancer Cover' policy is a non-linked plan with yearly and half-yearly premium paying options, a company release stated Fixed benefits would be paid in case the Life Assured was diagnosed with any specified early and/or major stage cancer during the policy term
NEW DELHI: Mobile Aadhaar can be used as an identity proof to enter airports, while identification documents will not be required for minors accompanied by parents, according to a circular issued by aviation security agency BCAS.
Faced with criticism for forcing people to link their Aadhaar numbers with their mobile connection, thereby creating scope for privacy invasion, the government is considering the option of allowing other identity proofs to complete the verification process. These IDs could include ration card, driver's license and passport.
LIC rescues GIC Re’s Rs 12k-cr IPO with up to Rs 6k-cr boost
CHENNAI: LIC beat private players and booked a 38% increase in premium to Rs 15,302.99 crore, even as private life insurance players saw flat growth for the month of September. The PSU's growth can be attributed to its release of new products like Jeevan Umang and Jeevan Akshay and beefing up its agency force.
Annuity products are becoming more lucrative as the rate gap narrows.
Goods and Services Tax (GST) registration is a must for every business owner whose annual turnover exceeds Rs 20 lakh. However, in some states with special status, the amount is lowered to Rs 10 lakh.
MUMBAI: The Insurance Regulatory and Development Authority of India (IRDAI) has asked the Life Insurance Corporation (LIC) to review the return on its flagship Jeevan Akshay pension plan which provides regular income against upfront premium. The regulator wants the insurance company to ensure that returns are in line with yield on LIC's investments.
Mumbai, Sep 6 () LIC has formally launched a new single premium plan, Jeevan Utkarsh, which offers a combination of protection and savings wherein the risk cover is ten times of tabular single premium from date of commencement of risk.
COIMBATORE: Claiming that insurance industry has been heavily hit by the imposition of 18 per cent GST.
NEW DELHI: Amid reports of a sudden surge in filing of returns that put a huge load on the Goods & Services Tax Network (GSTN), the IT backbone for GST, the government on Monday extended the last date for filing of returns for three categories.
Mumbai, Sep 1 () Country's life insurance behemoth, Life Insurance Corporation of India (LIC) has settled claims worth more than Rs 1 trillion in the financial year 2016-17.
Income tax authorities have now turned their attention to thousands of individuals who have high interest income from fixed deposits but are probably not paying tax.
You may soon need to shell out less if you pay digitally. The government is looking at giving a 2% incentive over the applicable GST tax rate in case of digital payments where the bill is up to Rs 2,000, in a move aimed at discouraging cash payments.
The government's demonetisation drive and the subsequent "Operation Clean Money" seem to have smoked out those avoiding taxes, resulting in a massive jump in the number of returns filed this year as well as individuals paying taxes.
The Reserve Bank of India (RBI) on Wednesday finally cut interest rates, in line with what the Street was expecting. Repo rate - the rate at the which the central bank lends short-term money to banks - was cut by 25 basis points to 6 per cent from 6.25 per cent.
Days are not far off when GOI may ask for share in Income Tax paid by NRIS on their earnings abroad
Mumbai: The Gujarat and Assam floods are turning out to be a test case for social security insurance schemes launched by the government. This year's floods — in the aftermath of the launch of the social security schemes — are being ranked among the biggest natural disasters. However, casualty numbers are still awaited by insurance companies.
From August 1, insurance will be mandatory for all ECR category passport holders. More than six lakh Indian workers with ECR passports go abroad every year to work. The mandatory insurance cover will help create a database of ECR workers abroad.
CHENNAI: Many customers only realise at the time of making a claim that their health insurance policy does not cover certain medical conditions or ailment. Policy holders usually depend on what has been told to them by their insurance agents, who sometimes overstate the coverage.
Banks say that "the relationship they have with customers with regard to lockers is that of lessee (landlord) and lessor (tenant)". In such a relationship, the lessor is responsible for his or her valuables kept in the locker which is owned by the bank.
Customers can file complaints against banks for problems with mobile and digital banking services. The RBI has widened the scope of its Banking Ombudsman Scheme 2006.
Chief minister Devendra Fadnavis has urged Life Insurance Corporation of India to provide financial assistance to the various metro, flyover and other public transport projects being taken up in Mumbai and the metropolitan region.
The Central Board of Direct Taxes (CBDT) said on Sunday thatAadhaar will be mandatory for filing Income Tax returns and applying for Permanent Account Number (PAN) from July 1, 2017
The myth of real estate being a great investment is mostly a result of mathematical illiteracy about compound growth.
NAGPUR: Approximately 80% of vehicle owners in the city do not renew their motor vehicle insurance. In case of an accident, the owner of the vehicle cannot claim insurance if premiums are not paid regularly, said Sharad Jichkar, regional transport officer, on Tuesday.
CHENNAI: In the last three years, insurance behemoth LIC has reversed the trend of private life insurers eating into its market share. The sole public sector life insurer has increased its share in new business to 71.07% as of March 2016-17, from 70.4% in 2015-16; 69.2% in 2014-15 as it shores up its insurance agents' force and brings down attrition rates.
Chennai: In the last 3 years, insurance behemoth LIC has reversed the trend of private life insurers eating into its market share.
NAGPUR: Aiming at accessibility of insurance for the rural population, Life Insurance Corporation of India (LIC) will be launching 'AADHAR Stambh' and 'AADHAR Shila' endowment policies on Monday. The Aadhaar number linked plans will start at a minimum assured sum of Rs75,000 and a maximum of Rs3 lakhs with terms ranging from 10 to 20 years.
Accounts opened from July 2014 to August, 2015 will have to submit know your customer (KYC) details and their Aadhaar number to banks and financial institutions by April 30 and self-certify them to comply with FATCA regulations (Foreign Tax Compliance Act), the tax department said on Tuesday.
LIC will hold 16.32% in the tobacco-to-FMCG major
Union Budget 2017 will see a departure from a lot of things - tradition for one (instead of February 28 or 29th in the event of a Leap Year or the last working day of the month, it will be tabled in Parliament on February 1), merging the Railway Budget with the total budgetary outlay, and likely giving up of the distinction between the plan and non-planned expenditure.
NEW DELHI: The Cabinet Committee on Economic Affairs has given its go-ahead for the listing of shares of five general insurance companies in the stock market, Finance Minister Arun Jaitley said today at a Cabinet briefing.