Why you must have a child insurance plan

The rising cost of education is troubling Indian parents. More than 60% of the respondents in an online survey by ET Wealth listed this as their biggest worry. This was followed by lack of knowledge, not saving enough and starting too late. 

We hadn't included the biggest worry-the risk of their own untimely death-as a choice. We should have. According to the National Crime Records Bureau statistics, an Indian dies in an accident every 90 seconds.  

http://www.myallagents.com/Why-you-must-have-a-child-insurance-plan/details.html 

 

New govt's fiscal policy to affect RBI's monetary stance

With a new government at the Centre only a few weeks away, the Reserve Bank of India (RBI) might wait for the new dispensation’s fiscal policy to take its policy actions, feel experts. Although Consumer Price Index (CPI)-based inflation is on the rise in March, RBI might hold rates till June. According to experts, if the new government takes concrete steps, it would provide room for RBI to cut rates in the future, though not in near term.  http://www.myallagents.com/New-govts-fiscal-policy-to-affect-RBIs-monetary-stance/details.html

HNIs to benefit from RBI policy

High networth individuals (HNIs) will feel better after the Reserve Bank of India (RBI)'s bi-monthly monetary policystatement. Reason: The RBI has increased the limit of investment from $75,000 to $125,000 per head (or Rs 75 lakh at the rate of Rs 60/$). This means ones travelling abroad frequently will be able to take advantage of this.  http://www.myallagents.com/HNIs-to-benefit-from-RBI-policy/details.html

ING Life now named Exide Life Insurance

BANGALORE: ING Vysya Life Insurance Company has been renamed Exide Life Insurance Company, following approvals from Insurance Regulatory and Development Authority and thecorporate affairs ministry. 
This move follows Kolkata-based Exide Industries acquiring 100% ownership of the insurance company last year.  
www.myallagents.com/ING-Life-now-named-Exide-Life-Insurance/details.html 

Get the most out of your car insurance

Comprehensive motor insurance policy without Add-on covers, in reality is not comprehensive in its true sense. If motor insurance policy holder has to pay from his wallet (partly or fully) for replacing rubber or metal parts in case the car met with an accident, then the entire purpose of insurance gets defeated. One can overcome this if motor insurance is bought with some very useful add on covers like Engine protection, Road side assistance, Protection for no claim bonus, Nil depreciation, Return to invoice and Personal belongings. Furthermore, spare parts in high-end cars are very expensive. It is recommended that cars valued upwards of Rs. 8-10 Lacs should have Add-on covers as part of the motor comprehensive policy. This reduces the financial impact on the car owner in the event of a claim  http://www.myallagents.com/Get-the-most-out-of-your-car-insurance/details.html

Life insurers end FY14 with 11.5% new premium growth

The life insurance industry has seen a 11.5% rise in new premiums for FY14. Life insurers collected total premiums of Rs 119,641 crore for FY14 compared to Rs 107,235.44 crore in FY13.
Life Insurance Corporation (LIC), India's largest insurer collected new premiums of Rs 90,123.75 crore for the fiscal, a rise of 17.8% over the previous fiscal.
However, private life insurers saw a 4% drop in new premiums to Rs 29,517.38 crore. 
http://www.myallagents.com/Life-insurers-end-FY14-with-115-new-premium-growth/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 

Government asks RBI to set up committee to look into banks' raising of Tier-II capital

NEW DELHI: The government has asked the Reserve Bank (RBI) to set up a committee to look into the insuranceregulator's concerns that some of the instruments issued by banks to raise tier-II capital were perpetual and illiquid. The Insurance Regulatory & Development Authority (IRDA) has also said that some of these instruments are flouting its investment norms. The committee will look into issue of and subscription to tier-II instruments under the new Basel-III capitalisation guidelines, a finance ministry official said.  http://www.myallagents.com/Government-asks-RBI-to-set-up-committee-to-look-into-banks-raising-of-TierII-capital/deta

ICICI Prudential Launches ICare II Online Term Plan

ICICI Prudential, one of India’s biggest life insurance companies in the private sector launched iCare II as a sequel to its online term insurance plan.
In September 2011, ICICI Prudential had launched iCare which was India’s first no medical online term plan. And now they have come up with a better version of the plan by launching ICICI Pru iCare II with some improved features.
The first striking feature of the new iCare II is its pricing. Premiums are attractively lower and now competing within the top 5 low premium online term plans.  
http://www.myallagents.com/ICICI-Prudential-Launches-ICare-II-Online-Term-Plan/details.html 

No medical test sought? Claims may be rejected

Kapil Mehta, managing director of SecureNow Insurance Brokers, does not favour online term products that don’t require medical tests. This increases the possibility of repudiation, he says. Typically, online term plans don’t require medical check-ups up to a particular sum assured, typically Rs 45-50 lakh and up to 40-45 years of age. For higher sums assured, insurers issue policies after medical declarations. 
http://www.myallagents.com/No-medical-test-sought-Claims-may-be-rejected/details.html

Draft rules ban replacement of life insurance policies

The Insurance Regulatory and Development Authority (Irda) said insurers could not replace life insurance  policiesunless in the interest of policyholders.
This was to protect the long-term interest of policyholders and to discourage intermediaries from persuading customers to surrender their policies and take up new ones, Irda said in the exposure draft on rules related to the replacement of life insurance policies released on Wednesday. Feedback on the draft can be given till July 20 
http://www.myallagents.com/Draft-rules-ban-replacement-of-life-insurance-policies/details.html