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 

MetLife India Fined For Misselling Of Insurance Policies

The Chandighar district consumer disputed redressal forum passed an order against MetLife India holding it guilty of unfair trade practice and deficiency in services. The company was held guilty for mis - selling eight insurance policies to an underage boy. The minimum age prescribed for a person to avail insurance policy is 20 years, however the company sold the above 8 insurance policies to a boy aged 19 years only.  http://www.myallagents.com/MetLife-India-Fined-For-Misselling-Of-Insurance-Policies/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

HNI To Be Benefitted With Additional Services From Insurance Companies

Alike banks, who gives priority banking to its preferred customers, insurance companies have also come out with the plan to provide specialized services to its High Net Worth Individual (HNI) customers. This plan comes under two categories viz: gold and silver. Under this, in addition to giving of personal advices and services to its customers, insurance companies will also give specialized products to these individuals. However this facility is available if a customer’s renews the policy without any break. 
http://www.myallagents.com/HNI-To-Be-Benefitted-With-Additional-Services-From-Insurance-Companies/details

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

Chola MD launches truck insurance

Cholamandalam MS General Insurance Company on Tuesday announced the launch of ‘Chola Protect for Trucks’ with 11 add-on covers that offers total protection for the trucks. This is one of the first value-added insurance products for truck owners in the country. The company also launched an ‘Emergency Road-Side Service’ for trucks. The new package product, with wide range of add-on covers, aims to offer complete protection with unique features like 100% depreciation waiver, reinstatement value in case of total loss, monetary compensation for loss of key, driving license, registration certificate, permit, payment for road tax, registration and insurance cost.  http://www.myallagents.com/Chola-MD-launches-truck-insurance/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

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 

LIC online term plan: How is it different?

Pankaaj Maalde, Head-Financial Planning, Apna Paisa. It’s rightly said “It’s never too late to start a new beginning”. At last LIC, one of the largest players in life insurance business, launches online term plan which will not only increase awareness but also increase the competition in the market. LIC move also will force other players, who still have not launched it, to launch online term plan soon. Even premium of LIC online term plans is higher compared to peers it will help people to understand the need of life insurance and also reveal the facts that how the investment products are bundled. This will help them to separate insurance and investment need in future.   http://www.myallagents.com/LIC-online-term-plan-How-is-it-different/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 

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