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
Life Insurance
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?
CIBIL : Glossary
Asset Classification (AC) - It is important to note that some banks report DPD as per the Asset Classification norms defined by RBI, which are as follows: Actual Payment Amount - Is the amount you have paid to you lender if it is different from the EMI Amount. This may be … [Read more...] about CIBIL : Glossary
Best Online Term Insurance Plans on Premium (2013)
Looking to buy online term plan, check here the different term plans based on premium - … [Read more...] about Best Online Term Insurance Plans on Premium (2013)
Top 5 Online Term Insurance Plans on Claim Settlement Ratio (2013)
1- Edelweiss Tokio Life's Protection Plan 2- ICICI Prudential's iCare Plan 3- HDFC Life's Click 2 Protect Term Plan 4- SBI Life's eShield Plan 5- Kotak's E Preferred Term Plan Claim Settlement Ratio for FY 2011-12 *Data Source – Annual Report IRDA What is Claim … [Read more...] about Top 5 Online Term Insurance Plans on Claim Settlement Ratio (2013)