What is RTI and how it applies to Insurance Companies? Right to Information Act provides to every citizen of India right to ask information held by a Public Authority. The Central Right to information Act covers all Indian states except for the state the State of Jammu and … [Read more...] about How to File RTI Application about an Insurance Claim?
Life Insurance
Budget 2012 – Changes to Insurance Industry
General 1. Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012. 2. Service tax rate increased from current 10% to 12%. This would mean life insurance premium will go up. Life Insurance Currently it is necessary that in … [Read more...] about Budget 2012 – Changes to Insurance Industry
How the NAV of ULIP policy is calculated?
ULIP plans are investing your money into the equity market. It is the same like the mutual funds, but ULIPs are providing the life cover and also linked to the insurance policy. What is Net Asset Value (NAV) of a policy? NAV of a ULIP plan is nothing but the book … [Read more...] about How the NAV of ULIP policy is calculated?
How the Proceed received from the Insurance Company is taxed?
Life Insurance Proceeds Section 10(10D) specifies that any sum received under a Life Insurance policy is exempt from tax. Hence maturity proceeds (including the sum allocated by way of bonus) received from an endowment plan, from a term plan with return of premium feature, from … [Read more...] about How the Proceed received from the Insurance Company is taxed?
IRDA to streamline servicing of ‘orphaned’ life insurance policies
If your agent stopped servicing life insurance policy after making you buy it, there is nothing to worry. Such policies, which are ‘orphaned' due to exit of an agent from the profession after selling a policy, should be well-serviced by the insurers by allotting them to other … [Read more...] about IRDA to streamline servicing of ‘orphaned’ life insurance policies
Top 5 Online Term Insurance Plans on Claim Settlement Ratio (2012)
*Data Source - Annual Report IRDA What is Claim Settlement Ratio? Claim Settlement Ratio (CSR) gives us an idea about the claim solving ability of the insurance company. If claims are intimated and the insurance company solves those, claim settlement ratio would be good. In … [Read more...] about Top 5 Online Term Insurance Plans on Claim Settlement Ratio (2012)
Top 5 Online Term Insurance Plans on Policy Coverage (2012)
1- Kotak e-Preferred (a) Who can buy - Any person aged between 18 years to 65 years (b) Policy Term - 5 - 30 years (c) Minimum Sum Insured -25 lacs (d) Maximum Sum Insured -Unlimited (Subject to underwriting) (e) Riders -– No Riders Available (f) Life cover Step-Up/ Step … [Read more...] about Top 5 Online Term Insurance Plans on Policy Coverage (2012)
ING Life launches 'ING Secured Income', 'ING STAR Life' 'ING Critical Illness Riders'
ING Life Insurance has launched three new traditional products - ING Secured Income Insurance Plans, ING STAR Life and ING Critical Illness Riders. ING Secured Income Insurance Plans There are two new endowment plans available under ING Secured Income Plans - 1- Secured … [Read more...] about ING Life launches 'ING Secured Income', 'ING STAR Life' 'ING Critical Illness Riders'
Reliance Life launches – 'Guaranteed Money Back Plan'
Reliance Life Insurance launches traditional money back plan - "Guaranteed Money Back Plan" How does Reliance Life's Guaranteed Money Back Plan work? The Life Insured would receive 15% of the Sum Assured at the end of every year in the last 4 policy years before maturity and … [Read more...] about Reliance Life launches – 'Guaranteed Money Back Plan'
Bharti AXA Life launches online term plan 'iProtect'
Bharti AXA Life Insurance has launched online term insurance product - Bharti AXA Life iProtect. Features of iProtect 1- Affordable life insurance premium rates 2- Life Insurance Benefit 3- Reward for non-smokers, premium discounts on the term insurance policy 4- Hassle … [Read more...] about Bharti AXA Life launches online term plan 'iProtect'