Birla Sun Life Launches Vision LifeSecure Life Insurance Plan

Mr. Jayant Dua, Managing Director and Chief Executive Officer of Birla Sun Life Insurance Company, announced the launch of Vision LifeSecure Plan, which is a combination of savings and complete financial protection plan.  This plan offers a combination of periodical bonuses throughout the policy term and a life insurance benefit until a person attains the age of 100 years. He further added that, this plan is developed keeping in mind the fact that overall life expectancy across age group has gone up and the average prolonged existence per person is improving.  http://www.myallagents.com/Birla-Sun-Life-Launches-Vision-LifeSecure-Life-Insurance-Plan/details.html

I need Health coverage that starts before January 2014

You can buy individual insurance that starts before January 1, 2014. We can help you find your options. But some rights and benefits won’t apply yet.
Having health insurance is important

Having health insurance is important to your health and financial security. If you don’t have coverage now and need it before Marketplace coverage begins, you have several options. You can buy directly from an insurance company, with the assistance of a broker or agent, or using an online service.
http://www.myallagents.com/I-need-Health-coverage-that-starts-before-January-2014/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

Customer Forms Should Have Standard Font And Minimum Size 7 Says IRDA

 

Insurance Regulatory and Development Authority (IRDA) issued a draft circular on policy servicing forms. The two main stipulations that IRDA has focused on are - (1) Availability in Languages recognized under Constitution of India (2) Minimum Font Size of “Times New Roman 7” (1) Availability in Languages recognized under Constitution of India While the existing regulations specify that all print material, used in the pre-sales and sales process, shall be made available in multiple languages, there is no rule for making available all the forms used during the course of post-sale policy servicing such as; claims, loans, surrender, alterations, nominations, assignments, revivals etc. Therefore, IRDA has advised all the Insurers to make available all the policy servicing forms also in languages recognized under the Constitution of India.  ] http://www.myallagents.com/Customer-Forms-Should-Have-Standard-Font-And-Minimum-Size-7-Says-IRDA/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

SKDRDP tops in small ticket LIC policy numbers

MANGALORE: Dharmasthala-based Shri Kshethra Dharmasthala Rural Development Project (SKDRDP), the brainchild of D Veerendra Heggade, has become the leader in implementing Jeevan Madhur LIC scheme by insuring 9.1 lakh poor persons since 2008. As a corporate agent of LIC, SKDRDP stands first in the country with respect to number of policies and the first premium paid in this small ticket policy. Y Vishwanath Gowd, senior divisional manager, LIC OF India, divisional office, Udupi, said SKDRDP with this mission has covered insurance of 9.1 lakh policies with more than Rs100 crore first premium.  http://www.myallagents.com/SKDRDP-tops-in-small-ticket-LIC-policy-numbers/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 

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

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

Bundled insurance products find takers

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. 
http://www.myallagents.com/Bundled-insurance-products-find-takers/details.html

Bancassurance norms and products to give insurance industry a new direction

MUMBAI: After two sluggish years, the insurance industry is hoping that 2014 holds out better prospects amid expectations of stronger economic growth in the second half of the current fiscal. New product guidelines and bancassurance norms will also shape how the life insurance industry fares in 2014.  Life insurers will begin the year by launching 500 products aligned to comprehensive new norms aimed at making policies more customer-friendly. For instance, there will be a guaranteed surrender value after five years. There are new rules on the minimum death benefit as well.  http://www.myallagents.com/Bancassurance-norms-and-products-to-give-insurance-industry-a-new-direction/details.html

Air India and LIC triumph in All India public sector carrom

MUMBAI: Former World Champion RM Shankara of Air India & unseeded Kajal Kumari of Indian Oil won the men and women singles titles in the All India public sector carrom tournament organised by Air India Sports Club under the auspices of All India Public Sector Sports Promotion Board at badminton hall on Saturday. 
.http://www.myallagents.com/Air-India-and-LIC-triumph-in-All-India-public-sector-carrom/details.html 

Insurers struggle to get micro-insurance agents

Micro-insurance or micro agent was a channel in theinsurance industry that was developed for deeper penetration of insurance into India. However, with smaller ticket size coupled with low commissions, this channel has seen low participation from distributors. Micro-insurance products, which offer coverage to low income households is a mechanism to penetrate rural areas. It is a general or life insurance policy with a sum assured of Rs 50,000 or less, however the average ticket size ranges from Rs 2000-4000 per policy.  http://www.myallagents.com/Insurers-struggle-to-get-microinsurance-agents/details.html

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

Get your high-end smartphone insured

Smartphones have become a necessity these days, and many of us are buying the high-end ones on equated monthly instalments (EMIs) which allows one to pay for these phones over time. But what if your phone is stolen or damaged ? You will still have to pay the EMIs on your phone. Here’s where an insurance cover on your phone can come to your rescue. Increasing instances of theft and break downs means  you could easily lose expensive items. “It always makes sense to buy an insurance cover when you buy an expensive item,” says Amarnath Ananthanarayanan, chief executive officer (CEO) of Bharti AXA General Insurance.  http://www.myallagents.com/Get-your-highend-smartphone-insured/details.html

Aditya Birla Insurance Brokers posts 40 per cent business growth

MUMBAI: Despite declining growth in the general insurance sector in the current fiscal, Aditya Birla Insurance Brokers (ABIB) has posted a growth of around 40 per cent, and hopes to sustain the momentum, a top official said.  "We have seen a growth of around 40 per cent as of now this fiscal. Both our personal and corporate businesses have shown sound performance during this period and we hope to sustain this momentum," CEO and Principal Officer of Aditya Birla Insurance Brokers Sandeep Dadia told PTI here.   http://www.myallagents.com/Aditya-Birla-Insurance-Brokers-posts-40-per-cent-business-growth/details.html

Loyalty rewards on life insurance too

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.   http://www.myallagents.com/Loyalty-rewards-on-life-insurance-too/details.html