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The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh.<br /><br />She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less.<br /><br />This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now.<br /><br />Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added.<br /><br />The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front.<br /><br /><keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings."<br /><br />"We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent.<br /><br />Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free.<br /><br />The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said.<br /><br />The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained.<br /><br /><keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.<br />

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

<ul><li>The wealth management company has received great response from investors on the first day with 160% subscription.</li><li>Today is the second day to apply for the IPO that will close on December 6.</li><li>Shares of the company are demanding a premium of ₹125 per share in the grey market.</li></ul>Ongoing initial public offering (IPO) of wealth management firm <keyword id="84326" type="General" weightage="20" keywordseo="anand-rathi" source="Orion">Anand Rathi</keyword> Wealth has received great response from investors on the first day of the IPO. Today, December 3, is the second day of the issue. <br /><br />The wealth management firm deals with wealthy clients that have net worth of ₹5-50 crore funds. The IPO received strong demand from 12 marquee anchor investors as well wherein it raised ₹193 crore.<br /><br />The IPO is a complete offer for sale of 1.2 crore shares by Anand Rathi Financial Services, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor category <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.01 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.93 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.45 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.60 times<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Shares of the company are demanding a premium of ₹125 per share in the grey market.<br /><br />Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai.<br /><br />“Anand Rathi Wealth generates higher revenue yields compared to competition as the company has consciously avoided stock broking and stock advisory businesses and restricted its focus to the high yielding segments of distribution of structured products and mutual funds,” said Nirmal Bang while recommending ‘subscribe’ rating to the IPO. <br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/sbis-former-chairperson-rajnish-kumar-joins-oyos-board-ahead-of-ipo/articleshow/88052541.cms">SBI’s former chairperson Rajnish Kumar joins OYO’s board ahead of IPO</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/new-electric-scooter-bounce-infinity-launched-in-india/slidelist/88050215.cms">Bounce Infinity electric scooter launched — Here are the details on price, range, subsidies and more</a>

Anand Rathi IPO was subscribed 160% on Day 1, today is the second day to subscribe

<ul><li>Anand Rathi Wealth, the wealth management company that caters to high and ultra-high net worth individuals is opening its IPO on December 2 and will close on December 6.</li><li>The IPO is completely an offer for sale of 1.2 crore shares by promoters and existing shareholders.</li><li>Shares of the company are already demanding a premium of ₹125 per share ahead of IPO opening date.</li></ul>The wealth management arm of the well-known fintech firm Anand Rathi is all set to go public on stock exchanges.<br /><br />Anand Rathi Wealth, the wealth management company that caters to high and ultra-high net worth individuals (HNIs), is opening its IPO on December 2 and will close on December 6.<br /><br />The IPO is a complete offer for sale of 1.2 crore shares by Anand Rathi Financial Services, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez.<br /><br />The company manages assets under management (AUM) of ₹26,058 crore as on March 31, 2021.<br /><br />In the wealth management space, IIFL Wealth Management leads the sector in terms of highest asset under management (AUM) and profitability. Also, the peer company’s stock, which is listed on exchanges, has gained 43% in 2021 so far and share price stands at ₹1,472.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth management players<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profitability in FY21<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Wealth Management<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹369 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anand Rathi Wealth<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss Advisory <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹245 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Wealth Management<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27 crore <br /><br /></td></tr></tbody></table><br />Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai.<br /><br /><div type="image" title="anand rathi rev" height="900" width="1200" msid="88029174" hostid="261"></div><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amazon-and-flipkarts-biggest-rival-in-buy-now-pay-later-just-raised-40-million/articleshow/88027181.cms">Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/investment-platform-upstox-comes-up-with-quick-ipo-application-process-through-whatsapp/articleshow/88025420.cms">Investment platform Upstox comes up with quick IPO application process through Whatsapp</a><br />

Anand Rathi Wealth’s ₹660 crore IPO demands ₹125 GMP ahead of opening date

<ul><li>Pharmacy retail chain <keyword id="590699" type="General" weightage="20" keywordseo="medplus-health-services" source="Orion">MedPlus Health Services</keyword> has been subscribed 1.46 times on the first day of the IPO bidding process.</li><li>The company is looking to raise ₹1,639 crore through the IPO with a price band of ₹780 to ₹796 per share.</li><li>Shares of the company are demanding a premium of ₹250 in the grey market, which has come down from ₹300 earlier.</li></ul>Today, December 15, is the second day to subscribe to Hyderabad-based pharmacy retail chain MedPlus Health Services’ initial public offering (IPO), which has already been fully subscribed on the first day itself. <br /><br />The IPO of the pharmacy retail firm has been subscribed 146% so far. The company is looking to raise ₹1,398 crore through the IPO out of which a fresh issue of ₹600 crore worth of shares and an offer for sale of shares worth ₹798.29 crore by selling shareholders.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor category <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.50 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.64 times<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.46 times<br /><br /></td></tr></tbody><tbody></tbody></table><br />Shares of the company are demanding a premium of ₹250 in the grey market, which has come down from ₹300 earlier. <br /><br />If you’re looking to invest in the IPO, read what <a href="https://www.businessinsider.in/stock-market/news/medplus-health-services-is-a-good-play-on-growing-e-commerce-pharmacy-space-say-analysts/articleshow/88265079.cms">analysts </a>are talking about the company. Analysts are bullish on the company as it sees several growth opportunities in the pharmacy retailing space.<br /><br />Analysts at ICICIdirect say that MedPlus with its clustered store presence is well suited to leverage on an omni-channel platform (online and offline) with a hyper local delivery model. “We assign SUBSCRIBE rating given its unique model and decent valuation,” said the brokerage firm.<br /><br />The company is India's second-largest pharmacy retailer in terms of the number of stores and revenue. It sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers.<br />  <div type="image" title="medplus rev" height="900" width="1200" msid="88284530" hostid="261"></div><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/checkout-important-details-and-dates-related-to-supriya-lifescience-ipo/articleshow/88257604.cms">Supriya Lifescience IPO to open on December 16: Check out important details related to the IPO</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-anand-rathi-wealth-list-at-602-while-the-shares-were-allotted-at-550-per-share/articleshow/88269416.cms">Anand Rathi Wealth makes a modest listing at 9% premium on exchanges</a>

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Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

PTI

Anand Rathi IPO was subscribed 160% on Day 1, today is the second day to subscribe

Bhakti Makwana

Anand Rathi Wealth’s ₹660 crore IPO demands ₹125 GMP ahead of opening date

Bhakti Makwana

Second day to subscribe to Medplus Health Services’ IPO; GMP at ₹250 per share

Bhakti Makwana

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