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News18
3 days ago
- Business
- News18
The Silent Crisis: Indian Families Delay Crucial Insurance Decisions
Last Updated: Sanjiv Bajaj points out the cultural delay in Indian households on insurance, causing financial instability. Authored by Sanjiv Bajaj, Jt. Chairman & MD, BajajCapital: In Indian households, silence often surrounds subjects that matter the most — death, illness, disability, and financial crisis. We speak of ambition and dreams with pride, but whisper about risks and realities. Insurance, unfortunately, finds itself in that category of hushed conversations. It's bought after a health scare, after a friend's tragedy, or after a sudden loss — rarely before. In doing so, we gamble not just with money, but with the very stability of our families' future. This is not just a cultural pattern. It's a quiet epidemic of delay. And the cost? It shows up in unpaid hospital bills, denied claims, debt traps, and shattered dreams. According to the IRDAI's 2023 Annual Report, more than 15,000 life insurance claims were rejected — many for avoidable reasons like delayed policy initiation or inaccurate disclosures. In health insurance, only 28% of women over 50 are covered under individual plans. Among homemakers, the number is even lower. Behind these numbers are families who did everything else right — they saved, they sacrificed, they planned for weddings, tuition fees, and festivals. But they postponed the one safety net that could have secured it all. The Cultural Delay: Why We Wait There are emotional, social, and systemic reasons why insurance often arrives too late in Indian lives: Higher Premiums: The later you buy, the more you pay — often 2x or 3x for the same cover if bought a decade earlier. Denied Coverage: Post-40, insurers scrutinize medical histories more strictly. Chronic conditions can lead to limited or no coverage. Weaker Financial Buffers: Without a health or life insurance policy, medical emergencies lead to liquidating savings, taking personal loans, or falling into debt traps. Inheritance Chaos: A sudden death without a claim-ready policy (clear nominee, updated contact details, etc.) delays payouts and creates emotional and legal distress. Emotional Toll: When parents or partners are uninsured, the burden falls on children, siblings, or extended family — emotionally, physically, and financially. A 2022 case in Bengaluru involved a 38-year-old tech professional who passed away unexpectedly. Though he had employer-provided group insurance, the coverage lapsed the moment he switched jobs. He had not purchased an individual term plan. His wife and two young children were left scrambling — financially unprepared, emotionally shattered. This isn't an exception. It's the rule playing out across cities and towns in India. What Needs to Change — And How We Can Do Better Normalize Insurance Conversations- Talk about it as essential, not optional. Make it part of every financial planning discussion — especially at milestones like marriage, childbirth, or home loans. Start Early- The best time to buy insurance is when you don't need it — because you're healthy, young, and eligible for affordable premiums. Cover the Caregivers- Insure homemakers and parents. Their contributions, though not counted in rupees, are the bedrock of family stability. Go Beyond the Basics. A term plan and a claim-ready health insurance policy (with updated nominee details and documentation) should be considered non-negotiable. Review Annually. Lives change, income changes, families grow. So should your coverage. Conclusion: Insurance Is Not a Product. It's a Promise Insurance is not just about money. It is about dignity in distress. It is about protecting your child's education from being derailed by a diagnosis. It is about ensuring your partner doesn't spend years in court chasing a claim. And above all, it is about giving your family the only thing more important than wealth — certainty. If India wants to protect its future, it must insure its present — proactively, honestly, and urgently. It is authored by Sanjiv Bajaj, Jt. Chairman & MD, BajajCapital The views expressed in this article are those of the author and do not represent the stand of this publication. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published:
Time of India
28-04-2025
- Business
- Time of India
Bajaj Group seeks CCI approval for Rs 24,180-cr Allianz stake buy
New Delhi: Bajaj Group entities have sought the Competition Commission of India 's approval for plans to buy out Allianz SE's 26% stake in life and general insurance ventures for ₹24,180 crore, the largest deal in the country's insurance sector, according to a filing with the antitrust regulator. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The acquisition will raise Bajaj Group's ownership in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company to 100% from 74%, Bajaj Finserv had said in March. Upon the end of their 24-year partnership, Bajaj Group and Allianz intend to pursue independent growth in the country's expanding insurance market. Seeking the regulator's approval, Bajaj Group entities said the proposed transaction "is not likely to cause any appreciable adverse effect on competition in India in any market". As per the filing last week, Bajaj Finserv, Bajaj Holdings & Investment and Jamnalal Sons will buy the 26% stake in each of the two insurance entities in tranches from Allianz. The combination also includes the proposed acquisition of a 50% stake in Bajaj Allianz Financial Distributors by Bajaj Finserv in a single tranche from Allianz. Currently, the company is a 50:50 joint venture between Bajaj Finserv and Allianz. In the filing, the acquiring entities said "the proposed combination will merely result in change in control" of the two insurance firms and Bajaj Allianz Financial Distributors from the current joint to sole control of Bajaj Group. So, the "proposed combination will have no impact on the market dynamics". Even otherwise, the relevant markets are highly fragmented, dynamic and very competitive in nature, they argued. None of the parties has high market shares or power in any of the horizontal, vertical or complementary markets, the filing said. None of them has any ability or incentive to foreclose competition in any of the markets, and the insurance sector is highly regulated, they said. The CCI decides on such applications based on its own assessment of facts. Last month, Bajaj Finserv chairman and managing director Sanjiv Bajaj had said the two insurance companies, built with Allianz, together had a premium in excess of ₹40,000 crore. The single ownership would help bring more value for shareholders, he had said.
Wall Street Journal
01-04-2025
- Business
- Wall Street Journal
Trump Tariffs Live: 'Liberation Day' Looms as Globe Awaits Retaliatory Levies; Dow Futures in Focus
All eyes are on President Trump's tariff announcements. Trump has set a deadline of Wednesday to announce the contours of a sweeping tariff plan, deeming April 2 'Liberation Day' for U.S. trade policy. Investors have been on edge. Already, tariffs on everything from semiconductors to aluminum have roiled global markets and triggered a dash for havens such as gold and Treasurys. The S&P 500 has fallen 8.3% from its all-time high and just finished its worst quarter since 2022, while the tech-heavy Nasdaq has tumbled around 14% from its record. The tariff fight has ignited worries about a slowdown in economic growth, driving a steep selloff in shares of small companies and sending the yield on the 10-year Treasury note to its lowest level of the year Tuesday. In late trading Tuesday, stock futures edged higher. After weeks of unease about how Trump's tariff plan will shake out, and which industries they will reshape, investors and business leaders around the globe are hoping for more clarity on the plans after the announcement in the Rose Garden Wednesday. 'Tomorrow's a big day,' said Sanjiv Bajaj, chairman and managing director at the Indian financial services company Bajaj Finserv.
Bloomberg
19-03-2025
- Business
- Bloomberg
Indian Billionaire Bajaj On Insurance Sector Outlook
Bajaj Finserv Chairman & MD Sanjiv Bajaj discusses his outlook for India's insurance industry, after German insurance company Allianz entered into binding agreements with Bajaj Finserv to sell the stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance to Bajaj Group. He speaks with Haslinda Amin on "Insight with Haslinda Amin." (Source: Bloomberg)
