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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
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Showing posts with label ange in ins. Show all posts
Showing posts with label ange in ins. Show all posts
Tuesday, July 15, 2014
Give a pass to women-centric insurance plans
Irda to develop mechanism for faster approval of policies
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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
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BS People: S S Mundra
The challenges facing S S Mundra,
the new chairman and managing director of public sector lender Bank of
Baroda, are different from the ones his peers have to deal with. While
most state-owned banks are grappling with asset quality headwinds, Bank
of Baroda is quite comfortable on that front. The lender has managed to
maintain a decent gross and net non-performing asset ratio in comparison
to other banks, despite some problems in asset quality.
Irda publishes five key reforms in gazette
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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  |
Planning to buy insurance this year?
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
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LIC is India's most attractive BFSI bran
At present, under Employee’s
Deposit Linked Insurance (EDLI) scheme, wherein employer contributes
0.50% of the basic pay as insurance premium every month to the EDLI
scheme, employee gets the benefit equal to his provident account balance
if the balance is upto Rs. 50,000 and if it exceeds Rs. 50,000 then
account balance plus 40% of the balance. However there is a cap of Rs.
100,000 upto which the benefit can be availed. Prior to the year 2010,
the maximum benefit available under this scheme was Rs. 60,000. http://www.myallagents.com/LIC-is-Indias-most-attractive-BFSI-bran/details.html
Why Cobrapost expose was a non-event for bank stocks
The
shrill Cobrapost bite, this time mostly on large state-owned banks and
insurance companies, failed to upset the market confidence on banking
shares. The latest sting operation turned out to be a non-event that did
not lead to panic-selling by investors on Monday. Bank Nifty was flat
to close the day's trading at 12,396.
Source: moneycontrol.com
When to increase health cover
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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 expects to surpass industry standard in premium growth
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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.
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Majority of companies discontinue to include parents in group medical insurance policy
mployees’ health and benefits
study by Insurance broker Marsh India revealed that there has been a
drop of around 76% in companies providing health insurance cover
facilities to the employees’ parents under group mediclaim policy. The
main reason attributable to the same is high premium cost.http://www.myallagents.com/Majority-of-companies-discontinue-to-include-parents-in-group-medical-insurance-policy
IRDA plans to introduce maturity benefits term plan
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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
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Monday, July 14, 2014
US rating firm AM Best says National Insurance has good financial strength
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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 |
Online insurance sales to grow 20 times by 2020
MUMBAI: The online insurance market in India is likely to grow 20 times by 2020, a study showed.
A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore.
A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore.
At present, it is in excess of Rs 700 crore online sales. Life insurance sales contribute around Rs 300 crore, motor insurance around Rs. 250 crore, while other insurance lines such as health and travel make up around Rs 150 crore.
Digital insurance in India is set to become massive, supported by developments like mobility to drive Internet growth, move over natives, the migrants are in full force and move over metros, the report said. http://www.myallagents.com/Online-insurance-sales-to-grow-20-times-by-2020/details.html
How to Claim for Health Insurance from Multiple Insurers
Healthcare
costs were significantly lower a decade ago. A health policy of Rs. 2
lakh back then could provide adequate coverage for a small family;
today, the same policy will not go far.
Galloping
inflation in healthcare has ensured that a single health plan is no
longer enough. Many are now buying multiple policies in order to
increase their health coverage. However, multiple policies give rise to
multiple queries regarding the claims process
Dial 'e' for e-insurance
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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.
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Comprehensive health plans better for specific diseases
Some
pointed to the fact that this comes close on the heels of new
guidelines that don’t allow extra loading, effective October. Sooner or
later, all companies would have to comply with this. Currently, health
insurers such as ICICI Lombard, Apollo Munich and Bajaj Allianz cover
diabetes and hypertension as pre-existing diseases (after a waiting
period). New India Assurance would have a four-year waiting period for a
cover on the two diseases.http://www.myallagents.com/Comprehensive-health-plans-better-for-specific-diseases/details.html
Five inbuilt free or cheap insurance covers
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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  |
Liberty Videocon General Insurance Company To Achieve Its Biggest Target
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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.
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Shriram Life launches seven new products
According
to Manoj Jain, CEO Shriram Life, out of the seven plans, four products
are market-linked and the remaining are traditional products.
"The new products are more customer friendly giving better value proposition in terms of higher surrender values and better death benefits," Jain told reporters here, adding that the new products are in compliance with new guidelines issued by the Insurance Regulatory and Development Authority. http://www.myallagents.com/Shriram-Life-launches-seven-new-products/details.html
"The new products are more customer friendly giving better value proposition in terms of higher surrender values and better death benefits," Jain told reporters here, adding that the new products are in compliance with new guidelines issued by the Insurance Regulatory and Development Authority. http://www.myallagents.com/Shriram-Life-launches-seven-new-products/details.html
LIC sells shares worth Rs 8,800 cr in 17 Sensex companies
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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
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