Insurers will be going to IRDA for protesting against the new norms on ULIPs and seek a change, as many in the sector believe that these financial instruments will become less attractive after the proposed regulatory changes It has been nearly two weeks since the Insurance Regulatory and...

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IRDA has moved swiftly to make ULIPs less attractive for agents and insurance companies. While this is laudable, there is an unintended impact. Policyholders will be persuaded to buy the more opaque traditional plans now Unit-linked Insurance Plans (ULIPs) were the main source of revenues for...

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Under the new regime on ULIPs that is supposed to be in place from 1st September, private insurance companies would lose out to LIC Unit-linked insurance plans (ULIPs), the mainstay of insurance companies, would become less attractive from 1st September. The Insurance Regulatory and Development...

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Come September, the new ULIP norms will kick in, and the rush to sell these products is becoming intense From incessant phone calls to text messages, insurance agents are once again trying every trick in the book to make people buy Unit-linked Insurance Plans (ULIPs) before 1st September,...

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As expected, the regulatory limbo over unit-linked insurance plans (ULIPs) has significantly impacted sales of private insurance companies in April. ULIPs constituted roughly half of the total sales of the 23 life insurance companies in FY09-10. Data from the Insurance Regulatory and...

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Your health insurance policy may seem worthwhile only if you or any of your family members were to be ill enough to require an extended period of hospitalisation. Most policies don’t cover medical care that requires less than 24 hours’ hospitalisation, which means that you have to pay from...

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Probably anticipating the slowdown in ULIP sales following the regulatory spat that broke out in April, life insurers seem to be banking on the so-called ‘assured return’ products to attract customers. In May, DLF Pramerica Life Insurance introduced a ‘savings-cum-protection plan’—DLF Pramerica...

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The changes may have been cosmetic and won’t rock the boat of insurance companies The Insurance Regulatory and Development Authority (IRDA) introduced sweeping changes in Unit-linked Insurance Plans (ULIPs) yesterday. Among the measures are-a five year lock-in, even-out commission over the...

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HEALTH & MOTOR INSURANCE Gear Up for Higher Premiums If you were thinking of buying a new health or own-car motor insurance, better do it now. Your own-car and health insurance premiums may go up soon. General insurance companies have been hit hard by the double whammy of rising claims...

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SALES CHANNEL IRDA Bats for Bancassurance Independent financial advisors (IFAs), who have been surviving on sales of insurance products after the Securities and Exchange Board of India (SEBI) banned upfront commissions on mutual fund sales, may be in for another body blow—this time from the...

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The life insurance market grew at 25% in the past year, but the sum assured per policy is shrinking, thanks to the proliferation of ULIPs The latest IRDA (Insurance Regulatory and Development Authority) data shows that life insurers grew their business by a whopping 25% in the past financial...

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The insurance regulator does not seem to have any power to clamp down on pyramid schemes Life insurance policies are being sold under dubious chain-marketing schemes by unscrupulous agents. Swarg (www.licswarg.com), a Mumbai-based corporate agent of LIC, is running a ‘pyramid’ scheme to...

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The answer will surprise you, given what the media, the agents and ads tell you. Debashis Basu and Aaron Rodrigues offer some plain truths about life cover The year was like any other; but, for Rajeev Malhotra, 1964 was different. His wife delivered a two-pound baby boy. He was a happy...

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AVIVA Cost Plus Aviva has come up with a way of reducing parents’ anxiety over the cost of higher education of their children by setting up an online insurance calculator called Aviva Educost on its website www.educationisinsurance.com. You get 20 career options (including MBA, law,...

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The middle class has the bulk of its wealth tied to the family house or apartment. Yet, very few homes are insured. Aaron Rodrigues examines why In the past two years, India has suffered heavy rainfall, floods, earthquakes and landslides. India is not a peaceful country either. Between...

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You can buy individual health insurance plans or you can buy a ‘family floater’. Here is why you should avoid the floaters In our previous issue, we told you about our aam aadmi, Rajeev Malhotra, who works for a State-owned bank, and how his little hidden secret of hypertension adversely...

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Health insurance companies have the highest number of pending cases of unpaid claims. Aaron Rodrigues lists five basic rules to avoid a rejection Rajeev Malhotra is a very common name in India. He works as a clerk in a State-run bank and has decided to buy a health insurance policy for his...

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Life insurance is one of the most effective ways of financial planning for your family. It can help you save for your future goals and enjoy tax benefits. It also acts as a security net for your family in the unfortunate event of your passing away.  Having made the effort to research the...

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Before buying life insurance. Here are some surprising answers Q. Why am I buying insurance? Surprisingly, few of us ask this question. Your reasons could be: a. To save tax; b. To invest; c. To create a safety net for your family. If the reasons are (a) and (b), several better options...

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For a long time, telecom consumers needed clarity on whether they would need to go in for the lengthy process of arbitration to settle a dispute with a service provider. However, a recent judgement delivered by a consumer court makes it clear that users can go to consumer forums to settle...

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