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

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 

How four women mutual fund managers are defying odds & breaking through

There are 52 mutual funds, and another 51 life and non-life insurance companies, registered in India. Both sets generate dozens of investment products for the Indian market and manage thousands of crores. Men manage most of these products  .http://www.myallagents.com/How-four-women-mutual-fund-managers-are-defying-odds-and-breaking-through/details.html

Soon, share electronic medical record with insurers

Electronic Medical Record (EMR) which would enable healthcare providers to have a coded intergrated health care system has been a process mooted by the Ministry of Health and Family Welfare.

With EMR being in place, all medical records of customers will be available in an electronic format. However, sharing of this data with insurance companies could still be some time away 
.http://www.myallagents.com/Soon-share-electronic-medical-record-with-insurers/details.html  

Even top guns fall victim to dubious insurance policies

If you thought you are among the few financially ill-informed, who is being sold insurance policies or mutual funds with dubious sales pitches, you can take heart from the fact that even some of the top guns at the finance ministry have also fallen victim to such practices, at least before they walked into the North Block.  
http://www.myallagents.com/Even-top-guns-fall-victim-to-dubious-insurance-policies/details.html 

Max Life posts 11% growth in new business premium in H1

Private sector Max Life Insurance today posted 11% growth in new business premium at Rs 904 crore for the first half ended September, 2013-14. 

The gross written premium of the company grew 4% to Rs 3,005 crore during the period. At the same time, the company's market share increased to 10.4% and maintained its rank as fourth largest private life insurer.

The profit before the tax grew marginally by 2% to Rs 248 crore.

In view of a strong all round performance during the first half of 2013-14 fiscal, it declared a net interim shareholder Dividend of Rs 128 crore, 29% upward revision from interim dividend announced in the previous year, Max Life Insurance managing director Rajesh Sud said. 

http://www.myallagents.com/Max-Life-posts-11-growth-in-new-business-premium-in-H1/details.html 

Is it time to upgrade your life cover? Know what's best for you

Thanks to the growing awareness about the importance of life insurance cover, many individuals, especially the young executive types, buy a term life insurance as soon as they start their career. However, the trouble is: typically these covers would be very small, mostly Rs 10 lakh or below , say insurance advisors. This would inevitably lead to some complications in future. When the person gets married, have kids or takes a huge loan, he or she would need a larger cover. However, buying a cover at that time may not be an easy task.  
http://www.myallagents.com/Is-it-time-to-upgrade-your-life-cover-Know-whats-best-for-you/details.html 

LIC close to seizing Unitech's Noida land

NEW DELHI: Life Insurance Corporation of India (LIC) has taken "notional possession" of a slice of real estate major Unitech's 350-acre land parcel in Noida after the company failed to repay a part of its nearly Rs 150-crore loan from the country's largest insurer.
In a 'Notional Possession Notice' issued, LIC cautioned the public against dealing with the land parcels in sectors 96, 97 and 98 in Noida, which is prime property along the expressway that connects the Delhi suburb with Greater Noida. Bankers said "notional possession" is a step short of taking physical control of an asset, although the property remains under the company's charge. The property can be handed back to the company once the accounts are settled 
.http://www.myallagents.com/LIC-close-to-seizing-Unitechs-Noida-land/details.html 

Air India and LIC triumph in All India public sector carrom

MUMBAI: Former World Champion RM Shankara of Air India & unseeded Kajal Kumari of Indian Oil won the men and women singles titles in the All India public sector carrom tournament organised by Air India Sports Club under the auspices of All India Public Sector Sports Promotion Board at badminton hall on Saturday. 
.http://www.myallagents.com/Air-India-and-LIC-triumph-in-All-India-public-sector-carrom/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.
The application, Chola MS Wellness, is made available on Android supported smart phones and it would offer policy details like coverage, sum insured and renewal reminder and details of the hospital network with geo tagging on Google Maps. The application would also offer health tracking features like Pedometer, BMI Calculator and Blood Sugar Tracker.  
http://www.myallagents.com/Chola-MS-launches-Android-app-for-health-insurance-customers/details.html

Primer: All you wanted to know about e-insurance accounts

IRDA wants all its customers to move to a paperless world. The introduction of insurance repository system (IRS) is one such part of this initiative. An account called e-insuranceaccount will be available for all customers who hold insurance policies. This is similar to demat account which was introduced for eliminating physical storage of stocks or mutual funds.   http://www.myallagents.com/Primer-All-you-wanted-to-know-about-einsurance-accounts/details.html

Quations & Answers on Lic India

As name suggests this rider, waives payment of future premiums for a specific term, subject to certain conditions.

A Waiver of Premium rider opted along with a children’s plan ensures the policy stays in force to accumulate wealth for the child’s future, and earns returns or benefits on the investment made in the policy. So even in the event of any death or disability, your policy is taken care of. It works its way towards building a corpus for your child’s education or marriage, making it available at the time when it is actually required. Most children’s plans offered by insurance companies come with an inbuilt waiver of premium rider, if not they, could be individually opted for too. 

http://www.myallagents.com/Quations-and-Answers-on-Lic-India/details.html 

10 things to look for in your insurance policy

Life insurance is the only financial tool which offers the triple advantage of risk coverage, long term savings and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, while the awareness and acceptance of insurance in India is growing, consumers need to develop a better understanding of the products they buy. There are a number of things that each of your life insurance policies should spell out and include, and the document is a complete guide to exactly what your insurance contract covers. This is why it is always important to check a policy very carefully when you first receive it, to make sure that everything you requested is written down in the policy. Mentioned below are ten key parameters to weigh once you received the policy documents.  http://www.myallagents.com/10-things-to-look-for-in-your-insurance-policy/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