INSURANCE


Moneylife Digital Team 14 July 2011
Insurance for even an 85-year old! Senior Termsurance from IDBI Federal is a whole life plan with unique features. It is for those who are over 50. The minimum sum assured is just Rs2,338 and maximum sum assured is Rs5 lakh (maximum premium is Rs2,13,890 for age 85 years). The premium is...

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Moneylife Digital Team 14 July 2011
But there is no short-cut to investment Max New York Life is offering consumers the opportunity to catch up on lost time for life needs which they may have de-prioritised for more immediate needs. It claims that the ‘Fast Track Plan’ helps plan savings in a faster and more efficient manner to...

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Moneylife Digital Team 14 July 2011
OPD, dental, ayurvedic cover, etc—at a price Chola MS General Insurance has launched a health insurance product, Chola Healthline. The product has three variants (Standard, Superior and Advanced) with covers ranging from Rs1 lakh to Rs10 lakh. Individuals up to 55 years (without any medical...

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Moneylife Digital Team 14 July 2011
Complaints from Policyholders Policyholders who have complaints against insurers are required to first approach the Grievance/Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the...

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Insurers are focussing on single premium ULIPs due to the relative ease of sale and customers are looking for convenience of one-time payment. Is this in the interest of the customer or are they missing the principle of insurance being long-term disciplined savings? Leading private insurers...

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This innovative plan offers the option of increase in sum assured every year by 5% or 10% without increase in the premium, but the annual premium is high. Does your term plan need to increase the sum assured every year? Birla Sun Life Insurance Company has launched new term plan...

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Moneylife Digital Team 30 June 2011
Decline in satisfaction is mainly in the area of interaction with customers at branch offices as well as independent agents New India Assurance ranks the highest in customer satisfaction with auto insurance providers in India, according to a survey by a global marketing information services...

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It is a combination of a hospital cash cover and a defined benefit policy for the entire (immediate and extended) family. But can it compete with mediclaim? LIC (Life Insurance Corporation of India) has launched a new non-linked health insurance plan called ‘Jeevan Arogya’. The company has...

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Moneylife Digital Team 30 June 2011
Employee contribution is increasing; focus is now on preventive healthcare Many companies are struggling today to find ways to lower the cost of their overall benefits programmes, while still serving the needs of their workforce. The annual survey by India Insure Risk Management & Insurance...

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Moneylife Digital Team 30 June 2011
Tata AIG’s new ULIP is strangely offering a premium payment term of only 5 or 7 years Tata AIG Life Insurance Company has recently launched two unit-linked products (ULIPs) —‘Tata AIG Life Insurance InvestAssure Gold Supreme’ and ‘Tata AIG Life Insurance InvestAssure Maximizer’. The premium...

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Moneylife Digital Team 30 June 2011
HDFC Life’s Sampoorn Samridhi Insurance Plan is innovative but avoidable HDFC Life has launched Sampoorn Samridhi Insurance Plan, a ‘with-profit’ traditional product. The key highlight of the product is that a customer can opt for any of the maturity benefit options—enhanced cash option...

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Moneylife Digital Team 30 June 2011
Chola’s Total Home Protect addresses a small but important segment Chola MS General Insurance has launched ‘Chola Total Home Protect’ product. Chola Total Home Protect comes in three variants covering risk to contents up to Rs25 lakh. The scheme will cover buildings (only for self-owned...

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Moneylife Digital Team 30 June 2011
IRDA may allow banks to sell products of two insurers Insurance Regulatory and Development Authority (IRDA) has said on that it is considering a proposal to allow banks to sell products of two insurance companies each in life and non-life categories, a move that will supposedly help expand...

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‘Online term plan’ is a new concept that has grabbed attention due to premiums that are amazingly low compared to other plans. But, before you fall for the charms of low-priced term plans, think about the many issues that are not so apparent. If one cell-phone model costs Rs5,000, and another,...

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Call it gender discrimination or a technical rule, most family floater products don’t cover the parents of a married woman even if they are dependent on her A young married woman, Bijal Kapadia, has complained to the Insurance Regulatory and Development Authority (IRDA) and finance minister...

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Claim-paying ability of the insurers is one of the factors that needs to considered Insurance companies are supposed to be experts in managing risk but many in the US and Europe did a poor job of it in 2007-08. In India, the insurance regulator enforces a solvency margin to be set aside...

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It’s an innovative, transparent product that allows entry till the age of 85 years without medical tests and covers for whole life. But be careful as the higher age groups may end up paying more premium than the sum assured within a few years  IDBI Federal Senior Termsurance plan is a...

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The concept of offering mediclaim to domestic workers is good on paper. The fulfilment, right from submission of identification certificates to securing the mediclaim smartcard and all the way to getting cashless benefit, will be a bumpy ride At a time when the cashless benefit for mediclaim...

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Grievance redressal machinery has been disrupted; aggrieved parties have been considerably inconvenienced The Consumer Education & Research Centre (CERC), a leading non-profit, consumer rights organisation, has asked the insurance regulator to fill up the nine-month old vacancy for an...

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If online customers carry lower risk, why are they not getting a much cheaper rate? Health insurance (mediclaim and other products) offer no difference in premium for online purchase. It is unlikely that there will be any major discounts in the future for online health insurance. It could be...

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