Max Life posts 11% growth in new business premium in H1

Private sector Max Life Insurance today posted 11% growth in new business premium at Rs 904 crore for the first half ended September, 2013-14. 

The gross written premium of the company grew 4% to Rs 3,005 crore during the period. At the same time, the company's market share increased to 10.4% and maintained its rank as fourth largest private life insurer.

The profit before the tax grew marginally by 2% to Rs 248 crore.

In view of a strong all round performance during the first half of 2013-14 fiscal, it declared a net interim shareholder Dividend of Rs 128 crore, 29% upward revision from interim dividend announced in the previous year, Max Life Insurance managing director Rajesh Sud said. 

http://www.myallagents.com/Max-Life-posts-11-growth-in-new-business-premium-in-H1/details.htm 

New govt's fiscal policy to affect RBI's monetary stance

With a new government at the Centre only a few weeks away, the Reserve Bank of India (RBI) might wait for the new dispensation’s fiscal policy to take its policy actions, feel experts. Although Consumer Price Index (CPI)-based inflation is on the rise in March, RBI might hold rates till June. According to experts, if the new government takes concrete steps, it would provide room for RBI to cut rates in the future, though not in near term.  http://www.myallagents.com/New-govts-fiscal-policy-to-affect-RBIs-monetary-stance/details.html

Kotak Life Insurance launches immediate annuity plan

Kotak Life Insurance has launched Kotak e-Lifetime income plan, an immediate annuity product. The plan offers the purchaser of the annuity the option to choose an annuitant or beneficiary other than self. This will ensure regular income to any close blood relative or spouse, other than self. The plan is also available online, said a press release issued by Kotak Life Insurance. The one time premium paid by the proposer is paid out to the annuitant or beneficiary at the interval chosen – monthly, quarterly, half yearly or yearly at the predefined annuity rate promised at the time of purchase. Annuity rates will depend upon the age of the annuitant, the amount invested and the annuity option chosen.  http://www.myallagents.com/Kotak-Life-Insurance-launches-immediate-annuity-plan/details.html

Has Right to Information come to your rescue?

The Right to Information (RTI) Act was implemented in India nine years ago. The Bill was introduced in 2004's winter session of Parliament and passed in June 2005.
RTI remains a potent legal weapon to fight opacity in public offices and politicians continue to fear it. In the last winter session, a Parliamentary standing committee, while supporting passage of an amendment in the Act, concluded political parties should be kept out of the ambit. The RTI (Amendment) Bill, 2013, seeks to insert an explanation in Section 2, which states any association or body of individuals registered or recognised as a political party under the Representation of the People Act, 1951, will not be considered a public authority 
.http://www.myallagents.com/Has-Right-to-Information-come-to-your-rescue/details.html 

Do not delay filing an insurance claim

Getting insurance companies to pay claims is the hard part at times. Though the claims ratio of most insurance companies is 94-98 per cent, claimants often have to run pillar to post to get these. There are various reasons due to which claims can be rejected. Among these is a delay on the part of theclaimant. Under the Limitation Act, a claimant has to tell the company about the death in three years. The company can refuse to pay the claim if told beyond this period. But, in case of genuine reasons, the company has to pay  http://www.myallagents.com/Do-not-delay-filing-an-insurance-claim/details.html

Get the most out of your car insurance

Comprehensive motor insurance policy without Add-on covers, in reality is not comprehensive in its true sense. If motor insurance policy holder has to pay from his wallet (partly or fully) for replacing rubber or metal parts in case the car met with an accident, then the entire purpose of insurance gets defeated. One can overcome this if motor insurance is bought with some very useful add on covers like Engine protection, Road side assistance, Protection for no claim bonus, Nil depreciation, Return to invoice and Personal belongings. Furthermore, spare parts in high-end cars are very expensive. It is recommended that cars valued upwards of Rs. 8-10 Lacs should have Add-on covers as part of the motor comprehensive policy. This reduces the financial impact on the car owner in the event of a claim  http://www.myallagents.com/Get-the-most-out-of-your-car-insurance/details.html

Quations & Answers on Lic India

As name suggests this rider, waives payment of future premiums for a specific term, subject to certain conditions.

A Waiver of Premium rider opted along with a children’s plan ensures the policy stays in force to accumulate wealth for the child’s future, and earns returns or benefits on the investment made in the policy. So even in the event of any death or disability, your policy is taken care of. It works its way towards building a corpus for your child’s education or marriage, making it available at the time when it is actually required. Most children’s plans offered by insurance companies come with an inbuilt waiver of premium rider, if not they, could be individually opted for too. 

http://www.myallagents.com/Quations-and-Answers-on-Lic-India/details.html 

A supplementary cover at best

Most individuals defer buying health insurance as they believe the main cost they will have to incur is for surgery, say insurance players. To address this, Bajaj Allianz General Insurance has introduced a new plan – Surgical Protection Plan, a benefit plan which proposes to repay surgical expenses. 
http://www.myallagents.com/A-supplementary-cover-at-best/details.html 

Cashless motor insurance has limited benefits

The pitch ‘our insurance company has tied up with 1,600garages’ seems attractive to buy cashless motor insurance. However, this means little if the garages aren’t located close when needed As is the case in the health segment, insurers offer cashless motor insurance, too, provided you choose to go to a garage that is part of the insurer’s network. These schemes are gaining popularity— about 80 per cent of claims are from such policies, say industry players. For cashless motor insurance, most companies have a reasonable number of tie-ups. For instance, Bajaj Allianz has tie-ups with about 1,700 garages, while HDFC Ergo has tie-ups with about 1,600 garages across the country  http://www.myallagents.com/Cashless-motor-insurance-has-limited-benefits/details.html