NATIONAL INSURANCE
More tax savings from NPS in Budget 2024? Expect employer's share to rise to 12%, additional Rs 50,000 NPS deduction in new tax regime
NPS changes in Budget 2024: Currently, the deduction in respect of the employer’s contribution (capped at 10%) to NPS is allowed under both the old tax regime and the new tax regime. The government may consider at increasing this limit to 12% (aligned with the exemption of employer’s PF contribution up to 12%). Another proposal is to introduce the additional deduction of Rs 50,000 under the new tax regime. Will Budget 2024 make NPS and new tax regime more attractive for investors? Read on
Insurance brokers may join govt efforts to expand Fasal Bima coverage
The government plans to involve insurance brokers in PMFBY to reach non-loanee farmers. This initiative aims to enhance enrollment and increase awareness for wider coverage and better penetration of the scheme.
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
Insurer Niva Bupa plans $360 million IPO: Report
British United Provident Association (Bupa), which holds a 63% stake in the Indian venture, plans to sell a small stake worth up to $38 million and Indian private equity firm True North is planning a stake sale worth up to $225 million, the document detailing the IPO plans showed.
Road construction down by 12.1% to 1288 km in the current financial year up to May 2024
As per the monthly update, released the ministry of road transport and highways (MoRTH) on Wednesday, the capital expenditure incurred during the period stood at Rs 57,925 crore till May 2024, which is 42.5% of the capital outlay under the vote on account provision for the first five months of 2024- 25.
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SOPs for faster sanction of loans, insurance in works
The Centre is collaborating with financial institutions to create a common application form and SOPs for faster sanction of financial services like loan disbursals and insurance under key schemes.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
As Hyundai India eyes listing, here are some of nation's biggest IPOs
Hyundai Motor's Indian business filed draft papers for a potential large IPO in India to enhance its brand image and increase liquidity.
Ayushman coverage to all over 70 years, roll out of U-WIN in health ministry's 100-day agenda
The new government under Narendra Modi aims to extend Ayushman Bharat coverage to individuals above 70 years and implement the pan-India roll out of the U-WIN portal for digitizing routine vaccinations as part of the 100-day agenda for the Union health ministry.
PNB MetLife names Sameer Bansal new MD and CEO
PNB MetLife India Insurance has appointed Sameer Bansal as the new managing director and chief executive, effective July 1. Bansal, with over 25 years of financial services experience, succeeds Ashish Srivastava. Srivastava will now head New York-based MetLife Inc’s global shared services team in India. The appointment is subject to regulatory approvals.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
One portal for all health insurance claims: How claim settlement process will change with NHCX
NHCX is a digital platform developed by the National Health Authority and Union Ministry of Health and Family Welfare as part of the Ayushman Bharat Digital Mission. It is being created on the recommendation of the joint working group of the Insurance Regulatory and Development Authority of India (Irdai) and NHA.It brings all the players involved in the claim process, including payers and providers, to one place. Irdai has urged all the players to onboard the platform, and many have already done (Text by Riju Mehta/ET Bureau).
Why thieves in the US are robbing catalytic converters from cars
The US is witnessing an increasing menace of catalytic converter thefts from vehicles. This has once again hogged the spotlight after the murder of actor Johnny Wactor in Los Angeles.
Stocks in news: LIC, Vedanta, IRCTC, RITES, NALCO, Adani Energy Solutions, Timken, CMS Info Systems
India's largest life insurer Life Insurance Corporation of India on Monday reported a net profit of Rs 13,782 crore for the quarter ended March 31, 2024, which was up by 4.5% over Rs 13,191 crore reported in the corresponding period of the last financial year. The company board has declared a final dividend of Rs 6 per share.
Q4 results this week: Tata Steel, LIC, IRCTC, Apollo Hospitals Enterprise, and Bharat Dynamics
Several companies, including Tata Steel, LIC, and IRCTC, will release their March quarter report cards this week.
Go Digit makes stock market debut, gains 12% on issue price
Ahead of the issue opening, the firm raised about Rs 1,176 crore in the anchor round, where Fidelity Investments, Goldman Sachs, ADIA, and Custody Bank of Japan were among the investors.
IPL insurance claims hit Rs 150 crore
This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.
Mcap of 8 of top 10 most valued firms climbs Rs 1.47 lakh cr; LIC, Reliance major gainers
Eight of the top-10 most valued firms, including LIC and Reliance Industries, added Rs 1,47,935.19 crore in market valuation last week. The BSE benchmark climbed 1,341.47 points, and NSE and BSE conducted a special trading session on May 18 to test their readiness. LIC's valuation soared by Rs 40,163.73 crore, and Bharti Airtel's valuation also saw significant growth.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
NHAI receives 164 insurance surety bonds as guarantee for road projects
In a workshop organized on Wednesday on the implementation of insurance surety bonds (ISB) for NHAI contracts, NHAI said out of the 164 ISBs received, 20 bonds are for performance security and 144 bonds are for bid security. It is estimated that around 700 insurance surety bonds valued at around Rs 3,000 crore have been issued by different insurance companies so far.
Top stolen vehicles of 2023: Why do Hyundai, Kia cars head the list in U.S
Social media trends on stealing cars have led to a surge of stolen Hyundai and Kia vehicles, according to the latest reports.
SBI PSU Fund adds IEX in April, raises stake in LIC, SAIL and 2 more stocks
SBI PSU Fund Reg(G), a top performer in equity mutual funds, bolstered its portfolio by adding Indian Energy Exchange (IEX) shares and increasing stakes in Bank of India, LIC, NALCO, and SAIL.
IPL washout spurs potential insurance claims of Rs 50-60 crore
The rain-induced washout of the Gujarat Titans versus Kolkata Knight Riders match on Monday has sparked concerns about revenue losses, leading sponsors and franchise owners to contemplate submitting claims to insurance providers. For this year's Indian Premier League (IPL), insurance coverage totaling Rs. 10,000 crore was procured from insurers such as New India Assurance, National Insurance Company, and United Insurance.
Irdai gives in-principle nod for Hinduja Group-led IIHL bid for Reliance Capital takeover
The Insurance sector regulator IRDAI has conditionally approved Hinduja Group's IndusInd International Holdings Ltd (IIHL) for the acquisition of debt-ridden Reliance Capital.
Russia reinsurer backs firms to get India marine insurance permit: Sources
A state-owned reinsurer in Russia has provided financial support to three Russian insurance companies. This backing enables them to obtain Indian approval to offer marine insurance coverage to tankers. The move comes as Moscow aims to facilitate trade with India amidst Western sanctions.
RBI imposes restrictions on Pratapgarh-based National Urban Co-op Bank
The RBI on Monday imposed several restrictions on National Urban Co-operative Bank Ltd, Pratapgarh (Uttar Pradesh), including capping withdrawal at Rs 10,000 for customers, in the wake of the lender's deteriorating financial situation. The eligible depositors will be entitled to receive a deposit insurance claim amount of his/her deposits up to Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
IPL: New India Assurance and National Insurance extend major part of a Rs 10,000-crore insurance cover
India's most expensive insurance shield is taken by broadcasters, followed by team owners against player fees. The premiums have gone up by 25% due to the calendar clash with the general elections. Other insurers that write such policies are United Insurance and ICICI Lombard.
Husband wins Rs 1.57 crore health insurance claim against LIC after a 5-year fight
LIC health insurance claim: Life Insurance Corporation of India (LIC) was ordered by NCDRC to pay Rs 1.57 crore to the husband of deceased policy holder who died from Breast Cancer in 2017. The said policy was approved by LIC in 2016 after eco and medical tests were done by the policyholder.
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