Irda for changing 'Place of Business' regulation

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

LIC Nomura eyes 2-fold rise in AUM in FY14

LIC Nomura eyes 2-fold rise in AUM in FY14
LIC Nomura Mutual Fund targets over two-fold increase in its average assets under management (AUM) in the current fiscal by launching a host of new schemes in the debt and equity segments, a top company official said.
The fund house, which had posted losses in FY2011 and FY2012, also hopes to report profit in 2012-13..
 http://www.myallagents.com/LIC-Nomura-eyes-2fold-rise-in-AUM-in-FY14/details.html

Planning to buy insurance this year?

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

Why Cobrapost expose was a non-event for bank stocks

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

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

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

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

ICICI Lombard under IRDA scanner for alleged irregularities

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

How to Claim for Health Insurance from Multiple Insurers

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 

Shriram Life launches seven new products

According to Manoj Jain, CEO Shriram Life, out of the seven plans, four products are market-linked and the remaining are traditional products. 
"The new products are more customer friendly giving better value proposition in terms of higher surrender values and better death benefits," Jain told reporters here, adding that the new products are in compliance with new guidelines issued by the Insurance Regulatory and Development Authority.  
http://www.myallagents.com/Shriram-Life-launches-seven-new-products/details.html

LIC sells shares worth Rs 8,800 cr in 17 Sensex companies

State-run insurance giant LIC has lowered its exposure in 17 blue-chip firms, with sale of shares worth an estimated amount of over Rs 8,800 crore, in the quarter ended March 31, 2013. Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents.   http://www.myallagents.com/LIC-sells-shares-worth-Rs-8800-cr-in-17-Sensex-companies/details.html

Travel insurance: Handy during natural calamities

After any kind of natural calamity, insurance companies usually get jittery on the huge amount of claims they may have to pay. But following the recent floods in Uttarakhand, in which thousands lost their lives, general insurance companies have hardly seen any claims related to medical emergencies. This is because Indians don't believe in taking travel insurance, especially if they are travelling within the country. Even when travelling overseas, most Indian travellers take insurance only if it is mandatory. 
www.myallagents.com/Travel-insurance-Handy-during-natural-calamities/details.html  

Need to wait and watch, if banks want to become brokers: Insurers

While the Insurance Regulatory and Development Authority (Irda) has allowed banks to become insurance brokers, insurance companies said it still needed to be seen whether this would happen. “It is a positive step, especially for non-bank led companies, since it has been pending for a long time. However, we will have to see, over a period of time, if banks would be interested, and whether RBI would approve. Only after this, would we see an open architecture of bancassurance,” said Deepak Mittal, managing director & chief executive officer, Edelweiss Tokio Life Insurance.  http://www.myallagents.com/Need-to-wait-and-watch-if-banks-want-to-become-brokers-Insurers/details.htm

 

Birla Sun Life Launches Vision LifeSecure Life Insurance Plan

Mr. Jayant Dua, Managing Director and Chief Executive Officer of Birla Sun Life Insurance Company, announced the launch of Vision LifeSecure Plan, which is a combination of savings and complete financial protection plan.  This plan offers a combination of periodical bonuses throughout the policy term and a life insurance benefit until a person attains the age of 100 years. He further added that, this plan is developed keeping in mind the fact that overall life expectancy across age group has gone up and the average prolonged existence per person is improving.  http://www.myallagents.com/Birla-Sun-Life-Launches-Vision-LifeSecure-Life-Insurance-Plan/details.html

What are the different types of health insurance?

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)

HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided
dhttp://www.myallagents.com/What-are-the-different-types-of-health-insurance/details.html

Things you should know about your e-insurance account

A new facility introduced by the Irda allows you to hold all insurance policies in a single account through an e-insurance account. As in the case of a demat account, the customer can make modifications in the policy and view all his live policies, as well as the history of past transactions, at one glance with the help of this facility.  Here are things you should know about an e-insurance account:  www.myallagents.com/Things-you-should-know-about-your-einsurance-account/details.html

Term Insurance Comparison

Term Insurance is a form of Life Insurance which provides a stipulated cover for a certain period under contractual agreement. Simply put, Term Plan is financial cover in case if the insured dies; death claim is given to the beneficiary 
http://www.myallagents.com/Term-Insurance-Comparison/details.html

What are the different types of health insurance?

Different types of health insurance plans meet different needs. When you compare options, it's important to understand how they are structured.

Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs)

HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other health care providers that provide medical care to members of a specific health plan. If you use a doctor or facility that isn't in the HMO’s network, you may have to pay the full cost of the services provided.

HMO members usually have a primary care doctor and mu
http://www.myallagents.com/What-are-the-different-types-of-health-insurance/details.html

Ways to get more from your health insurance

If you have been running from pillar to post to make your health insurance claims, you must be heaving a sigh of relief. The new health insurance regulations, effective from October this year, have made it easier for policyholders to claim for expenses which arise from hospitalisation or treatment. To top it, insurance companies are going out of the way to make the claims process simple and easy for individuals with minimum documentation and a quicker turn-around time.  http://www.myallagents.com/Ways-to-get-more-from-your-health-insurance/details.html

AEGON Religare Launches IGuarantee Insurance Plan

After tasting success with iTerm and iMaximize, AEGON Religare Life Insurance (ARLI) has launched another online insurance plan called iGuarantee Insurance Plan. AEGON Religare iGuarantee Insurance plans is a savings plan which offers guaranteed returns.

http://www.myallagents.com/AEGON-Religare-Launches-IGuarantee-Insurance-Plan/details.html 

LIC eyes distribution tie-up with Postal Department

HYDERABAD, NOV 5:   Life Insurance Corporation of India is in favour of having a distribution tie-up with the Indian Postal Department, which has plans of its own in the insurance space. The Government has launched an initiative to pave the way for over 1.5 lakh post offices in the country to offer full-fledged banking and insurance services. Postal Life Insurance is also setting up a full-fledged investment division for generating optimal return  http://www.myallagents.com/LIC-eyes-distribution-tieup-with-Postal-Department/details.html