LIC buys Rs 4,300-crore debt from bond auctions of seven states

MUMBAI: State-run Life Insurance Corporation of India (LIC) has bought debt worth about Rs 4,300 crore in state bond auctions conducted by the Reserve Bank of India (RBI), starting the fiscal with its first big-ticket investment after clocking nearly 10 per cent growth in premium collection last year.

The country's biggest insurer bought about four-fifths of the total notified amount in the auction conducted on Wednesday. State development loans (SDL) are the bonds issued by different state governments and sold through a process of RBI auction. 

.http://www.myallagents.com/LIC-buys-Rs-4300crore-debt-from-bond-auctions-of-seven-states/details.html 

Readers' Corner: Bhargav Dasgupta

You can port the policy from floater to individual plan for each of your family members, though a family floater has advantages such as being cost-effective, cover for entire family and so on. If you do wish to port to individual plans, you need to check with the specific insurance company regarding the sum insured for each member and other policy terms. Specifically, you need to know the minimum entry age allowed for your children to avail individual policies. If one/both of your children do not meet the minimum entry age criteria, you will need to continue with your existing family floater plan covering the child(ren), with at least one adult being the primary policy member. 
http://www.myallagents.com/Readers-Corner-Bhargav-Dasgupta/details.html 

Edelweiss Tokio Life Insurance launches new traditional plan

Edelweiss Tokio Life Insurance has launched a non-participating, non-linked life insurance plan which offers a combination of savings and protection, called Edelweiss Tokio Life - Wealth Builder. The plan guarantees all the benefits right at the beginning of the policy.

The minimum entry age for the plan is 91 days and the maximum maturity age is 70 years. The policy term ranges between 10 and 30 years with the option of paying premiums in monthly, semi annually or annual installments. In addition, the plan offers tax benefits under section 80 C and section 10(10D) of Income Tax Act, 1961. 

http://www.myallagents.com/Edelweiss-Tokio-Life-Insurance-launches-new-traditional-plan/details.html 

Liberty Videocon hopes to meet business target by March

MUMBAI: Private sector general insurer Liberty Videocon is confident of achieving its initial target of Rs 120 crore in the first year of operations on the back of growth in motor and commercial verticals, a top company official said here today.  "Our target for this fiscal, which is the first year of our operations, is Rs 120 crore. We have already collected a premium of around Rs 65 crore as of now, which is in line with our initial target," Chief Executive Officer of Liberty Videocon General Insurance, Roopam Asthana, told PTI in an interaction here.  The new entrant to the general insurance industry said around 70 per cent of premium was collected from its retail business, while rest 30 per cent is from commercial segments.   http://www.myallagents.com/Liberty-Videocon-hopes-to-meet-business-target-by-March/details.html

 

One-for-all insurance policy offers no risk cover

How about ordering Bajaj AutoBSE 0.79 % dealers to sell motorcycles manufactured by TVS Motor and Hero MotoCorp so that consumers have a wider choice and more motorcycles are sold in the country? Sounds far-fetched? Something similar is cooking in financial services. http://www.myallagents.com/Oneforall-insurance-policy-offers-no-risk-cover/details.html

Chola MS launches Android app for health insurance customers

Cholamandalam MS General Insurance Company has announced launch of a mobile application for its health insurance customers, to offer health benefits and access to the network of hospitals offering cashless treatment facility to the customers.
The application, Chola MS Wellness, is made available on Android supported smart phones and it would offer policy details like coverage, sum insured and renewal reminder and details of the hospital network with geo tagging on Google Maps. The application would also offer health tracking features like Pedometer, BMI Calculator and Blood Sugar Tracker. 
http://www.myallagents.com/Chola-MS-launches-Android-app-for-health-insurance-customers/details.html  

Cholamandalam MS General Insurance eyes GWP of Rs 1,900 crore in FY14

CHENNAI: Cholamandalam MS General Insurance Company is eyeing gross written premium of Rs 1,900 crore by the end of this fiscal with a focus on retail health and motor insurance, a top official said here today.  The city-based company is a joint venture between Rs 225 billion Murugappa Group and Japan-based Mitsui Sumitomo Group.  "Last year (2012-13) we finished (gross written) premium of Rs 1,621 crore. This year we are expecting to complete by Rs 1,850 or Rs 1,900 crore (GWP)," Cholamandalam MS General Insurance Managing Director S S Gopalarathnam told reporters.   http://www.myallagents.com/Cholamandalam-MS-General-Insurance-eyes-GWP-of-Rs-1900-crore-in-FY14/details.html

Primer: All you wanted to know about e-insurance accounts

IRDA wants all its customers to move to a paperless world. The introduction of insurance repository system (IRS) is one such part of this initiative. An account called e-insuranceaccount will be available for all customers who hold insurance policies. This is similar to demat account which was introduced for eliminating physical storage of stocks or mutual funds.   http://www.myallagents.com/Primer-All-you-wanted-to-know-about-einsurance-accounts/details.html

New India Assurance offer 50% discount for girl child

MUMBAI: New India Assurance has reduced health insurance premium for girl child by 50% for in its new health insurance policy targeted at families with girl children.  On the occasion of Women's Day the company launched Asha Kiran, a policy for families that have only girl children. The policy will also provide personal accident cover for parents. The sum insured could range from a minimum of Rs 2 lakhs to a maximum of Rs 8 lakhs.

 http://www.myallagents.com/New-India-Assurance-offer-50-discount-for-girl-child/details.html 

10 things to look for in your insurance policy

Life insurance is the only financial tool which offers the triple advantage of risk coverage, long term savings and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, while the awareness and acceptance of insurance in India is growing, consumers need to develop a better understanding of the products they buy. There are a number of things that each of your life insurance policies should spell out and include, and the document is a complete guide to exactly what your insurance contract covers. This is why it is always important to check a policy very carefully when you first receive it, to make sure that everything you requested is written down in the policy. Mentioned below are ten key parameters to weigh once you received the policy documents.  http://www.myallagents.com/10-things-to-look-for-in-your-insurance-policy/details.html

LIC online term plan: How is it different?

Pankaaj Maalde, Head-Financial Planning, Apna Paisa. It’s rightly said “It’s never too late to start a new beginning”. At last LIC, one of the largest players in life insurance business, launches online term plan which will not only increase awareness but also increase the competition in the market. LIC move also will force other players, who still have not launched it, to launch online term plan soon. Even premium of LIC online term plans is higher compared to peers it will help people to understand the need of life insurance and also reveal the facts that how the investment products are bundled. This will help them to separate insurance and investment need in future.   http://www.myallagents.com/LIC-online-term-plan-How-is-it-different/details.html

General Insurance(Questions & Answers): Rakesh Jain

Today, Rakesh Jain, chief executive officer, Reliance General Insurance, answers your questions  
A recent blood and thyroid test revealed that I am a borderline case for hyperthyroidism and blood sugar. My doctor says both are curable. Will I be rejected by a general insurer if I want to buy health insurance?
When you fill in proposal form please declare the diseases/conditions you have been diagnosed with. Depending upon an individual company's underwriting norms, they may accept your proposal or ask for certain medical reports and then decide. 
http://www.myallagents.com/General-InsuranceQuestions-and-Answers-Rakesh-Jain/details.html 

How much health coverage is good enough for you

How much health coverage is good enough? Which is the best health plan in India? These are questions that insurance experts are asked frequently. And while there are no fixed answers to such questions, it is alarming to find that a major number of Indians are uninsured. That means the majority of the population doesn’t have health insurance and Indians are the second largest group of people who pay their health bills out of their own pockets. While this is a highly worrying situation, we can draw some consolation from the fact that the health insurance sector in India is growing. More and more people are buying health plans and the IRDA has also simplified the rules, making it easier to buy and use health insurance. Read on to know more. 
http://www.myallagents.com/How-much-health-coverage-is-good-enough-for-you/details.html

LIC churns portfolio in December quarter

At a time when most analysts are hopeful about equities, Life Insurance Corporation of India (LIC) has used the recent market rally to cut its exposure to front line stocks, especially those in the information technology (IT), banking, automobiles, telecom and oil & gas sectors. 
.http://www.myallagents.com/LIC-churns-portfolio-in-December-quarter/details.html

Queries of life insurance: Bhargav Dasgupta

I am 25 and diabetic for 10 years. Both sides of my parents' families are diabetic. Will I never get covered for diabetes under a health insurance plan? A friend says I should not waste money on health insurance as it won't help in my case. Do you agree?
Insurance companies consider long-standing diabetes with early onset as a high risk as part of their underwriting guidelines. Accepting a particular individual with diabetes depends on the company and you will need to check with your preferred insurer 
http://www.myallagents.com/Queries-of-life-insurance-Bhargav-Dasgupta/details.html 

LIC FAQ

hi, this is kumar, took lic jeevan anand policy for a SA of 1500000 with a premium of 6450/month for a period of 21 yrs. i just paid my first 3 premiums, but now i'm in dilemma whether to continue or discontinue at this junction without waiting till surrender value? Anyhow i don't want to take risk investing in Eq/shares, but in MF. please let me out of this confusion LIC Jeevan Anand is a good savings option and do not exit it just because you are confused. This is a plan where you get guaranteed returns and not to mention your capital (all premiums) is also secured. It is not good to compare a guaranteed return insurance plan (which gives tax benefits also) with an equity product like stocks, shares and mutual funds which doesn’t give any guarantee of capital and returns.  http://www.myallagents.com/LIC-FAQ/details.html

Uday Kotak: Government should list LIC; move from NREGA to KAREGA

NEW DELHI: Advocating the need to ensure better fiscal management, Uday Kotak, the Vice-chairman and Managing Director of Kotak Mahindra Bank on Tuesday suggested a big-ticket measure of listing the Life InsuranceCorporation of India (LIC)
.(LIC).http://www.myallagents.com/Uday-Kotak-Government-should-list-LIC-move-from-NREGA-to-KAREGA/details.html

LIC trims stake in Infosys to 3.25 percent; garners Rs 850 crore

LIC, the biggest institutional investor in the stock market, held 3.71 percent stake in Infosys during the October-December quarter, which has fallen to 3.25 percent as of March 31, 2014

The state-run firm has been reducing its stake in Infosys since June quarter. It held 6.72 percent stake in the country's second largest software services exporter at the end of June 30, 2012, as per the latest data available with the stock exchanges. 

 http://www.myallagents.com/LIC-trims-stake-in-Infosys-to-325-percent-garners-Rs-850-crore/details.html 

Why is there a vast difference in premiums of various term insurance plans?

Insurance premium is an amount paid by the policyholder to the insurance company in return for the risk cover. Every insurance company assesses the risk differently and accordingly decides the premium. So if Company A assesses your risk to be low, they will offer you lower premiums. But if Company B considers you to belong to a high risk profile, then they will offer you high premium amount 
 http://www.myallagents.com/Why-is-there-a-vast-difference-in-premiums-of-various-term-insurance-plans/details.html

Draft rules ban replacement of life insurance policies

The Insurance Regulatory and Development Authority (Irda) said insurers could not replace life insurance  policiesunless in the interest of policyholders.
This was to protect the long-term interest of policyholders and to discourage intermediaries from persuading customers to surrender their policies and take up new ones, Irda said in the exposure draft on rules related to the replacement of life insurance policies released on Wednesday. Feedback on the draft can be given till July 20 
http://www.myallagents.com/Draft-rules-ban-replacement-of-life-insurance-policies/details.html