INSURANCE


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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A term plan is the best form of protection Life insurance is a ‘push’ product, but have you ever seen life insurance companies advertising term plans or agents pushing them? A random interaction with an insurance agent will reveal that term life is not even offered or discussed in most cases....

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Moneylife Digital Team 16 June 2011
The tenure of the plan is low from the insurance point of view, but death benefit of the fund value plus sum assured is good Star Union Dai-ichi has launched Dhan Suraksha Express ULIP (unit-linked insurance plan) with policy term of 10 years. The tenure is certainly low from the insurance...

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Moneylife Digital Team 16 June 2011
Conservative investors will still prefer bank FDs IDBI Federal Retiresurance Milestone Pension Plan is a single-premium pension ULIP. Only Life Insurance Corporation of India has come out with a regular premium pension ULIP after the 1 September 2010, ULIP changes by Insurance Regulatory and...

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Moneylife Digital Team 16 June 2011
Is it sustainable? Aviva Life Insurance launched i-Life online term plan with 20% lower premium than its next competitor. It boasts a Rs1-crore life cover at less than Rs22 per day. Is it a gimmick, considering that online term life insurance premium is already at rock bottom? It has a...

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Max New York’s Fast Track Plan is offering customers the opportunity to catch up on lost time and faster accumulation of wealth. The sales pitch is nothing short of mis-selling. Don’t touch it Max New York Life is offering customers "the opportunity to catch up on lost time" for those life...

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N Madhavan 16 June 2011
Our online survey shows that Moneylife readers are cautious; and consider term life insurance a good product Our survey on term life insurance shows that Moneylife readers are surprisingly prudent; they go in for term life insurance in large numbers. This finding contradicts the common...

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Bancassurance has under-delivered till now. Mis-selling by untrained personnel, fat upfront fees from insurers—ultimately drawn from customers—and lack of customer service has been ailing the ‘future’ of the insurance distribution channel The Insurance Regulatory and Development Authority...

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Moneylife Digital Team 07 June 2011
LIC Jeevan Arogya Insurance offers comprehensive hospitalisation benefits, while Chola Healthline mediclaim even covers dental care and ayurvedic treatment under an ‘advanced’ option LIC of India has launched a new non-linked health insurance plan called Jeevan Arogya that offers...

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Should you buy insurance from agents, banks, over the Web... or other sources In an era of hi-tech distribution channels using mobile, Internet, distance marketing and other innovative channels, how should you be buying your insurance (health and life)? From banks, from individual or...

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