Wednesday, December 30, 2009

OSWEGO, NY: Local School District Partners with Insurance Company to Offer Free Life Insurance

Truly amazing!!!
A local school district is partnering with insurers to offer free life insurance to pay for a child's education in the event of a parent's death!!!

Read on complete news: Local School District Partners with Insurance Company to Offer Free Life Insurance

Source: (WRVO)

Max India: Funding long-term growth - Profits are still some time away

Max is trying its best balancing expansion, profitability and expenditure. This article states that the operating expenditure of the company is on higher side (well ..highest in the industry) and unlikely to come down in near future as company continues to expand its business.

Read on - Max India: Funding long-term growth

Saturday, December 26, 2009

An introduction to General (Non-Life) Insurance Companies of India

In today’s age of consumerism, insurance requirements have expanded to keep pace with the increasing risks. Gone are the days when life insurances ruled the roost; today we have a wide assortment of risk coverage commencing from health insurance to travel insurance to theft insurance to even a wedding insurance. With affluence and spending capacity on the surge there is a growing trend to fulfill needs, deal with responsibilities and secure one’s possessions, be it good health or wordly wealth.

Read on more on Introduction to General Insurance companies of India


Thursday, December 24, 2009

IRDA allows products combining life and health insurance

Very appreciative step by IRDA (India). IRDA has approved products combining Life and Health Insurance. I am sure the products will be very competitive and consumer will get a good package combining both.
The Insurance Regulatory & Development Authority (IRDA) on Wednesday allowed a new product class Health plus Life Combi Products for promoting the combined products of pure term life insurance offered by life insurance companies along with standalone health insurance products offered by non-life insurance companies under the single product umbrella.
.... Read on
IRDA allows products combining life and health insurance

Tuesday, December 22, 2009

Life insurers out of slump

Dec. 21: The Indian life insurance industry appears to be coming out of recession on the back of a 21 per cent growth in premium collections.

According to Mr S.B. Mathur, the secretary-general of the Life Insurance Council, "During October 2008 to March 2009 period the new premium collection witnessed negative growth. In this scenario, we can say that life insurance industry has come out of recession. For the April-October period, single premium policies witnessed a surge of around 42 per cent, with investors preferring non-linked policies signifying a clear trend towards traditional policies."
The total premium during first seven months of this fiscal rose to Rs 1,20,503 crore from Rs 99,310 crore in the corresponding period last year, Mr Mathur told this newspaper.

The latest data released by the Life Insurance Council, the industry body for all the life insurance companies in India, reveals that the renewal premiums increas-ed by around 24 per cent to Rs 73,952 crores, while new business premiums increased by around 18 per cent to Rs 46,551 crores on y-o-y basis.

Mr Mathur further said: "Total benefit paid to policyholders was Rs 34,021 crores, a rise of over 25 per cent as compared to Rs 27,179 crores last year. Private life insurance companies paid total benefits of Rs 6,996 crores a rise of 101 per cent from Rs 3,469 crores last year."


Sunday, August 23, 2009

IRDA - What is new (August 2009)

Here are the new regulations/guidelines/publication posted at IRDA site for this month (August 2009):

This might be a partial list, please visit IRDA site and click 'What is New?' for the complete list.

Mutual or publicly owned: Which is best insurance company

Did you ever care if you are buying the policy from Mutual or publicly owned insurance company ? I know after what happend to AIG, people are more careful now a days.
Okay let me ask you this, do you know the what is Mutual insurance company and Publicly owned insurance company.

Simple definition:
Mutual insurance companies are owned by policyholders.
Publicly owned insurance companies are owned by stockholders.

Article below brings some interesting points about what to consider before you choose an insurance company -
Read on - Mutual or publicly owned: Which is best insurance company for you?

Saturday, August 22, 2009

Insurance Company accused of fraud

I cannot believe how an Insurance companies can give reasons such as 'not compatible with the system changes' for switching funds...!! Specially when this is one of the policy provisions. System limitation is clearly insurance companies problem, why customer should suffer.

The insurance company, Aviva Life Insurance Co India Pvt Ltd, has been accused by Dr Ram Kapoor of fraud as the company, he alleged, changed his policies, resulting in a major financial setback for him.
Read on the complete article - Insurance Co accused of fraud

Tuesday, June 16, 2009

Is whole life really whole life?

Most people don't wake up in the morning with the thoughts of implementing a life insurance policy. It might take the motivation from a spouse, possibly an insurance agent or an attorney. Or maybe you just experienced a death of a close friend or family member. If you look in the obituary section every day, you'll find the people passing away aren't all in their 80s and 90s. Possibly you realize something could happen to you and you want your family protected, financially.
Read on: Is whole life really whole life?

Tuesday, May 12, 2009

Should you prepay your home loan?

I have seen people spending years in thinking "Should I prepay my home loan" ? Well, I would say it depends on various factors, like your priorities, Children's education, other obligations etc.
Here is an artical that describes what you will save if you plan to prepay your home loan.
Read on - Should you prepay your home loan?
Thanks to