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-Life Secure Online Plan Launched By Aviva India

Mr. Rishi Piparaiya, Director – Marketing and Banassurance at Aviva India announced the launch of on-line life insurance plan i-life secure. This plan provides for guaranteed income for 15 years post death of the life insured. Adding to the above, he said that this plan ensures that the family of the deceased and their needs are protected, whether it is the child’s school fees, EMI for housing loan or protection of the family by way of regular income  . http://www.myallagents.com/ILife-Secure-Online-Plan-Launched-By-Aviva-India/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

Soon, share electronic medical record with insurers

Electronic Medical Record (EMR) which would enable healthcare providers to have a coded intergrated health care system has been a process mooted by the Ministry of Health and Family Welfare.

With EMR being in place, all medical records of customers will be available in an electronic format. However, sharing of this data with insurance companies could still be some time away. 
.http://www.myallagents.com/Soon-share-electronic-medical-record-with-insurers/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 

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 

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

Primer: All you wanted to know about e-insurance accounts

IRDA wants all its customers to move to a paperless world. The introduction of insurance repository system (IRS) is one such part of this initiative. An account called e-insuranceaccount will be available for all customers who hold insurance policies. This is similar to demat account which was introduced for eliminating physical storage of stocks or mutual funds.  http://www.myallagents.com/Primer-All-you-wanted-to-know-about-einsurance-accounts/details.html

Exide Life Insurance targets 10% growth in 2014-15

Exide Life Insurance, the company which switched to its new name a couple of days ago from the ING Vysya Life , on Thursday said it has targeted to achieve a growth upwards of 10% in the current year on the back of a strong re-branding exercise and also helped by a turnaround expected in the economy.

Total premium income of the company grew 5% to Rs 1,830 crore in the year 2013-14 from Rs 1,742 crore in the previous year on the back of a reasonable growth in renewal premium. However, the growth in new business premium decreased by 3% during the same period, mostly on account challenging economic environment in the country, according to Kshitij Jain, managing director and CEO of the companyhttp://www.myallagents.com/Exide-Life-Insurance-targets-10-growth-in-201415/details.html 

Review of public sector health insurance policies

Smitha Hari There are four public sector players in the country with health insurance policies - United India Insurance Co Ltd, National Insurance Co Ltd, New India Assurance Company Ltd and Oriental Insurance Company Ltd. The greatest benefit of taking a policy with these players is the cost benefit, as you will need to pay lower premium for the same coverage when compared to a private sector player. However, there are some drawbacks also, like a co-payment clause in many policies and also limited option of choosing a high cover. We have analysed the Family Medicare Policy from United India Insurance Co Ltd, Parivar Mediclaim Policy from National Insurance Co Ltd, Mediclaim 2012 Policy from New India Assurance Company Ltd and Happy Family Floater Policy from Oriental Insurance Company Ltd. Let’s look at some features of these 4 policies.   http://www.myallagents.com/Review-of-public-sector-health-insurance-policies/details.html