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Aviva Life Insurance Bags 'Product of the Year 2017'
25-May-2017 (09:37)
GST to impact pure risk products: says Exide Life Insurance
24-May-2017 (17:37)

The roll out of the Goods & Service Tax (GST) would impact pure risk products in life insurance space as premiums would go up marginally, feels private insurer Exide Insurance.

"Service tax is charged on the risk component, the savings component is exempted. The GST at the rate of 18 per cent will not have any significant impact on the life insurance business as a whole. But, the pure protection plans would be impacted We are awaiting the details and clarification on the final GST rate", said Kshitij Jain, managing director and chief executive officer of Exide Life Insurance.

Jain said the affordability of life insurance for customers will not be affected after GST through premiums on pure risk products are likely to go up.

Exide Insurance expects a growth of 30 per cent in new business premium for this fiscal. Its growth projection exceeds the industry average of 20 per cent.

In terms of AUMs (assets under management), the insurer logged 10 per cent growth in previous fiscal and hopes to keep to the same pace in FY18. Exide Insurance has AUM of Rs 11,015 crore.

The company posted Rs 112 crore net profit in 2016-17 higher by 27 per cent over the year-ago fiscal. It has been registering profits consecutively for the last five years.

Going ahead, Exide Insurance plans to launch a new Money Back Plan on its endowment platform. "Under this proposed plan, our customers will be entitled to money back every fourth year and at the same time enjoy life time protection. We hope to roll out this plan in the July-September quarter after the approval of the insurance regulator."

Exide Insurance serves more than 1.5 million customers with a claims settlement ratio of 96.4 per cent.
IRDAI to alter insurance policy covers for Shops, Hotels
23-May-2017 (19:29)
HDFC Life Insurance launches AI-platform based insurance email bot `SPOK'
22-May-2017 (15:55)
LIC earned over Rs 180k crore from investments in FY17
22-May-2017 (09:41)
Insurance premiums set to go up under GST regime
22-May-2017 (09:36)
LIC to pay 40% more dividend, bonus due to higher profits from investments
18-May-2017 (19:35)
LIC books 72% profit at Rs 19,000 crore from equity play in FY17
17-May-2017 (09:29)
LIC unveiled its new product 'Jeevan Umang'
16-May-2017 (19:24)
LIC divides investment portfolio among Three MDs for more balanced decisions
15-May-2017 (09:47)
SBI Life Insurance set to hire eight banks for up to $1 Billion IPO
12-May-2017 (10:33)
HDFC Life Insurance ties up with Rubique to offer life insurance policies on its digital platform
12-May-2017 (09:48)
Exide Life Insurance posts 27 per cent jump in net profit at Rs 112 crore
10-May-2017 (16:51)
Insurance regulator IRDAI's new web aggregator's rules to curb aggressive selling
10-May-2017 (14:01)
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