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

LIC buys Rs 4,300-crore debt from bond auctions of seven states

MUMBAI: State-run Life Insurance Corporation of India (LIC) has bought debt worth about Rs 4,300 crore in state bond auctions conducted by the Reserve Bank of India (RBI), starting the fiscal with its first big-ticket investment after clocking nearly 10 per cent growth in premium collection last year.

The country's biggest insurer bought about four-fifths of the total notified amount in the auction conducted on Wednesday. State development loans (SDL) are the bonds issued by different state governments and sold through a process of RBI auction 

.http://www.myallagents.com/LIC-buys-Rs-4300crore-debt-from-bond-auctions-of-seven-states/details.html 

Markets hoping for a strong & stable government

ET Now: IMF growth projections for India seem fairly upbeaten. Perhaps some would say that is what fueled the rally yesterday in the equity markets. 5.4% for FY14, 6.4% for FY15. What is your stance on these projections?Killol Pandya: I will not really be able to see so far into the future, especially in the context of elections. Our best hope is that we get a strong central government. From that perspective it does not really matter which party comes into power. Of course the markets appeared to be strongly siding with one of the two factions, but from the political sense a strong government at the centre will do us well. 

http://www.myallagents.com/Markets-hoping-for-a-strong-and-stable-government-Killol-Pandya-LIC-Nomura-Mutual-Fund/details.html 

Readers' Corner: Bhargav Dasgupta

You can port the policy from floater to individual plan for each of your family members, though a family floater has advantages such as being cost-effective, cover for entire family and so on. If you do wish to port to individual plans, you need to check with the specific insurance company regarding the sum insured for each member and other policy terms. Specifically, you need to know the minimum entry age allowed for your children to avail individual policies. If one/both of your children do not meet the minimum entry age criteria, you will need to continue with your existing family floater plan covering the child(ren), with at least one adult being the primary policy member. 
http://www.myallagents.com/Readers-Corner-Bhargav-Dasgupta/details.html 

Irda relaxes eligibility requirements for agents

Taking into account the difficulties faced by insurers in recruiting agents, the Insurance Regulatory and Development Authority (Irda) has decided to reduce the pass percentage bench mark to 35% in Agents Pre-recruitment Examination. Till now, the pass percentage was 50%. In a circular to the chief executives of all insurance companies, Sudhin Roy Chowdhury, Member (Life) of Irda said that the Authority has been receiving representations from various stakeholders expressing the practical difficulties involved in Recruitment of Insurance Agents. He added that the concerns raised have been examined keeping in view the present market scenario.  http://www.myallagents.com/Irda-relaxes-eligibility-requirements-for-agents/details.html

Don't depend on health cover by your employer

Most salaried are quite happy and content with their employers' health insurance schemes. Most feel they do not need any more insurance. But in the past three years, most Indian companies have been reducing the cover or insisting on co-payment for employees' parents. In such circumstances, employer's cover may not be enough. So, it is important the cover keeps pace with rising costs.  http://www.myallagents.com/Dont-depend-on-health-cover-by-your-employer/details.html

Q2 advance tax payout of top 100 companies sees muted growth

UMBAI: In line with macro environment, the advance tax collections from the top-100 corporates from the financial capital showed a muted growth for the September quarter, with the outgoes increasing by only up to 8 per cent, a senior official said today.
"For the top-100 companies, the advance tax payments have increased by 7-8 per cent," the official said.
Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said. 
http://www.myallagents.com/Q2-advance-tax-payout-of-top-100-companies-sees-muted-growth/details.html

health insurance tips for students travelling abroad

Unless the university makes it mandatory for you to buy the health cover it provides, you can waive it, especially if you are already covered as a dependant or want to purchase it privately. You can pick one from a local insurer in the country you are travelling to, or an Indian insurance company before you leave. 

Many students club the premium with the tuition fee for convenience, but the university may not offer the best deal, and it is wise to compare. Despite the online channel, it's not easy to buy a plan from a foreign insurer. So start by surfing the domestic plans. For some universities like MIT and Stanford, the plan must comply with their guidelines. If the prepackaged plan doesn't match the requirements, insurers are ready to tweak it.  

http://www.myallagents.com/5-health-insurance-tips-for-students-travelling-abroad/details.html 

AXA Assistance, iJet foray into Indian risk management market

NEW DELHI: Risk management solutions provider AXA Assistance and iJet International have announced their foray into India and are aiming to provide solutions to about 10 domestic firms this year in sectors such as IT.  The two global companies are targeting Indian corporate houses which send employees abroad and hire expats.  "Our aim this year is to tie up with at least 10 such companies," AXA Assistance Director Pradeep Bery told a new agency.  Both the firms have partnered to deliver combined security and medical response solutions in India.  "We have come together to provide comprehensive, integrated security and medial response solutions to corporates, expatriates and even students going abroad for education," Bery said.  However, he did not disclose the revenue sharing mechanism between the firms.   http://www.myallagents.com/AXA-Assistance-iJet-foray-into-Indian-risk-management-market/details.html

One-for-all insurance policy offers no risk cover

How about ordering Bajaj AutoBSE 0.79 % dealers to sell motorcycles manufactured by TVS Motor and Hero MotoCorp so that consumers have a wider choice and more motorcycles are sold in the country? Sounds far-fetched? Something similar is cooking in financial services.    http://www.myallagents.com/Oneforall-insurance-policy-offers-no-risk-cover/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

 

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 

Uday Kotak: Government should list LIC; move from NREGA to KAREGA

NEW DELHI: Advocating the need to ensure better fiscal management, Uday Kotak, the Vice-chairman and Managing Director of Kotak Mahindra Bank on Tuesday suggested a big-ticket measure of listing the Life InsuranceCorporation of India (LIC).
(LIC).http://www.myallagents.com/Uday-Kotak-Government-should-list-LIC-move-from-NREGA-to-KAREGA/details.html

LIC trims stake in Infosys to 3.25 percent; garners Rs 850 crore

LIC, the biggest institutional investor in the stock market, held 3.71 percent stake in Infosys during the October-December quarter, which has fallen to 3.25 percent as of March 31, 2014

The state-run firm has been reducing its stake in Infosys since June quarter. It held 6.72 percent stake in the country's second largest software services exporter at the end of June 30, 2012, as per the latest data available with the stock exchanges  . http://www.myallagents.com/LIC-trims-stake-in-Infosys-to-325-percent-garners-Rs-850-crore/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

Seek details from insurance agents

You walk into a bank to invest some surplus money in a fixed deposit. The relationship manager offers you another ‘fixed deposit’ linked to a security and gives tax-free interest. Should you go for it? No, because no bank deposit gives tax-free interest and you are being offered an investment-relatedinsurance policy 
http://www.myallagents.com/Seek-details-from-insurance-agents/details.html 

LIC hopes to retain market share of 82 percent this fiscal

"We hope to retain the existing market share in the current financial year at 82 per cent," LIC Managing Director SB Mainak said

LIC 's market share increased to 82 percent last fiscal as against the previous year's level of 76 percent, he sai

He added that LIC has introduced many new products since January 2014"Products require time to get market acceptance," he told reporters on the sidelines of a seminar organized by BCCI on Tuesday. 

http://www.myallagents.com/LIC-hopes-to-retain-market-share-of-82-percent-this-fiscal/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

Personal Accident Insurance Online

Sometimes even a small accident or mishap can throw your financials out of gear.Get insured to be prepared for those trying times.

Accident Shield Online Insurance is a worldwide, Personal Accident Cover that is specially designed to protect you from the following unforeseen events - Death, Total Disability and Permanent Partial Disability. This comprehensive policy will help your family meet its financial commitments in the hour of need. 

http://www.myallagents.com/Personal-Accident-Insurance-Online/details.html