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 

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

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 

ICICI Prudential Launches ICare II Online Term Plan

ICICI Prudential, one of India’s biggest life insurance companies in the private sector launched iCare II as a sequel to its online term insurance plan.
In September 2011, ICICI Prudential had launched iCare which was India’s first no medical online term plan. And now they have come up with a better version of the plan by launching ICICI Pru iCare II with some improved features. 
The first striking feature of the new iCare II is its pricing. Premiums are attractively lower and now competing within the top 5 low premium online term plans.  
http://www.myallagents.com/ICICI-Prudential-Launches-ICare-II-Online-Term-Plan/details.html 

Queries of Life Insurance

I have a LIC policy in my name that is nearing maturity next month, the premiums were all paid by my mother in India. I am US citizen and hold a valid NRE account with SBI. Can LIC submit the money upon maturity into my NRE account, or will i have to open an NRO account?

This is not a concern of LIC but according to the banking norms, all income within India needs to be credited only in an NRO Account of an NRI and only income which is earned outside India can be credited in NRE Account, which is freely repatriable. Money of NRO Account is also repatriable but after the payment of the applicable taxes, if any.

Hence, you would have to contact LIC but they would provide you with a cheque of the maturity amount favouring your name and the sae needs to be credited only in an NRO account. 

http://www.myallagents.com/Queries-of-Life-Insurance/details.html 

No medical test sought? Claims may be rejected

Kapil Mehta, managing director of SecureNow Insurance Brokers, does not favour online term products that don’t require medical tests. This increases the possibility of repudiation, he says. Typically, online term plans don’t require medical check-ups up to a particular sum assured, typically Rs 45-50 lakh and up to 40-45 years of age. For higher sums assured, insurers issue policies after medical declarations. 
http://www.myallagents.com/No-medical-test-sought-Claims-may-be-rejected/details.html

Should you opt for a high-value health cover?

The demand for a higher health insurance   cover is increasing. Renuka Kanvinde, assistant vice-president, health insurance,Bajaj Allianz General Insurance , says the company has seen a 35-40 per cent increase in demand for their Extra Care, a top-up plan, in the past two years. They also saw buyers shift from a Rs 3-5- lakh policy to Rs 7.5-10 lakh in the period.
This led the private insurer to believe health insurance policybuyers want a bigger cover. Hence, a fortnight earlier, it launched a Health Care Supreme product, offering a cover between Rs 5 lakh and Rs 50 lakh. 
http://www.myallagents.com/Should-you-opt-for-a-highvalue-health-cover/details.html

A to Z of Issuing a Whole Life Insurance Policy

ou've determined the amount of life insurance coverage you need, decided on the type of policy you want, and you've shopped around for life insurance quotes. You've even selected a carrier and completed an application--now what?
While each carrier has its own procedures, most insurers review applications and issue policies using similar methods.

Initial Review 
http://www.myallagents.com/A-to-Z-of-Issuing-a-Whole-Life-Insurance-Policy/details.html 

Investment Properties

Getting the ball rolling on any project often takes more energy than it should. When you do get things rolling you really want to be organized enough to keep up the pace. In the home rehabbing business, this seems to be common difficulty. Many times the most glaring issue that is wrong with a home is not easily discovered. 
http://www.myallagents.com/Investment-Properties/details.html 

Final Thoughts

Even though the American insurance industry was greatly influenced by Britain, the US market developed somewhat differently from that of the United Kingdom.  Contributing to that was America's size, land diversity and the overwhelming desire to be independent.  As America moved from a colonial outpost to an independent force, from a farming country to an industrial nation, the insurance business developed from a small number of companies to a large industry.  
http://www.myallagents.com/Final-Thoughts/details.html 

Home Insurance Leads

After loads of man-made and natural calamities in USA the Home Insurance market has come much into prominence. And at present the competition is at its peak.
Homeowners Insurance is a guarantee, which pays the cost of your house if it gets damaged in some natural or man made disasters like fire, floods, storms etc 
http://www.myallagents.com/Home-Insurance-Leads/details.html 

Health Insurance Guide

Health has always been uncertain. We can try our best to keep fit, but after a certain age the expenses on health do increase. Its better to keep ourselves insured under a Medical Plan to make sure that our medical expenses are taken care of.
If we talk about Individual Health Insurance Plans in US, they are designed to help an individual and their families access care and cover the medical cost of receiving medical services from any physician, hospital or other provider 
http://www.myallagents.com/Health-Insurance-Guide/details.html 

Business Insurance Agents

Online insurance quotes and buying insurance online is no longer a novelty. Many business insurers are online and, while buying insurance for a business on the internet is not as prevalent as buying personal auto insurance online, growing numbers of small business owners are going to online sources for their insurance. If one follows some guidelines when using online quote sites to purchase insurance, business internet insurance sites can offer premium savings

What is missing is the insurance agent or broker. Insurance professionals will tell you that they offer significant value to the insured. They will contend that the absence of an insurance professional will cost a business in the long run. Contrary to that argument is the claim that online sites offer insurance for less and can offer more quotes from more sources. Let's look at the website versus the insurance professional. 

http://www.myallagents.com/Business-Insurance-Agents/details.html 

Long Term Investments for the Future

If you are ready to invest money for a future event, such as retirement or a child’s college education, you have several options. You do not have to invest in risky stocks or ventures. You can easily invest your money in ways that are very safe, which will show a decent return over a long period of time.
First consider bonds. There are various types of bonds that you can purchase. Bond’s are similar to Certificates of Deposit. Instead of being issued by banks, however, bonds are issued by the Government. Depending on the type of bonds that you buy, your initial investment may double over a specific period of time. 
http://www.myallagents.com/Long-Term-Investments-for-the-Future/details.htm 

Why You Should Invest

Knowing what your risk tolerance and investment style are will help you choose investments more wisely. While there are many different types of investments that one can make, there are really only three specific investment styles – and those three styles tie in with your risk tolerance. The three investment styles are conservative, moderate, and aggressive.
Naturally, if you find that you have a low tolerance for risk, your investment style will most likely be conservative or moderate at best. If you have a high tolerance for risk, you will most likely be a moderate or aggressive investor. At the same time, your financial goals will also determine what style of investing you use. 
http://www.myallagents.com/Why-You-Should-Invest/details.html

Income Tax Return (e-filing)

E-filing is essentially another mode of filing your income tax return
In addition to the popular mode of printing and submitting your return at the income tax counters. It is a two step process:
a. Prepare your return using tax preparation software
: Enter your income tax data, such as, PAN, income, deductions, and TDS. Review your data for completeness and accuracy; and, generate your electronic return in XML format.

b.Upload your XML format return on income tax department website. Upon successful uploading, it will generate an acknowledgement form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the income tax counter
.http://www.myallagents.com/Income-Tax-Return-efiling/details.html

IRDA to make ULIPs investor-friendly

Insurance regulator IRDA, which has won its turf war with market watchdog SEBI over regulation of ULIPs, is expected to tighten norms for these schemes, including commission charges, to make them attractive for investors.

There would be stricter and stringent distribution norms, leading to lowering of commissions on the sale of such products, sources said.

Currently, commission charges are as high as 50 per cent of the first-year premium.

According to IRDA Chairman J Hari Narayan, it will frame new guidelines for these products to make them more attractive for policy holders.

At the same time, the regulator plans to come out with directives to improve the transparency element of such hybrid products, which involve both investment and insurance.

The regulator will also try and address the issue of increasing the lock-in-period and raising life cover.


More Details :- IRDA to make ULIPs investor-friendly