Needs Analysis proposed for sale of life insurance policy

It is required to ensure that the life insurance product that is proposed to be sold is suitable for the prospect and meets his or her needs.

Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to ensure that the product that is proposed to be sold is suitable for the prospect and meets his or her needs.

It is proposed to mandate carrying out Needs Analysis for life insurance policies. Insurers shall, in terms of Regulation 4 (1) of the IRDA (Insurance Regulatory and Development Authority) Regulations for Protection of Policyholders’ Interests, 2002, adopt a standard Proposal cum Needs Analysis form.

It is also proposed to issue guidelines to life insurance companies to develop and implement a Prospect Product Matrix that will serve as a tool to assess whether or not the proposed sale is based on the Needs Analysis. This shall currently be made applicable to all life insurance policies (Traditional, ULIPs, Pension and Health) sold as individual policies.

The Draft Guidelines, along with an illustration of a Prospect Product Matrix (Annexure B) and the Standard Proposal cum Needs Analysis form (Annexure A) are put up on the IRDA website.

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Amazon.com launches India specific online shopping service, Junglee.com

‘It is an aggregation service that offers 1.2 crore products along with product information, reviews, pricing and shipping time details that help consumers to make purchase decisions:’ Amazon.com Vice-President Amit Agarwal told PTI.

Global online shopping giant Amazon.com launched a new service for Indian consumers, claiming to offer 1.2 crore products from both local and international retailers.

"We are announcing a new online shopping service for consumers in India. It is an aggregation service that offers 1.2 crore products along with product information, reviews, pricing and shipping time details that help consumers to make purchase decisions," Amazon.com Vice-President Amit Agarwal told PTI.

He said the service will be offered under the brand Junglee.com, which will also provide a platform to Indian sellers to list and showcase their products and services and also generate traffic.

"With the new service, consumers in India will find it easier to find what they are looking for. When a customer decides to make a purchase, he or she will be directed to either amazon.com or to the website of a seller. The ultimate purchase will happen on the seller's website," he added.

The company claimed that Junglee.com will offer options from hundreds of online and offline retailers, including Homeshop18, Hidesign, Gitanjali, Fabindia, Bata India, Dabur, Microsoft India Store, Reebok, and Amazon.com.

It will have more than 90 lakh books and 30 lakh products from more than 14,000 Indian and global brands across more than 25 product categories, including mobile phones, cameras, toys and games, baby products, books, music, movies and TV, clothing, and jewellery, it said.

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Government Securities: IDBI Bank launches India’s first online retail G-Sec portal

Government-owned IDBI Bank Ltd has launched India’s first online retail G-Sec portal. The portal...

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