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 Fifty Thousand to be exempted from service tax. 3- From 1st October 2014, your … [Read more...] about Budget 2014 – Changes to Insurance Industry
Archives for July 2014
Life Insurer’s IRDA 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 – 97.73%, the highest claim ratio, followed by ICICI Pru Life – 96.29%. Lowest claim ratio is – 27.04% of DLF Pramerica Life, seconded by Edelweiss Tokio Life – 45.45%. … [Read more...] about Life Insurer’s IRDA Claim Settlement Ratios for Financial Year 2012-13
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 are no longer available through some RBI notification in year 2009, the same has … [Read more...] about How to deal with Bank, who is not opening Minor’s PPF Account?
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 net-banking/credit card/debit card 3- Premium Rates are different for smokers … [Read more...] about LIC’s Online Term Insurance – e-Term : Review
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 Policy Term = 5 years (Date of Commencement - 28/08/1999). He was paying premium … [Read more...] about How to Calculate Returns on LIC Policies (Part 2)?
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: Plans which have no Maturity Sum Assured, needless to say no share in surplus … [Read more...] about How to Calculate Returns on LIC Policies (Part 1)?
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 nominees for all your insurance policies, is as good as drafting a will, you … [Read more...] about Who will Inherit Your Insurance Policy proceeds – Nominee or Legal Heirs?
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, policy holder submits mandate form to LIC and also authorizes bank to deduct premium. … [Read more...] about How to Pay LIC Premium via ECS/Direct Debit?
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. What kind of insurance policies can one keep in Electronic Insurance … [Read more...] about What is an e-Insurance Account?