INSURANCE


To entice buyers to make hasty decisions at the close of the financial year, insurers are making rampant use of stolen records The insurance industry is possibly the biggest user of stolen databases of customer information. Sometimes, this has its advantages. Many of us have figured out...

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IRDA should look at it from not just revival of lapsed policies, but from customer service angle The Insurance Regulatory and Development Authority (IRDA) has recently issued an exposure draft on orphan life insurance policy. The guidelines allow 100% of renewal commission to allotted agent for...

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More annuity products are coming to the market. Customers will benefit, especially with IRDA specifying that the annuity phase should be from the same insurance company that sells the pension product. Some existing annuity products offer low return, so buyers beware Annuity is not a...

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Insurance is mainly an investment vehicle now. Can we look beyond? It is good to see a host of life insurance companies actually talking about the features of their insurance products. All these years, their high decibel, celebrity-starring advertisements were used to shove expensive...

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Many are stuck with wrong life insurance plans. Financial planners often advice you to surrender the policy and use the money for better investments. Raj Pradhan finds that is wrong advice in most situations. Find out when and how you should surrender life policies Many people are...

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Moneylife Digital Team 07 March 2012
Allows only one consumer representative who has to be IRDA-nominated IRDA has finalised the structure of the much-awaited health insurance forum. The forum will provide assistance and advice to IRDA on issues relating to health insurance. It will help in evolving policies, standard processes...

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Jeevan Vriddhi is designed to attract money from the tax-savers who are desperately seeking avenues to park up to Rs1 lakh. While there are other similar plans in the market, it is LIC’s product that will command attention because of its muscle power Life Insurance Corporation of India (LIC)...

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Moneylife Digital Team 02 March 2012
Sahara Life Insurance had several investment issues but IRDA has not pressed charges after getting clarifications from the insurer. Sahara Life Insurance needs to make several changes to comply with the regulations The Insurance Regulatory and Development Authority (IRDA) had many...

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Moneylife Digital Team 01 March 2012
Sahara Life Insurance has been caught for several violations which resulted in a Rs12 lakh penalty. There were 23 issues raised by IRDA, for which Sahara was let off leniently. Did Sahara Life Insurance get away too easily? The Insurance Regulatory and Development Authority (IRDA) has...

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Bharti AXA new online term plan iProtect has been renamed as eProtect. The obvious reason for it seems to be clash of name with ICICI Pru iProtect. It got the plan name approved from IRDA, then why was it renamed? Why did it even take up the same name in the first place? Bharti AXA Life has...

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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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