INSURANCE


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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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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