Retail health segment sees 34% growth in April-October, shows data

Non-life insurers have seen a 14.5 per cent increase in premium collection in the health segment between April and October this year, reflecting the need for health insurance in the country grappling with a surge in Covid-19 cases.

The health segment has seen premium collection of Rs 32,879.39 crore compared to Rs 28,704 crore in the corresponding period last financial year. The growth is led by the retail segment which has seen an almost 34 per cent rise in the reporting period, while group health reported an increase of 12.21 per cent.

On the other hand, premium collection for government health schemes has contracted 26 per cent. Standalone health insurers have been the greatest beneficiaries of this surge in demand for health insurance products, witnessing an almost 48 per cent growth in premiums collected in their retail health portfolio, while general insurers have seen a 21 per cent growth in the same period.

Experts, however, are of the view this level of growth is not sustainable in the long run, but the awareness created around health products would help insurers going forward.

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Asset quality of Indiabulls Housing Fin, IIFL Finance vulnerable: Moody’s

Asset quality at non-bank lenders IIFL Finance and is “vulnerable” due to the economic contraction, global ratings agency Moody’s Investors Service said on Monday.

The agency said Muthoot Finance the third non-bank finance company it rates is better positioned because of its focus on the gold loans business.

Loan collections have shown an improvement for all the three NBFCs despite the six-month loan repayments moratorium ending in August on a pick-up in economic activity, but “asset quality at IIFL Finance and Indiabulls is vulnerable to economic contraction”, it added.

Till now, various types of support measures for borrowers from authorities have prevented a sharp deterioration of asset quality at the lenders, it added.

“However, we expect delinquencies will eventually increase at IIFL Finance and Indiabulls once the support programs end given the severity of the pandemic’s impact on India’s economy,” the agency said.

A modest loan growth and loan sales will help IIFL and Indiabulls maintain capitalisation despite the weakening of profitability, which will be hurt by credit costs for the loan losses, it noted.

Funding to NBFCs, which had been impacted in the past after the

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How to complete your first self-assessment tax return?

Have you just got into self-employment? Or do you have a formal job and a side hustle?

If either of these two scenarios applies to you, then it’s time that you began to learn everything that there’s to know pertaining to Self-Assessment. For a person who hasn’t had the opportunity to do so in the past, you will soon find that the process of completing a self-assessment can be a bit hectic. But with the right tips and information, you should have it completely handled in no time.
The one rule of thumb that applies to this process is that any individual who receives an income that isn’t taxed at the source has no option but to complete the self-assessment.

I Am Just a Freelancer, Should I Also Complete It?

Many people turn to freelance jobs to help them supplement the money they earn from their formal jobs. And in many cases, their employers are not aware of what their employees are doing. But as much as you don’t want your boss to learn about your side hustle, you will have to report it to the taxman.
What happens here is that you have to register yourself as a self-employed

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