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

Don't depend on health cover by your employer

Most salaried are quite happy and content with their employers' health insurance schemes. Most feel they do not need any more insurance. But in the past three years, most Indian companies have been reducing the cover or insisting on co-payment for employees' parents. In such circumstances, employer's cover may not be enough. So, it is important the cover keeps pace with rising costs.   http://www.myallagents.com/Dont-depend-on-health-cover-by-your-employer/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

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 

 

Q2 advance tax payout of top 100 companies sees muted growth

UMBAI: In line with macro environment, the advance tax collections from the top-100 corporates from the financial capital showed a muted growth for the September quarter, with the outgoes increasing by only up to 8 per cent, a senior official said today.
"For the top-100 companies, the advance tax payments have increased by 7-8 per cent," the official said.
Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said. 
http://www.myallagents.com/Q2-advance-tax-payout-of-top-100-companies-sees-muted-growth/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

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 

Should you opt for a high-value health cover?

The demand for a higher health insurance   cover is increasing. Renuka Kanvinde, assistant vice-president, health insurance,Bajaj Allianz General Insurance , says the company has seen a 35-40 per cent increase in demand for their Extra Care, a top-up plan, in the past two years. They also saw buyers shift from a Rs 3-5- lakh policy to Rs 7.5-10 lakh in the period.
This led the private insurer to believe health insurance policybuyers want a bigger cover. Hence, a fortnight earlier, it launched a Health Care Supreme product, offering a cover between Rs 5 lakh and Rs 50 lakh. 
http://www.myallagents.com/Should-you-opt-for-a-highvalue-health-cover/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

Final Thoughts

Even though the American insurance industry was greatly influenced by Britain, the US market developed somewhat differently from that of the United Kingdom.  Contributing to that was America's size, land diversity and the overwhelming desire to be independent.  As America moved from a colonial outpost to an independent force, from a farming country to an industrial nation, the insurance business developed from a small number of companies to a large industry.  
http://www.myallagents.com/Final-Thoughts/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 

Personal Accident Insurance Online

Sometimes even a small accident or mishap can throw your financials out of gear.Get insured to be prepared for those trying times.

Accident Shield Online Insurance is a worldwide, Personal Accident Cover that is specially designed to protect you from the following unforeseen events - Death, Total Disability and Permanent Partial Disability. This comprehensive policy will help your family meet its financial commitments in the hour of need. 

http://www.myallagents.com/Personal-Accident-Insurance-Online/details.html 

Business Insurance Agents

Online insurance quotes and buying insurance online is no longer a novelty. Many business insurers are online and, while buying insurance for a business on the internet is not as prevalent as buying personal auto insurance online, growing numbers of small business owners are going to online sources for their insurance. If one follows some guidelines when using online quote sites to purchase insurance, business internet insurance sites can offer premium savings.

What is missing is the insurance agent or broker. Insurance professionals will tell you that they offer significant value to the insured. They will contend that the absence of an insurance professional will cost a business in the long run. Contrary to that argument is the claim that online sites offer insurance for less and can offer more quotes from more sources. Let's look at the website versus the insurance professional. 

http://www.myallagents.com/Business-Insurance-Agents/details.html