|
The
Insurance Regulatory and Development Authority (Irda) on Wednesday said
it would soon come up with norms to prevent arbitrary increases in
renewal premiums on health policies. It added insurance companies often
raised premiums when policies under which benefits were claimed were due
for renewal.
“We have seen if a party makes a claim in a g
|
|
Parents and grandparents looking
to save for their children/grandchildren's future have been the biggest
targets for life insurance companies. The next in line are those 10-15
years away from retirement. In the recent past, life insurers have
started focusing on women and have come up with products catering to
women-specific needs, specially health-related.http://www.myallagents.com/Give-a-pass-to-womencentric-insurance-plans/details.html
 |
|
The Insurance Regulatory and
Development Authority (Irda) will soon develop a mechanism for faster
approval of insurance policies and encourage companies to come out with
low premium products for increasing insurance penetration, a senior
government official said today.http://www.myallagents.com/Irda-to-develop-mechanism-for-faster-approval-of-policies/details.html
|
|
The
Insurance Regulatory and Development Authority (Irda) has published in
the gazette of India five key reforms related to the sector, including
new guidelines for insurers and reinsurers. The reforms are: Investment
regulations for insurers, Irda (life insurance-reinsurance) regulations;
places of business regulations; Irda appointed actuary amendment
regulations and regulations for the standard proposal form.
According to the actuary  |
|
The
Insurance Regulatory and Development Authority (Irda) will take a call
on altering its ‘Place of Business’ Regulation, which called for
insurers to take permission of the regulator to open offices in any
location in India. This, is to be in tandem with the Budget proposal to
allow insurance companies to open branches in Tier-II cities and below
without Irda approval.http://www.myallagents.com/Irda-for-changing-Place-of-Business-regulation/details.html
|
If
you are planning to buy an insurance policy this year - either life or
health - you should hold the purchase until the products are refiled.
The Insurance Regulatory and Development Authority (Irda) has given
insurers time till June 30, 2013 and September 30, 2013 to re-file their
group and individual products, respectively
|
|
If you had bought a health cover five years earlier, there is a good chance your sum assured would be Rs 2-3 lakh. With the cost of medical treatment jumping
15 to 20 per cent every year, a cover of less than Rs 5 lakh will not
be sufficient in case of hospitalisation. In case of a severe disease
you would easily need Rs 8-10 lakh.
Hence, it is of utmost importance to review your health insurancecoverage, says Manasije Mishra, chief executive officer of Max Bupa Health Insurance. A need to upgrade insurance cover arises, typically with increase in responsibilities and liabilities. Mishra advises upgrading your cover if you are still on a plan of less than Rs 5 lakh or when responsibilities like childbirth or additional expenses like home loan come up. If you are over 35 years and still depend on your employer for health insurance, you might need to increase your health cover |
|
ICICI
Lombard’s gross written premium (GWP) grew by 20%, expects a premium
growth of 2 – 3% higher than the industry average. According to Mr.
Neelesh Garg, Executive Director – ICICI Lombard General Insurance
Company GWP grew to Rs. 6,420 crores for the financial year ending March
2013. He attributed this growth to rise in premium amount in both
retail and corporate segments.
He
further quoted that the company expects the force of previous year to
go forward in this year and that the company expects 2 – 3% higher
premium than the industry average in the coming financial year. He also
did not rule out the rise in prices of the premium amount depending on
the inflation numbers.
|
|
In order to boost the sales of term insurance policies,
which is showing a decline trend since past 3 years, market regulator
Insurance Regulatory and Development Authority (IRDA) want insurance
companies to sell term plans having maturity benefit. For this, IRDA
will also bring a new set of guidelines in two months time and is also
planning to allow business correspondents of the banks to sell these
policies in the rural area of the country
|
|
KOLKATA:
AM Best, a US-based insurance industry rating agency, has assigned a
financial strength rating of "B++" and issuer credit rating of "bbb+" to
National Insurance Company Ltd. The outlook for both ratings is stable.
The ratings reflect the insurer's strong risk-adjusted capitalisation, diversified business portfolio, consistent business income and its leading position in India's motor insurance sector, the rating company said in a press statement released from Hong |
|
Mis-selling
in insurance is prevalent and is one of the key reasons that is hurting
the sector's growth is a fact accepted by the Finance Minister, P.
Chidambaram himself on several occasions. Though
the intermediaries are first to be blamed for it—an agent only pushes
products that earn high commission—is the most popular reasoning given.
However, there are several other reasons why a customer ends up buying a
wrong product. For instance, it is not always 'mis-selling' but
sometimes 'mis-buying' as well—lack of awareness, expectations of quick
returns and using insurance as a tax saving tool, to name a few
 |
|
If
one goes by latest trends, just putting an 'e' before everything makes
it fashionable. But it has its benefits as well. And the main benefit is
reduction in cost, often quite sharply. So, when asked the question
whether buying an e-policy is better than the offline policy, most would agree with the convenience of the former.
 |
|
Some products and services have insurance covers most buyers don't know about. The best part is, usually, these are free or quite cheap.
For example, there are covers given along with liquefied petroleum gas (LPG) cylinders, up to a whopping Rs 40 lakh in case of loss of life or damage to property due to cylinder explosions. Though there are a number of LPG cylinder explosions, causing loss to life and property, no one seems to be aware of an insurance cover available for LPG consumers in such cases.http://www.myallagents.com/Five-inbuilt-free-or-cheap-insurance-covers/details.html  |
|
Roopam
Asthana, Chief Executive Officer at Liberty Videocon General Insurance
Company, today declared the company’s performance report for the ongoing
year 2013 - 14. He said that till now the company has successfully
achieved a sales figure of Rs. 65 crores as against the budget of Rs.
120 crores for the entire year. The Company is also optimistic about the
business for the remaining part of the year and expects to meet the
budgeted amount of sales.
 |
|
State-run insurance giant LIC has
lowered its exposure in 17 blue-chip firms, with sale of shares worth
an estimated amount of over Rs 8,800 crore, in the quarter ended March
31, 2013.
Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents.http://www.myallagents.com/LIC-sells-shares-worth-Rs-8800-cr-in-17-Sensex-companies/details.html
 |
|
The
Insurance Regulatory and Development Authority (Irda) will issue new
guidelines for the micro-insurance sector within this financial year.
Irda had asked insurance firms to design up to four-five new micro-insurance products, which will be cost-effective, and at the same time provide better returns to investors, said Sudhin Roy Chowdhury, member (life) at a seminar on the insurance sector here on Friday.  |
|
Mr.
Milind Kharat, Chairman cum Managing Director of United India Assurance
and Mr. P.J. Joseph, Chairman of Agriculture Insurance Company (AIC)
announced the launch of internet website that will enable issuance of
Crop Insurance policies of AIC. This initiative is a part of Financial
Inclusion Programme undertaken by United India Assurance Company Ltd.
This scheme will also benefit the farmers who do not have easy access to
the offices of insurance companies
 |
|
While the Insurance Regulatory and Development Authority (Irda) has allowed banks to become insurance brokers, insurance companies said it still needed to be seen whether this would happen.
“It is a positive step, especially for non-bank led companies, since it has been pending for a long time. However, we will have to see, over a period of time, if banks would be interested, and whether RBI would approve. Only after this, would we see an open architecture of bancassurance,” said Deepak Mittal, managing director & chief executive officer, Edelweiss Tokio Life Insurance.  |
|
Mr.
Jayant Dua, Managing Director and Chief Executive Officer of Birla Sun
Life Insurance Company, announced the launch of Vision LifeSecure Plan,
which is a combination of savings and complete financial protection
plan. This plan offers a combination of periodical bonuses throughout
the policy term and a life insurance benefit until a person attains the
age of 100 years.
He
further added that, this plan is developed keeping in mind the fact
that overall life expectancy across age group has gone up and the
average prolonged existence per person is improving.
 |
|
If you have been running from pillar to post to make your health insurance claims,
you must be heaving a sigh of relief. The new health insurance
regulations, effective from October this year, have made it easier for
policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time.
|
|
A
new facility introduced by the Irda allows you to hold all insurance
policies in a single account through an e-insurance account. As in the
case of a demat account, the customer can make modifications in the
policy and view all his live policies, as well as the history of past
transactions, at one glance with the help of this facility.
Here are things you should know about an e-insurance account:  |
|
HYDERABAD:
Assets under management (AUM) of life insurers will almost treble to
USD 1 trillion (nearly Rs 60 lakh crore) by 2020 from the current Rs
19.4 lakh crore, according to projections by the Life Insurance Council.
Life
Insurance Council Secretary General V Manickam said projections were
made on the basis of growth in GDP and household savings over the next
few years.
|
|
Mr.
Rishi Piparaiya, Director – Marketing and Banassurance at Aviva India
announced the launch of on-line life insurance plan i-life secure. This
plan provides for guaranteed income for 15 years post death of the life
insured. Adding to the above, he said that this plan ensures that the
family of the deceased and their needs are protected, whether it is the
child’s school fees, EMI for housing loan or protection of the family by
way of regular income
. http://www.myallagents.com/ILife-Secure-Online-Plan-Launched-By-Aviva-India/details.html
|
|
If you have been running from pillar to post to make your health insurance claims,
you must be heaving a sigh of relief. The new health insurance
regulations, effective from October this year, have made it easier for
policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time
|
|
After tasting success with iTerm and iMaximize, AEGON Religare Life Insurance (ARLI) has
launched another online insurance plan called iGuarantee Insurance
Plan. AEGON Religare iGuarantee Insurance plans is a savings plan which
offers guaranteed returns.
|
|
HYDERABAD, NOV 5:
Life
Insurance Corporation of India is in favour of having a distribution
tie-up with the Indian Postal Department, which has plans of its own in
the insurance space.
The
Government has launched an initiative to pave the way for over 1.5 lakh
post offices in the country to offer full-fledged banking and insurance
services. Postal Life Insurance is also setting up a full-fledged
investment division for generating optimal return
 |
|
MUMBAI:
Birla Sun Life Insurance faces pressure on its business after
Citigroup, which contributed close to 15% of its business, exited their
tie-up following an international deal to distribute products of the AIA
Group, one of the largest insurance firms in Asia.
"Citi
has moved out of its tie-up with Birla Sun Life Insurance," an
executive with Birla Sun Life said. "They contributed 10-15% of the
income on an average every year." http://www.myallagents.com/Citigroup-splits-with-Birla-Sun-Life-after-deal-with-AIA-Group/details.html
|
