INSURANCE


IRDA has launched a new website to educate and protect you. It wants you to live worry free. While the initiative is laudable, taking the contents as gospel may lead to disappointment The Insurance Regulatory and Development Authority’s (IRDA) newly launched consumer awareness website

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There can be enormous difference in the insurer-authorized service centre estimation as compared to the roadside repair shops. Is it justified? Are insurance companies being fleeced which means you end-up with higher premium? Imagine an ICICI Lombard-authorized service centre giving quote...

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Moneylife Digital Team 24 April 2012
IRDA has penalised Birla Sun Life Insurance Company a paltry Rs6 lakh for a slew of violations, some serious including using unlicensed entities to sell insurance The Insurance Regulatory Development Authority (IRDA) had detected 22 irregularities in the functioning of Birla Sun Life...

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IRDA has increased premiums for automobile insurance with effect from 1 April 2012. Insurance companies have come up with a new trick of using only the engine cubic capacity. The smaller and cheaper cars and bikes are subsidising the bigger and costlier ones Insurance regulator, Insurance...

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Moneylife Digital Team 19 April 2012
R2 approval is an important step in the process of acquiring the license from IRDA Mumbai: Religare Health Insurance Company Limited (RHICL) has received the R2 license from the Insurance Regulatory Development Authority (IRDA), according to a release from the insurance company.  The R2...

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Many implicitly trust insurance companies. We present you the chilling story of what can happen when a gullible customer walks into an insurance office Arvind Injamuri, 65, a 9th std fail, retired railway employee living at Solapur, decided to use his retirement kitty to secure his...

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Moneylife Digital Team 05 April 2012
Service tax impact on life insurance policies Increase in service tax from 10.3% to 12.36% on the policy charges will increase the premium as it would be passed on to consumers. Service tax is applicable on charges like mortality, fund management, policy allocation charge and policy...

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Moneylife Digital Team 05 April 2012
Edelweiss Tokio Life Insurance Cashflow Protection and Aegon Religare Life Insurance Flexi Money Back Insurance Plan are the new money-back plans in the market. These traditional products offer regular income at specified intervals in addition to the maturity benefit. These products are for...

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Moneylife Digital Team 05 April 2012
Sahara India Life Insurance has launched Sahara Vatsalya Jeevan Bima to tap into the lucrative child plan business. Traditional child plans offer assured returns but, unfortunately, most of these products offer low returns if the life assured survives. In case of demise of the life assured, the...

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Moneylife Digital Team 05 April 2012
The Union Budget 2012 offers Rs5,000 tax deduction for preventive health check-up. This will be allowed irrespective of whether you have health insurance or not. It is a boost for hospitals. Customers over 40 years of age are interested in yearly check-up which may not be offered for free even...

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Moneylife Digital Team 05 April 2012
The Union Budget 2012 increased the minimum insurance requirement from five to 10 times the premium to qualify for full tax benefit at entry under Section 80C and at exit under Section 10(10D). There are many existing products like money-back traditional and single premium plans which do not...

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Moneylife Digital Team 05 April 2012
MetLife India Insurance Company has launched Deferred Monthly Income Plan (DMIP). It is not a pension plan which has an accumulation phase and annuity phase. It is a retirement plan which has an accumulation phase of five to seven years and monthly payout phase starting from year 11 of your...

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Moneylife Digital Team 05 April 2012
LIC Jeevan Vriddhi is a classic Jan-Feb-Mar plan for tax-savers seeking to invest up to Rs1 lakh to save income tax under Section 80C. It is a single-premium traditional plan offering guaranteed maturity sum assured (SA) along with loyalty addition (if any) after completion of the policy term...

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Moneylife Digital Team 04 April 2012
SBI Life Annuity Plus is a competitive immediate annuity product. Immediate annuity plans provide a fixed stream of income at regular intervals throughout the life of the annuitant. The annuitant can subscribe to the plan by choosing a lump sum or the desired regular fixed income for life,...

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Moneylife Digital Team 27 March 2012
The South Mumbai District Consumer Disputes Redressal Forum held New India Assurance Co Ltd guilty of arbitrarily hiking the premium and ordered it to refund Rs2,595 with 9% interest (from March 2010), with Rs10,000 as compensation, to Ria Alimchandani. In 2009, Ms Alimchandani was...

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Moneylife Digital Team 23 March 2012
IRDA wants softer impact of DTC IRDA has written to the government seeking changes in the provisions of the Direct Taxes Code (DTC) which proposes a minimum level of 20 times the annual premium as cover on a life policy. Currently, an insurance policy with five times the annual premium as...

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Moneylife Digital Team 23 March 2012
SBI General’s tie-up with My TVS and India Assistance ensures that customers get professional assistance and hassle-free services. It also offers an optional add-on cover to vehicles as old as eight years SBI General’s tie-up with My TVS and India Assistance will provide 24x7 emergency...

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Moneylife Digital Team 23 March 2012
Bajaj Allianz Women Critical Illness Plan offers some benefits that are not offered in regular critical illness products. However, there is no competitive advantage with premium pricing Bajaj Allianz Women Critical Illness Plan offers some benefits that are not offered in regular critical...

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Moneylife Digital Team 23 March 2012
Reliance Life Classic Plan-II is a classic ULIP with all its premium charges in line with those of many new ULIPs. It is a classic plan that may be ignored Reliance Life Class Plan-II is a classic ULIP with all its premium allocation and policy administration charges in line with those of...

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Moneylife Digital Team 23 March 2012
Aegon Religare Guaranteed Income offers 7.5% of the sum assured ever year, after the end of the policy premium payment term, until the age of 85. It competes with LIC’s Jeevan Tarang Aegon Religare Life’s new plan offers life cover along with regular guaranteed income. After the end of the...

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