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Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

With heavy, torrential rains currently lashing south India, particularly Bangalore and Chennai, life in these metros has reached a complete standstill. While there is little you can do to control nature's ongoing fury, you can safeguard your precious two- and four-wheelers, which have little respite or protection from the ongoing vagaries of rains and floods. During heavy rains, the first in line of damage is your vehicle's engine, which could cost you a bomb! If the water enters the engine's cylinder, it can cause it to seize and leave it beyond repair. Another common damage your vehicles can face during such times is <keyword id="23605837" type="General" weightage="20" keywordseo="electrical-failure" source="keywords">electrical failure</keyword> since water seepage can cause shorting of the electrical components, including the battery, alternator, and wiring systems. Then there's moisture seepage, which can affect your vehicle's braking and fuel systems. <h2><keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">Motor Insurance</keyword> to the Rescue</h2> While a comprehensive motor insurance policy might protect you against accidents, thefts, and other third-party liabilities, they might fall short when it comes to safeguarding your vehicles from damages caused by natural calamities like heavy rain. As such, you can opt for a few add-ons over and above your regular motor policy to ensure you don't end up spending a hefty amount from your pockets if your vehicles need repair. "In Chennai and Bangalore, the recent heavy rains have led to several challenges, causing multiple vehicles and home damage. Urban flooding is a phenomenon now being witnessed in most metropolitan cities. Cases of vehicles being swept away in floods have also been seen, leading to total loss" Vivek Chaturvedi, CMO and Head of Direct Sales, Go Digit General Insurance "While comprehensive motor insurance policies protect your vehicle against damage from natural disasters such as floods, cyclones, and heavy rains, you should consider add-on covers like engine protection, zero depreciation, <keyword id="22024865" type="General" weightage="20" keywordseo="roadside-assistance" source="keywords">roadside assistance</keyword>, return to invoice, and consumables. These options help cover the costs of repairing or replacing vehicle parts and any injuries or damage from accidents," he continues. Here's a ready reckoner of all add-ons you can consider: 1. <keyword id="23605835" type="General" weightage="20" keywordseo="engine-protection-cover" source="keywords">Engine Protection Cover</keyword>: This cover protects your wallet from costly repairs in case your vehicle's engine is severely damaged. 2. Zero Depreciation Cover/Bumper-to-Bumper Cover: While servicing your claims, insurers generally deduct depreciation or regular wear and tear on your vehicle. This add-on guarantees you a claim without any deduction for wears and tears. 3. Roadside Assistance Cover: You never know when your vehicle might be stalled. This cover offers repair at the site, towing, and alternative travel if one’s car is stuck on waterlogged roads. It can also include services like fuel delivery, battery replacement, or flat tire repair. 4. Tire Protection Cover: It offers repair or replacement of tires damaged due to cuts, bursts, or bulges during wet, hazardous conditions. Says Kalpesh Chavan, Senior Vice President &amp; Product Head of Elephant (Corporate Insurance Wing of Alliance Insurance Brokers), "EV owners should additionally also opt for battery protection cover and electric surge secure add-on. This add-on protects the electronic pieces and circuits of electric vehicles from any short circuits, electrical arcing, or leakage, especially through water entry." <h2>Don't crank up the engine. </h2>Got a vehicle that's flooded with water? Don't try to start it forcefully. If you do so, the insurance company can decline your claim for all the damage caused by attempting to start such a flooded engine. Your best bet in such cases is to wait till the water subsides and then try revving up the engine. Chavan adds that most car owners need to take into account how disaster-prone their area is and end up estimating the wrong coverage amount for their cars. Inadequate study of the terms and conditions of the policy may lead to claim rejections when most needed. But most importantly, if your vehicle's insurance is up for renewal, do not delay or procrastinate to do the same. Or else your car could become uninsured during the most critical periods. Maintaining up-to-date records and documentation is of the essence; missing documents may trigger unwarranted delays in the processing of claims.

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

New Delhi: <keyword id="19909974" type="General" weightage="100" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is looking to sell around 6 lakh CNG vehicles in the current fiscal, an increase of around 25 per cent as compared to FY24, according to a senior company executive. The country's largest carmaker company on Wednesday expanded its CNG model range as it rolled out its premium hatchback Swift with S-CNG trims. "This fiscal we are targeting to sell around 6 lakh CNG units. We ended last year with sales of around 4.77 lakh units," <keyword id="20035105" type="General" weightage="20" keywordseo="maruti-suzuki-india-senior" source="keywords">Maruti Suzuki India Senior</keyword> Executive Officer (Marketing and Sales) <keyword id="21102180" type="General" weightage="20" keywordseo="partho-banerjee" source="keywords">Partho Banerjee</keyword> told PTI in an interaction. In the April-August period this fiscal, the auto major has so far sold 2.21 lakh units, he added. The new Swift comes in three variants priced at Rs 8.19 lakh; Rs 8.46 lakh and Rs 9.19 lakh respectively. <keyword id="20068420" type="General" weightage="20" keywordseo="banerjee" source="keywords">Banerjee</keyword> said the S-CNG trims deliver a fuel-efficiency of 32.85 km/kg. "The company pioneered the production of CNG vehicles in India back in 2010. Since then, we have sold over 2 million S-CNG vehicles to date, contributing to a significant reduction of 2 million tonnes of CO2 emissions," he added. The company now offers 14 models with CNG technology, Banerjee said. "Last fiscal year, our CNG sales in the passenger vehicle category witnessed a 46.8 per cent growth, compared to 2022-23 and registered a compound annual growth rate of around 28 per cent since 2010," he noted.

Maruti Suzuki targets to sell 6 lakh CNG units this fiscal: Official

New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

Govt may infuse capital in PSU general insurers in Q4 based on performance

New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

“I started <keyword id="20024281" type="General" weightage="20" keywordseo="investing" source="keywords">investing</keyword> when I was 24, and had just taken up my first job. At first, it felt like a herculean task, setting aside Rs 15,000 every month for long-term investing. But now, at 29, I have a comfortable corpus with me, and I am able to even fund my sister’s education. I now realise how investing is the first step towards achieving some level of financial independence”. That was Yumna, a 29-year-old Delhi-based communication professional’s “tryst with her finances”. Tomorrow, India will celebrate its “tryst with destiny”, its 78th day of independence from Britishers. And so, it is certainly the right time to revisit our personal journeys towards independence, at least financially. If we heavily rely on our monthly salaries, being broke towards the end of the month, and desperately waiting for that end-of-the-month fund credit “ting”, then are we really independent? So, this Independence Day, consider gifting yourself (and your friends and loved ones) these five presents that promise you financial freedom. <h2>Start SIP-ing in Mutual Funds, stocks</h2>The British ruled India for almost 200 years, starting from the battle of Plassey in 1757, to when India finally ousted the British Raj in 1947. Nearly 200 years of tireless persistence, struggle and revolution was what it took to achieve freedom. Keep that in mind when you feel constantly investing for 10-15 years is “way too long!”. Consider this. Yumna started investing Rs 15,000 every month, five years ago. Assuming 12% p.a. in return, she has already amassed over Rs 12,00,000, out of which her investments are worth Rs 9,00,000, while her returns come to Rs 3,37,295. What if Yumna continues to invest at this pace for the next 20 years? If she invests Rs 15,000 (and assuming 12% p.a. return), she’d have invested Rs 36,00,000, while her returns would be a whopping Rs 1,13,87,219, making her total corpus worth Rs 1,49,87,219. The best time to start investing in the market was yesterday. So, if you’re yet to start investing, do so right away. But remember, it’s a marathon, and not a sprint, so remember to stay in and invested for the long run. <keyword id="20481917" type="General" weightage="20" keywordseo="index-funds" source="keywords">Index funds</keyword>, which basically mirror popular market indices like Nifty and Sensex are a good place to start. <h2>Insure yourself</h2>Getting a term and <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> should be at the top of your to-do list, immediately after you start earning. And no, don't rely just on your employer-provided <keyword id="19996817" type="General" weightage="20" keywordseo="insurance" source="keywords">insurance</keyword>. Plus, having term insurance can also help you save on taxes (an annual premium paid of up to Rs 25,000 for those aged less than 60 is tax-free under old tax regime), apart from saving you during medical emergencies. Says Sabyasachi Sarkar, Appointed Actuary, Go Digit Life Insurance, “a life insurance plan is a tool that provides a safety net for your family in case of unexpected events and for your need of savings or pension. Ideally one should take a term life cover that is at least 10-15 times your annual income. Moreover, adding riders like death benefits or disability coverage to your policy can offer protection and advantages beyond the basic coverage. Moreover, when picking a life insurance company, consider factors like the claim settlement ratio, returns etc”. Once you’ve insured your life, it's time to safeguard your health as well, with a solid health insurance policy. As Vivek Chaturvedi, CMO and Head of Direct Sales at Go Digit General Insurance notes, “Ensure the plan that you are picking does not come with any cap on the choice of room or ICU as this may impact your overall hospitalization bill. Second, make sure your policy provides a sum insured backup or reinstatement benefit.” Also, check for the pre- and post-hospitalization benefits in your health coverage. Ensure that expenses like diagnostic tests, doctor’s fees, medical check-ups, etc. that you might have to incur before you get hospitalized or after you are discharged are covered. A good plan should provide at least 60/90 days of pre- and post-hospitalization coverage. And lastly, check the coverage for organ donor expenses. While it is a low-probability event, any organ transplant is an expensive affair. This ensures such costs are covered by the insurer. <h2>Save for a rainy day</h2>“It can’t happen to us until it does”. When you are flooded with a daily deluge of news about accidents, deaths, fires, train wrecks and more, it’s easy to disassociate and think “Oh, this won’t happen to me”. But when emergencies arrive at your doorstep, they don't knock but rather break the door down. As such, it's best to be financially prepared for any contingencies, and the best way to do so is to have an <keyword id="20747810" type="General" weightage="20" keywordseo="emergency-fund" source="keywords">emergency fund</keyword> handy. For this, you can set aside 3-6 times your monthly income in a liquid mutual fund, recurring deposit (RD) or savings bank account. This will help you tide over a medical emergency, job loss and more. But remember, this is not to be broken into for funding those impromptu vacations! <h2>Upskill, Upskill</h2>Earning money is hard, but still easier than effectively managing it. Most of us run away from managing and investing our own hard-earned money because it sounds difficult and looks too complicated and jargon-y. This Independence Day, gift yourself a basic course on <keyword id="20762784" type="General" weightage="20" keywordseo="money-management" source="keywords">money management</keyword>, budgeting and investing. You won’t become <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword> overnight, but it will certainly be a good start. Start with a basic budget and importantly, stick to it. Write and track how much you earn and spend on a monthly basis, so that you’re more in charge of your funds, and not looking (hopefully!), at maxed-out credit cards and empty wallets at the end of the month. <h2>Be free of anything that looks easy money</h2>These days, it’s super easy to get credit, a personal loan, and buy your favourite gadget, or your latest fascination via <keyword id="19985897" type="General" weightage="20" keywordseo="BNPL" source="keywords">BNPL</keyword> (Buy Now Pay Later). And in the short run, it can be incredibly satisfying as well. But then, when you get your monthly statements, and find a never-ending stream of interest charges, and penalties, which eventually pull you into a spiral of debt trap. If something looks too good to be true, it might really just be too good to be true. BNPL and instant credit are very much like that. So, the next time you want to buy something expensive, hold that thought for at least 48 hours, before revisiting it. Most of the time, you’ll find you don't even desire it anymore. If you still have the urge to buy it, try the saving and buying approach, instead of swiping your credit card or signing up for BNPL apps!

Five gifts you can give to yourself, friends, or family, towards achieving financial independence

With just 2 days to go before finance minister Nirmala Sitharaman presents the union budget 2024, various sectors are abuzz with their expectations from the first full fledged budget to be presented under PM Modi's third consecutive term. Most experts anticipate the budget to focus heavily on boosting consumer demand and accelerating infrastructure development. In fact, president Murmu has already hinted that the budget will be historic, both in its scope and announcements. As such, what is it that the Indian insurance industry, driven by IRDA's vision of "Insurance for all by 2047" want from this budget? Lets find out <h2>Capture the <keyword id="21409017" type="General" weightage="20" keywordseo="annuity-market" source="keywords">annuity market</keyword> </h2>Subhrajit Mukhopadhyay, Executive Director, Edelweiss <keyword id="19936531" type="General" weightage="20" keywordseo="life-insurance" source="keywords">Life Insurance</keyword> anticipates that the upcoming budget should tackle the issue of how annuities are taxed. Currently, they are completely taxable in the hands of customers, which reduce its attractiveness, vis a vis other retirement planning options like NPS (National Pension System). According to a recent report by UNFPA, the population of number of individuals in the country who are aged 60 or more is set to double to around 346 million in the next 30 years. As such, it becomes all the more important to create awareness regarding retirement planning, and ensuring the aged have a secure, stable source of income in their twilight years, which is where annuities come in. "India’s vast ageing population underlines its burgeoning pension and annuity market. Annuity caters to the key dilemma of a pensioner, for a life-long pension at a steady, guaranteed rate and exposes the investors to a reinvestment rate risk especially in a volatile interest rate scenario. Annuities are the only solution, which provide complete protection from the perspective of living longer (i.e. outliving one’s corpus), by providing a regular flow of income throughout one’s lifetime, purchased in lieu of a single lump-sum amount. Currently, tax incentive is offered for people to accumulate corpus in NPS under Section 80CCD (1b ). A similar incentive may also be extended to annuities", noted Mukhopadhyay <h2>Separate sops for <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> premiums </h2>One of the most vocal demands of the insurance industry at the moment is to increase the tax deduction limit for premiums paid towards life and health insurance. At present, individuals aged below 60 can claim an annual deduction of up to Rs 25,000 towards health insurance premiums paid for self, spouse or children. The limit goes up to Rs 50,000 in case of senior citizens. Mr. Rakesh Goyal, Managing Director, Probusinsurance.com hopes that the budget will raise this limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Anup Rau Managing Director &amp; Chief Executive Officer of Future Generali India Insurance Company Limited, agrees to this. “Making insurance products affordable and accessible to masses will be crucial to ensure India achieves “Insurance for All by 2047” – a goal set by IRDAI - and this calls for certain <keyword id="20071222" type="General" weightage="20" keywordseo="tax-incentives" source="keywords">tax incentives</keyword>. The deduction limit on health insurance premium under Section 80D has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. Interestingly, India, which surpasses South Asian peers with a medical inflation rate of 14%, last witnessed an enhancement in the deduction limit in 2015-16. Also, these benefits need to be extended to the new tax regime as well since increasing health <keyword id="20998941" type="General" weightage="100" keywordseo="insurance-penetration" source="keywords">insurance penetration</keyword> is critical", he adds. Goyal goes a step ahead, and advocates for creating a separate exemption limit for insurance premiums, in addition to the existing threshold of Rs 1,50,000. "Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration", says Goyal. Krishnan Ramachandran, Managing Director and Chief Executive Officer (MD&amp;CEO) of Niva Bupa Health Insurance also advocates for the 80D tax exemption to be linked to inflation and revised periodically. Also, per him, tax exemptions should also extend to dependent family members like siblings. Syed Meraj Naqvi,CEO &amp; Principal Officer, Riskbirbal Insurance Brokers also thinks on similar lines. "Adding a portion of medical insurance premiums for tax relief alongside the current 1,50,000 deduction limit would not only ease financial burdens but also encourage the younger generation to embrace saving habits. It’s about nurturing a mindset of financial responsibility while ensuring adequate healthcare coverage for all", he notes. Parimal Heda, Chief Investment Officer, Go Digit General Insurance believes that a good way to increase insurance coverage amongst young individuals is by offering a significant tax discount. "This could also be considered particularly for first-time health insurance buyers, especially youngsters. A tax exemption of 200% of the premium amount can be considered under chapter VIA. This can later be reduced in a phased manner of four years to make the same at par with the existing tax benefit provided under Section 80D", Heda observes. <h2>Don't overlook home, vehicle insurance </h2>Even though motor insurance, which makes up for around 50% of the non-life insurance industry (sans health) grew at around 12.9% in FY24, touching Rs 91,781.3 crore, over 50% of vehicles don’t even have a third-party (TP) motor insurance. To counter this, Heda suggests a one-time tax exemption can be offered to people to renew their lapsed TP policy. Additionally, given the increasing frequency of natural calamities adversely impacting human property, it is necessary to increase home insurance penetration to protect homeowners. Per Heda, the government, with the help of RERA can make home insurance mandatory for new homeowners, for which a tax deduction of up to Rs 25,000 can also be considered on home insurance premiums. However, a word of advice. Do not wait for tax breaks, or budget announcements to buy a life, or health insurance in case you already don't have one. Get one right away!

Budget 2024: Three things the insurance sector want from FM Sitharaman this budget.

<keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motor India" meta.hostid="261" meta.entityid="Hyundai Motor India">Hyundai Motor India</keyword> is recalling 1,744 units of its electric model <keyword id="21666250" type="General" weightage="20" keywordseo="Ioniq-5" source="keywords">Ioniq 5</keyword>, due to an issue with the integrated charging control unit, as per the information available with industry body <keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords" meta.keywordsubtype="org" meta.entityname="SIAM" meta.hostid="261" meta.entityid="SIAM">SIAM</keyword>. The company is recalling the units manufactured between July 21, 2022 and April 30, 2024 to fix the part, data on the SIAM website said. The company is recalling the units due to "potential issue in integrated charging control unit which may discharge 12V battery", it stated. When contacted, a Hyundai company spokesperson said: "At Hyundai Motor India, customer safety is our top priority. The Ioniq 5 recall is a proactive step to inspect and upgrade the Integrated Charging Control Unit (ICCU) in the affected vehicles at no cost to the customers." The company's dedicated teams will be in touch with vehicle owners and guide them through the recall process, the spokesperson said. Price of Ioniq 5 starts at Rs 46.05 lakh (ex-showroom). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms" target="_blank">BMW R 1300 GS superbike launched in India at ₹20.95 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms" target="_blank">Samsung Galaxy Z Fold 6 will reportedly get a $100 price bump</a>

Hyundai Motor India recalls 1,744 units of Ioniq 5

<ul><li><keyword id="635172" type="General" weightage="20" keywordseo="irdai" source="Orion">IRDAI</keyword> has issued a directive to all <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword>, earlier this fiscal, instructing them to provide coverage for the expenses related to surrogacy. </li><li>The policy should cover all medical expenses related to pregnancy and delivery, as well as postpartum care for the <keyword id="23767" type="General" weightage="20" keywordseo="surrogate-mother" source="Orion">surrogate mother</keyword>. </li><li>The responsibility of acquiring this surrogacy <keyword id="35492" type="General" weightage="20" keywordseo="insurance-policy" source="Orion">insurance policy</keyword> falls upon the intending parents or individual seeking surrogacy. </li></ul>Surrogacy is a medical process in which a woman agrees to carry and deliver a baby for another couple or individual. The <keyword id="41477" type="General" weightage="20" keywordseo="surrogate" source="Orion">surrogate</keyword> mother is typically implanted with an embryo created by using the intended parents' sperm and egg. Once the baby is born, the surrogate mother's legal rights to the child are terminated, and the intended parents become the child's legal parents. <cmsannotation type="cmsannotation" annotationid="What the law says" comment="Subhead" text="What the law says">What the law says</cmsannotation> In the Surrogacy (Regulation) Rules 2022, there is a provision that highlights the necessity of mandatory insurance coverage. It specifies that the intending woman or couple must acquire a general health insurance policy in favour of the surrogate mother. This insurance policy should have a duration of 36 months and should be obtained from an insurance company or an agent recognized by Insurance Regulatory and Development Authority of India (IRDAI). The coverage amount should be substantial enough to address all expenses related to pregnancy complications, as well as postpartum delivery complications. Recently, IRDAI has issued a directive to all insurance companies, instructing them to provide coverage for the expenses related to surrogacy. “Let us say a couple is covered under a family floater policy. That couple decides to go for surrogacy as they have some medical issue and they are not able to conceive. If they decide to go for surrogacy, they should be able to buy a cover for the surrogate mother,” says Bhaskar Nerurkar, head, health administration team, Bajaj Allianz General Insurance. Hence, every health insurance company should bring in such a cover. <cmsannotation type="cmsannotation" annotationid="Coverage under the surrogacy policy" comment="Subhead" text="Coverage under the surrogacy policy">Coverage under the surrogacy policy</cmsannotation> This surrogacy policy offers a broad range of medical coverage, including antenatal care and checkups, hospitalisation and delivery charges, treatment for pregnancy complications like preeclampsia, gestational diabetes, and premature labour, postpartum care, and treatment for delivery complications, and medical conditions that may arise as a result of the surrogacy procedure. “The couple may have maternity cover under their health insurance policy. The maternity expenses are only covered for the spouse. But in this case the surrogate mother is going to get admitted. So this surrogacy cover will cover maternity expenses and any other expenses related to delivery complications,” says Nerurkar. <cmsannotation type="cmsannotation" annotationid="What to know" comment="Subhead" text="What to know">What to know</cmsannotation> The responsibility of acquiring this surrogacy insurance policy falls upon the intending parents or individual seeking surrogacy. It is crucial to purchase the policy from an insurance company registered with IRDAI and to do so before the embryo transfer procedure takes place. “If I am a surrogate mother, the expectation is that the biological parent should buy the policy for me,”says Bhabatosh Mishra, director, claims, underwriting and product, Niva Bupa, a health insurance company. As mentioned, the coverage should extend for 36 months from the date of embryo transfer and must include expenses related to pregnancy complications and post-partum delivery complications. “The policy must be purchased before the pregnancy starts. Also, since it covers maternity related complications, there is no classical waiting period of two years or so,” says Mishra. Surrogacy is a multifaceted process with both emotional and financial implications. By thoroughly examining the legal and insurance aspects, individuals and couples can navigate the surrogacy journey more effectively, ensuring the well-being of all parties involved.

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Five gifts you can give to yourself, friends, or family, towards achieving financial independence

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Budget 2024: Three things the insurance sector want from FM Sitharaman this budget.

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Hyundai Motor India recalls 1,744 units of Ioniq 5

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Explained: What a surrogate mother in India should know about insurance policy

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