Tuesday, July 15, 2014

Former LIC chief Mathur to be NSE chairman

Former chairman of Life Insurance Corporation (LIC), S B Mathur, is likely to take over as the new non-executive chairman of the National Stock Exchange (NSE), the country’s largest equity trading bourse. According to industry sources, Mathur’s name is under consideration of the Securities and Exchange Board of India (Sebi) after NSE proposed it.http://www.myallagents.com/Former-LIC-chief-Mathur-to-be-NSE-chairman/details.html 

Checks on rise in health insurance renewal premium in the pipeline

The Insurance Regulatory and Development Authority (Irda) on Wednesday said it would soon come up with norms to prevent arbitrary increases in renewal premiums on health policies. It added insurance companies often raised premiums when policies under which benefits were claimed were due for renewal.

Give a pass to women-centric insurance plans

Parents and grandparents looking to save for their children/grandchildren's future have been the biggest targets for life insurance companies. The next in line are those 10-15 years away from retirement. In the recent past, life insurers have started focusing on women and have come up with products catering to women-specific needs, specially health-related. 

Irda to develop mechanism for faster approval of policies

The Insurance Regulatory and Development Authority (Irda) will soon develop a mechanism for faster approval of insurance policies and encourage companies to come out with low premium products for increasing insurance penetration, a senior government official said today.http://www.myallagents.com/Irda-to-develop-mechanism-for-faster-approval-of-policies/details.html

IL&FS-backed infrastructure debt fund targets $1-bn corpus


The infrastructure debt fund (IDF) backed by IL&FS Financial Services and Life Insurance Corp of India ( LIC) is planning to raise up to $1 billion (Rs 5,300 crore) initially from foreign and domestic investors.

The fund will use a trust structure (mutual fund route) for this venture, since it provides flexibility to invest in existing and new projects. Besides power, ports and road projects, the IDF might look at healthcare and education projects as well.http://www.myallagents.com/ILandFSbacked-infrastructure-debt-fund-targets-1bn-corpus/details.html

Medical premium rate hike on cards by National Insurance Company

Sources from State owned National Insurance Company told that in order to mitigate the losses, the company could hike the rates of health insurance premium and according to the sources from their head quarter; this increase can range from 20% to 40%. Further on this, Mr. Ashok K. Roy, Chairman of General Insurance Corporation said that there is an urgent need for raise of health tariff for insurance companies and at the same time hospital should reduce their cost. 
http://www.myallagents.com/Medical-premium-rate-hike-on-cards-by-National-Insurance-Company/details.html

Claim Process made easier by ICICI Lombard

ICICI Lombard, the largest private general insurance company in India has launched a one of its kind Mobile Application for customers. Mr. N Eswarnatarajan, head of Operations and Technology, ICICI Lombard General Insurance announced the launch of mobile application “Insure” that will help the customer to intimate the claim through a mobile. 
http://www.myallagents.com/Claim-Process-made-easier-by-ICICI-Lombard/details.htm

BS People: S S Mundra


The challenges facing S S Mundra, the new chairman and managing director of public sector lender Bank of Baroda, are different from the ones his peers have to deal with. While most state-owned banks are grappling with asset quality headwinds, Bank of Baroda is quite comfortable on that front. The lender has managed to maintain a decent gross and net non-performing asset ratio in comparison to other banks, despite some problems in asset quality. 

Irda publishes five key reforms in gazette

The Insurance Regulatory and Development Authority (Irda) has published in the gazette of India five key reforms related to the sector, including new guidelines for insurers and reinsurers. The reforms are: Investment regulations for insurers, Irda (life insurance-reinsurance) regulations; places of business regulations; Irda appointed actuary amendment regulations and regulations for the standard proposal form. 
According to the actuary 
  

Irda for changing 'Place of Business' regulation

The Insurance Regulatory and Development Authority (Irda) will take a call on altering its ‘Place of Business’ Regulation, which called for insurers to take permission of the regulator to open offices in any location in India. This, is to be in tandem with the Budget proposal to allow insurance companies to open branches in Tier-II cities and below without Irda approval.http://www.myallagents.com/Irda-for-changing-Place-of-Business-regulation/details.html 

LIC Nomura eyes 2-fold rise in AUM in FY14

LIC Nomura eyes 2-fold rise in AUM in FY14
LIC Nomura Mutual Fund targets over two-fold increase in its average assets under management (AUM) in the current fiscal by launching a host of new schemes in the debt and equity segments, a top company official said.
The fund house, which had posted losses in FY2011 and FY2012, also hopes to report profit in 2012-13..
http://www.myallagents.com/LIC-Nomura-eyes-2fold-rise-in-AUM-in-FY14/details.html

Planning to buy insurance this year?

If you are planning to buy an insurance policy this year - either life or health - you should hold the purchase until the products are refiled. The Insurance Regulatory and Development Authority (Irda) has given insurers time till June 30, 2013 and September 30, 2013 to re-file their group and individual products, respectively. 


LIC is India's most attractive BFSI bran

At present, under Employee’s Deposit Linked Insurance (EDLI) scheme, wherein employer contributes 0.50% of the basic pay as insurance premium every month to the EDLI scheme, employee gets the benefit equal to his provident account balance if the balance is upto Rs. 50,000 and if it exceeds Rs. 50,000 then account balance plus 40% of the balance. However there is a cap of Rs. 100,000 upto which the benefit can be availed. Prior to the year 2010, the maximum benefit available under this scheme was Rs. 60,000. 
http://www.myallagents.com/LIC-is-Indias-most-attractive-BFSI-bran/details.html  

Why Cobrapost expose was a non-event for bank stocks

The shrill Cobrapost bite, this time mostly on large state-owned banks and insurance companies, failed to upset the market confidence on banking shares. The latest sting operation turned out to be a non-event that did not lead to panic-selling by investors on Monday. Bank Nifty was flat to close the day's trading at 12,396.
Source: moneycontrol.com 

When to increase health cover

If you had bought a health cover five years earlier, there is a good chance your sum assured would be Rs 2-3 lakh. With the cost of medical treatment jumping 15 to 20 per cent every year, a cover of less than Rs 5 lakh will not be sufficient in case of hospitalisation. In case of a severe disease you would easily need Rs 8-10 lakh.

Hence, it is of utmost importance to review your health insurancecoverage, says Manasije Mishra, chief executive officer of Max Bupa Health Insurance. A need to upgrade insurance cover arises, typically with increase in responsibilities and liabilities. Mishra advises upgrading your cover if you are still on a plan of less than Rs 5 lakh or when responsibilities like childbirth or additional expenses like home loan come up. If you are over 35 years and still depend on your employer for health insurance, you might need to increase your health cover 

ICICI Lombard expects to surpass industry standard in premium growth

 
ICICI Lombard’s gross written premium (GWP) grew by 20%, expects a premium growth of 2 – 3% higher than the industry average. According to Mr. Neelesh Garg, Executive Director – ICICI Lombard General Insurance Company GWP grew to Rs. 6,420 crores for the financial year ending March 2013. He attributed this growth to rise in premium amount in both retail and corporate segments.
He further quoted that the company expects the force of previous year to go forward in this year and that the company expects 2 – 3% higher premium than the industry average in the coming financial year. He also did not rule out the rise in prices of the premium amount depending on the inflation numbers. 

Majority of companies discontinue to include parents in group medical insurance policy

mployees’ health and benefits study by Insurance broker Marsh India revealed that there has been a drop of around 76% in companies providing health insurance cover facilities to the employees’ parents under group mediclaim policy. The main reason attributable to the same is high premium cost. 
.http://www.myallagents.com/Majority-of-companies-discontinue-to-include-parents-in-group-medical-insurance-policy

IRDA plans to introduce maturity benefits term plan

 
In order to boost the sales of term insurance policies, which is showing a decline trend since past 3 years, market regulator Insurance Regulatory and Development Authority (IRDA) want insurance companies to sell term plans having maturity benefit. For this, IRDA will also bring a new set of guidelines in two months time and is also planning to allow business correspondents of the banks to sell these policies in the rural area of the country. 
http://www.myallagents.com/IRDA-plans-to-introduce-maturity-benefits-term-plan/details.html
 

Monday, July 14, 2014

US rating firm AM Best says National Insurance has good financial strength

 
KOLKATA: AM Best, a US-based insurance industry rating agency, has assigned a financial strength rating of "B++" and issuer credit rating of "bbb+" to National Insurance Company Ltd. The outlook for both ratings is stable. 
The ratings reflect the insurer's strong risk-adjusted capitalisation, diversified business portfolio, consistent business income and its leading position in India's motor insurance sector, the rating company said in a press statement released from Hong 

ICICI Lombard under IRDA scanner for alleged irregularities

The vigilance department of the Insurance Regulatory and Development Authority (IRDA) is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana ( RGSSBY), Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe 
http://www.myallagents.com/ICICI-Lombard-under-IRDA-scanner-for-alleged-irregularities/details.html

Online insurance sales to grow 20 times by 2020

MUMBAI: The online insurance market in India is likely to grow 20 times by 2020, a study showed. 
A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore. 
At present, it is in excess of Rs 700 crore online sales. Life insurance sales contribute around Rs 300 crore, motor insurance around Rs. 250 crore, while other insurance lines such as health and travel make up around Rs 150 crore. 
Digital insurance in India is set to become massive, supported by developments like mobility to drive Internet growth, move over natives, the migrants are in full force and move over metros, the report said.  

No insurance cover for e-rickshaw ride

At present, around a lakh e-rickshaws that ply on Delhi roads are not "vehicles" as per the provisions of Central Motor Vehicles Act. "If an accident is attributed to e-rickshaws, then the occupants will not get any claims from insurance companies. This is a dangerous situation. We are allowing an unsafe vehicle to ply on roads, risking the life of the common man," said the official 
http://www.myallagents.com/No-insurance-cover-for-erickshaw-ride/details.html

Calculating your need before buying insurance

Mis-selling in insurance is prevalent and is one of the key reasons that is hurting the sector's growth is a fact accepted by the Finance Minister, P. Chidambaram himself on several occasions. Though the intermediaries are first to be blamed for it—an agent only pushes products that earn high commission—is the most popular reasoning given. However, there are several other reasons why a customer ends up buying a wrong product. For instance, it is not always 'mis-selling' but sometimes 'mis-buying' as well—lack of awareness, expectations of quick returns and using insurance as a tax saving tool, to name a few 

How to Claim for Health Insurance from Multiple Insurers

Healthcare costs were significantly lower a decade ago. A health policy of Rs. 2 lakh back then could provide adequate coverage for a small family; today, the same policy will not go far.
Galloping inflation in healthcare has ensured that a single health plan is no longer enough. Many are now buying multiple policies in order to increase their health coverage. However, multiple policies give rise to multiple queries regarding the claims process: 

Dial 'e' for e-insurance

If one goes by latest trends, just putting an 'e' before everything makes it fashionable. But it has its benefits as well. And the main benefit is reduction in cost, often quite sharply. So, when asked the question whether buying an  is better than the offline policy, most would agree with the convenience of the former. 

Comprehensive health plans better for specific diseases

Some pointed to the fact that this comes close on the heels of new guidelines that don’t allow extra loading, effective October. Sooner or later, all companies would have to comply with this. Currently, health insurers such as ICICI Lombard, Apollo Munich and Bajaj Allianz cover diabetes and hypertension as pre-existing diseases (after a waiting period). New India Assurance would have a four-year waiting period for a cover on the two diseases. 
http://www.myallagents.com/Comprehensive-health-plans-better-for-specific-diseases/details.html 

Five inbuilt free or cheap insurance covers

Some products and services have  covers most buyers don't know about. The best part is, usually, these are free or quite cheap.

For example, there are covers given along with liquefied petroleum gas (LPG) cylinders, up to a whopping Rs 40 lakh in case of loss of life or damage to property due to cylinder explosions. Though there are a number of LPG cylinder explosions, causing loss to life and property, no one seems to be aware of an insurance cover available for LPG consumers in such cases. 

Liberty Videocon General Insurance Company To Achieve Its Biggest Target

 
Roopam Asthana, Chief Executive Officer at Liberty Videocon General Insurance Company, today declared the company’s performance report for the ongoing year 2013 - 14. He said that till now the company has successfully achieved a sales figure of Rs. 65 crores as against the budget of Rs. 120 crores for the entire year. The Company is also optimistic about the business for the remaining part of the year and expects to meet the budgeted amount of sales. 


Shriram Life launches seven new products

 According to Manoj Jain, CEO Shriram Life, out of the seven plans, four products are market-linked and the remaining are traditional products. 
"The new products are more customer friendly giving better value proposition in terms of higher surrender values and better death benefits," Jain told reporters here, adding that the new products are in compliance with new guidelines issued by the Insurance Regulatory and Development Authority.  

LIC sells shares worth Rs 8,800 cr in 17 Sensex companies

State-run insurance giant LIC has lowered its exposure in 17 blue-chip firms, with sale of shares worth an estimated amount of over Rs 8,800 crore, in the quarter ended March 31, 2013.
Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents. 

Irda plans new norms for micro insurance

 
The Insurance Regulatory and Development Authority (Irda) will issue new guidelines for the micro-insurance sector within this financial year.

Irda had asked insurance firms to design up to four-five new micro-insurance products, which will be cost-effective, and at the same time provide better returns to investors, said Sudhin Roy Chowdhury, member (life) at a seminar on the insurance sector here on Friday. 

Travel insurance: Handy during natural calamities

After any kind of , insurance companies usually get jittery on the huge amount of claims they may have to pay. But following the recent  in , in which thousands lost their lives, general insurance companies have hardly seen any claims related to medical emergencies. This is because Indians don't believe in taking , especially if they are travelling within the country. Even when travelling overseas, most Indian travellers take insurance only if it is mandatory. 
www.myallagents.com/Travel-insurance-Handy-during-natural-calamities/details.html

United India In Association With Agriculture Insurance Company Launches Website For Crop Insurance

Mr. Milind Kharat, Chairman cum Managing Director of United India Assurance and Mr. P.J. Joseph, Chairman of Agriculture Insurance Company (AIC) announced the launch of internet website that will enable issuance of Crop Insurance policies of AIC. This initiative is a part of Financial Inclusion Programme undertaken by United India Assurance Company Ltd. This scheme will also benefit the farmers who do not have easy access to the offices of insurance companies 

http://www.myallagents.com/United-India-In-Association-With-Agriculture-Insurance-Company-Launches-Website-For-Crop-Insurance/details.html 

Need to wait and watch, if banks want to become brokers: Insurers

 
While the Insurance Regulatory and Development Authority () has allowed  to become insurance , insurance companies said it still needed to be seen whether this would happen.

“It is a positive step, especially for non-bank led companies, since it has been pending for a long time. However, we will have to see, over a period of time, if banks would be interested, and whether  would approve. Only after this, would we see an open architecture of bancassurance,” said Deepak Mittal, managing director & chief executive officer, Edelweiss Tokio Life Insurance. 
 

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. 

Ways to get more from your health insurance

If you have been running from pillar to post to make your  claims, you must be heaving a sigh of relief. The new health insurance regulations, effective from October this year, have made it easier for policyholders to claim for expenses which arise from  or treatment. To top it,  are going out of the way to make the  simple and easy for individuals with minimum documentation and a quicker turn-around time. 

What are the different types of health insurance?


Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)


HMOs and EPOs may limit coverage to providers insid e their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided
dhttp://www.myallagents.com/What-are-the-different-types-of-health-insurance/details.html 


Sunday, July 13, 2014

Now, get your term cover benefit in installments

MUMBAI: Increased affordability has resulted in average sum insured under online terminsurance jumping to Rs 70 lakh. With competition and absence of distribution costs bringing down the price of online term insurance to a third of similar policies sold through agents, companies are now innovating on what was a plain vanilla death benefit plan.  
 http://www.myallagents.com/Now-get-your-term-cover-benefit-in-installments/details.html

Things you should know about your e-insurance account

A new facility introduced by the Irda allows you to hold all insurance policies in a single account through an e-insurance account. As in the case of a demat account, the customer can make modifications in the policy and view all his live policies, as well as the history of past transactions, at one glance with the help of this facility. 
Here are things you should know about an e-insurance account: 

AUM of life insurers may treble to $ 1 trillion by 2020: Life Insurance Council

HYDERABAD: Assets under management (AUM) of life insurers will almost treble to USD 1 trillion (nearly Rs 60 lakh crore) by 2020 from the current Rs 19.4 lakh crore, according to projections by the Life Insurance Council. 
 Life Insurance Council Secretary General V Manickam said projections were made on the basis of growth in GDP and household savings over the next few years.  

Term Insurance Comparison


Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. Simply put, Term Plan is financial cover in case if the insured dies; death claim is given to the beneficiary 

http://www.myallagents.com/Term-Insurance-Comparison/details.html

What are the different types of health insurance?

Different types of health insurance plans meet different needs. When you compare options, it's important to understand how they are structured.

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)

HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided.

HMO members usually have a primary care doctor and mu
http://www.myallagents.com/What-are-the-different-types-of-health-insurance/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.  

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

Ways to get more from your health insurance

 
If you have been running from pillar to post to make your  claims, you must be heaving a sigh of relief. The new health insurance regulations, effective from October this year, have made it easier for policyholders to claim for expenses which arise from  or treatment. To top it,  are going out of the way to make the  simple and easy for individuals with minimum documentation and a quicker turn-around time. 

Friday, July 11, 2014

AEGON Religare Launches IGuarantee Insurance Plan

After tasting success with iTerm and iMaximize, AEGON Religare Life Insurance (ARLI) has launched another online insurance plan called iGuarantee Insurance Plan. AEGON Religare iGuarantee Insurance plans is a savings plan which offers guaranteed returns.  

LIC eyes distribution tie-up with Postal Department

 
Life Insurance Corporation of India is in favour of having a distribution tie-up with the Indian Postal Department, which has plans of its own in the insurance space.
The Government has launched an initiative to pave the way for over 1.5 lakh post offices in the country to offer full-fledged banking and insurance services. Postal Life Insurance is also setting up a full-fledged investment division for generating optimal return 

Citigroup splits with Birla Sun Life after deal with AIA Group

 
MUMBAI: Birla Sun Life Insurance faces pressure on its business after Citigroup, which contributed close to 15% of its business, exited their tie-up following an international deal to distribute products of the AIA Group, one of the largest insurance firms in Asia. 
"Citi has moved out of its tie-up with Birla Sun Life Insurance," an executive with Birla Sun Life said. "They contributed 10-15% of the income on an average every year."  
.http://www.myallagents.com/Citigroup-splits-with-Birla-Sun-Life-after-deal-with-AIA-Group/details.html