Page 20 - The Insurance Times September 2024

'Aarohan' initiative will build on this by last three financial years, with Rs 8,263 The company's annualized premium
focusing on financial security and crore collected in 2023-24. An equivalent (APE) sales, a crucial
inclusion. additional Rs 3,274 crore was received indicator of sales performance, surged
The initiative includes health camps from the reissuance of health policies by 34.4% from the previous year. APE
and digitalization efforts to support during this period. measures the annualized total value of
customers comprehensively. Chief The GST Council had set an 18% rate all single premium and recurring
Distribution Officer Sumit Madan since July 2017. According to this premium policies, offering a
emphasized that 'Aarohan' aligns with structure, the Centre and states each comprehensive view of sales activity.
IRDAI's vision of 'Insurance for All by collect 9%. From the Centre's share, Market analysts have noted that a shift
2047,' targeting rural and semi-urban 41% is distributed to the states based towards low-margin market-linked
regions. on the devolution formula.
insurance plans, buoyed by strong
There is a growing demand from the equity market performance and
ICICI Prudential Life industry to either exempt or reduce increasing payouts, has placed pressure
Insurance AUM Hits Rs GST on life and health insurance. on life insurers' margins. During the
Representations have been received June quarter, Indian equity
3.14 Lakh Crore requesting changes, and the GST benchmarks achieved record highs,
ICICI Prudential Life Insurance Council, comprising representatives driven by policy stability following the
Company announced that its assets from the Centre and states, prescribes general election results and
under management (AUM) have GST rates and exemptions. expectations of robust economic
reached Rs 3.14 lakh crore as of July Certain insurance schemes targeting growth.
31.
the poor and differently abled, like The value for new business (VNB),
The company has covered 9.84 crore Rashtriya Swasthya Bima Yojana, representing the anticipated profit
lives, with a total in-force sum assured Universal Health Insurance Scheme, from new policies, increased by 7.8%
exceeding Rs 35 lakh crore. Jan Arogya Bima Policy, and Niramaya
to 4.72 billion rupees in the June
The milestone highlights the Health Insurance Scheme, are exempt quarter. However, the VNB margin
company's growth and its commitment from GST. decreased to 24% from 30% a year
to providing robust insurance solutions Following suggestions from politicians earlier.
to a wide customer base. like Nitin Gadkari and TMC MP Derek
ICICI Prudential Life's market-linked
O'Brien, there is increasing political
LIC Launches New Term pressure to reduce or remove GST on savings segment now constitutes just
health and life insurance. O'Brien over half of its overall product mix, an
Insurance Plans for Youth increase from 38.8% a year ago. This
highlighted the burden on the middle
The Life Insurance Corporation of India class and called for a reduction during shift highlights the growing preference
(LIC) has launched new term insurance Parliament's zero hour. for market-linked products among
products aimed at youth: LIC's Yuva consumers, reflecting broader trends
Term/Digi Term and LIC's Yuva Credit ICICI Prudential Life in the insurance industry.
Life/Digi Credit Life. These non-par,
non-linked, individual pure risk plans Insurance Q1 Profit Rise
provide financial protection and a ICICI Prudential Life Insurance, Join
safety net against loan repayments. announced a substantial 9% increase
in its profit for the first quarter, which Online Certificate
GST on Health & Life ended on June 30. This growth was Course on
fueled by a robust demand for market-
Insurance Generates Rs
linked insurance products. The insurer's Reinsurance
21,000 Crore in Three Years profit after tax rose to 2.25 billion
The government informed Parliament rupees ($26.9 million), compared to For details please visit
that GST on health and life insurance 2.07 billion rupees in the same quarter www.smartonlinecourse.co.in
brought in Rs 21,256 crore over the last year.

The Insurance Times September 2024 19