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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
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Showing posts with label cals. Show all posts
Showing posts with label cals. Show all posts
Friday, June 27, 2014
Things to know about reviving a lapsed insurance policy
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.
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
Is it time to upgrade your life cover? Know what's best for you
Thanks
to the growing awareness about the importance of life insurance cover,
many individuals, especially the young executive types, buy a term life
insurance as soon as they start their career. However, the trouble is:
typically these covers would be very small, mostly Rs 10 lakh or below ,
say insurance advisors. This would inevitably lead to some
complications in future. When the person gets married, have kids or
takes a huge loan, he or she would need a larger cover. However, buying a
cover at that time may not be an easy task.
http://www.myallagents.com/Is-it-time-to-upgrade-your-life-cover-Know-whats-best-for-you/details.html
http://www.myallagents.com/Is-it-time-to-upgrade-your-life-cover-Know-whats-best-for-you/details.html
Thursday, June 26, 2014
All insurers may offer digitised policies from July
All life insurance companies may be required to offer insurance policies in
a digitised format from July onwards. In a recent meeting with the
insurance industry, sources said that Insurance Regulatory and
Development Authority (Irda)
had asked companies to tie-up with all insurance repositories. At
present, several insurers like Life Insurance Corporation of India (LIC )
do not offer the facility of electronic policy since they have not
tied-up with any repository.
http://www.myallagents.com/All-insurers-may-offer-digitised-policies-from-July/details.html
http://www.myallagents.com/All-insurers-may-offer-digitised-policies-from-July/details.html
Liberty Videocon hopes to meet business target by March
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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.
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Bundled insurance products find takers
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Customers favour bundled insurance products,
which involve selling of two or more products with a life insurance
policy, say insurance companies. While insurance companies had not been
pushing for such products, officials said customer demand had not come
down.
"Though there have been some instances of products being mis-sold, customers still come to us to get information about these. The industry is not completely shutting out these products," said a senior private life insurance executive.  |
Pre-declaring medical rates beneficial for customers
Wouldn't it help if you knew how much your hospitalisationbill
would come to before getting admitted? You will know at once whether
you can afford treatment in that particular hospital or not. You will
also know how much of the treatment cost will be covered under your insurance policy.
This can be a reality if insurance companies implement the Bombay High
Court’s suggestion that they declare package rates for different
ailments and make hospitals fall in line with their rates. The court
said this in a hearing earlier this month, in response to a public
interest suit which said package rates should be treated as entitlement
and need not be dependent on hospital gradation. That is, the court
wants insurance companies to offer the same rates for all treatments
across hospitals, irrespective of the kind of hospital.
http://www.myallagents.com/Predeclaring-medical-rates-beneficial-for-customers/details.html
http://www.myallagents.com/Predeclaring-medical-rates-beneficial-for-customers/details.html
One-for-all insurance policy offers no risk cover
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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
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Loyalty rewards on life insurance too
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You
know you get a no-claims bonus on your car insurance and accrue
continuity benefits on your health plan. But did you know you get
loyalty rewards on life insurance plans as well? Insurance policies are
long-term products and insurers see many pre-mature policy terminations.
Though, most often, it is the policyholder who loses the when the plan
is surrendered, it is not the desired option for the insurer either. Insurance
companies, therefore give loyalty additions, an extra benefit to the
insured for keeping the policy in force throughout the full term of the
contract.
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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
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
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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.
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Primer: All you wanted to know about e-insurance accounts
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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.
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New India Assurance offer 50% discount for girl child
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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.
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Wednesday, June 25, 2014
HNIs to benefit from RBI policy
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High networth individuals (HNIs) will feel better after the Reserve Bank of India (RBI)'s bi-monthly monetary policystatement.
Reason: The RBI has increased the limit of investment from $75,000 to
$125,000 per head (or Rs 75 lakh at the rate of Rs 60/$). This means
ones travelling abroad frequently will be able to take advantage of
this.
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Metal stocks surge on China demand, RBI policy move
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Improving
Chinese demand, partial lifting of the Odisha mining ban and the
central bank’s move to ease liquidity boded well for metal sector
stocks, which climbed to a one-year high on Tuesday.
Chinese manufacturing data for the month of May touched a four-month high, leading to hopes that demand from the world’s largest consumer of metals will revive going forward. Further, the Reserve Bank of India’s move to cut the statutory liquidity ratio or SLR by 50 basis points to 22.5 per cent boosted market sentiment resulting in heavy buying in these stocks which have not been major participants in the recent market rally.  |
IPL 2014 Seeking A 1100 Crore Insurance Cover
Indian Premier League (IPL), the Indian Professional league which has popularized T20 cricket – the shortest form of professional cricket is back with a bang. The Board of Control for Cricket in India (BCCI) which is the organizing body of the Indian Premier League (IPL) is planning for an insurance cover of Rs 1,100 crore for the 2014 tournament.
IPL is the most-watched Twenty20 cricket league in the world. It is generally considered to be the highest-profile showcase in the world for Twenty20 club cricket. During the sixth IPL season (2013) its brand value was estimated to be around US$3.03 billion. IPL 4th season (2011) was insured for an amount of Rs.750 crore and the IPL-7 is all set to get bumper coverage.
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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.
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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.
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