INSURANCE


Moneylife Digital Team 25 August 2011
Will the lure of monthly income work for Max New York Life’s new non-participating money back insurance plan? Max New York Life Insurance has launched a traditional non-participating money back insurance plan, called ‘Guaranteed Monthly Income Plan’ which promises regular income flow....

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Moneylife Digital Team 25 August 2011
IRDA reviews stance on guaranteed rate, proposes to expand pension product options The Insurance Regulatory and Development Authority (IRDA) had earlier mandated all pension products to ensure a guaranteed rate of 4.5%pa which was also indexed to the reverse repo rate of the Reserve Bank of...

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IDBI Federal Wealthsurance Dreambuilder ULIP has many good features with appreciable flexibility, although high mortality charges is a drawback IDBI Federal Wealthsurance Dreambuilder is a regular premium ULIP that offers a range of fund options, with flexibility and benefits bundled...

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At a time when the ULIP market is in turmoil, IndiaFirst has launched its health ULIP. Mediclaim cashless approval is normally a huge problem, especially with government insurers. Will IndiaFirst’s tech-savvy approach for cashless approval work without the policyholder having to make a call or...

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Moneylife Digital Team 11 August 2011
Guaranteed returns from Bharti AXA Monthly Income Plan: just 2.5% a year! Bharti AXA Life Insurance—Monthly Income Plan is a traditional policy that guarantees a monthly income for a certain period, called ‘monthly income benefit period’ during the policy term which can be 15, 25 or 30...

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Moneylife Digital Team 11 August 2011
Birla Sun Life Protector offers higher sum assured without increase in premium Birla Sun Life Insurance Company has launched new term plan offerings—‘Protector’ and ‘Protector Plus’. These offer flexibility to customers by giving them the option to increase their sum assured by 5% or 10%...

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Moneylife Digital Team 11 August 2011
Future Generali Bima Advantage costs a packet for enhanced cover Future Generali Bima Advantage is a ULIP (unit-linked insurance plan) that offers an option to possibly double your insurance cover if taken at inception. However, this will be suitably reduced if the enhanced insurance cover...

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Moneylife Digital Team 11 August 2011
Motor insurance for diesel engine cars may be hiked Insurance companies in India are said to be considering hike in premium by 30% for diesel engine cars when compared to equivalent petrol-fuelled cars. The insurers are contemplating the premium hike for diesel cars because such vehicles are...

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This is the insurance world’s best-kept secret. For the first time ever, Raj Pradhan reveals and analyses the products that can cover you and your family—at the most inexpensive premium Five years ago, Jagdish Kumar (name changed)wanted to buy mediclaim for his family. He spoke to many...

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New India Assurance has coughed up Rs1 lakh as penalty for not replying to a client for seven months and ignoring the insurance regulator for a couple of months. Surprisingly, the complaint was not a valid one It may sound strange, but the Insurance Regulatory and Development Authority (IRDA)...

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Rituraj Bhattacharya of Bajaj Allianz Life Insurance says a typical Indian household has insurance as an investment avenue today, as it offers diversification and an opportunity to balance the investment portfolio Rituraj Bhattacharya, head of market management & product development at Bajaj...

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Moneylife Digital Team 28 July 2011
Tata AIG Gyan Prakash has multiple features, but these innovative features come at a cost Tata AIG Life has launched its ‘Gyan Kosh’ unit-linked insurance plan (ULIP). A parent has two protection options with inbuilt waiver of premium (WoP): ‘Security Net’ and ‘Safety Net’. Both the options...

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How you can cover all your folk Family floater policies are an enhanced version of the mediclaim policy. The sum insured value floats among the family members. Most of the policies will cover husband, wife and a couple of children; some may cover parents too. The coverage for the entire...

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The pros and cons of these policies If you feel that a family floater is the right policy for your requirements, it can be purchased from banks offering mediclaim—here are the advantages and disadvantages: Advantages: •    Unbelievably low premium rates that are 50% lower (in many cases)...

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Moneylife Digital Team 28 July 2011
Mediclaim for domestic workers will be a challenge The government intends to pay an annual premium of Rs750 for a sum insured mediclaim of Rs30,000 under the Rashtriya Swasthya Bima Yojna (RSBY). There will be a huge premium payment of Rs300 crore in four years to the selected insurance...

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Moneylife Digital Team 28 July 2011
Be safe and smart, avoid SBI Life Flexi Smart SBI Life has launched a variable non-participating insurance plan, ‘Flexi Smart Insurance’. This variable insurance plan (VIP) was a new identity (after revamping) given to the banned toxic universal life policy. VIP combines the worst of...

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Moneylife Digital Team 28 July 2011
‘Family’, as defined by insurers, excludes parents of married women Family floater policies are an enhanced version of the mediclaim policy. The sum assured value floats among the family members. Policies will cover husband, wife and a couple of children, while some may cover parents too. It...

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Moneylife Digital Team 28 July 2011
Portability postponed IRDA has pushed the portability implementation till 1st October. This is to buy time for providing a Web-based facility for insurers to feed in all relevant details on health insurance policies issued by them to individuals which will be accessed by the new company to...

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Moneylife Digital Team 27 July 2011
A sole mosquito has supposedly caused 3,000 cases of malaria in June in Mumbai Superheroes, step aside to make way for Mumbai’s mega-mosquito! This super-powered vector manages to infect a hundred people a day with malaria, and has catapulted Mumbai to the ranks of Gotham and Manheim by...

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Moneylife Digital Team 14 July 2011
Six insurers penalised for a meagre Rs5 lakh each The Insurance Regulatory and Development Authority (IRDA) has discovered that Maruti Insurance Business Agency, Maruti Insurance Distribution Services, Maruti Insurance Agency Network, Maruti Insurance Agency Solutions, Maruti Insurance...

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