Irda publishes five key reforms in gazette

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  http://www.myallagents.com/Irda-publishes-five-key-reforms-in-gazette/details.html

Term Insurance Comparison

Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. Simply put, Term Plan is financial cover in case if the insured dies; death claim is given to the beneficiary 
http://www.myallagents.com/Term-Insurance-Comparison/details.html 

What are the different types of health insurance?

Different types of health insurance plans meet different needs. When you compare options, it's important to understand how they are structured.

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)

HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided.

HMO members usually have a primary care doctor and mu
http://www.myallagents.com/What-are-the-different-types-of-health-insurance/details.html 

LIC eyes distribution tie-up with Postal Department

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  http://www.myallagents.com/LIC-eyes-distribution-tieup-with-Postal-Department/details.html

Citigroup splits with Birla Sun Life after deal with AIA Group

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

How good is online insurance?

nternet is the buzz word these days. It is the virtual world where one can shop, meet people, find a job, play games and what not! Indians are one of the largest users of Facebook; we are also witnessing a ferocious growth of e-commerce market which is active with mergers and acquisitions. These are some credentials that the internet can boast about. To add further to it, even banking has taken the internet way and so have the insurers. As insurers, from the initial baby steps with only simple term products, the industry is now exploring the online market for slightly more complex endowment products and a variety of other products with a combination of riders. All this is available at just few clicks. 
http://www.myallagents.com/How-good-is-online-insurance/details.html   

Travel And Marine Insurance All Set To Rise With Rupee Depreciation

With dollar appreciating by around 20% against the rupee, general insurance companies have obtained approval of market regulator Insurance Regulatory and Development Authority to raise the premium amount on travel insurance. Industry experts believe that rise in premium amount could be over 10%, which is in proportion to rise in the claim cost.  http://www.myallagents.com/Travel-And-Marine-Insurance-All-Set-To-Rise-With-Rupee-Depreciation/details.html

Insurance Giant Scraps Its Existing 14 Policies To Confirm To New Regulations

With regard to compliance of new regulations implemented by market regulator Insurance Regulatory and Development Authority (IRDA), which aims at making insurance policies more customers centric, insurance giant Life Insurance Corporation of India scrapped / will scrape 14 of its existing policies. These policies include Jeevan Mitra, Anmol Jeevan, Convertible Term Assurance Policies, Children Deferred Endowment Assurance, Jeevan Paramukh Plan, LIC’s Bima Account and Jeevan Nidhi. Other polices that are expected to be scrapped are Jeevan Aastha, Market Plus I, Jeevan Nischay and Jeevan Varsha  .http://www.myallagents.com/Insurance-Giant-Scraps-Its-Existing-14-Policies-To-Confirm-To-New-Regulations/details.html

Premium is a wrong metric to measure insurers' health

Over the last few days, an advertisement placed by a body called 'Global Federation of Insurance Associations' has appeared in a number of publications. This advertisement is written in the form of an open letter to the Prime Minister, with copy to the finance, commerce and parliamentary affairs ministers. The letter is essentially an exhortation to get the amended insurance bill passed and talks almost entirely about the that passing this bill will bring about and the signal it will send about India being 'open for business'.  
. http://www.myallagents.com/Premium-is-a-wrong-metric-to-measure-insurers-health/details.html

Declined risk pool could be on its way out

General insurance companies have asked the Insurance Regulatory and Development Authority (Irda) to dismantle the “declined risk pool” in third-party (TP) insurance of commercial vehicles. Irda dismantled the TP motor pool in December 2011 and decided to form a declined pool, effective April 1, 2012. The move let insurers price vehicles based on claims.  http://www.myallagents.com/Declined-risk-pool-could-be-on-its-way-out/details.html

Things to know about reviving a lapsed insurance policy

A life insurance policy lapses when the due premium has not been paid even within the grace period. A lapsed policy means that the benefit of insurance will not be available to protect the financial interest of the dependants in the event of the death of the insured. A lapsed cover can be revived by the policyholder during the period allowed by insurer before its maturity. The procedure for revival depends on the type of policy and the duration of its lapse.   http://www.myallagents.com/Things-to-know-about-reviving-a-lapsed-insurance-policy/details.html

Policyholders will be able to get details of unclaimed insurance online

Insurance customers and their nominees don't have to suffer inordinate delays in claim settlement anymore. A new circular from Insurance Regulatory and Development Authority (Irda) is going to change the current opaque scenario from April 1.  "While unclaimed amount is not uncommon in insurance sector, a steep increase in unclaimed amount is a cause of concern," the regulator said in the circular that put out the figures of unclaimed insurance proceeds in the public domain for the first time. The unclaimed amount swelled from Rs3,037 crore in 2011-12 to Rs4,865 crore in 2012-13 — an increase of over 60 per cent. The unclaimed money is the result of insurance proceeds that have failed to reach policyholders or their nominees in time for various reasons. Needless to say, it completely defeats the entire purpose of buying an insurance cover.  http://www.myallagents.com/Policyholders-will-be-able-to-get-details-of-unclaimed-insurance-online/details.html