Page 16 - The Insurance Times November 2025

partnered with CSB Bank under a share. The issue will close on October such as gold and silver for pension
bancassurance agreement to provide 14, and shares are expected to list on funds.
life insurance solutions to small and October 17. The anchor book will open Chairperson S. Ramann said internal
medium enterprises (SMEs) and on October 9. committees are assessing the proposal
individual entrepreneurs across India.
The IPO is entirely an offer for sale of to include commodities in pension
The partnership will enable CSB Bank's 23.75 crore equity shares by portfolios, though final approval rests
834 branches and 800 ATMs to offer promoters and existing shareholders. with the PFRDA board. Speaking at the
integrated financial solutions Canara Bank will offload 13.77 crore Global Fintech Fest 2025, he
combining credit, savings, and shares, HSBC Insurance (Asia Pacific) emphasised that pension funds must
insurance. Customers can access 47.5 lakh shares, and Punjab National retain their long-term savings
tailored life insurance products to Bank 9.5 crore shares. character and not mimic mutual funds.
protect their businesses, wealth, and
Fifty per cent of the issue is reserved PFRDA is encouraging pension funds to
family financial security.
for qualified institutional buyers, 35 onboard digital platform workers from
"By integrating protection products per cent for retail investors, and 15 per companies such as Uber and Urban
with CSB Bank's offerings such as home cent for non-institutional investors. The Company, as well as FPOs with 300-500
and business loans, we aim to help issue is managed by SBI Capital members. Ramann warned that the
customers build a protection-led Markets, BNP Paribas, HSBC absence of retirement planning could
financial journey," the insurer said in a Securities, JM Financial, Motilal Oswal, strain fiscal resources, stating, "No
statement. The alliance is part of CSB and KFin Technologies. government can manage if people at
Bank's strategy to become a digitally 60-65 depend on the state for a dole."
enabled private sector bank providing PFRDA plans pension
comprehensive financial services. Distributors see limited
coverage for gig workers,
Canara HSBC Life Insurance farmers, and SHGs sales boost despite GST

to launch Rs. 2,517 crore The Pension Fund Regulatory and exemption on insurance
Development Authority (PFRDA) is The rollout of zero Goods and Services
IPO on October 10 working to expand India's pension Tax (GST) on individual life and health
Canara HSBC Life Insurance Company coverage to gig workers, Farmer insurance policies has yet to trigger a
will launch its Rs.2,517-crore initial Producer Organisations (FPOs), and significant surge in new policy sales,
public offering (IPO) on October 10, Self-Help Groups (SHGs) while according to industry distributors.
with a price band of Rs.100-106 per considering new investment options Most of the recent increase in business
appears to come from deferred
Private life insurers see demand rebound after GST purchases and pent-up demand

exemption between the announcement and
implementation of the tax exemption.
Private life insurers are reporting early signs of a demand revival following
the implementation of nil Goods and Services Tax (GST) on life insurance "It is too early to speak of a trend.
premiums. Companies said leads, website traffic, and sales conversions have There is a good flow of enquiries and
improved since the exemption came into force. some purchases from people who had
completed their analysis but were
The GST Council's September decision to remove taxes on individual life waiting till September 22 to buy
policies and their reinsurance aimed to make protection products more policies," said Saurabh Vijayvergia,
affordable. Insurers have passed on the full benefit to consumers without Founder and CEO of CoverSure. He
altering product prices. added that while customers are not
To offset the loss of input tax credit (ITC), estimated at Rs.15,000 crore for rushing to buy insurance solely because
the industry, insurers are renegotiating distributor commissions and cutting of the GST waiver, the change has
operational expenses. ICICI Prudential Life Insurance MD and CEO Anup accelerated decision-making among
Bagchi said, "The early trends indicate a positive response after the GST those already considering purchases.
exemption. We have observed growth in website traffic, lead volumes, and
The GST Council's recent move
conversion rates across product segments." exempted all individual life and health

The Insurance Times November 2025 15