Buying an insurance policy? Claim Settlement Ratio helps you find out the chance that your claim will be settled and how soon it will be setled.
While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
The Insurance Regulatory and Development Authority on Wednesday issued a 26-point guideline for on-line agent training institutes which stipulates at least 100 hours of training in life or non-life insurance.
If you opt for a term-life cover, buy separate policies to cover the loan for all the co-borrowers in a home loan for a sum assured equal to the home loan amount.
Company launches claim guarantee scheme for customers.
Insurance against terror will command a lower premium starting next fiscal, as the pool created in this respect has accumulated a large sum and received less claims.General insurers have agreed to cut down the premium charges for the Market Terrorism Risk Insurance Pool to up to 0.003 per cent of the sum insured for various categories of properties.
Ministry of Finance, Joint Secretary -- insurance, Anoop Wadhwa, had reviewed the progress of development of micro-insurance products at a meeting in the national Capital on Tuesday.
A look at the fine print in your insurance document.
The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.
It is just not enough to select a life insurance company that is known for its high claim settlement ratio. The responsibility also rests with you to ensure that you play it right so that your claim is not rejected.
Midcap stocks Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch, and Samvardhana Motherson are expected to earn upgrades.
Life insurance companies have put their plans to list their shares on the stock exchanges on the backburner, though they are hopeful of Parliament's nod for the Insurance Bill, which will increase the foreign investment limit, during the Winter session.
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.
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.
Indian government expects LIC to have better business this year.
Shares of Life Insurance Corporation (LIC) of India hit fresh record lows amid sustained decline in Adani Group stocks. Its stock finished at Rs 567.8, down 2.9 per cent over its previous close. The state-owned insurer's market value is now down Rs 2.4 trillion, or 40 per cent, compared to initial public offering levels.
They want to take advantage of the few days remaining before the IRDA's new guidelines on Ulips come into force. What has also added to the rush is the fall in the sale of big-ticket, single-premium covers and Ulips in the current financial year as individuals are holding on to big-ticket purchases, especially where the returns are linked to the equity markets. For insurers, big-ticket policies mean a lower lapse rate and it translates into higher commission for agents.
Over six years after the insurance sector was opened up to private players in India, AMP-Sanmar Life, one of the first private entrants in life insurance sector, on Tuesday said it was exploring all options, including exiting the business.
With lower rates of renewal and lesser disposable income available to invest, insurers said the penetration has come down.
Loudspeakers blaring indecipherable music alongside a group of musicians beating drums filled the air outside the BJP headquarters in Mumbai but party supporters and workers has deserted the premises.
One year after the Insurance Regulatory and Development Authority's (Irda) allowed insurance companies to invest in venture capital (VC) funds, no insurer has shown interest in funding VCs.
A proper mix of cover that gets tax advantage is essential to ensure that there is adequate insurance. But first, you need to identify the needs. And they will keep on changing, according to your age, dependents and other factors: Medical insurance premiums up to Rs 15,000 come under Section 80D. And life insurance premiums up to Rs l00,000 get benefits under Section 80C.
Though agents promote Ulips instead of term policies, the latter make more sense for pure insurance purposes.
There are many reasons why you should not; the main one is that they make money off you.
Insurance falls from 14 position in 2013; insurance penetration falls to 3.9%.
With increasing cases of lifestyle diseases, opting for a critical illness health insurance policy makes sense.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
Implementation of BI tools can improve the bottom line by 10-15 per cent of insurance companies.
rediffGURU Major Inderpaul Singh (retd) offers career guidance and helps students and individuals handle challenges in their professional lives.
The total number of agents of Reliance Life at the end of September stood at 211,293. By December-end, the numbers were down by 68,450 to 142,843, according to an investor presentation made by the company.
While it is advisable to hold the insurance policy till its maturity, it is not always possible. Life throws up some unexpected challenges, and so we are forced to sell the policy, in order to raise cash to tide over these emergencies.
LIC and GIC employees will go on strike on Tuesday to lodge their emphatic protest against the 'ill-advised' two Bills the Government of India introduced in Parliament on Monday. The office bearers of Insurance Employees' associations said the increase in FDI limit under external pressure results in increased access to private foreign capital over domestic savings, thereby weakening the public sector LIC of India.
Players may have to suffer underwriting losses this year.
Insurance industry is gearing up to clear claims from the attack on Mumbai even as many of the injured are finding it tough to produce the required documents.
As we enter the peak tax-saving season, you will notice an increase in advertisements related to tax-planning products. Expect an escalation in the noise surrounding tax-saving products like life insurance and mutual funds. These advertisements will almost certainly be followed up by persistent calls from telemarketers, not to mention personal visits from your friendly neighbourhood insurance agent.
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