INSURANCE


Max Bupa’s Heartbeat High Deductible plan is only the second of its kind in the market after United India’s super top-up medicare. The product is attractively priced and will appeal to a specific market segment Max Bupa Heartbeat High Deductible Policy is a super top-up policy, which will...

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The move by the insurance regulator is in the interest of customers as it would bring transparency in the way insurance is pushed by intermediaries. Many times the customer does not even know the insurance company’s name whose product he may be forced to buy Insurance Regulatory and...

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Moneylife Digital Team 22 February 2012
Rethink on Single Premium IRDA is not happy with insurance companies’ increasing focus on single-premium products which has wider acceptability with customers. Even with ULIP business steadily going down by 17% over one year, single-premium products did well. IRDA wants to re-emphasise...

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Moneylife Digital Team 22 February 2012
Will help bring consistency in claims payment IRDA (Insurance Regulatory and Development Authority) will issue detailed rules on claims settlement for health insurance companies by 30 April 2012. This comes after the recent Bombay High Court order asking IRDA to draft regulations on claim...

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Moneylife Digital Team 22 February 2012
New car buyers can now buy life insurance IndiaFirst Life has launched Autolife. Life insurance cover up to Rs20 lakh can be purchased at the time of buying a new car. You will need no documentation, medical tests and there will be no waiting period. This initiative is an innovative...

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Moneylife Digital team 22 February 2012
You will know only at the end LIC (Life Insurance Corporation of India) has launched Jeevan Ankur, a traditional child plan offering single or regular premium option. Traditional child plans are popular due to secured returns, even if they are low. Jeevan Ankur offers inbuilt income...

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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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