INSURANCE


ML Digital Team 17 November 2011
L&T Insurance's novel scheme L&T General Insurance has launched its first product, my:health Medisure Prime. The key feature is that your postal pin code will determine your premium. “Hospitalisation is more expensive in Mumbai and Delhi compared to other cities. One of the reasons for this is...

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Moneylife Digital Team 17 November 2011
PAN for Rs50,000 cash payment of insurance premium From 1st November, you need a permanent account number (PAN) for paying insurance premium of Rs50,000 (or more), if you intend to make insurance payment in cash. The new guidelines are aimed at curbing money laundering and dealing with the...

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IRDA chairman appears to inclined towards the idea of guaranteed pension product even after scrapping of the 4.5% p.a guarantee. According to him, the pension ULIPs sold prior to 1 September 2010 were mis-sold as it was not really sold for pension needs The Insurance Regulatory and...

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The online term life insurance market is heating up with more players entering the fray. The premium is now similar to personal accident cover offered by non-life insurance companies. Is it sustainable? Are the products priced too aggressively?  Many insurers like LIC, HDFC Life, Bharti AXA...

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Pension ULIP products will enter the market after 4.5% per annum guaranteed return has been scrapped, but some guarantee will ensure high exposure to debt and hence returns will not even beat inflation. Will customers shy away? The Insurance Regulatory and Development Authority (IRDA) has...

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IRDA may allow agents to sell products of more than one company similar to opening bancassurance to two insurers. Will it help agents increase remuneration or confuse customers and undermine the intension of the change? Will it increase mis-selling? Insurance Regulatory and Development...

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Health insurer are rejecting claims on flimsy grounds.RajPradhan explores the sick side of mediclaim and guides you on how to protect yourself Tarun Dutt (name changed) learnt it the hard way—the moment of truth in any insurance policy is claim settlement; payment of premium means...

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Beware of products that promise you everything under the sun. Traditional insurance cannot give you high returns. Don’t fall for combination plans. Check out the credentials of the agent you deal with as many operate without IRDA licenses Some traditional products can be confusing even for...

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IRDA’s directive is a good option for the insured, but why was it omitted in the new ULIP guidelines in the first place? Will IRDA bring back ‘cover continuance’ too? The industry gains—ULIP revival benefits a life insurance company due to capped surrender charges coupled with the fund...

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Moneylife Digital Team 20 October 2011
Ticket size is Rs2 lakh and Rs5 lakh ICICI Prudential Life has launched ‘Elite Life’ and ‘Elite Wealth’. It has the option of single pay or limited pay option of premium payment for five years. The ticket size is a hefty Rs2 lakh and Rs5 lakh, respectively. The policy term is 10 to 30 years.

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Moneylife Digital Team 20 October 2011
Decreasing cover for loans;  increasing cover for term life Bajaj Allianz Life has launched its ‘iSecure Loan’ to cover loan liabilities that decrease as the loan amount is periodically repaid. iSecure Loan’s annual premium for premium payment term of 16 years, for a 27-year-old male going...

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The IRDA monthly journal focuses on customer grievances and the ways in which to deal with them. While a number of issues have been acknowledged, the way in which to deal with them may remain on paper, unless insurance companies follow guidelines—and if IRDA acts when insurers don’t The...

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ICICI Prudential’s iCare is an innovative product offering ‘instant’ insurance—but it may not deliver in all cases. Medical tests are not needed for instant online purchase. But there is no guarantee that you’ll pass the ‘threshold risk’ online test to buy the product at a click  ICICI...

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Cholamandalam MS General Insurance’s product covers 10-12 critical illnesses, with no medical check-up until 55 years and lifetime renewal. But the premium is on the higher side Cholamandalam MS General Insurance Company has launched its ‘Critical Healthline’ policy, which provides for a...

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Bharti AXA’s plan offers cover of a maximum of three times the sum assured under the policy, while covering three critical illnesses. The premium is waived by the insurance company after payment for the first critical illness. But it comes with some riders Bharti AXA Life Insurance has...

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Watch out for what IRDA did not say The Insurance Regulatory and Development Authority (IRDA) has finally issued new guidelines for the implementation of health insurance portability from 1 October 2011. Although these address some of the issues, there are several conditions that will make...

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Moneylife Digital Team 06 October 2011
No substitute for mediclaim SBI Life Insurance has launched a health insurance plan called ‘Hospital Cash’. It provides fixed daily allowance for every day of hospitalisation, irrespective of the hospital bill. The plan is also available online. In case the insured is admitted into an ICU,...

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Disha Shah 06 October 2011
Wellspring Healthcare aims to fill a void in the primary healthcare delivery system by injecting a dose of professionalism It is rare for a general surgeon (who is also an oncologist) to give up years of practice to start a healthcare network that fills a void in the Indian primary &...

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Moneylife Digital Team 06 October 2011
Why Birla Sun Life Century SIP is better than Reliance SIP Insure An SIP (systematic investment plan) insurance cover offers free term insurance with systematic investment in mutual funds. But it comes at a price, mainly by way of exit-load for early redemption. Two such plans are available...

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The insurance channel from where you buy, your vehicle, and your personal profile can reduce your car premium rates. An exhaustive analysis of car insurance Earlier this year, Sarita Agarwal (name changed) was close to renewing the insurance on her 2006 Honda City ZX VTEC vehicle with...

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