General insurance industry grew by 21 per cent in April-May, which saw private player ICICI Lombard fast catching up with the top four public sector insurers.
Accident insurance is the cheapest and smartest way of filling the insurance gap especially for the young.
In an interview with Shilpy Sinha and Sidhartha, LIC Managing Director DK MEHROTRA discusses the public sector player's strategy.
There are few lapses in the healthy insurance proposals.
Most customers still don't understand this concept and are unable to benefit from it.
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
Detariffing in the non-life insurance market may well be the beginning of the end of cross-subsidisation and low premiums in group health insurance, with insurers now looking at pricing all their products individually.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
The total number of Indian agents registering with the Million Dollar Round Table (MDRT), a prestigious international trade association of insurance agents, has more than tripled to 1,931 agents for 2007 compared with 532 in 2006. To qualify for the MDRT, an Indian insurance agent has to get a premium (read business) of Rs 23.92 lakh to his insurance company or earn a commission of Rs 5.98 lakh.
Indian government expects LIC to have better business this year.
Make sure that the waiting period on pre-existing diseases does not exceed two years. Avoid policies that come with room rent and ICU capping, suggests Sanjay Kumar Singh.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
With lower rates of renewal and lesser disposable income available to invest, insurers said the penetration has come down.
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
The merged entity will have a combined market share of 6.4 per cent in the non-life insurance industry with 308 branches in the country. The deal is subject to regulatory approvals and the entire process is expected to be completed in nine months.
A term plan's premium is lower than that of a wholelife plan.
Apart from special services from banks for their wealth management needs, HNIs are now getting offers from insurance companies, too.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
'Unless we consistently show up with the right cars, at the right time, priced fairly, we risk becoming irrelevant very quickly.'
If you have done proper planning and have little liability, there is no need to go for an insurance policy after 50.
Riders are the additional benefits that you may buy and add to your policy. They are options that allow you to enhance your insurance cover, qualitatively and quantitatively. Riders can be mixed and matched based on one's preferences for a small additional cost.
Insurers have eased the documentation process to file claims so that they can be settled faster
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
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Group term insurance is far more cost-effective than an individual cover.
India is likely to count among the top three life insurance and 15 general insurance markets in the world by 2020. However, private insurance companies are to be find a way to operate profitably.
Add-ons such as critical illness or disability due to accident are available on payment of a little extra money, and they can take care of any unforeseen, unfortunate developments, says Santosh Agarwal
When you confuse insurance with invstment, you could actually lose money.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
There are many ways of determining your insurance needs. Here we look at a few.
Naval Goel of PolicyX answers some important questions before buying insurance policies
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