LIC Agents

Former LIC chief Mathur to be NSE chairman

2014-07-15T04:40:00.002-07:00

Former chairman of Life Insurance Corporation (LIC), S B Mathur, is likely to take over as the new non-executive chairman of the National Stock Exchange (NSE), the country’s largest equity trading bourse. According to industry sources, Mathur’s name is under consideration of the Securities and Exchange Board of India (Sebi) after NSE proposed it.http://www.myallagents.com/Former-LIC-chief-Mathur-to-be-NSE-chairman/details.html

Checks on rise in health insurance renewal premium in the pipeline

2014-07-15T04:33:00.003-07:00

The Insurance Regulatory and Development Authority (Irda) on Wednesday said it would soon come up with norms to prevent arbitrary increases in renewal premiums on health policies. It added insurance companies often raised premiums when policies under which benefits were claimed were due for renewal.

“We have seen if a party makes a claim in a g

http://www.myallagents.com/Checks-on-rise-in-health-insurance-renewal-premium-in-the-pipeline/details.html

Give a pass to women-centric insurance plans

2014-07-15T04:27:00.001-07:00

Parents and grandparents looking to save for their children/grandchildren's future have been the biggest targets for life insurance companies. The next in line are those 10-15 years away from retirement. In the recent past, life insurers have started focusing on women and have come up with products catering to women-specific needs, specially health-related.http://www.myallagents.com/Give-a-pass-to-womencentric-insurance-plans/details.html

Irda to develop mechanism for faster approval of policies

2014-07-15T04:23:00.000-07:00


The Insurance Regulatory and Development Authority (Irda) will soon develop a mechanism for faster approval of insurance policies and encourage companies to come out with low premium products for increasing insurance penetration, a senior government official said today.http://www.myallagents.com/Irda-to-develop-mechanism-for-faster-approval-of-policies/details.html

IL&FS-backed infrastructure debt fund targets $1-bn corpus

2014-07-15T04:17:00.000-07:00

The infrastructure debt fund (IDF) backed by IL&FS Financial Services and Life Insurance Corp of India ( LIC) is planning to raise up to $1 billion (Rs 5,300 crore) initially from foreign and domestic investors.

The fund will use a trust structure (mutual fund route) for this venture, since it provides flexibility to invest in existing and new projects. Besides power, ports and road projects, the IDF might look at healthcare and education projects as well.http://www.myallagents.com/ILandFSbacked-infrastructure-debt-fund-targets-1bn-corpus/details.html

Medical premium rate hike on cards by National Insurance Company

2014-07-15T04:04:00.001-07:00

Sources from State owned National Insurance Company told that in order to mitigate the losses, the company could hike the rates of health insurance premium and according to the sources from their head quarter; this increase can range from 20% to 40%. Further on this, Mr. Ashok K. Roy, Chairman of General Insurance Corporation said that there is an urgent need for raise of health tariff for insurance companies and at the same time hospital should reduce their cos t.http://www.myallagents.com/Medical-premium-rate-hike-on-cards-by-National-Insurance-Company/details.html

Claim Process made easier by ICICI Lombard

2014-07-15T03:45:00.001-07:00

ICICI Lombard, the largest private general insurance company in India has launched a one of its kind Mobile Application for customers. Mr. N Eswarnatarajan, head of Operations and Technology, ICICI Lombard General Insurance announced the launch of mobile application “Insure” that will help the customer to intimate the claim through a mobile.http://www.myallagents.com/Claim-Process-made-easier-by-ICICI-Lombard/details.htm

BS People: S S Mundra

2014-07-15T03:27:00.000-07:00

The challenges facing S S Mundra, the new chairman and managing director of public sector lender Bank of Baroda, are different from the ones his peers have to deal with. While most state-owned banks are grappling with asset quality headwinds, Bank of Baroda is quite comfortable on that front. The lender has managed to maintain a decent gross and net non-performing asset ratio in comparison to other banks, despite some problems in asset quality.

http://www.myallagents.com/BS-People-S-S-Mundra/details.html

Irda publishes five key reforms in gazette

2014-07-15T03:11:00.001-07:00

The Insurance Regulatory and Development Authority (Irda) has published in the gazette of India five key reforms related to the sector, including new guidelines for insurers and reinsurers. The reforms are: Investment regulations for insurers, Irda (life insurance-reinsurance) regulations; places of business regulations; Irda appointed actuary amendment regulations and regulations for the standard proposal form.
According to the actuary

http://www.myallagents.com/Irda-publishes-five-key-reforms-in-gazette/details.html

Irda for changing 'Place of Business' regulation

2014-07-15T02:49:00.001-07:00

The Insurance Regulatory and Development Authority (Irda) will take a call on altering its ‘Place of Business’ Regulation, which called for insurers to take permission of the regulator to open offices in any location in India. This, is to be in tandem with the Budget proposal to allow insurance companies to open branches in Tier-II cities and below without Irda approval.http://www.myallagents.com/Irda-for-changing-Place-of-Business-regulation/details.html

Planning to buy insurance this year?

2014-07-15T02:27:00.001-07:00

If you are planning to buy an insurance policy this year - either life or health - you should hold the purchase until the products are refiled. The Insurance Regulatory and Development Authority (Irda) has given insurers time till June 30, 2013 and September 30, 2013 to re-file their group and individual products, respectively

.http://www.myallagents.com/Planning-to-buy-insurance-this-year/details.html

LIC is India's most attractive BFSI bran

2014-07-15T02:12:00.000-07:00

At present, under Employee’s Deposit Linked Insurance (EDLI) scheme, wherein employer contributes 0.50% of the basic pay as insurance premium every month to the EDLI scheme, employee gets the benefit equal to his provident account balance if the balance is upto Rs. 50,000 and if it exceeds Rs. 50,000 then account balance plus 40% of the balance. However there is a cap of Rs. 100,000 upto which the benefit can be availed. Prior to the year 2010, the maximum benefit available under this scheme was Rs. 60,000. http://www.myallagents.com/LIC-is-Indias-most-attractive-BFSI-bran/details.html

Why Cobrapost expose was a non-event for bank stocks

2014-07-15T01:58:00.000-07:00

The shrill Cobrapost bite, this time mostly on large state-owned banks and insurance companies, failed to upset the market confidence on banking shares. The latest sting operation turned out to be a non-event that did not lead to panic-selling by investors on Monday. Bank Nifty was flat to close the day's trading at 12,396.

Source: moneycontrol.com

http://www.myallagents.com/Why-Cobrapost-expose-was-a-nonevent-for-bank-stocks/details.html

When to increase health cover

2014-07-15T01:48:00.001-07:00

If you had bought a health cover five years earlier, there is a good chance your sum assured would be Rs 2-3 lakh. With the cost of medical treatment jumping 15 to 20 per cent every year, a cover of less than Rs 5 lakh will not be sufficient in case of hospitalisation. In case of a severe disease you would easily need Rs 8-10 lakh.

Hence, it is of utmost importance to review your health insurancecoverage, says Manasije Mishra, chief executive officer of Max Bupa Health Insurance. A need to upgrade insurance cover arises, typically with increase in responsibilities and liabilities. Mishra advises upgrading your cover if you are still on a plan of less than Rs 5 lakh or when responsibilities like childbirth or additional expenses like home loan come up. If you are over 35 years and still depend on your employer for health insurance, you might need to increase your health cover

http://www.myallagents.com/When-to-increase-health-cover/details.html

ICICI Lombard expects to surpass industry standard in premium growth

2014-07-15T01:29:00.000-07:00

ICICI Lombard’s gross written premium (GWP) grew by 20%, expects a premium growth of 2 – 3% higher than the industry average. According to Mr. Neelesh Garg, Executive Director – ICICI Lombard General Insurance Company GWP grew to Rs. 6,420 crores for the financial year ending March 2013. He attributed this growth to rise in premium amount in both retail and corporate segments.

He further quoted that the company expects the force of previous year to go forward in this year and that the company expects 2 – 3% higher premium than the industry average in the coming financial year. He also did not rule out the rise in prices of the premium amount depending on the inflation numbers.

http://www.myallagents.com/ICICI-Lombard-expects-to-surpass-industry-standard-in-premium-growth/details.html

Majority of companies discontinue to include parents in group medical insurance policy

2014-07-15T01:23:00.001-07:00

mployees’ health and benefits study by Insurance broker Marsh India revealed that there has been a drop of around 76% in companies providing health insurance cover facilities to the employees’ parents under group mediclaim policy. The main reason attributable to the same is high premium cost.http://www.myallagents.com/Majority-of-companies-discontinue-to-include-parents-in-group-medical-insurance-policy

IRDA plans to introduce maturity benefits term plan

2014-07-15T01:14:00.000-07:00

In order to boost the sales of term insurance policies, which is showing a decline trend since past 3 years, market regulator Insurance Regulatory and Development Authority (IRDA) want insurance companies to sell term plans having maturity benefit. For this, IRDA will also bring a new set of guidelines in two months time and is also planning to allow business correspondents of the banks to sell these policies in the rural area of the country

.http://www.myallagents.com/IRDA-plans-to-introduce-maturity-benefits-term-plan/details.html

US rating firm AM Best says National Insurance has good financial strength

2014-07-14T23:55:00.002-07:00



KOLKATA: AM Best, a US-based insurance industry rating agency, has assigned a financial strength rating of "B++" and issuer credit rating of "bbb+" to National Insurance Company Ltd. The outlook for both ratings is stable. The ratings reflect the insurer's strong risk-adjusted capitalisation, diversified business portfolio, consistent business income and its leading position in India's motor insurance sector, the rating company said in a press statement released from Hong http://www.myallagents.com/US-rating-firm-AM-Best-says-National-Insurance-has-good-financial-strength/details.html

ICICI Lombard under IRDA scanner for alleged irregularities

2014-07-14T23:51:00.002-07:00

The vigilance department of the Insurance Regulatory and Development Authority (IRDA) is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana ( RGSSBY), Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe
http://www.myallagents.com/ICICI-Lombard-under-IRDA-scanner-for-alleged-irregularities/details.html

Online insurance sales to grow 20 times by 2020

2014-07-14T23:46:00.000-07:00

MUMBAI: The online insurance market in India is likely to grow 20 times by 2020, a study showed.
A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore.

At present, it is in excess of Rs 700 crore online sales. Life insurance sales contribute around Rs 300 crore, motor insurance around Rs. 250 crore, while other insurance lines such as health and travel make up around Rs 150 crore.

Digital insurance in India is set to become massive, supported by developments like mobility to drive Internet growth, move over natives, the migrants are in full force and move over metros, the report said. http://www.myallagents.com/Online-insurance-sales-to-grow-20-times-by-2020/details.html

No insurance cover for e-rickshaw ride

2014-07-14T23:38:00.000-07:00

At present, around a lakh e-rickshaws that ply on Delhi roads are not "vehicles" as per the provisions of Central Motor Vehicles Act. "If an accident is attributed to e-rickshaws, then the occupants will not get any claims from insurance companies. This is a dangerous situation. We are allowing an unsafe vehicle to ply on roads, risking the life of the common man," said the official
http://www.myallagents.com/No-insurance-cover-for-erickshaw-ride/details.html

Calculating your need before buying insurance

2014-07-14T23:24:00.000-07:00

Mis-selling in insurance is prevalent and is one of the key reasons that is hurting the sector's growth is a fact accepted by the Finance Minister, P. Chidambaram himself on several occasions. Though the intermediaries are first to be blamed for it—an agent only pushes products that earn high commission—is the most popular reasoning given. However, there are several other reasons why a customer ends up buying a wrong product. For instance, it is not always 'mis-selling' but sometimes 'mis-buying' as well—lack of awareness, expectations of quick returns and using insurance as a tax saving tool, to name a few

http://www.myallagents.com/Calculating-your-need-before-buying-insurance/details.html

How to Claim for Health Insurance from Multiple Insurers

2014-07-14T23:18:00.001-07:00

Healthcare costs were significantly lower a decade ago. A health policy of Rs. 2 lakh back then could provide adequate coverage for a small family; today, the same policy will not go far.

Galloping inflation in healthcare has ensured that a single health plan is no longer enough. Many are now buying multiple policies in order to increase their health coverage. However, multiple policies give rise to multiple queries regarding the claims process

: http://www.myallagents.com/How-to-Claim-for-Health-Insu

rance-from-Multiple-Insurers/details.html

Dial 'e' for e-insurance

2014-07-14T23:05:00.003-07:00


If one goes by latest trends, just putting an 'e' before everything makes it fashionable. But it has its benefits as well. And the main benefit is reduction in cost, often quite sharply. So, when asked the question whether buying an e-policy is better than the offline policy, most would agree with the convenience of the former. .http://www.myallagents.com/Dial-e-for-einsurance/details.html

Comprehensive health plans better for specific diseases

2014-07-14T22:59:00.001-07:00

Some pointed to the fact that this comes close on the heels of new guidelines that don’t allow extra loading, effective October. Sooner or later, all companies would have to comply with this. Currently, health insurers such as ICICI Lombard, Apollo Munich and Bajaj Allianz cover diabetes and hypertension as pre-existing diseases (after a waiting period). New India Assurance would have a four-year waiting period for a cover on the two diseases.http://www.myallagents.com/Comprehensive-health-plans-better-for-specific-diseases/details.html