Sector: Insurance
Govt scraps GST on life, health insurance in move to boost adoption
The GST Council on Wednesday decided to exempt life and health insurance premiums for individuals from Goods and Services Tax (GST). Until now, policyholders were paying an 18% GST on premiums, a levy that had long been a point of contention for the insurance industry. The exemption comes into effect on 22 September. The move … Read more
Allianz may exit from Bajaj insurance JVs
Bajaj Finserv (BFL) in it’s communication to the stock exchanges, has informed of Allianz’s intention to exit. The German Company Allianz SE holds 26% stake in Bajaj Allianz Life Insurance Co. and Bajaj Allianz General Insurance Co, whereas BFL holds the balance 74% in both. Allianz may be planing to exit as Bajaj is not … Read more
Ayushman Bharat insurance scheme expanded to cover elderly above 70 | India News
The Centre on Wednesday approved health coverage to all senior citizens aged 70 years and above irrespective of income under the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY), regardless of their socio-economic status. Union minister Ashwini Vaishnaw while announcing the Cabinet’s decision while addressing the media said that this will benefit … Read more
Shriram to list insurance arms in the next 2 years
“Maybe a year or two from now. So once we reach a certain scale, we will do it. Maybe general first, then life next,” Shriram Finance’s Executive Vice Chairman Umesh Revankar said. “Both are doing well. They are profit-making from inception. We have not added any capital in both the companies,” he further added. Shriram … Read more
Medi Assist acquires Paramount Health
In continuation of it’s strategy to grow organically, Medi Assist’s TPA subsidiary (MATPL) has signed a definitive agreement to acquire Paramount Health Services & Insurance TPA (Paramount). Paramount is the 4th largest TPA by total revenues and 2nd largest TPA in Group segment by Premiums in India. The Company in FY24, had a market share … Read more
Nitin Gadkari requests withdrawal of GST on life, health insurance premiums
India’s Minister for Road Transport and Highways, Nitin Gadkari, has requested Finance Minister Nirmala Sitharaman to withdraw the Goods and Services Tax (GST) imposed on life insurance and health insurance premiums. Currently, both life insurance and health insurance premiums attract a GST rate of 18 per cent. In a letter to Sitharaman, Gadkari noted that … Read more
Health insurer Niva Bupa files IPO papers to raise up to Rs 3,000 crore
Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (nearly $360 million), draft papers showed on Monday. The company, majority owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to Rs 8 crore as part of the offering. … Read more