With the regulatory dispute over unit-linked insurance plans (ULIPs) behind them, insurance companies are gearing up to launch new ULIPs.
Most insurers had put on hold new launches after the Securities and Exchange Board of India, asked them to take its permission before launching such products.
“Many investors will now go ahead and invest in ULIPs. Insurance companies that had put on hold new products will now bring them out,” said Mr Nageswara Rao, Managing Director and Chief Executive Officer, IDBI Fortis Life Insurance. “We are also working on some new products”.
More Details :- Myallagents.com
Showing posts with label insurance corporation. Show all posts
Showing posts with label insurance corporation. Show all posts
Sunday, June 20, 2010
Tuesday, June 15, 2010
Life insurers want tax relief for maturity proceeds to continue
Life insurers want tax relief for maturity proceeds to continue
The insurers have made a representation to the Government that the Exempt Exempt Exempt (EEE) method of computation should continue as against the Exempt Exempt tax (EET) method proposed in the Direct Taxes Code.
Insurance products are driven by tax benefits. The January-March quarter, which is the tax planning season, contributed 45-50 per cent of the total sales of the industry, said Mr Nageswara Rao, Chief Executive Officer, IDBI Fortis Life Insurance.
The domestic insurance industry is at a nascent stage and taxing the maturity proceeds as proposed by the Direct Taxes Code will adversely impact the life insurance business and the industry. It will discourage investors to invest in long-term savings as it may result in unjustified tax burden especially on those customers who do not avail themselves of the benefit under Section 80C, said Mr T.R. Ramachandran, Chief Executive Officer and Managing Director, Aviva Life Insurance.
More details :-
| Life insurers want tax relief for maturity proceeds to continue |
Monday, May 17, 2010
L.I.C. Development Officers' Exam
L.I.C. Development Officers' Exam
A competitive examination for the recruitment of Assistant Development Officers' in the Life Insurance Corporation is held once a year, generally in the month of
September. The blank application forms and particulars are published in the Employment News, generally in the month of July and the last date for submission of applications is generally the first week of August.
Educational Qualifications: Candidates must hold a Bachelor's Degree in Arts, Science, Commerce, Agriculture or Law of an Indian or Foreign University or an equivalent qualification.
Age Limits: The applicants should have completed the age of 21 years on the 1 st July of the year of examination.
More Detail Pls check the link
L.I.C. Development Officers' Exam
Tuesday, May 11, 2010
Bonus Information - Life Insurance Corporation of India
Bonus Information - Life Insurance Corporation of India 2008-2009
All this “bonus rates” is always declares on the sum assured instead of the amount you deposit [premiums] to the LIC.
So if you have a policy of Rs2, 00, 000 with a premium of Rs10, 000 per annum and the bonus rate is 5.5% then your this year bonus amount will be Rs11, 000 [5.5% of 2, 00, 000] and not Rs1100/
Click on the following Link
http://www.myallagents.com/Bonus-Information-Life-Insurance-Corporation-of-India/details.html
All this “bonus rates” is always declares on the sum assured instead of the amount you deposit [premiums] to the LIC.
So if you have a policy of Rs2, 00, 000 with a premium of Rs10, 000 per annum and the bonus rate is 5.5% then your this year bonus amount will be Rs11, 000 [5.5% of 2, 00, 000] and not Rs1100/
Click on the following Link
http://www.myallagents.com/Bonus-Information-Life-Insurance-Corporation-of-India/details.html
Thursday, May 6, 2010
11 Essential Steps to Retirement Planning
11 Essential Steps to Retirement Planning
Life Insurance
It used to be that Americans retired at 65 with a gold watch and a nice, fat pension. But times have changed, and now we're finding we have to take a more active role in preparing for retirement.
This new world of 401(k) plans and Roth IRAs leave many people confused and uncertain. A 2009 Employee Benefit Research Institute survey, for instance, found that only 44 percent of Americans have ever tried to calculate how much they need for retirement.
"Planning for retirement can be a daunting task, especially given the recent economic climate," said Insured Retirement Institute (IRI) President and CEO Cathy Weatherford. "And while by most accounts the financial forecast appears to be improving, millions of Americans have yet to begin preparing for their retirement."
According to the IRI and the U.S. Department of Labor, there are 11 steps you can take to ensure that you do not outlive your savings.
1. Select a target retirement date
This important step determines how much money you need. If you want to retire early--say at the age of 55--you need to have a good post-retirement income and a lot of savings because your retirement could last 30-40 years. You should also buy health insurance until Medicare kicks in at age 65.
The Department of Labor says most people retire at the age of 65-66, although many are continuing to work later in life. Key benchmarks that may influence your decision on when you ultimately retire:
* Age 59 ½: You can withdraw from retirement accounts without paying a tax penalty
* Age 62: The minimum age to receive Social Security benefits
* Age 66: Eligible for Social Security benefits if born between 1943-1954
* Age 70 ½: Face tax penalties if you don't start taking minimum withdrawals from retirement accounts
2. Calculate the amount of money you should accumulate by your target retirement date
This is largely determined by what your lifestyle, living and medical expenses will be during retirement. You should also take into consideration the cost of inflation. The Labor Department recommends you plan for a 30-year retirement, regardless of what age you retire.
Key questions to ask yourself:
* Will I still have a mortgage payment or will my home be paid for?
* How much will I want to travel?
* How much of my current monthly expenses continue after I retire?
* How much should I keep in investments? (financial experts recommend that you continue making investments that earn enough to cover the cost of inflation)
* Will I want additional health insurance to pay for services not covered by Medicare?
3. Figure out how to maximize your Social Security benefits
More than half of retirees start collecting benefits at age 62, but advisors note that your monthly payments may be a third higher if you wait until age 66 to start collecting. Those who wait until age 70 receive 75 percent more.
"Millions of Americans may not be aware of the financial advantages most people gain by waiting even a few years to begin receiving their benefits," Weatherford said.
4. Take advantage of tax-advantaged plans, such as employer-sponsored retirement plans, individual retirement accounts and annuities
According to Kiplinger magazine, many retirees who either lost money or lost faith in the stock market are purchasing insurance annuities to provide guaranteed income during retirement. With an annuity you pay an insurance company a large sum of money in return for a monthly check for a certain time period or for the rest of your life. For instance, a 65-year-old man could make $725 a month by purchasing a $100,000 annuity.
The Labor Department notes that some annuities make adjustments for inflation. It recommends you carefully review the terms of the investment and answer the following questions:
* Does the amount paid vary based on investment returns or is it fixed?
* What will you pay in related fees?
* How are the payouts taxed?
5. As that your employer start a pension or retirement plan if one doesn't already exist
Starting a retirement savings plan is easier than many small business owners might think. Retirement plans help to attract and keep good employees, and the employer's contributions are tax deductible.
6. Only use your savings for retirement
Many experts agree on this step. The Labor Department notes that if you dip into your retirement savings, you lose principle and interest, and you may lose tax benefits. Roll your 401(k) into an IRA if you change jobs.
7. Diversify your assets and be sure to include guaranteed income for life
Experts recommend you keep money in a safe, interest-bearing account, as well as some money-earning stocks. This spreads the risk. The Labor Department recommends the following distribution:
* Some money in savings or checking accounts with no risk
* Some in bonds, with a little more risk
* Some in stocks with a higher risk, but a higher return
Another way to diversify is by investing in index mutual funds.
8. Ask questions and get help by seeking the advice of a professional financial advisor
An expert can help you sort through all the investment opportunities and help you decide what's right for you. But avoid strangers on the phone or the Internet--retirees are frequent targets for scammers.
9. Start now and set goals
The IRS recommends you set up a "painless" payroll deduction, regardless of your age or how long you have until retirement. Other strategies:
* Maximize your pre-tax deductions at work
* Make catch-up contributions after the age of 50
* Work a few years longer than you might otherwise have
* Don't take on large debt during your pre-retirement years
* Hold off withdrawing Social Security benefits
10. Start a retirement plan and monitor your progress
A retirement plan can help set out your goals for saving and your strategies for reducing debts. Write down those goals and strategies. According to the Labor Department, people frequently alter future spending patterns if they record their expenses and have a plan for reducing them.
11. Use whole life insurance to protect your family's finances
Purchasing a whole life insurance policy, which pays beneficiaries when the insured individual dies, is a way to ensure your family is financially protected should the breadwinner pass away and is no longer bringing home a paycheck. A whole life insurance policy can provide the funds necessary, so that your spouse doesn't have to go back to work during retirement, or that your children don't have to tap into their own savings to pay for a funeral. A properly sized policy can make sure your spouse has enough money to pay the outstanding principle on your home, finish paying for a child's college or cover other large expenses.
Life Insurance
It used to be that Americans retired at 65 with a gold watch and a nice, fat pension. But times have changed, and now we're finding we have to take a more active role in preparing for retirement.
This new world of 401(k) plans and Roth IRAs leave many people confused and uncertain. A 2009 Employee Benefit Research Institute survey, for instance, found that only 44 percent of Americans have ever tried to calculate how much they need for retirement.
"Planning for retirement can be a daunting task, especially given the recent economic climate," said Insured Retirement Institute (IRI) President and CEO Cathy Weatherford. "And while by most accounts the financial forecast appears to be improving, millions of Americans have yet to begin preparing for their retirement."
According to the IRI and the U.S. Department of Labor, there are 11 steps you can take to ensure that you do not outlive your savings.
1. Select a target retirement date
This important step determines how much money you need. If you want to retire early--say at the age of 55--you need to have a good post-retirement income and a lot of savings because your retirement could last 30-40 years. You should also buy health insurance until Medicare kicks in at age 65.
The Department of Labor says most people retire at the age of 65-66, although many are continuing to work later in life. Key benchmarks that may influence your decision on when you ultimately retire:
* Age 59 ½: You can withdraw from retirement accounts without paying a tax penalty
* Age 62: The minimum age to receive Social Security benefits
* Age 66: Eligible for Social Security benefits if born between 1943-1954
* Age 70 ½: Face tax penalties if you don't start taking minimum withdrawals from retirement accounts
2. Calculate the amount of money you should accumulate by your target retirement date
This is largely determined by what your lifestyle, living and medical expenses will be during retirement. You should also take into consideration the cost of inflation. The Labor Department recommends you plan for a 30-year retirement, regardless of what age you retire.
Key questions to ask yourself:
* Will I still have a mortgage payment or will my home be paid for?
* How much will I want to travel?
* How much of my current monthly expenses continue after I retire?
* How much should I keep in investments? (financial experts recommend that you continue making investments that earn enough to cover the cost of inflation)
* Will I want additional health insurance to pay for services not covered by Medicare?
3. Figure out how to maximize your Social Security benefits
More than half of retirees start collecting benefits at age 62, but advisors note that your monthly payments may be a third higher if you wait until age 66 to start collecting. Those who wait until age 70 receive 75 percent more.
"Millions of Americans may not be aware of the financial advantages most people gain by waiting even a few years to begin receiving their benefits," Weatherford said.
4. Take advantage of tax-advantaged plans, such as employer-sponsored retirement plans, individual retirement accounts and annuities
According to Kiplinger magazine, many retirees who either lost money or lost faith in the stock market are purchasing insurance annuities to provide guaranteed income during retirement. With an annuity you pay an insurance company a large sum of money in return for a monthly check for a certain time period or for the rest of your life. For instance, a 65-year-old man could make $725 a month by purchasing a $100,000 annuity.
The Labor Department notes that some annuities make adjustments for inflation. It recommends you carefully review the terms of the investment and answer the following questions:
* Does the amount paid vary based on investment returns or is it fixed?
* What will you pay in related fees?
* How are the payouts taxed?
5. As that your employer start a pension or retirement plan if one doesn't already exist
Starting a retirement savings plan is easier than many small business owners might think. Retirement plans help to attract and keep good employees, and the employer's contributions are tax deductible.
6. Only use your savings for retirement
Many experts agree on this step. The Labor Department notes that if you dip into your retirement savings, you lose principle and interest, and you may lose tax benefits. Roll your 401(k) into an IRA if you change jobs.
7. Diversify your assets and be sure to include guaranteed income for life
Experts recommend you keep money in a safe, interest-bearing account, as well as some money-earning stocks. This spreads the risk. The Labor Department recommends the following distribution:
* Some money in savings or checking accounts with no risk
* Some in bonds, with a little more risk
* Some in stocks with a higher risk, but a higher return
Another way to diversify is by investing in index mutual funds.
8. Ask questions and get help by seeking the advice of a professional financial advisor
An expert can help you sort through all the investment opportunities and help you decide what's right for you. But avoid strangers on the phone or the Internet--retirees are frequent targets for scammers.
9. Start now and set goals
The IRS recommends you set up a "painless" payroll deduction, regardless of your age or how long you have until retirement. Other strategies:
* Maximize your pre-tax deductions at work
* Make catch-up contributions after the age of 50
* Work a few years longer than you might otherwise have
* Don't take on large debt during your pre-retirement years
* Hold off withdrawing Social Security benefits
10. Start a retirement plan and monitor your progress
A retirement plan can help set out your goals for saving and your strategies for reducing debts. Write down those goals and strategies. According to the Labor Department, people frequently alter future spending patterns if they record their expenses and have a plan for reducing them.
11. Use whole life insurance to protect your family's finances
Purchasing a whole life insurance policy, which pays beneficiaries when the insured individual dies, is a way to ensure your family is financially protected should the breadwinner pass away and is no longer bringing home a paycheck. A whole life insurance policy can provide the funds necessary, so that your spouse doesn't have to go back to work during retirement, or that your children don't have to tap into their own savings to pay for a funeral. A properly sized policy can make sure your spouse has enough money to pay the outstanding principle on your home, finish paying for a child's college or cover other large expenses.
Friday, April 16, 2010
Insurance Agent: Career Information
Job Description of Insurance Agents:
Insurance agents, who may be referred to as insurance sales agents, help clients choose insurance policies that suit their needs. Clients include individuals and families as well as businesses. Captive agents work for an insurance company, and only sell that company's products. Independent insurance agents, or brokers, represent several companies. Types of insurance include property and casualty, life, health, disability, and long-term care insurance. Many insurance agents also sell mutual funds, variable annuities and other securities.
Employment Facts for Insurance Agents:
Insurance agents held about 436,000 jobs in 2006. About half of them worked for insurance agencies and brokerages and about 23 percent worked for insurance carriers. More than a quarter of all insurance agents were self-employed.
Educational Requirements for Insurance Agents:
Employers prefer to hire insurance agents who have college degrees, particularly in business or economics. They might consider hiring a high school graduate who has proven sales ability.
Insurance agents, who may be referred to as insurance sales agents, help clients choose insurance policies that suit their needs. Clients include individuals and families as well as businesses. Captive agents work for an insurance company, and only sell that company's products. Independent insurance agents, or brokers, represent several companies. Types of insurance include property and casualty, life, health, disability, and long-term care insurance. Many insurance agents also sell mutual funds, variable annuities and other securities.
Employment Facts for Insurance Agents:
Insurance agents held about 436,000 jobs in 2006. About half of them worked for insurance agencies and brokerages and about 23 percent worked for insurance carriers. More than a quarter of all insurance agents were self-employed.
Educational Requirements for Insurance Agents:
Employers prefer to hire insurance agents who have college degrees, particularly in business or economics. They might consider hiring a high school graduate who has proven sales ability.
How to Become an Insurance Agent
A successful insurance agent must be an excellent salesperson with an outgoing personality. The agent must also possess superior mathematical skills and constantly keep up-to-date on any changes within the Insurance Industry.
Familiarize yourself with the insurance field. Life, health, property and liability insurance are the areas in which most agents currently work.
Step 2
Receive a bachelor's degree in business or economics. Insurance companies prefer to hire individuals whose academic background includes courses in finance, math, accounting, economics, business and public speaking.
Step 3
Become proficient with the computer software used by the insurance industry.
Step 4
Work part time for an insurance agency while you're in college. Ask your guidance counselor if there are any agencies in your area that have training programs for college students.
Step 5
Expect to take your state's exam for the mandatory insurance license after an agency hires you. Classes for the exam are offered in pre-licensing schools of insurance agents associations and in offices of some insurance companies. Make sure you will meet all the licensing requirements of your state.
Step 6
Be prepared to take continuing education classes for years to come. Many states require these on a regular basis.
Step 7
Obtain certification to further your advancement within the industry. By taking intensive courses and examinations after you have had considerable experience as an agent, you can obtain the highly respected designation of Chartered Property and Casualty Underwriter.
Instructions
Step 1Familiarize yourself with the insurance field. Life, health, property and liability insurance are the areas in which most agents currently work.
Step 2
Receive a bachelor's degree in business or economics. Insurance companies prefer to hire individuals whose academic background includes courses in finance, math, accounting, economics, business and public speaking.
Step 3
Become proficient with the computer software used by the insurance industry.
Step 4
Work part time for an insurance agency while you're in college. Ask your guidance counselor if there are any agencies in your area that have training programs for college students.
Step 5
Expect to take your state's exam for the mandatory insurance license after an agency hires you. Classes for the exam are offered in pre-licensing schools of insurance agents associations and in offices of some insurance companies. Make sure you will meet all the licensing requirements of your state.
Step 6
Be prepared to take continuing education classes for years to come. Many states require these on a regular basis.
Step 7
Obtain certification to further your advancement within the industry. By taking intensive courses and examinations after you have had considerable experience as an agent, you can obtain the highly respected designation of Chartered Property and Casualty Underwriter.
Wednesday, April 14, 2010
Are life insurance quotes useful?
The life insurance quotes refer to the rates of life insurance policies. However these rates vary from company to company and from policy to policy. Though there many sources for information about the quotes it is better to collect from the company itself. If you can collect from more companies, well and good as it gives competitive edge. Read more from the article on insurance quotes.The article covers
* What are life insurance quotes?
* Where to get them?
* Factors affecting insurance quotes
* Best life insurance quotes
Life Insurance quotes are the prices at which life insurance policies are proposed to be sold. In that context a life insurance quote does not necessarily become the selling price of all life insurance policies as some are given at concessions in case if the individuals chooses to take other types of insurance policies from the same company. In case of group life insurance scheme special discounts are also offered. Life insurance quotes vary from company to company and from individual to individual.
* What are life insurance quotes?
* Where to get them?
* Factors affecting insurance quotes
* Best life insurance quotes
Life Insurance quotes are the prices at which life insurance policies are proposed to be sold. In that context a life insurance quote does not necessarily become the selling price of all life insurance policies as some are given at concessions in case if the individuals chooses to take other types of insurance policies from the same company. In case of group life insurance scheme special discounts are also offered. Life insurance quotes vary from company to company and from individual to individual.
Life Insurance - Plan for Life
The very best time to arrange life insurance
is when it's furthest from your thoughts. Take a typical young man. He's at the start of his career, possibly still living at home, but thinking of looking around for a flat. He has a car and the insurance that he arranged for it was probably his first step in the insurance ladder.
If he decided to take out some life insurance, whilst he's still young, fit and healthy he'd get the best possible rates. Probably the most valuable insurance at this stage is Critical Illness (CI) cover.
Whilst life insurance is designed to pay out to your beneficiaries if you die, CI cover will give you valuable support if you become critically ill. For our young man, starting on his career, an illness of this type could be a financial disaster. It is a fact that one in three people will develop cancer at some time in their lives, but the good news is that treatment and cure rates are improving all the time.
Advances in medical science thankfully mean that more and more people will survive many of the major serious illnesses. Unfortunately this recovery can take many months, or even years and necessitate long period of time off work. It may not be possible to carry on with the same work, meaning a change of career. In some cases it may be necessary to change your home and car.
is when it's furthest from your thoughts. Take a typical young man. He's at the start of his career, possibly still living at home, but thinking of looking around for a flat. He has a car and the insurance that he arranged for it was probably his first step in the insurance ladder.
If he decided to take out some life insurance, whilst he's still young, fit and healthy he'd get the best possible rates. Probably the most valuable insurance at this stage is Critical Illness (CI) cover.
Whilst life insurance is designed to pay out to your beneficiaries if you die, CI cover will give you valuable support if you become critically ill. For our young man, starting on his career, an illness of this type could be a financial disaster. It is a fact that one in three people will develop cancer at some time in their lives, but the good news is that treatment and cure rates are improving all the time.
Advances in medical science thankfully mean that more and more people will survive many of the major serious illnesses. Unfortunately this recovery can take many months, or even years and necessitate long period of time off work. It may not be possible to carry on with the same work, meaning a change of career. In some cases it may be necessary to change your home and car.
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