INSURANCE


Raj Pradhan  and   Rushab Dhandokia 19 December 2011
According to advocate Singh, The policyholder should be educated not to accept the discharge voucher in the first instance itself if he is not satisfied with the amount specified in it or which is being offered. At this instance only he should invoke the arbitration clause to which the company...

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Raj Pradhan  and   Rushab Dhandokia 15 December 2011
Nagesh Kini, who was auditor of general insurance companies, believes that the Insurance Ombudsman is a great option due to low cost, simple procedures and speedy redressal, even though it may take longer than mandated Nagesh Kini has been an auditor of general insurance companies and General...

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ING Life retirement planning advertisement in ET Wealth made misleading assumptions. ING responded to our article. Here are ING’s faulty responses defending the flawed retirement path it advertised. Is IRDA listening? Upton Sinclair has written: “It is difficult to get a man to understand...

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ING Life retirement planning advertisement in ET Wealth makes misleading assumptions. It wants you to retire on your terms, but with ING’s assumptions. What can be expected from agents selling the plan? May be even more mis-selling? ING Life has issued a full-page advertisement in ET Wealth...

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The main attraction of any insurance product is tax benefits at entry and exit. This is possible as long as there is minimum insurance component. Does your insurance policy comply with the rules? The main attraction of any insurance product is tax benefits at entry under Section 80 C and at...

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IRDA is reviewing products with low or reducing insurance as it intends to enforce a certain premium-to-sum-assured ratio. Approval of Bajaj Allianz Guaranteed Maturity plan seems to be direct breach of this stated intension The Insurance Regulatory and Development Authority (IRDA) had stated...

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Rajesh Sud, CEO and managing director,  Max New York Life Insurance, ML: Any plans to offer a low-premium online term plan? RS: Online term insurance has become a commodity. According to what I hear, renewals are lower for these policies. Customers easily move from one insurer to...

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Moneylife Digital Team 08 December 2011
Traditional endowment plan with annual income benefits Future Generali Secure Income plan is a traditional endowment plus money-back plan which can be made into a whole life plan. The ticket size begins with Rs10,000. The plan offers flexibility to choose the premium payment term (PPT) as...

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Moneylife Digital Team 08 December 2011
Monthly admin charge of 0.5% makes it expensive The product brochure of Bharti Axa Life Future Invest highlights zero allocation charges on the first page. It also mentions that the premium paid by the customer is invested in his chosen funds as allocation charges are NIL. Is it really...

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Mediclaim portability started in October 2011. While the response has been lukewarm, there are early trends that poaching of young and healthy customers will be the strategy. Who is winning on that score? As expected, despite newspaper advertisements from the Insurance Regulatory and...

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It is a strange choice considering that term life is the best insurance. The ULIP comparator can be expanded by IRDA to bring in more value. This is launched just after stringent guidelines for web aggregators which will drive them out of business The Insurance Regulatory and Development...

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LIC has been reprimanded for delay in settlement of death and maturity claims. Of course, the delays are very few considering the number of claims settled by the state-owned insurer The Insurance Regulatory and Development Authority (IRDA) conducted an inspection of records of Life Insurance...

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Max Bupa, Apollo Munich and Star Health and other standalone insurance companies may benefit from IRDA’s bancassurance exposure draft while bank-promoted insurance companies like ICICI Pru Life, ICICI Lombard, SBI Life and HDFC Life will be adversely impacted The bancassurance exposure draft...

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Its business as usual even after two months of the IRDA circular which asked insurers to not reject claims on technical grounds. With no warning or penalty for specific insurers, will the IRDA circular be taken seriously?  Two months ago the Insurance Regulatory and Development Authority...

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Moneylife Digital Team 23 November 2011
Charges are in line with those of other ULIPs Edelweiss Tokio Life Insurance, a new entrant in life insurance business, has launched three ULIPs (unit-linked insurance plans). Wealth Accumulation (Cover Plus) is targeted at customers looking for a balance between death benefit and...

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IRDA’s guidelines on comparison websites will make it impossible for likes of PolicyBazaar.com and MyinsuranceClub.com to survive in their current form The Insurance Regulatory and Development Authority’s (IRDA) stringent guidelines for comparison websites are seen as a deathblow for likes...

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Subrahmanyam B, vice president & head, health vertical, Bharti AXA General Insurance, speaks to Raj Pradhan ML: The Insurance Regulatory and Development Authority (IRDA) circular says that if an insurer does not respond to a portability proposal within 15 days, it is deemed to be accepted. How...

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ML Digital Team 17 November 2011
Nielsen's dubious study According to Nielsen’s study on the life insurance sector and investment patterns, LIFE 2011, insurance products are the favourite of 60% of urban Indians as an investment option; they are likely to invest more than half of their investable surplus in these products...

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ML Digital Team 17 November 2011
But who will service it? The Oriental Bank Mediclaim policy family floater policy is available for sum insured of Rs1 lakh to Rs5 lakh. For a policy of Rs5 lakh, the premium is as low as Rs6,705 a year. This product will be available to all Oriental Bank customers up to the age of 79 years. It...

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ML Digital Team 17 November 2011
You can now revive ULIPS within two years The Insurance Regulatory and Development Authority has mandated insurers to allow policyholders to revive ULIPs (unit-linked insurance plans) in two years of the last premium paid, but not after the lock-in period of five years has expired. It is a good...

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