Need to wait and watch, if banks want to become brokers: Insurers

While the Insurance Regulatory and Development Authority (Irda) has allowed banks to become insurance brokers, insurance companies said it still needed to be seen whether this would happen. “It is a positive step, especially for non-bank led companies, since it has been pending for a long time. However, we will have to see, over a period of time, if banks would be interested, and whether RBI would approve. Only after this, would we see an open architecture of bancassurance,” said Deepak Mittal, managing director & chief executive officer, Edelweiss Tokio Life Insurance.  http://www.myallagents.com/Need-to-wait-and-watch-if-banks-want-to-become-brokers-Insurers/details.htm

 

What are the different types of health insurance?

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
dhttp://www.myallagents.com/What-are-the-different-types-of-health-insurance/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

Ways to get more from your health insurance

If you have been running from pillar to post to make your health insurance claims, you must be heaving a sigh of relief. The new health insurance regulations, effective from October this year, have made it easier for policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time.   http://www.myallagents.com/Ways-to-get-more-from-your-health-insurance/details.html

Regulators’ Rap on the Knuckles

Right to Information (RTI) application to the Insurance Regulatory Development Authority of India (IRDA), followed by an appeal, is what it took to ferret out the information that, until August 2013, Reliance Life Insurance, through its corporate agent, had defrauded 2,141 persons into buying insurance with the false assurance that they would get an interest-free loan equal to 10 times the premium. The agent was AB Capital which ran a call centre that expertly duped people by claiming that the loan would be processed once the policy was bought. Immediately after the policy purchase, they would stop taking the calls 
http://www.myallagents.com/Regulators-Rap-on-the-Knuckles/details.html 

Things to note while taking life insurance premiums

 

Insurance plans have traditionally been a very popular tax saving tool considered by many people. Almost 70 percent of the overall insurance related products are sold in the quarter from January to March. While insurance plans do offer tax benefits up to Rs 1 lakh under section 80c of the income tax act, new change in rules and regulations especially with the implementation of Direct Taxes Code (DTC) means one needs to be careful while selecting any insurance product simply because of its tax related benefits. Here are some things to note while taking life insurance premiums for tax saving. Not all Insurance Payments are Tax Free:  http://www.myallagents.com/Things-to-note-while-taking-life-insurance-premiums/details.html

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..http://www.myallagents.com/Chola-MS-launches-Android-app-for-health-insurance-customers/details.html

Tata AIG General sees 13% growth in premium in FY14

MUMBAI: Private general insurer Tata AIG is eyeing around 13 per cent growth in premium in the current financial year and hopes of posting underwriting profit during this period.  "The general insurance industry reflects the trend in the general economy. We have grown around 13 per cent in premium terms till now and hope to end this fiscal with the same rate of growth," Tata AIG General Insurance Chief Executive Kaushal K Mishra told PTI in an interaction today .http://www.myallagents.com/Tata-AIG-General-sees-13-growth-in-premium-in-FY14/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 

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

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 

In one sentence, purchasing insurance online is convenient, fast and usually cost you lesser. The insurers know the potential of this distribution channel and therefore have the entire product range-from life to health, motor and travel-available on the net for you. With click of a mouse you can buy any policy from any corner of the world at any point of time.  Buying Benefits: The distribution efficiency also leads to cost efficiency. Since the customer buys directly from the insurer, the distributor's margin (or commissions) is saved. Also, the entire process is carried in the virtual world and is paperless, reducing the costs further. These savings are usually shared with the customer in the form of lower premiums.    http://www.myallagents.com/Advantages-of-online-insurance/details.html

LIC of India buys 85.46 lakh shares of Axis Bank

On March 21, 2014 Citigroup Global Markets Mauritius Private Limited bought 38,23,250 shares of  Axis Bank  at Rs 1,316.13 on the BSE and Goldman Sachs Singapore Pte bought 23,50,000 shares at Rs 1,323.57. Also, Life Insurance Corporation of India bought 40,54,842 shares at Rs 1,313.25 and 44,91,667 shares at Rs 1,313.25 on the BSE. However, Unit Trust Of India D.R.F. sold 1,28,90,859 shares at Rs 1,316.27 and UTI I A/C D.R.F. sold 1,44,15,666 shares at Rs 1,315.51 on 
 http://www.myallagents.com/LIC-of-India-buys-8546-lakh-shares-of-Axis-Bank/details.html  

Women LIC agents block Kozhikode divisional office

KOZHIKODE: A group of women agents of the Life Insurance Corporation blockaded the Kozhikode divisional office of LIC on Friday. The LIC staff were prevented to go out of the office for lunch by a group of over 100 women agents.
Protesters alleged that the LIC officials had trapped them by giving misleading information.
People, who had invested under the Jeevan Madhur Micro Finance Policy scheme, were not returned their money even after the fixed tenure 
http://www.myallagents.com/Women-LIC-agents-block-Kozhikode-divisional-office/details.html

LIC seen selling banks, IT shares: Dealers

Life Insurance Corp was spotted selling IT and bank shares after a recent rally, said four dealers at brokerages that handle trades on behalf of India's largest state-run insurer. 

"LIC has been a consistent seller of Indian shares during this rally, and the pace would increase only till elections," one of the dealers said. 

LIC officials were not immediately reachable for comments. 

NSE's banking sub-index gains 0.5 per cent while IT sub-index falls 0.7 per cent at 0828 GMT. 

Source: The Economic Times 

http://www.myallagents.com/LIC-seen-selling-banks-IT-shares-Dealers/details.html  

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

LIC close to seizing Unitech's Noida land

NEW DELHI: Life Insurance Corporation of India (LIC) has taken "notional possession" of a slice of real estate major Unitech's 350-acre land parcel in Noida after the company failed to repay a part of its nearly Rs 150-crore loan from the country's largest insurer.
In a 'Notional Possession Notice' issued, LIC cautioned the public against dealing with the land parcels in sectors 96, 97 and 98 in Noida, which is prime property along the expressway that connects the Delhi suburb with Greater Noida. Bankers said "notional possession" is a step short of taking physical control of an asset, although the property remains under the company's charge. The property can be handed back to the company once the accounts are settled. 
.http://www.myallagents.com/LIC-close-to-seizing-Unitechs-Noida-land/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

Liberty Videocon hopes to meet business target by March

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.   http://www.myallagents.com/Liberty-Videocon-hopes-to-meet-business-target-by-March/details.html