tag:blogger.com,1999:blog-73590279142685830282024-03-13T12:25:26.264-07:00Online Insurance Quotes in IndiaFind all that you need to compare and select the best insurance plan for you and your family. Be it Health Insurance, Life Insurance or Car Insurance.PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.comBlogger120125tag:blogger.com,1999:blog-7359027914268583028.post-84477778428920227912014-03-31T06:38:00.000-07:002014-03-31T06:38:58.229-07:00Third Party Car Insurance rates hiked. <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">The revision of the motor third party premium rates are out
and will be in effect from 1<sup>st</sup> April 2014. Earlier Insurance
Regulatory and Development Authority (IRDA) had proposed to increase the
premium by up to 137 percent. However the recent revised rates released by IRDA
shows a marginal addition of around 9-20 percent (depending on vehicle type) to
the existing third party premium rates.</span></div>
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<span style="font-family: inherit;">The private car category will see an increase of around
19-20 percent while the two-wheeler category will be increased by 9-10 percent.
For hired vehicles with four or more wheels and carrying capacity exceeding the
number of passengers and three-wheeled passenger vehicles on hire with capacity
exceeding 17, IRDA has not changed the current rates. For the taxi segment
(four-wheelers for carrying passengers, on hire), a rise of 19-20 per cent was
announced. For auto-rickshaws (three-wheeled vehicles carrying not more than
six passengers), a 10 per cent rise in motor third-party premium was announced.</span></div>
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<span style="font-family: inherit;">The table below will explain the increase applicable to you
as per your vehicle specification (Private vehicles)</span><br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableLightShadingAccent5" style="border-collapse: collapse; border: none; mso-border-bottom-alt: solid #4BACC6 1.0pt; mso-border-bottom-themecolor: accent5; mso-border-top-alt: solid #4BACC6 1.0pt; mso-border-top-themecolor: accent5; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
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<tr>
<td style="border-bottom: solid #4BACC6 1.0pt; border-left: none; border-right: none; border-top: solid #4BACC6 1.0pt; mso-border-bottom-themecolor: accent5; mso-border-top-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<b><span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">Category<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid #4BACC6 1.0pt; border-left: none; border-right: none; border-top: solid #4BACC6 1.0pt; mso-border-bottom-themecolor: accent5; mso-border-top-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">2013 (premium)<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid #4BACC6 1.0pt; border-left: none; border-right: none; border-top: solid #4BACC6 1.0pt; mso-border-bottom-themecolor: accent5; mso-border-top-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
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<b><span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">2014 (premium)<o:p></o:p></span></b></div>
</td>
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Private cars (not exceeding 1000
cc)<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">941<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">1129<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Private cars ( exceeding 1000
cc, but not exceeding 1500 cc)<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">1110<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
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<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">1332<o:p></o:p></span></div>
</td>
</tr>
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<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Private cars (exceeding 1500 cc)<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">3424<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">4109<o:p></o:p></span></div>
</td>
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<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Two Wheelers (not exceeding 75
cc)<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">414<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">455<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Two Wheelers (exceeding 75 cc
but not exceeding 150 cc)<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">422<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">464<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Two Wheelers (exceeding 150 cc
but not exceeding 350 cc)<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">420<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">462<o:p></o:p></span></div>
</td>
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<tr>
<td style="background: #D2EAF1; border-bottom: solid #4BACC6 1.0pt; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; mso-border-bottom-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 297.9pt;" valign="top" width="397">
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<span style="color: #0d0d0d; mso-bidi-font-weight: bold; mso-themecolor: text1; mso-themetint: 242;">Two Wheelers (exceeding 350 cc)<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border-bottom: solid #4BACC6 1.0pt; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; mso-border-bottom-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 1.25in;" valign="top" width="120">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">804<o:p></o:p></span></div>
</td>
<td style="background: #D2EAF1; border-bottom: solid #4BACC6 1.0pt; border: none; mso-background-themecolor: accent5; mso-background-themetint: 63; mso-border-bottom-themecolor: accent5; padding: 0in 5.4pt 0in 5.4pt; width: 90.9pt;" valign="top" width="121">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #0d0d0d; mso-themecolor: text1; mso-themetint: 242;">884<o:p></o:p></span></div>
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</tbody></table>
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<span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">*source - IRDA<o:p></o:p></span></div>
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The motor insurance segment consists of two parts – the optional
own damage cover and the mandatory third party cover. Third party motor
insurance is mandatory for vehicles plying on Indian roads. The third party
insurance cover claims from third party arising out of accidents and damage
incurred by the third party. </div>
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While no hike in existing rate is good news, the people of
India can rejoice the fact that the hike is marginal and nowhere close to the
proposed increase of up to 137 percent.<br /></div>
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<span style="color: #464646; font-family: Arial, sans-serif;"><span style="font-family: Arial, sans-serif;"><span style="font-size: 12px;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></span></span></span></span></span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-31120115113326487472013-10-24T06:36:00.000-07:002013-10-24T06:36:10.653-07:00Religare Health Insurance explores the Bancassurance channel<div dir="ltr" style="text-align: left;" trbidi="on">
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The bancassurance channel has always been a promising distribution channel for the insurance companies. Through it the insurance companies can use the bank's network to reach out to the different areas of the country. All major insurance companies are tied up with banks to increase penetration to the different parts of India. </div>
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The newest in the line exploring this idea is Religare Health Insurance Company Limited (RHICL). The standalone health insurer which began operations in the year 2012 is planning tie -ups with several banks to expand its bancassurance channel. According to CEO Anuj Gulati, the company would break even by 2017-18. </div>
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Till now banks have been following a corporate agency model where a bank can represent one life insurer, one general insurer and one standalone health insurer. The recent relaxation of the Insurance Regulatory and Development Authority (IRDA) to banks allows them to act as brokers as well. This gives the bank the option to pitch different insurance companies products to the same customer. This option is however still to be approved by the Reserve Bank of India, the regulator for Indian banks. Religare's CEO is open to tie up with banks functioning as brokers<br /></div>
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<span style="color: #464646; font-family: Arial, sans-serif;"><span style="font-family: Arial, sans-serif;"><span style="font-size: 12px;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></span></span></span></span></span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-7802100147844546592013-10-23T06:25:00.000-07:002013-10-23T06:26:01.233-07:00Insurance for HIV Positive People in India<div dir="ltr" style="text-align: left;" trbidi="on">
Insurance for HIV positive people in India may soon become a reality. In one of its most humanitarian moves, Insurance Regulatory and Development Authority (IRDA) of India has asked insurance companies to put in place a board approved underwriting policies with respect with life insurance for people living with HIV/ AIDS. The underwriting policy is to cover clear guidelines on life insurance with people living with HIV/AIDS (PLHA). IRDA has also asked the insurance companies to put in place underwriting policies for health insurance offered by life insurance companies to people acquiring HIV/AIDS after the commencement of insurance policy. Guidelines also facilitates conversion of the lump sum amount into an annuity for life, if the insured became HIV positive while holding the policy<br />
<br />
Unlike India, insurance is available for the HIV people in the West. The Indian insurance market is quite aggressive on their financials and costing. The guidelines provided by IRDA are more humane and less lucrative. Experts feel that this initiative might not be welcome by the Indian Insurance Companies. That is, of course, unless IRDA decides to take a leap ahead and impose mandatory bindings on the insurance companies.<br />
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-51127122809734543352012-12-28T03:39:00.001-08:002012-12-28T03:39:53.272-08:00Max Life Insurance rewards its customers<br />
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<span style="background: white; color: #464646; font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 115%;">For a policyholder of Max
Life Insurance, there is a reason to be happy this New Year. The private
insurer has announced a special one-time bonus for its active policyholders. The
estimated amount to be distributed in this special award would be around 130
crore. The bonus shall start from February 1<sup>st</sup> 2013 and shall be
awarded at the policy anniversary of each policyholder.<br />
<br />
The parameters on which the respective bonuses would be calculated are <br />
<br />
1. The bonus is calculated as a
percentage of annual premium. <br />
2. Policies with higher term of
insurance would earn higher percentage in this special bonus <br />
3. A reinstatement which causes a policy
to be active will be eligible<br />
4. Surrendered policies will not be
eligible<br />
<br />
The CEO and managing director of Max Life Insurance expressed his gratefulness
to the loyal policyholders and said that a share of their robust growth must
also be given to their customers. Max Life Insurance is a joint venture between
Max India and Mitsui Sumitomo Insurance, a member of MS&D Insurance Group.<o:p></o:p></span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com1tag:blogger.com,1999:blog-7359027914268583028.post-14406942239367376562012-11-15T23:36:00.000-08:002012-11-15T23:36:55.442-08:00Private insurer Max Life Insurance reports 6% growth <div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, sans-serif; font-size: 9pt;">The
first half of this fiscal (April 2012 – September 2012) reflected healthy
figure for Max Life Insurance. Although most private players were not able to
grab a profitable share, Max Life Insurance reported a 6% growth. The net
profit for this period was INR 398 as compared to INR 375 for the corresponding
period last fiscal. The total premium
stood at INR 2900 crore against INR 2872 crore from the last fiscal. Max Life
Insurance is a joint venture between Max India and Mitsui Sumitomo, a leading
general insurance company in the world.<o:p></o:p></span></div>
<div style="margin-bottom: 12.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: Arial, sans-serif; font-size: 9pt;">CEO
and Managing Director Rajesh Sud that the growth was primarily due to their
advice based sales, diversified distribution channel, comprehensive product
portfolio and superior customer experience through claims and complaint
management. <br />
<br />
Apart from the premium collection other parameters like Assets Under Management
increased by 30% and the sum assured increased by 7%. Solvency surplus grew to
60% and the company’s paid up capital as on September 2012 was at INR 2127
crore. Overall the figures looks impressive despite the pressing times the insurance
industry is facing due to economic and regulatory challenges.<o:p></o:p></span></div>
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<span style="font-family: Arial, sans-serif;"><span style="font-size: 12px;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></span></span></span></span></div>
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<span style="font-family: Arial, sans-serif;"><span style="font-size: 12px;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></span></span></span></span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com1tag:blogger.com,1999:blog-7359027914268583028.post-71291749470945723362012-11-07T22:53:00.000-08:002012-11-07T22:53:33.375-08:00Common Third Party Administrator for the Indian PSU General Insurer<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background: white; color: #404040; font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br /></span>
<span style="background: white; color: #404040; font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">The general insurance companies have finally
decided to bring an in house solution to the mounting pressure of Third Party
Administrator (TPA) that’s curbing their profits drastically. The claims ratios
or the percentage of claims to the premium earned of the public sector
companies is over 120% and the insurers blame the TPA for these figures.</span><br />
<span style="background: white; color: #404040; font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">
<br />
State run general insurance companies like New India Assurance, National India,
United India and Oriental India Insurance have partnered with the country’s
largest life insurer “Life Insurance Corporation of India” (LIC) and reinsurer “General
Insurance Corporation of India” (GIC) to set up the TPA. Although there is an initial
set up cost, the insurers are optimistic that the investment would eventually
lead to profitability. Moreover the 5% commission which is collected by the
TPAs would now be transferred to the policyholders. This would help bring down
the insurance premium. The new TPA could also result in market dominance by state-owned
companies, which together account for over 80% of the TPA business</span><br />
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<span style="color: #404040; font-family: Arial, sans-serif;"><span style="font-size: x-small;"><span style="font-family: Arial, Helvetica, sans-serif;"></span></span>Get the best deals in health insurance. Compare Health Insurance Now<span style="font-size: x-small;"></span></span><br />
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-44956610871036873432012-10-31T00:05:00.000-07:002012-10-31T00:05:02.695-07:00Healthy Growth Figures for both Life and General Insurers in India<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;">The first half of this financial year (April 2012– September
2012) has registered growth for both life and general insurance companies. As
compared to the same period last year, Life insurance companies have registered
a growth of 11.2 % in new business premium collection while non-life insurance
premium collection grew by 24.70%. The total collection for life insurance
companies stood at Rs 26,889 crore while that of non life premium totaled at Rs
34001 crore.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The growth in the life insurers was primarily driven by
individual regular premium policies which showed a growth of 21% during April 2012
– September 2012 as compared to April 2011 – September 2011. On the other hand
single premium policies registered a negative growth of 9.6% for the same
period, the possible reason being these policies are less attractive to prevalent
tax exemptions. The frontrunner in
premium collection is once again Life Insurance Corporation of India (LIC). The
premium collected by LIC helped to boost the overall figures in the life
category while the private players suffered a negative of 13.7%. Among the 23
private life insurers only six insurers managed to show an increase in premium
collection.</span></div>
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<span style="line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">On the other hand the non life insurance
category had a completely different story with the private players faring
better than the four state owned general insurance companies. General Insurance
companies like Max Bupa Health Insurance, Bharti Axa General Insurance and HDFC
Ergo witnessed a healthy growth of 65%, 48% and 40% respectively for the period
under consideration. Star Health and Allied Insurance was the only private
general insurance firm to report a decline of 38% in premium.</span></span><br />
<span style="line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span>
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="line-height: 18px;"></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></span></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></span></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><br /></span></span></span></div>
PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-12393993822237180422012-10-29T23:58:00.001-07:002012-10-29T23:58:25.386-07:00HDFC Standard Life Launches New Immediate Annuity Plan<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; color: #3b3a39; font-family: Georgia, serif; font-size: 10.5pt; line-height: 12pt;">The market for immediate
annuity plan is gaining new ground in India. Although traditionally insurance
companies in India have more number of deferred annuity plans, the trend is set
to change. At least this is what HDFC standard Life Insurance feels as they
prepare to launch their new immediate annuity plan in December 2012. They have
already received the IRDA approval for this new product – HDFC New Immediate
Annuity Plan.</span><br />
<br />
<div class="body" style="background: white; line-height: 12.0pt; margin-bottom: 15.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #3b3a39; font-family: "Georgia","serif"; font-size: 10.5pt;">Executive Vice President
(Marketing and Direct Channels) , Sanjay Tripathy feels that there is a lot of
potential for growth of Immediate Annuity Plans
in India as their presence in the international market are already
established. The new product will offer 11 annuity options for single and joint
lives.<o:p></o:p></span></div>
<div class="body" style="background: white; line-height: 12.0pt; margin-bottom: 15.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="color: #3b3a39; font-family: "Georgia","serif"; font-size: 10.5pt;">An Immediate Annuity Plan start
paying you annuity right from day one once a lump sum payment is made. These
are typically suitable for people aged above 50 years and having huge
disposable income. Some of the immediate annuity plans are LIC Jeevan Akshay,
ICICI Pru Immediate Annuity etc.<o:p></o:p></span></div>
<span style="color: #3b3a39; font-family: "Georgia","serif"; font-size: 10.5pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">As opposed to
Immediate Annuity Plan, Deferred Annuity Plans have an accumulation phase
inbuilt in itself. Premiums are paid for X number of years and post retirement
the investor starts receiving pension income. These are quite popular in India
and some examples are LIC Jeevan Tarand, LIC Jeevan Nidhi, Bajaj Allianz Swarna
Rakhsha etc. </span><br />
<span style="color: #3b3a39; font-family: "Georgia","serif"; font-size: 10.5pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br /></span>
<br />
<span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></span></span><br />
<span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></span></span><br />
<span style="color: #3b3a39; font-family: Georgia, serif;"><span style="font-size: 14px; line-height: 16px;"><br /></span></span></div>
PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-71211294086949904522012-10-17T23:41:00.002-07:002012-10-17T23:41:38.219-07:00Car Insurance - Premium calculation and proposed changes<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Car insurance in India is an
insurance which every vehicle owner must mandatorily avail if they possess a vehicle.
However many people actually don’t bother to wonder how these values are
calculated. Although this write-up is about the recent proposed changes by
Insurance Regulatory and Development Authority (IRDA) of India, the article
would serve more sense if some preliminary information of car insurance is
provided. For those who are already well versed with the car insurance premium
calculation, please feel free to skip to the last paragraph.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
To understand how car insurance premium is calculated we need to understand the
factors involved in deciding the premium of the insurance policy. Apart from
the car, the city of registration also accounts to variations in the insurance
premium. Accordingly there are specific zones and corresponding rate factor for
the insurance premium. The different zones are </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><b>Zone-A:</b> Ahmadabad, Bangalore, Chennai, Hyderabad,
Kolkata, Mumbai, New Delhi and Pune<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><b>Zone-B:</b> Rest of India</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">The insurance premium charged depends upon the city of
registration, irrespective of the place where it is used or where the insurance
in renewed. </span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">The basic premium is calculated as per the Indian Motor
Tariff. It varies from case to case.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">It depends primarily on the following factors:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">1. Cubic
Capacity of vehicle – Premium increases with the increase in the vehicle CC<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">2. Age of
vehicle – Coverage (or sum insured) decreases with the age of the vehicle <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">3. Period of
coverage – Premium increases proportionately with period of coverage<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">4.
Discounts/ loadings – Premium decreases if discounts are availed.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">5. IDV
(Insured's Declared Value).<br />
<br />
The first four bullets have a somewhat direct proportionality with the
insurance cover or premium charges. The IDV is a parameter which is equivalent
to the sum insured of the policy. It is calculated taking into account various
factors involved in evaluating the car. The age of the car, wear and tear of
the car, history of the car etc. are some of the factors involved in
determining the IDV. There are different depreciation norms followed to allow
an unbiased evaluation of the car depreciation. </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial, Helvetica, sans-serif;">The table
below would help the reader understand how the depreciation of a car is
calculated.</span><br />
<b>TABLE 1</b></div>
<table border="0" cellpadding="0" cellspacing="1" class="MsoNormalTable" style="background: #EDEDED; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184; width: 98%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">PARTS OF VEHICLE</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">% OF DEPRECIATION</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">1.
For all rubber/ nylon/ plastic parts, tyres and tubes, batteries and air bags</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">50%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">2.
For fibre glass components</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">30%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">3.
For all parts made of glass</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Nil</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For all other
parts including wooden parts, the following depreciation rates apply.<br />
<b>TABLE 2</b></div>
<table border="0" cellpadding="0" cellspacing="1" class="MsoNormalTable" style="background: #EDEDED; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184; width: 98%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">AGE OF VEHICLE</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">% OF DEPRECIATION</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Not
exceeding 6 months</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Nil</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
6 months but not exceeding 1 year</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">5%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
1 year but not exceeding 2 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">10%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
2 years but not exceeding 3 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
3 years but not exceeding 4 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">25%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
4 years but not exceeding 5 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">35%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
5 years but not exceeding 10 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 31.0%;" width="31%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">40%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="background: white; padding: .75pt .75pt .75pt .75pt; width: 69.0%;" width="69%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Exceeding
10 years</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
<td style="background: white; padding: .75pt .75pt .75pt .75pt;">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">50%</span><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
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<span style="font-size: 11pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Now a certain change is being introduced in
table 1. Paint items are also proposed to be added to this list of items which
have depreciation rates. The authority said that paint will be included in the
category of 'rubber, nylon/plastic parts, tyres and tubes, batteries and air
bags' which presently attract 50 per cent depreciation. IRDA added that since
paint material is polymer based and hence the depreciation applicable to
plastic parts can be applied for it. As such a depreciation rate of 50% is
proposed for painting charges too. This would be 35% of the total painting
charges or the actual whichever is lower. Currently this proposal is under
review and suggestions are sought from the stakeholders by 9<sup>th</sup>
November 2012.</span><br />
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com2tag:blogger.com,1999:blog-7359027914268583028.post-71659099215979759092012-10-15T23:56:00.001-07:002012-10-15T23:59:13.268-07:00Postal Life Insurance and Rural Postal Life Insurance initiates improvements in their schemes.<div dir="ltr" style="text-align: left;" trbidi="on">
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While the whole insurance
industry is buzzing with competitive products and expensive promotions, the
Postal Life Insurance (PLI) and the Rural Postal Life Insurance (RPLI) are working
their way to glory. At least that’s what the statistics show. The PLI was introduced
in the year 1884 and the RPLI was introduced 1995. These schemes are only
available to Government and Semi government employees. The contract is
guaranteed by the Government of India and it enjoys high bonus for a lesser
premiums. The RPLI is implemented in the rural areas. </div>
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Many technological and
administrative steps are taken towards making the two insurance schemes
attractive to the customers. As many as 6,000 Gramin Dak Sevaks and 1,000
Direct Agents are contributing to service procurement and taking care of
hundreds and thousands of customers. Now, all the after-sales services including
maturity and loan cases are handled by local divisions. Policy documents are
now printed and submitted to the insurants within 30 days. Facilities that the
customers can now avail of include enhanced life cover of up to Rs 20 lakh,
online premium deposit for a policy in any Post Office anywhere in the country,
option of a variety of products, easier revival process and customers’ care
centres at Divisions, Regions and Circles to take prompt care of
grievances. Nomination change, transfer,
assignment facilities can be availed at Circle/Regional office level.</div>
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These implementations would
hopefully bring in more revenue from these Government Initiatives. Statistical
Data from the website also shows that RPLI is gaining better ground in terms of
growth. Without any promotion, these two schemes are silently adding
substantial revenue to the Indian Government.</div>
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<span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span><br />
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-2250002103652857172012-10-12T01:45:00.000-07:002012-10-12T01:45:21.606-07:00General Insurance gets two more Companies in India<div dir="ltr" style="text-align: left;" trbidi="on">
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The general insurance sector of the Insurance industry grew
more competitive as two new players have formally launched their operations. These
new players are Religare Health, an initiative of Religare Enterprises Limited,
Union Bank of India and Corporation bank, and Magma HDI General Insurance, a
joint venture between non-banking financial company Magma Fincorp and HDI Gerling,
a leading German Insurer. </div>
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Religare Health had launched their operations in July 2012. In the last 3
months, it has an impressive performance of collecting around 14 crore premium,
operating in 134 centers and servicing more than 34,000 customers. Although
currently they have only one insurance product named “Care”, they have
ambitious plans on board to launch products for critical illness, overseas
student travel medical insurance and also policies for HIV patients. Currently their health insurance product “Care”
comes with certain salient features outlined below</div>
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<li><span style="line-height: 115%; text-indent: -0.25in;"><span style="font-size: 7pt; line-height: normal;"> </span></span><span style="text-indent: -0.25in;">It offers a sum assured upto 60 lakhs to suit
the customized requirements of every consumer.</span></li>
<li><span style="line-height: 115%; text-indent: -0.25in;"><span style="line-height: normal;"> </span><span style="font-size: 7pt; line-height: normal;"> </span></span><span style="text-indent: -0.25in;">It has the option of availing specialized
treatment anywhere in the world of sum assured over 50 lakhs</span></li>
<li><span style="text-indent: -0.25in;"> It offers annual health check up facility,
automatic recharge of sum insured in case the claims exhaust and no claim-based
loading on premiums.</span></li>
<li><span style="line-height: 115%; text-indent: -0.25in;"><span style="line-height: normal;"> </span><span style="font-size: 7pt; line-height: normal;"> </span></span><span style="text-indent: -0.25in;">It offers lifelong renewability and daily
allowance to cover incidental expenses during hospitalization</span></li>
<li><span style="text-indent: -0.25in;"> </span><span style="font-size: 7pt; text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">It has tie up with around 1800 hospitals across
India.</span></li>
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Magma HDI General Insurance (MHDI) would target offering a
comprehensive end to end solution to customers by financing vehicles and offering
insurance to the assets purchased. Magma Fincorp (one of the partners in the
JV) are mostly present in semi urban and rural areas which are relatively
unpenetrated markets for insurance products. Thus they aim to explore these
markets and chalk out a strategy to survive in the already competitive market
of insurance. They plan to launch operations in 39 locations with work strength
of around 500 people.</div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-81321732675005340622012-10-10T23:58:00.001-07:002012-10-10T23:58:54.483-07:00What the Insurers Need <div dir="ltr" style="text-align: left;" trbidi="on">
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The insurance business in India has come a long way since
the Insurance Act of 1938. Some of the key milestones in this sector since
independence of India would be the merging of all life insurance companies to
form Life Insurance Company of India (LIC) in 1956, the merging of all general
insurance companies to form four General Insurance Companies (National
Insurance, New India Assurance, Oriental Insurance and United India Insurance)
and the deregulation of the Insurance Sector in 1999 allowing foreign players
to operate in the market. So is this market movement from monopoly to oligopoly
really proving to be worthwhile for the Insurance Companies?</div>
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The ironclad regulations thrown by IRDA from time to time,
economic and political pressures and tough competition has made it difficult
for the insurance companies, especially the private players, to make any
meaningful business out of it. This year we have already witnessed the exit of
New York Life Insurance from Max India Limited. Others following suit might be
ING and HSBC. Future group also plans to sever its ties with Generali while DLF
wants to exit its tie up with Pramerica. Nine of the 23 private sector life
insurers, including units of HSBC, Italy's Generali and Dutch life insurer
Aegon, lost money in the year ended in March. The joint venture between
France’s Axa and Bharti Enterprises, owner of India’s biggest cellular carrier,
has never made money. </div>
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So to revive and attract more investors and foreign partners
certain flexibility must be introduced so that the insurers would be able to
compete for higher margin and aim for higher penetration. Currently the
penetration is only 4.4% in India against 8% in Japan and 9.5% in Britain.
Business margin for India is also around 10-15% against 20-25% in China and 30%
in Hong Kong. A helping hand would be the
recent proposed hike of FDI cap to 49%. It must be allowed to pass without any political
mess up. Additionally the IRDA must have a more benevolent approach towards
private players. Because of strict regulations, insurance products are mostly
similar and hence competition is high. Without the option of product
differentiation margins for insurers would continue to be meager. </div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-73322901252691002412012-10-09T01:37:00.000-07:002012-10-09T01:37:23.603-07:00Max Life Insurance disinvests 5% stake from Mitsui Sumitomo<div dir="ltr" style="text-align: left;" trbidi="on">
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The Insurance industry has started showing the first sign of
reaction to the proposed decision of increasing the FDI limit to 49% from the
existing 26%. Earlier this year in April 2012, Mitsui Sumitomo had acquired New
York Life Insurance’s 26% stake in Max New York Life Insurance (Then a joint venture
between Max India and New York Life Insurance). Since then the Insurance
Company has be renamed Max Life Insurance. The deal was estimated to be around
Rs 2700 Cr. </div>
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However unlike New York Life Insurance, Mitsui Sumitomo doesn't enjoy the privilege
of increasing the stake from 26% in case the FDI limit was relaxed (as proposed
now to 49%). Now when the Government has decided to increase the FDI limit, Max
Life Insurance has disinvested 5% stake from Mitsui Sumitomo. With Indian promoters having invested Rs 21,000
Cr and foreign investors putting in Rs 7000 Cr in the past decade in the
segment, the new FDI cap raise is expected to draw in another Rs 30,000 Cr in
the next five years, given the approval in the parliament. </div>
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Max India and Max Life Insurance chairman Analjit Singh
stated that the disinvestment is a move aimed at unlocking the valuation from
their life insurance business and that the decision is purely commercial.
However with the above mentioned figures in terms of proposed FDI investment,
can this stake disinvestment be also seen as a planned move for welcoming
further foreign investments?</div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-66034872045932812132012-10-08T01:30:00.002-07:002012-10-08T01:31:37.217-07:00IRDA to step in over cancellation of cashless cover by PSU Insurers.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Cambria, serif; font-size: 11.5pt;">On
July 1st, 2011 four PSU firms for General Insurance viz. National Insurance,
New India Assurance, Oriental Insurance and United India Assurance had
stopped their cashless hospitalization facility. The reason was overcharging by
the hospitals and non standardization of the treatment charges. Insurance
companies have a network of hospitals, known as PPN, which offers health
insurance services under cashless facility. The network hospitals are decided
through the agreement between the Third Party Administrators (TPAs) and the
hospitals and the list is amended from time to time. Insurance Companies have
claimed that the cost to claim ratio was around 140 percent of the premium
received under the health portfolio as on June 2012. Some 150 hospitals were
scrapped from cashless hospitalization scheme. While the insurance companies
complain of overcharging, the private hospital authorities maintain that they
cannot conduct treatment at Central Government Health Scheme (CGHS) rates.<o:p></o:p></span></div>
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: Cambria, serif; font-size: 11.5pt;">Initially
Insurance Regulatory Development Authority (IRDA) took a rain check when their
intervention was sought. They felt that the insurance companies and the
hospitals need to work out an amicable solution themselves. Now with the
policyholders stranded for no fault they have decided to step in. In August
this year IRDA came up with a circular stating that policyholders would
continue to get cashless hospitalization facility even if the hospital were
delisted from cashless cover by the Insurance Companies. They are now in the
process of standardizing the treatment costs as well as look into the issue of
overcharging</span><span style="font-family: 'Times New Roman', serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-65864303231044392042012-10-06T02:35:00.001-07:002012-10-06T02:41:34.576-07:00Experts speak on FDI reforms in Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
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Sometime back in July 2012 we had written about the first
positive ripples of investment in the Insurance Sector. We had discussed about
the possibility of increasing the FDI investment cap from the erstwhile 26% to
49%. With the recent ongoing parliamentary discussions this possibility might
soon be a market changing reality for the Insurance Business. Though we have to
wait till November and hope for a smooth approval of this proposed reform, let’s
have a look at how the industry is impacted and what the industry experts have
to say on this:<br />
<br />
Puneet Nanda , executive director ICICI Prudential : “Raising FDI cap will send
positive signals to foreign investors and will encourage new players to enter
the Indian insurance market. <span style="background: white; color: #1d1d1d; font-family: "Arial","sans-serif"; font-size: 10.5pt; line-height: 115%;">Increased
competition will lead to the introduction of newer and lower-priced products
and better service from insurance firms.</span>”<br />
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Vibha Padalkar, executive director and chief financial officer, HDFC Life:
“<span style="background: white; color: #1d1d1d; font-family: "Arial","sans-serif"; font-size: 10.5pt; line-height: 115%;">More companies will enter the sector because
India is an underpenetrated country when it comes to life insurance products. Along
with lower prices, customers will also see new products hitting the market</span>”<br />
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Nathan Parnaby, CEO of Standard Life’s Asia and emerging markets division:
“<span style="font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">The Indian government and their finance minister are doing the
right thing…We would like to look at the opportunity of increasing our stake</span>”
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[Standard Life holds 26% stake in HDFC Standard Life Insurance]<br />
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Louise Shield, an RSA spokeswoman: “We welcome the move, it’s a step in
the right direction” <br />
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Although RSA has not expressed any interest to increase
their stake in Royal Sundaram Alliance, others like Standard Life and
Prudential (currently having stake in ICICI Prudential) have expressed interest
to take advantage of this reform. As per market experts, Standard Life and
Prudential would need around 300 million pounds and 700 million pounds
respectively to increase their stakes to 49% in HDFC Life and ICICI respectively.
Although a 49% doesn't give any controlling stake to either of them, it induces
greater involvement and interest in business strategy, management and
implementation.<br />
<br />
From every corner of the globe we are getting positive vibes about this
proposed reform. Perhaps opening up FDI in Insurance is a great way to explore
the full potential of a strong market as India. We certainly hope that this
move is not thwarted by unreasonable political aspirations.</div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-49035546726729048782012-10-05T02:19:00.000-07:002012-10-05T02:19:15.026-07:00India First Life Insurance Launches MagicBoard<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Georgia, Times New Roman, serif;">The days of cumbersome sales meeting, extended paperwork and
mis selling may soon come to an end for the Indian Insurance industry. For many
years now, insurance companies have been brainstorming with their IT to bring
out the cutting edge technology which addresses the above mentioned hassles
surrounding the insurance industry. A
solution to this would automatically lead to a drop of expenses for both
parties viz. the customer and the insurer.<br />
<br />
A leap towards this idea has been taken by India First Life Insurance, a joint
venture between two of India’s largest public sector banks- Bank of Baroda and
Andhra Bank along with UK’s leading risk, wealth and investment company Legal
and General. They have launched MagicBoard - a one-of-its kind integrated
portable fulfillment device for a fully compliant, truthful and efficient
Customer sales and service process that has a potential to be a force
multiplier in sales productivity, customer delight and cost efficiency.</span></div>
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<span style="font-size: 11pt;"><span style="font-family: Georgia, Times New Roman, serif;">The device is an automated sales engine where a
customer, distributor, employees and the insurance organization shares an
integrated platform at real time to ensure honestly, transparency and agility
of the sales process. Each of these stakeholders would have a single page view
in his handheld tablet PC for real time access. Thus all the business processes
viz. B2B, B2C and C2B are integrated and processed together. A sales person can
now complete a sale on the spot (with or without access to internet) within 15
minutes. And instantly thereafter, the sale data is picked up by the MagicBoard
command center at Mumbai and a verification call is made to the customer to
cross check the information and the call is recorded for future reference by
the customer. Once the data is verified, instantly a PDF file of the policy is
pushed into the customer email and the summary printout is given simultaneously
by the sales person through his blue tooth enabled portable printer which he
carries along with him. A hard copy is also couriered to the customer to ensure
that he has the same document through different delivery channels for cross check.
MagicBoard also allows the sales person cater to customer requests, complaints
and claims instantly through live video calls, instant access to key personnel
in the corporate office etc.<br />
<br />
Summarizing the MagicBoard has the following to offer to the Sales Executive
and Customer <o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Helps optimize leads<o:p></o:p></span></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 15pt; margin: 0in 0in 0.0001pt 0.5in; text-indent: -0.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Recommends the right product based on the
customer needs<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Details out the product key features and risk
factors honestly through pre recorded product audio visuals<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Eliminates cumbersome procedures - instant
upload of documents, collection of premiums and policy printing<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Provides business intelligence and MIS reports
on a real time basis<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Offers instant insurance at customer door step
with end to end fulfillment<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Uniform communications visually and verbally
across all customer touch points<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-size: 11pt;">-<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span style="font-size: 11pt;">Complete migration of manual sales process to
an integrated, IT enabled platform<o:p></o:p></span></span></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin: 0in;">
<span style="font-size: 11pt;"><span style="font-family: Georgia, Times New Roman, serif;">Going by the habit of idiosyncratic investments
by insurance companies in anything that boosts sales, we might be on the advent
of witnessing some serious and revolutionary changes in the insurance buying
process.</span><span style="font-family: Calibri, sans-serif;"><o:p></o:p></span></span></div>
<br />
<br />
<div style="background: none repeat scroll 0% 0% white; font-family: Arial,Helvetica,sans-serif; line-height: 14.25pt; margin: 0in 0in 11.25pt;">
</div>
<br />
<br />
<span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></div>
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PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-57670005987219236012012-07-04T00:36:00.000-07:002012-07-04T00:36:32.571-07:00Government plan to increase FDI cap to 49% in the Insurance Sector<div dir="ltr" style="text-align: left;" trbidi="on">
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The decision which has been pending since May 10<sup>th</sup>
this year and which had once been rejected by the Standing Committee in
December 2011 finally goes in favor of the insurance companies.<span style="mso-spacerun: yes;"> </span>In its latest report Government seems
optimistic in raising the Foreign Direct Investment (FDI) limit in the
insurance sector to 49% from its existing 26%. As per the current regulation a
foreign player can have a maximum of 26% stake in the insurance companies. This
change of almost doubling the FDI limit is seen as a need to give a push to the
reforms laid out by the Government this year.</div>
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<br /></div>
Over the years post liberalization of the insurance segment,
both the domestic companies and their foreign partners had been requesting the need
for an increased participation of the latter. However the Standing Committee contended
by justifying that an increased presence of the foreign companies would
unnecessarily expose the Indian segment to the risk and vulnerabilities of the
foreign market. <span style="mso-spacerun: yes;"> </span>However, the panel,
headed by senior BJP leader Yashwant <span style="mso-spacerun: yes;"> </span>Sinha,
had agreed on the need to bring in comprehensive changes in the archaic laws
governing the insurance sector. <br />
<br />
<div style="background: none repeat scroll 0% 0% white; font-family: Arial,Helvetica,sans-serif; line-height: 14.25pt; margin: 0in 0in 11.25pt;">
<br /><span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></div>
<br /><div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br /><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a><br /><br /><br /><br /><a href="http://http//policytiger.com/lifeinsurance.jsp"></a><br /><br /></div>
<br /><br /><br /><br /><br /><br />PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com1tag:blogger.com,1999:blog-7359027914268583028.post-25531684980507045192012-05-18T04:18:00.001-07:002012-05-18T04:20:21.520-07:00United India Insurance pays Rs 1.16 crore to the widow of a businessman<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;">
United India Insurance Company suffered a major blow when
the Bombay High Court dismissed its petition and upheld the order to pay a
compensation of Rs 1.16 crore to the widow of a businessman who died around
nine years ago. On September 30th 2011, the Mumbai Motor Accident Claims had
directed United India Insurance to pay an aggregate sum of Rs 69.18 lakh and interest
at the rate of 8.5% per annum bringing the total to Rs 1.16 crore to Sugra
Varawalla, wife of deceased business man Riyaz Varawalla. <br />
<br />
<br /></div>
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The insurance major moved to the High Court and challenged the dictate on the following
grounds: </div>
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<div class="MsoListParagraphCxSpFirst" style="font-family: Arial,Helvetica,sans-serif; text-indent: -0.25in;">
·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span>- Sugra Varawalla has already received
compensation from LIC and other credit card companies and these were not
accounted by the Mumbai Motor Accident Claims while calculating the future loss </div>
<div class="MsoListParagraphCxSpFirst" style="font-family: Arial,Helvetica,sans-serif; text-indent: -0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="font-family: Arial,Helvetica,sans-serif; text-indent: -0.25in;">
- The insurance company also claimed that the
woman’s income was also not included in the calculations for her future loss.
Apparently she was a partner of the businesses of her husband. </div>
<div class="MsoListParagraphCxSpLast" style="font-family: Arial,Helvetica,sans-serif; text-indent: -0.25in;">
<br /></div>
<div style="background: none repeat scroll 0% 0% white; font-family: Arial,Helvetica,sans-serif; line-height: 14.25pt; margin: 0in 0in 11.25pt;">
<span style="font-size: 11pt;"><br />However
the Mumbai High Court rejected their first plea holding that if the received
amount is an outcome of separate contracts and had no direct nexus with the
accidental death, it cannot be deducted while computing the future loss of
income. Their second contention was rejected because the court held that the
woman’s earnings could not be taken into consideration to reduce the quantum of
loss of annual dependency income on account of the accidental death.</span></div>
<div style="background: none repeat scroll 0% 0% white; font-family: Arial,Helvetica,sans-serif; line-height: 14.25pt; margin: 0in 0in 11.25pt;">
<span style="font-size: 11pt;"><br />Looking for Life Insurance? Click below to get the best deals :</span></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a><br />
<br />
<a href="http://http//policytiger.com/lifeinsurance.jsp"></a><br />
<br /></div>
<br />
<br /></div>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com1tag:blogger.com,1999:blog-7359027914268583028.post-29804400760882115762012-04-19T01:48:00.000-07:002012-04-19T01:48:14.415-07:00Mitsui Sumitomo Insurance to buy 26% stake in Max New York Life Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">Tokyo based insurance holding company, Mitsui Sumitomo Insurance, is all set
to buy the 26% state in Max New York Life Insurance from New York Life
Insurance Company. With this the ten year old joint venture between Max New
York Life and Max India Limited would come to an end. This joint venture came
during the time when companies were spearing their wings in order to be a part
of the globalization movement. Along with India, New York Life had also
invested in other Asian markets</span>. <br />
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<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: inherit;">The joint venture had kicked off well and it has
been profitable since its inception. They offer long term savings and
protection plans for individuals as well as groups through agency distribution.
They evolved to become one the four large private life insurance companies in
India. However its profits mark only a minor addition to New York Life’s
overall earnings. Therefore New York Life has decided to expand on Mexico
operations as it currently holds out to be the strongest international market
for the insurance giant. The sale would also result in some capital collection
but the real strategy is to shift focus on the more lucrative market of Mexico.</span> </span></div>
<span style="font-family: "Calibri","sans-serif"; font-size: 11pt; line-height: 115%;"></span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11pt; line-height: 115%;"><br /><br />Looking for Life Insurance? Click below to get the best deals :<br /><br /><br /></span><br />
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</div>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com1tag:blogger.com,1999:blog-7359027914268583028.post-69633328058391453222012-03-26T03:05:00.000-07:002012-03-26T03:05:23.387-07:00IRDA introduces the declined risk pool for the Indian Motor Insurance industry.The last fiscal was not at all encouraging to the Indian Motor Insurance Industry. The loss ratio currently stands at 145%. Simply put for every Rs 100 premium paid, the loss incurred is Rs 45. Under the Indian Government Laws, third party cover is a mandatory purchase along with the purchase of your vehicle. However due to high losses, private insurers refrained from providing third party covers. Therefore Insurance Regulatory and Development Authority (IRDA) came up with this motor third party pool in 2007, where premiums pertaining to third-party risks collected by all general insurance companies are added to this pool. All claims paid are debited to this motor pool. Based on the market share of the insurance companies, the losses from the third party pool were shared by the insurance companies. The third party premium for all vehicles is regulated and insurers have no role in deciding the premium. As a result efficiencies have found its way and even those insurance companies which were not aggressive with car insurance had to bear the brunt of these loses because of their market share.<br />
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However this third party pool would undergo a change from April 1st, 2012. IRDA has already come up with their guidelines addressing the concerns raised by the loss making car insurance market. They have recently formed another pool called the “declined risk pool for third party motor policies”. This new pool would apply to commercial vehicles for standalone third party insurance liability. Comprehensive motor insurance cannot be settled from this pool. Third-party insurance cover protects the vehicle owner from any financial liability in case of damage to life or property in an accident to the third person. Comprehensive motor insurance adds the personal vehicle damage cover also to it. Comprehensive motor insurances are hence more expensive. The removal of the comprehensive policy would shrink the size of the newly proposed motor pool to a quarter of its original size. The present size is about Rs 6000 crore. According to IRDA, the insurance companies would retain 20% of the gross premium in their own account, 10% would go to General Insurance Corporation of India and the rest 70% would go to the motor pool.<br />
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This new declined pool would hopefully reduce the loss ratio of the motor insurance market and make things more transparent and fair for the insurance companies. However in view of these new regulations and other inflationary measures, motor insurance premium might go up by 10- 15%.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></div><a href="http://http//policytiger.com/lifeinsurance.jsp"></a>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-27751852091532055562012-03-22T13:12:00.000-07:002012-03-22T13:12:26.605-07:00Indian Life Insurance Companies Vs IRDAThe Insurance Regulatory Authority of India (IRDA) has always been the responsible Big Daddy of the insurance industry in India. It has always tried to ensure that things are running smooth and that no one is unfairly holding an edge over the others. However of late, the relationship between IRDA and the Life Insurance Companies of India has been stained. Both sides have their own gamut of reasoning for this rift. IRDA complains of risky and unethical business by these life insurance companies. The latter on the other hand is claiming that the regulator’s tight guidelines are pushing them to adopt previously untried methods. The two major causes of frown for the IRDA are the use of foreign reinsurers by the life insurance companies and the introduction of umbrella products which offers multiple policies under one product. <br />
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Before moving to discuss the first issue it is imperative that we understand what and who these reinsurers are. Reinsurance is a form of insurance where the insurance companies redirect the risk to another insurance company for some commission. Some foreign reinsurers currently popular in India are Swiss Re, Munich Re. IRDA has no control over the foreign reinsurers. So by using reinsurers, life insurance companies are naturally making IRDA uncomfortable. IRDA reasons that the end user or the customer is not fully exposed to the risk which they face if they buy such products. For Example if the reinsurer defaults due to credit risk, it is transferred to the insurer and ultimately the customers. The reason why foreign reinsurers are popular is because they offer competitive rates. However exposure to credit risk default is also higher. <br />
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The second issue of IRDA is using umbrella products to bring in multiple policies under one. IRDA claims that when the life insurance companies submit their products for clearance, there are fewer funds. But once cleared the funds proliferate. These funds may be significantly smaller in value. Ultimately the customer ends up with a collection of funds which may actually not result in much capital gain. Interestingly though when the Mutual Fund industry had started launching similar products, the capital market regulator had asked them to bring it under one umbrella product. They claimed that this would help remove confusion from the customers.<br />
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On the other side of the coin, the life insurance companies feel that IRDA has come down harshly on every profitable idea in the past year starting from pension plans to highest NAV guaranteed products. Earlier in September 2010, the life insurance industry received a major blow due to the restrictions imposed on the ULIP products. Initially it was expected that within six months a recovery was evident. However it took much longer than that. Between April – December, 2011 the premiums collected by the life insurance companies went down 17% reported in the same period a year ago. Also the number of policies issued was down by 11%. It seems that IRDA is changing things too frequently and the life insurance companies are finding it difficult to absorb these changes in their business models. The resistance of the life insurers is meekly visible in the absence of any pension plans after the guidelines were revised to ensure guaranteed returns.<br />
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IRDA has also recommended zone-wise distribution tie-ups between bank and insurance companies. This bancassurance guideline has not gone very well with the life insurers. They feel that this would complicate things as the whole business of bancassurance is based on commitment from either side. The financial institutions still have some way to go before they can successfully implement the zone-wise distribution recommendation.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></div><a href="http://http//policytiger.com/lifeinsurance.jsp"></a>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-86338160757464655962012-03-20T03:00:00.001-07:002012-03-20T03:00:31.176-07:002012 - The LIC ONGC story so farFor this fiscal ending March 2012 the Government of India had a firm target of acquiring Rs 40,000 crores through its disinvestment strategies. Part of its strategy to achieve the target was the 5% stake offer of Oil and Natural Gas Commission (ONGC). However a flurry of over expectation, bad marketing and perilous economic scenario threatened to completely pulverize this move. Once again, as we have seen in the past, Life Insurance Corporation of India (LIC) came to its rescue. <br />
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<b>How LIC saved the day –</b> <br />
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The average quoted price per share was Rs 303.67, which is actually about 5% higher than its floor price of Rs 290. The auction got lukewarm response from foreign financial institutions and domestic banks. The over estimation almost lead to an embarrassing flop. But when things started to look bad, LIC opted to buy about 4.6% stake (of the available 5% stake) or about 40 crore shares thus pushing its investment to about Rs Rs 12,146.80. Till the October – December quarter of this fiscal, LIC already had 3.23% stake in ONGC. With this new investment their total stake has risen to about 8%. This is of course less than the 10% cap imposed by Insurance Regulatory Authority of India (IRDA) on any insurance companies.<br />
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<b>What was the cost of this investment to LIC? </b><br />
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The value of share came down to Rs 280 in just two days. That means in just two days, LIC made a loss of about Rs 912 crores. The recent Union Budget added to its woes. Finance Minister Mr Pranab Mukherjee hiked the cess on crude and petroleum oil to Rs 4500 per tone from Rs 2500 per tone. This move would eventually bring down ONGC profit before tax by Rs 5500 crore. Obviously a decrease in stock price was on its way. As I write this article, ONGC’s stock price was hovering over Rs 272 – 273. If you do the math it is not difficult to understand that the loss is around Rs. 1200 crores. The budgetary move has also encouraged Bank of America Merril Lynch to downgrade ONGC shares to “neutral” from its earlier recommendation of “buy”. <br />
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<b>What’s ahead?</b> <br />
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Government of India’s strategy of transferring money from one pocket (LIC) to the other pocket (Government of India) worked out in the above case. It remains to be seen what interesting episodes awaits this eco-political drama when it sets out to achieve its remaining target.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></div><a href="http://http//policytiger.com/lifeinsurance.jsp"></a>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-7724432250165540562012-03-20T01:54:00.000-07:002012-03-20T03:01:45.257-07:00Sahara India Life Insurance introduces new child educational plan.Sahara India Life Insurance, the first wholly Indian-owned life insurance company in the private sector, has introduced a new child educational plan. The plan is called “The Sahara Vatsalya Jeevan Bima” and has the following features.<br />
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- The plan is available for parents aged between 20 to 50 years and for their children aged between 0 – 12 years.<br />
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- The educational benefits come when the child is 19 years old. The parents or the policyholders would receive four annual installments – 20%, 25%, 25% and 30% respectively.<br />
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- By the time the child is 22 years old, the policy matures and all vested bonuses are paid along with the last installment which is 30% of the educational benefit assured.<br />
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- In case of an unfortunate demise of the parent, the sum assured and the vested bonuses would be paid immediately to the nominee.<br />
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- The premiums paid are eligible for Income Tax Benefits. The plan also includes accidental benefit and permanent disability benefit rider.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></div><a href="http://http//policytiger.com/lifeinsurance.jsp"></a>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-13120749598153097182011-10-17T03:17:00.000-07:002011-10-17T03:17:07.478-07:00LIC joins the Online Term plan bandwagonLife Insurance corporation of India (LIC) finally plans to release their first online term product. While this might look surprising for a company which banks heavily on its strong agent’s network, it would also seem logical as the other companies (like ICICI and Kotak) which offers pure online term product are about 50-60% cheaper than LIC. To keep up with the competition, LIC believes that they must join the expanding online insurance market. LIC is already the largest and the most trusted life insurer in India. If the online arm is added to its ambit they could reach even higher scales. <br />
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Recent reports say that an online term plan is sold every 18 minutes in India and is currently delivering a per day business worth of INR50 crore. In the past six months the seven life insurers offering such online policies have sold almost 15,000 policies with a combined insurance cover of about INR 9100 crore. The reason for the growing popularity of the online insurance plans can be ascribed to the growing internet penetration, more tech savvy population and finally the ease and cheap way of purchasing an insurance (online policies take only about 15-20 mins and is about 50-60% cheaper). However we should not expect a drastic reduction in the charges. Sources say that the rates would be cheaper by 15-20% for now. The other possible reason for these high charges might be that LIC is still using the mortality tables of 1994-95. The advancement in modern healthcare has changed people's lifestyle and life expectancy severely in these 15 years. As policy premiums are directly related to life expectancy the premium rates of LIC currently seem over-valued<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://policytiger.com/lifeinsurancelanding.jsp?track=blog"><img border="0" height="154" src="http://4.bp.blogspot.com/-BW1-gKfQB-4/TdzXBCXNMYI/AAAAAAAAADw/2f-Y5ZzFze0/s320/life_insurance.jpg" width="225" /></a></div><a href="http://http//policytiger.com/lifeinsurance.jsp"></a>PolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0tag:blogger.com,1999:blog-7359027914268583028.post-35653259037847034842011-09-12T15:45:00.000-07:002011-09-12T15:45:33.838-07:00Sanlam Group invests in Shriram CapitalShriram Group has entered into a joint venture with Sanlam Group of South Africa. This deal involves a Rs 2000 crore investment by Sanlam Group in Shiram Capital which is the financial wing of Shriram Group. This would also result in a 26% stake transfer. Though these two companies have been involved in insurance joint ventures before, this is the largest still now. It is for the second time that an outside company will hold stake from Shriram Group. Till a few months back the whole equity is owned by the Shriram Ownership trust until TRG picked 15% stake by investing around Rs 700 crore. <br />
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This deal also gives Sanlam Group access to the Indian market. From Shriram Group’s perspective it is a strategic venture which is meant to expand their financial arm. Sanlam’s investment would provide for up-streaming life and general insurance and would also include a cash component. In this way, Shriram Capital would still hold 100% equity which Sanlam Group would indirectly own 26% holding in the insurance venture by virtue of its 26% stake in Shriram Capital. The deal would take six to nine months as they await approvals from IRDA and SebiPolicyTigerhttp://www.blogger.com/profile/16850381036902929353noreply@blogger.com0