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

How good is online insurance?

nternet is the buzz word these days. It is the virtual world where one can shop, meet people, find a job, play games and what not! Indians are one of the largest users of Facebook; we are also witnessing a ferocious growth of e-commerce market which is active with mergers and acquisitions. These are some credentials that the internet can boast about. To add further to it, even banking has taken the internet way and so have the insurers. As insurers, from the initial baby steps with only simple term products, the industry is now exploring the online market for slightly more complex endowment products and a variety of other products with a combination of riders. All this is available at just few clicks .http://www.myallagents.com/How-good-is-online-insurance/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

ICICI Prudential Life launches new product

MUMBAI: Private life insurer, ICICI Prudential Life Insurance today launched a unit-linked insurance product 'ICICI Pru Guaranteed Wealth Protector', a company release said.  This unit-linked product will allow customers to protect their capital on maturity and have a potential for upside through an exposure to equities, it added.   http://www.myallagents.com/ICICI-Prudential-Life-launches-new-product/details.html

http://www.myallagents.com/Tata-AIG-General-sees-13-growth-in-premium-in-FY14/details.html

Life insurance is supposed to protect income. If something untoward happens to the policyholder, the insurance policy provides money to replace his (or her) income. Therefore, an insurance company will sell you a large term cover only after checking your income profile and tax returns. Even financial planners say there is no need to buy insurance for a person who does not earn. But Vishwa Raja begs to differ.  http://www.myallagents.com/Insurance-policies-designed-for-women/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