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 

With the Reserve Bank of India (RBI)’s steps to arrest the slide of the rupee leading to tight liquidity conditions, the retail investor is once again being drawn to short-term bank fixed deposits (tenures of less than a year). In the past few weeks, lenders such as HDFC Bank and YES Bank have raised interest rates on select maturities and it is expected others would follow in the near future.

With the Reserve Bank of India (RBI)’s steps to arrest the slide of the rupee leading to tight liquidity conditions, the retail investor is once again being drawn to short-term bank fixed deposits (tenures of less than a year). In the past few weeks, lenders such as HDFC Bank and YES Bank have raised interest rates on select maturities and it is expected others would follow in the near future.    http://www.myallagents.com/Liquidity-squeeze-Shortterm-fixed-deposits-draw-investors/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  

Regulatory intervention, high inflation cripple insurance industry

The agent count at Reliance Life Insurance has fallen 26,000, or 8% to 1.24 lakh at the end of March 31, 2013 since 2012 when it sold a 26% stake to Nippon Life which valued the company at three times its embedded value. In January this year, INGGroup of the Netherlands sold 26% stake at a 25% loss to its JV partner ExideBSE 1.28 %after a decade-long battle trying to make sense out of the Indian Life Insurance marke That simply is the tale of sliding fortunes of the Indian life insurance industry which until a few years ago was considered to be a sunrise industry promising decades of uninterrupted growth and loads of profits for shareholders.  http://www.myallagents.com/Regulatory-intervention-high-inflation-cripple-insurance-industry/details.html

Complaints Against Insurance Companies On A Rise

The Central system of Insurance Regulatory and Development Authority that keeps the data of complaints of policy holders against all the insurance companies, for the year ending March 2013, posted a figure of 3.41 lakhs complaints against the life insurance companies. Majority of these complaints were against insurance giant Life Insurance Corporation of India, Birla Sunlife and Bajaj Allianz and were related to issue like unfair business practice, alleged mis-selling by insurance companies etc.   Further the complaint cell stated that most of the complaints (more than 30%) pertained to unfair business practice. Of the total 3.41 lakhs complaints, 168,482 complaints were of unfair trade practices    http://www.myallagents.com/Complaints-Against-Insurance-Companies-On-A-Rise/details.html

Bajaj Allianz Expects General Insurance Business To Increase 5 Folds In Next 5 Years

Inspite on economic crisis, delay in increase of FDI to 49%, Bajaj Allianz, which is a joint venture between Bajaj Finserve Limited and Allianz SE, expects its company to grow at 20% in next five years. At present the company is growing at 6 - 7%. The company is planning its expansion in the rural areas of the country.

Justifying the expansion and increased growth, Mr. Tapan Singhel – Managing Director and Chief Executive Officer of the company said that business in rural area is vibrant with car sales and FMCG products are on a rise. Rural areas will be a key factor in attaining growth of a general insurance company. In addition to the above, he added that, insurance penetration being very low in rural areas, will also throw up a huge opportunity to expand the business.

Adding to the above, he revealed that the expansion in the rural area will be driven by low cost, high service model supported with latest technology. 

http://www.myallagents.com/Bajaj-Allianz-Expects-General-Insurance-Business-To-Increase-5-Folds-In-Next-5-Years/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

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

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 

A supplementary cover at best

Most individuals defer buying health insurance as they believe the main cost they will have to incur is for surgery, say insurance players. To address this, Bajaj Allianz General Insurance has introduced a new plan – Surgical Protection Plan, a benefit plan which proposes to repay surgical expenses. 
http://www.myallagents.com/A-supplementary-cover-at-best/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

 

LIC hopes to retain market share of 82 percent this fiscal

"We hope to retain the existing market share in the current financial year at 82 per cent," LIC Managing Director SB Mainak said

LIC 's market share increased to 82 percent last fiscal as against the previous year's level of 76 percent, he sai

He added that LIC has introduced many new products since January 2014"Products require time to get market acceptance," he told reporters on the sidelines of a seminar organized by BCCI on Tuesday.  

http://www.myallagents.com/LIC-hopes-to-retain-market-share-of-82-percent-this-fiscal/details.html 

Are private insurance companies safe for investment?

People always think twice before investing in a private insurance company . They have a doubt whether their investment will be safe with private insurers in India or not. With globalization in the year 2000, there has been a surge of private insurance  companies in the Indian economy. But even now the attitude of the investors’ is skeptical. The private insurers are relatively new in the country and do not have a past record, and thus people often doubt their credibility 
http://www.myallagents.com/Are-private-insurance-companies-safe-for-investment/details.html  

Should I buy an Insurance policy from a Public Sector Company or Private Sector Company?

It is a matter of choice for each individual customer. Private sector companies are perceived to much quicker in delivery, but Public Sector companies are fast catching up on this front. Factors like trust, speed of delivery and claims efficiency should be kept in mind while making your choice  
.http://www.myallagents.com/Should-I-buy-an-Insurance-policy-from-a-Public-Sector-Company-or-Private-Sector-Compa

We expect a growth of 20-25 per cent this year: LIC chairman DK Mehrotra

Life Insurance Corporation of India (LIC), which has an investment corpus of Rs 12 lakh crore, doesn’t act on anybody’s behalf while making investments, says its current-in-charge chairman DK Mehrotra in an interview to George Mathew

How was the last fiscal for you?

Our performance was impacted because of the general slowdown. The market was also volatile and retail investors were holding back. Our premium collection fell last year but our overall collection was more or less steady. Customers have continued with old policies. 

http://www.myallagents.com/We-expect-a-growth-of-2025-per-cent-this-year-LIC-chairman-DK-Mehrotra/details.html 

Home Insurance Leads

After loads of man-made and natural calamities in USA the Home Insurance market has come much into prominence. And at present the competition is at its peak.
Homeowners Insurance is a guarantee, which pays the cost of your house if it gets damaged in some natural or man made disasters like fire, floods, storms etc 
http://www.myallagents.com/Home-Insurance-Leads/details.html