INSURANCE


IRDA has not approved any web aggregator license till now; web aggregators have stopped giving product comparison for the last 21 days. Business outlook remains grim due to drastic cutback of the price a customer lead can be sold. Will aggregators adapt or perish?  The Insurance Regulatory and...

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While the concept is appealing, most of what is covered is also available in a regular critical illness product. The new product is neither inexpensive nor does it offer lifelong renewal Bajaj Allianz Women Critical Illness Plan is touted as the first-of-its-kind to cover women specific...

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There is a new insurance product using the iProtect brand name in the market. ICICI Pru Life has one and now Bharti AXA Life has used the very same product name. The premium is cheapest offered so rar, which means that price war between insurers is still hot. The Bharti product is a good deal...

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IRDA has proposed a slew of changes recently. It is mix of good, bad and ugly. What do Moneylife readers have to say? The Insurance Regulatory and Development Authority (IRDA) has made slew of changes including major ones for pension products and web aggregators in the recent past and more...

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IRDA exposure draft on needs-based life insurance sales is a welcome step to reduce mis-selling, but will customers really share all the information especially if it is optional? How will prospect product matrix work for online life insurance? The Insurance Regulatory and Development...

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Moneylife Digital Team 08 February 2012
Future Generali Life fined Rs20 lakh IRDA imposed a fine of Rs20 lakh on Future Generali Life for procuring business through unlicensed agents. IRDA said there is a substantive violation where the insurer has permitted various unlicensed individuals to solicit and procure business through...

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Moneylife Digital Team 08 February 2012
Will the premium rise sharply? Apollo Munich has launched Optima Restore, a mediclaim with innovative features. It will give additional sum insured (SI) equal to base SI without additional premium or paper-work, if the base SI is exhausted in the middle of a policy year. The caveat is that...

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Moneylife Digital Team 08 February 2012
Needs to offer decent bonus to help save for child’s education Aegon Religare’s Educare is a traditional child plan platform, offering insurance cover along with savings. Traditional child plans are popular due to secured returns, even if they are low. This is due to the appeal that parents...

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Health insurance claims data shows that as the sum insured increases, so does the average claims size. Co-payments brings partial responsibility of payment and hence scrutiny of bills by the insured. Are co-pays the new weapon to fight excessive hospital charges? Health insurance claims data...

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Moneylife Digital Team 03 February 2012
On 10th January, prime minister Manmohan Singh announced a new Pension and Life Insurance Fund (PLIF) for overseas Indian workers that would allow over five million workers, especially those working in the Gulf states, to save money for the future. PLIF, which was recently cleared by the...

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Health insurance claims data suggests average cashless amount of Rs45,000 compared to average reimbursement claim amount of Rs25,000. The insurance company trend of going for in-house claims processing is to help in better bargaining with hospitals for procedure rates Insurance companies are...

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Kamalji Sahay, managing director and chief executive officer, Star Union Dai-ichi (SUD) Life ML: Will having a pension annuity product necessarily from the same insurer who serviced the accumulation phase be restrictive? KS: It is not restrictive. It is good for customers if the same company...

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Moneylife Digital Team 25 January 2012
High ticket size of Rs1 lakh This is a single-premium, guaranteed-return product which offers tax benefit at entry under 80C and at exit under 10(10)D. Growth of corpus will be fixed over 10 years for all age brackets. Between ages 8-36, it is 1.90-1.97 times, between 37-47 it is 1.70-1.89...

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Moneylife Digital Team 25 January 2012
Traditional plan; opaque charges Edelweiss Tokio Life Education Plan is a child plan that ensures guaranteed payout on maturity. The idea is that your child’s education should not suffer due to death of the insured. The product pays a lump-sum amount of SA on death of the life insured. The...

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Moneylife Digital Team 25 January 2012
Innovative option, of course, at a price IDBI Federal Life Insurance launched Childsurance Dreambuilder Insurance Plan, for parents to build an education corpus for children aged between one month and 17 years. Child plans offer ‘waiver of premium’ (WoP) wherein the future premiums are...

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LIC Jeevan Ankur is new addition to its existing bouquet of eight child plans. It offers inbuilt income benefit in case of death of the policyholder, paying 10% of the sum assured every year till the end of the policy term LIC (Life Insurance Corporation of India) has launched Jeevan Ankur, a...

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IRDA has approved a product whose brochure does not mention critical information of premium waiver in case of death of policyholder. While the company’s intent may not be in doubt, ambiguity is not good for insurer and the insured Aegon Religare recently launched Educare, a traditional child...

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Brokers as Claims Consultants   Insurance Regulatory and Development Authority (IRDA) has permitted insurance brokers to offer limited claim consultancy, for a mutually decided fee which should not be expressed as a percentage of the claim, with a written permission from the client. Broking...

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Moneylife Digital Team 11 January 2012
Almost like an FD. But will you get the tax benefits? Bajaj Allianz’s Guaranteed Maturity Insurance Plan is a low-ticket, low-charge ULIP. The product promises to double your investment in 10 years irrespective of the charges, like policy administration and mortality charge. In simple terms,...

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Moneylife Digital Team 11 January 2012
Zero premium allocation charge but hefty policy admin charge Kotak Mahindra Old Mutual Life Insurance Ltd has launched Kotak Invest Maxima, a unit-linked insurance plan (ULIP). While the plan has zero premium allocation charge, the policy administration charge (PAC) of 0.6%pm (per month) up...

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