INSURANCE


The chief executive officer of Max Bupa Health Insurance, Dr Damien Marmion, spoke on developments in the industry ML: Apollo Munich is coming out with a product that will allow no upper age for entry. Wouldn’t the entry premium be exorbitant at that age? DM: We too don’t have entry age...

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Moneylife Digital Team 22 September 2011
Mediclaim for Seniors Apollo Munich Health Insurance has filed for a health insurance policy with no upper age for entry. Existing policies from Apollo Munich allow life-long renewal as long as the customer qualifies with maximum entry age of 65 years. Max Bupa Health Insurance also allows no...

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Moneylife Digital Team 22 September 2011
Even if the Act is passed, the NPS is full of holes The Pension Fund Regulatory and Development Authority (PFRDA) Bill is about to be converted into an Act. On 30 August 2011, the Standing Committee on Finance, headed by Yashwant Sinha, former finance minister, presented the Bill to the Lok...

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Moneylife Digital Team 22 September 2011
Why do customers let life policies lapse? The lapsing of term insurance products tends to be the highest. One reason for this is policyholders’ feeling that they no longer need death protection. Over 20% of life insurance policies lapse after payment of the first year of premium. A recent...

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The Insurance Regulatory and Development Authority seems to have woken up to the ill effects of highest NAV product mis-selling. J Hari Narayan has hinted that a few traditional products also could be axed. The regulator is in favour of same insurer for accumulation and annuity phase of pension...

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Amitabh Thakur 19 September 2011
The case of Arvind Kejriwal, RTI and anti-corruption campaigner, about his not being relieved from government service even five years after he quit, highlights the need to hasten the process of relieving employees after they have resigned Recently, when Arvind Kejriwal was given a notice...

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Lifelong renewal on mediclaim is offered by mono-line insurers like Max Bupa and Apollo Munich. Government insurers also offer it on specific products. Now the other private insurers will soon offer this option too, to remain competitive Bajaj Allianz, Bharti AXA and Future Generali will...

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IRDA has put out mediclaim portability guidelines that could be tough on insurance companies with time limits for handling the portability proposal; policyholders may also lose benefits The Insurance Regulatory and Development Authority (IRDA) has finally issued new guidelines for the 1...

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Bajaj Allianz General Insurance is collecting detailed customer information which together with the claims experience will help it to arrive at the right price for health and motor insurance TA Ramalingam, head-underwriting, Bajaj Allianz General Insurance, says motor insurance has better...

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Moneylife Digital Team 08 September 2011
A new survey offers important insights In a survey of the Asia Pacific Region by insurance major Swiss Re, an overwhelming majority of Indian respondents (89%) preferred buying life and health insurance through insurance agents, followed by banks (36%) and independent financial advisers...

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Moneylife Digital Team 08 September 2011
IndiaFirst Health ULIP’s innovative approach IndiaFirst Health ULIP-Money Back health insurance plan is a long-term savings-cum-indemnity health insurance plan for 5 or 10 years offering cashless facilities at 4,956 network hospitals. The customer need not call a TPA (third party administrator)...

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Moneylife Digital Team 08 September 2011
IDBI Federal Dreambuilder carries high mortality charges IDBI Federal Wealthsurance Dreambuilder ULIP offers the flexibility of choosing premium from Rs25,000 to Rs1 lakh, 13 fund investment options, sum assured with no limit (subject to underwriting), riders which cover 17 major diseases,...

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Yashish Dahiya believes that with agents taking away high commissions, the time is ripe for customers to buy insurance online at a lower price Policybazaar.com aims to bring down the distribution cost of insurance policies to less than Rs1,000 soon, and this should benefit customers,...

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Moneylife Digital Team 08 September 2011
Insurers Cannot Walk Away IRDA has said that insurance companies cannot cancel health insurance policies mid-term. IRDA is responding to complaints from group health insurance policyholders whose contracts were cancelled within a year because of high claims. Insurance companies may have...

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There has been stiff competition in the term plans business recently, with premiums nose-diving as insurers scramble for a larger market share. But LIC’s business in this segment is still miniscule and the insurance giant is gearing up to launch a competitive product The Life Insurance...

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Moneylife Digital Team 25 August 2011
Will the lure of monthly income work for Max New York Life’s new non-participating money back insurance plan? Max New York Life Insurance has launched a traditional non-participating money back insurance plan, called ‘Guaranteed Monthly Income Plan’ which promises regular income flow....

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Moneylife Digital Team 25 August 2011
IRDA reviews stance on guaranteed rate, proposes to expand pension product options The Insurance Regulatory and Development Authority (IRDA) had earlier mandated all pension products to ensure a guaranteed rate of 4.5%pa which was also indexed to the reverse repo rate of the Reserve Bank of...

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IDBI Federal Wealthsurance Dreambuilder ULIP has many good features with appreciable flexibility, although high mortality charges is a drawback IDBI Federal Wealthsurance Dreambuilder is a regular premium ULIP that offers a range of fund options, with flexibility and benefits bundled...

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At a time when the ULIP market is in turmoil, IndiaFirst has launched its health ULIP. Mediclaim cashless approval is normally a huge problem, especially with government insurers. Will IndiaFirst’s tech-savvy approach for cashless approval work without the policyholder having to make a call or...

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Moneylife Digital Team 11 August 2011
Guaranteed returns from Bharti AXA Monthly Income Plan: just 2.5% a year! Bharti AXA Life Insurance—Monthly Income Plan is a traditional policy that guarantees a monthly income for a certain period, called ‘monthly income benefit period’ during the policy term which can be 15, 25 or 30...

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