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The
Central system of Insurance Regulatory and Development Authority that
keeps the data of complaints of policy holders against all the insurance
companies, for the year ending March 2013, posted a figure of 3.41
lakhs complaints against the life insurance companies. Majority of these
complaints were against insurance giant Life Insurance Corporation of
India, Birla Sunlife and Bajaj Allianz and were related to issue like
unfair business practice, alleged mis-selling by insurance companies
etc.
Further
the complaint cell stated that most of the complaints (more than 30%)
pertained to unfair business practice. Of the total 3.41 lakhs
complaints, 168,482 complaints were of unfair trade practices
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Showing posts with label ent-this-year-LIC-chairman-D. Show all posts
Showing posts with label ent-this-year-LIC-chairman-D. Show all posts
Friday, June 27, 2014
Complaints Against Insurance Companies On A Rise
Is it time to upgrade your life cover? Know what's best for you
Thanks
to the growing awareness about the importance of life insurance cover,
many individuals, especially the young executive types, buy a term life
insurance as soon as they start their career. However, the trouble is:
typically these covers would be very small, mostly Rs 10 lakh or below ,
say insurance advisors. This would inevitably lead to some
complications in future. When the person gets married, have kids or
takes a huge loan, he or she would need a larger cover. However, buying a
cover at that time may not be an easy task.
http://www.myallagents.com/Is-it-time-to-upgrade-your-life-cover-Know-whats-best-for-you/details.html
http://www.myallagents.com/Is-it-time-to-upgrade-your-life-cover-Know-whats-best-for-you/details.html
Thursday, June 26, 2014
Liberty Videocon hopes to meet business target by March
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MUMBAI:
Private sector general insurer Liberty Videocon is confident of
achieving its initial target of Rs 120 crore in the first year of
operations on the back of growth in motor and commercial verticals, a
top company official said here today.
"Our
target for this fiscal, which is the first year of our operations, is
Rs 120 crore. We have already collected a premium of around Rs 65 crore
as of now, which is in line with our initial target," Chief Executive
Officer of Liberty Videocon General Insurance, Roopam Asthana, told PTI
in an interaction here.
The
new entrant to the general insurance industry said around 70 per cent
of premium was collected from its retail business, while rest 30 per
cent is from commercial segments.
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Pre-declaring medical rates beneficial for customers
Wouldn't it help if you knew how much your hospitalisationbill
would come to before getting admitted? You will know at once whether
you can afford treatment in that particular hospital or not. You will
also know how much of the treatment cost will be covered under your insurance policy.
This can be a reality if insurance companies implement the Bombay High
Court’s suggestion that they declare package rates for different
ailments and make hospitals fall in line with their rates. The court
said this in a hearing earlier this month, in response to a public
interest suit which said package rates should be treated as entitlement
and need not be dependent on hospital gradation. That is, the court
wants insurance companies to offer the same rates for all treatments
across hospitals, irrespective of the kind of hospital.
http://www.myallagents.com/Predeclaring-medical-rates-beneficial-for-customers/details.html
http://www.myallagents.com/Predeclaring-medical-rates-beneficial-for-customers/details.html
One-for-all insurance policy offers no risk cover
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How
about ordering Bajaj AutoBSE 0.79 % dealers to sell motorcycles
manufactured by TVS Motor and Hero MotoCorp so that consumers have a
wider choice and more motorcycles are sold in the country? Sounds
far-fetched? Something similar is cooking in financial services.
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Chola MS launches Android app for health insurance customers
Cholamandalam MS General Insurance Company has announced launch of a mobile application for its health insurance customers,
to offer health benefits and access to the network of hospitals
offering cashless treatment facility to the customers.
The application, Chola MS Wellness, is made available on Android supported smart phones and it would offer policy details like coverage, sum insured and renewal reminder and details of the hospital network with geo tagging on Google Maps. The application would also offer health tracking features like Pedometer, BMI Calculator and Blood Sugar Tracker.
http://www.myallagents.com/Chola-MS-launches-Android-app-for-health-insurance-customers/details.html
The application, Chola MS Wellness, is made available on Android supported smart phones and it would offer policy details like coverage, sum insured and renewal reminder and details of the hospital network with geo tagging on Google Maps. The application would also offer health tracking features like Pedometer, BMI Calculator and Blood Sugar Tracker.
http://www.myallagents.com/Chola-MS-launches-Android-app-for-health-insurance-customers/details.html
Cholamandalam MS General Insurance eyes GWP of Rs 1,900 crore in FY14
CHENNAI: Cholamandalam MS General Insurance Company is eyeing gross written premium of Rs 1,900 crore by the end of this fiscal with a focus on retail health and motor insurance, a top official said here today.
The city-based company is a joint venture between Rs 225 billion Murugappa Group and Japan-based Mitsui Sumitomo Group.
"Last year (2012-13) we finished (gross written) premium of Rs 1,621 crore. This year we are expecting to complete by Rs 1,850 or Rs 1,900 crore (GWP)," Cholamandalam MS General Insurance Managing Director S S Gopalarathnam told reporters.
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Kotak Life Insurance launches immediate annuity plan
Kotak Life Insurance has launched Kotak e-Lifetime income plan, an immediate annuity product.
The plan offers the purchaser of the annuity the option to choose an annuitant or beneficiary other than self. This will ensure regular income to any close blood relative or spouse, other than self. The plan is also available online, said a press release issued by Kotak Life Insurance. The one time premium paid by the proposer is paid out to the annuitant or beneficiary at the interval chosen – monthly, quarterly, half yearly or yearly at the predefined annuity rate promised at the time of purchase. Annuity rates will depend upon the age of the annuitant, the amount invested and the annuity option chosen.  |
New India Assurance offer 50% discount for girl child
MUMBAI: New India Assurance has reduced health insurance premium for girl child by 50% for in its new health insurance policy targeted at families with girl children.
On the occasion of Women's Day the company launched Asha Kiran, a policy for families that have only girl children. The policy will also provide personal accident cover for parents. The sum insured could range from a minimum of Rs 2 lakhs to a maximum of Rs 8 lakhs.
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No pre-payment charges on floating rate term loans: RBI
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RBI has already prohibited banks from charging penalty for prepayment of home loans and now the same has been extended to individual term loans
The Reserve Bank of India (RBI), on Wednesday said that banks should allow customers to prepay floating rate term loans without any penalty.
“It is advised that banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect,” the RBI said in a statement.
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Wednesday, June 25, 2014
RBI allows FPIs, NRIs to invest upto 26% in insurance
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NEW DELHI: The Reserve Bank today said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
"Effective
from February 4, 2014, foreign investment by way of FDI, investment by
FIIs/FPIs and NRIs up to 26 per cent under automatic route shall be
permitted in insurance sector," RBI said in a circular.
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What is mortgage insurance?
Mortgaging
one’s house for a loan is a major and long-term commitment. Mortgage
payments typically continue over several years, and one can never
predict fluctuations in the borrower’s ability to repay at the moment of
taking out a mortgage. Hence, the borrower may have to purchase
mortgage insurance to protect against the risk of future non-payment of
dues because of financial difficulties due to sickness, disability or
unemployment.
http://www.myallagents.com/What-is-mortgage-insurance/details.html.
http://www.myallagents.com/What-is-mortgage-insurance/details.html.
HNIs to benefit from RBI policy
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High networth individuals (HNIs) will feel better after the Reserve Bank of India (RBI)'s bi-monthly monetary policystatement.
Reason: The RBI has increased the limit of investment from $75,000 to
$125,000 per head (or Rs 75 lakh at the rate of Rs 60/$). This means
ones travelling abroad frequently will be able to take advantage of
this.
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Metal stocks surge on China demand, RBI policy move
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Improving
Chinese demand, partial lifting of the Odisha mining ban and the
central bank’s move to ease liquidity boded well for metal sector
stocks, which climbed to a one-year high on Tuesday.
Chinese manufacturing data for the month of May touched a four-month high, leading to hopes that demand from the world’s largest consumer of metals will revive going forward. Further, the Reserve Bank of India’s move to cut the statutory liquidity ratio or SLR by 50 basis points to 22.5 per cent boosted market sentiment resulting in heavy buying in these stocks which have not been major participants in the recent market rally.  |
New co-investment fund to be set up for SME lending
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The government is
planning to set up a first of its kind co-investment fund with the help
of capital market regulator. Initially the fund will have a corpus of Rs
5,000 crore and will be anchored by two state-owned financial
institutions, Life Insurance Corporation (LIC) and Small Industries
Development Bank of India (Sidbi) The fund will be modeled following Germany and Austria like developed nations investment vehicles to meet financial challenges to start-ups, especially in technology like high growth sectors as reported by Business Standard.
The Security and Exchange Board of India (
Sebi) is in the process of finalising a frame work for the
co-investment fund and the announcement could be a part of the budget
speech.
http://www.myallagents.com/New-coinvestment-fund-to-be-set-up-for-SME-lending/details.html |
Metal stocks surge on China demand, RBI policy move
Improving Chinese demand, partial lifting of the Odisha mining ban and the central bank’s move to ease liquidity boded well for metal sector stocks, which climbed to a one-year high on Tuesday.
Chinese manufacturing data for the month of May touched a four-month high, leading to hopes that demand from the world’s largest consumer of metals will revive going forward. Further, the Reserve Bank of India’s move to cut the statutory liquidity ratio or SLR by 50 basis points to 22.5 per cent boosted market sentiment resulting in heavy buying in these stocks which have not been major participants in the recent market rally.  |
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