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Sanjay Datta, chief, underwriting and claims, ICICI Lombard, says people should have a comprehensive insurance plan and a critical illness policy.
Since the latter offers a fixed sum once the illness is diagnosed, the
person can use the money for medication and hospitalisation. "The health
cover takes care of the hospital bills. The pay-outs can be used to
fund your travel, food, pre- and post-treatment expenses and so on,
which a comprehensive plan won't."
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In
one sentence, purchasing insurance online is convenient, fast and
usually cost you lesser. The insurers know the potential of this
distribution channel and therefore have the entire product range-from
life to health, motor and travel-available on the net for you. With
click of a mouse you can buy any policy from any corner of the world at
any point of time.
Buying Benefits: The
distribution efficiency also leads to cost efficiency. Since the
customer buys directly from the insurer, the distributor's margin (or
commissions) is saved. Also, the entire process is carried in the
virtual world and is paperless, reducing the costs further. These
savings are usually shared with the customer in the form of lower
premiums.
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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.
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MUMBAI:
Private sector general insurer Liberty Videocon is confident of
achieving its initial target of Rs 120 crore in the first year of
operations on the back of growth in motor and commercial verticals, a
top company official said here today.
"Our
target for this fiscal, which is the first year of our operations, is
Rs 120 crore. We have already collected a premium of around Rs 65 crore
as of now, which is in line with our initial target," Chief Executive
Officer of Liberty Videocon General Insurance, Roopam Asthana, told PTI
in an interaction here.
The
new entrant to the general insurance industry said around 70 per cent
of premium was collected from its retail business, while rest 30 per
cent is from commercial segments.
http://www.myallagents.com/Liberty-Videocon-hopes-to-meet-business-target-by-March/details.html |
Life expectancy of Indians is increasing. A study published in the British Medical Journal 'The Lancet' revealed that the Life Expectancy (LE) at birth of an average Indian male increased by 15 years between 1970 and 2010 and the same for a woman increased by 18 years. The report pegged the life span of an average Indian male to be 63 years while that of a woman is 67.5 years.
While all this is nice to hear, what does it really mean for the average Indian? Simply this, that we now live a longer, fuller life. If you read between the lines, a longer life also means higher chances and incidence of ailments and diseases, given old age; which in turn translates to higher medical costs and expenses
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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.
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Micro-insurance or micro agent was a channel in theinsurance industry that was developed for deeper penetration of insurance into India. However, with smaller ticket size coupled with low commissions, this channel has seen low participation from distributors.
Micro-insurance products, which offer coverage to low income households is a mechanism to penetrate rural areas. It is a general or life insurance policy with a sum assured of Rs 50,000 or less, however the average ticket size ranges from Rs 2000-4000 per policy. |
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.  |
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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.
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CHENNAI: Cholamandalam MS General Insurance Company is eyeing gross written premium of Rs 1,900 crore by the end of this fiscal with a focus on retail health and motor insurance, a top official said here today.
The city-based company is a joint venture between Rs 225 billion Murugappa Group and Japan-based Mitsui Sumitomo Group.
"Last year (2012-13) we finished (gross written) premium of Rs 1,621 crore. This year we are expecting to complete by Rs 1,850 or Rs 1,900 crore (GWP)," Cholamandalam MS General Insurance Managing Director S S Gopalarathnam told reporters.
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Kotak Life Insurance has launched Kotak e-Lifetime income plan, an immediate annuity product.
The plan offers the purchaser of the annuity the option to choose an annuitant or beneficiary other than self. This will ensure regular income to any close blood relative or spouse, other than self. The plan is also available online, said a press release issued by Kotak Life Insurance. The one time premium paid by the proposer is paid out to the annuitant or beneficiary at the interval chosen – monthly, quarterly, half yearly or yearly at the predefined annuity rate promised at the time of purchase. Annuity rates will depend upon the age of the annuitant, the amount invested and the annuity option chosen.  |
