Budget 2014 – Changes to Insurance Industry


Budget-2014

  1- FM proposes FDI raised to 49% from 26% in insurance through FIPB route. 2- Life micro-insurance schemes for the poor, approved by IRDA, where sum assured does not exceed Rupees ...

Life Insurer’s Claim Settlement Ratios for Financial Year 2012-13


As per IRDA Annual Report for Financial Year 2012-13, Life Insurance Corporation of India (LIC) has got – 95.66%, the highest claim ratio, followed by SBI Life – 92.30%. Lowest claim ratio is – 15.73% ...

How to deal with Bank, who is not opening Minor’s PPF Account?


Sumit had recently tried to open a PF account for his new born child. But the State Bank of India branch, where he has his PF account, declined to open the same. And said that PPF account for minor ...

LIC’s Online Term Insurance – e-Term : Review


Salient Features of LIC's Online e-Term Plan Positive Points of LIC's Online e-Term Plan 1- There is no maximum Sum Insured limit 2- You can pay the subsequent premiums online either through ...

How to Calculate Returns on LIC Policies (Part 2)?


First Read -How to Calculate Returns on LIC Policies (Part 1). Now take an illustration to calculate return of an LIC Policy. Case 1: Ramesh had LIC Policy for a Sum Assured = Rs 1,00,000 with ...

How to Calculate Returns on LIC Policies (Part 1)?


To calculate the returns on LIC Policies, first we need to understand various terms associated with this calculation. In LIC there are broadly two types of plans: I- Non Participating Plans: ...

Who will Inherit Your Insurance Policy proceeds – Nominee or Legal Heirs?


Do you know what happen to the Insurance Policy proceed after death of policyholder - will it automatically be passed on to a nominee or legal heirs named in a will? If you thinking that appointing ...

How to Pay LIC Premium via ECS/Direct Debit?


What is ECS/Direct Debit Payment? ECS is Electronic Clearance Service. This is a facility by which premium is deducted by bank at pre-decided date and remitted to LIC. To avail of ECS facility, ...

What is an e-Insurance Account?


What is an e-Insurance Account? e-IA stands for "e-Insurance Account" or “electronic insurance account”, which will safeguard the insurance policy documents of policyholders in electronic format. ...

How to Open Minor/Child/Kid PPF Account?


Who can Open Minor/Child/Kid PPF Account? 1- Either father or mother can open a PPF account on behalf of his/her minor child but not both. 2- Grandparents can also open the account in the name of ...