Insurance Round-Up

A Punchy Headline

Your EPF money can be used to pay premium of your LIC insurance policy

Employees Provident Fund Organisation or EPFO members, who have Life Insurance Corporation of India or LIC policy to their name, are entitled to use their EPF money for paying their life insurance policy premium. According to tax and investment experts, an EPFO member can use its money in EPF account for LIC premium payment provided it has EPF balance to the tune of at least two years of the LIC policy premium.

Abu Dhabi Investment Authority (ADIA) eyes stake in Aditya Birla’s health insurance business

Abu Dhabi Investment Authority (ADIA) is in talks with Aditya Birla Group to invest around Rs 1,200-1,500 crore in the Indian conglomerate’s health insurance arm as growth equity, people in the know said.

Aditya Birla Health Insurance Co Ltd (ABHICL) is one of five active standalone health insurance companies with a 14% market share of the gross underwritten premium in the first three months of the current fiscal year, according to data from the Insurance Regulatory and Development Authority.

Kotak General Insurance automates vehicle inspection on its app through AI

Kotak General Insurance has automated vehicle inspections for its motor insurance policy renewals with Artificial Intelligence (AI)-based technology. The insurance company has partnered Inspektlabs to implement this for its policies. Through this feature, policyholders can take photos or videos of their vehicle and upload them on the cloud-based application for policy renewal. The inspection report, including details of damages, if any, will be automatically generated within a few seconds after the customer uploads inspection photos or videos.

Group covers lead 22% growth in Q1FY23 health insurance premium

Retail health, which led to the uptick in health insurance premia over the past two years during the pandemic, witnessed subdued growth in the April-June quarter (Q1) of FY23. Despite that, health insurance premia registered 22 per cent growth in Q1FY23 to over Rs 21,000 crore, primarily driven by group health insurance premia.