Celebration of springtime and harvest - Gudi Padwa (Maharashtra, India)

Now something off the insurance subject ...

In Maharashtra, the new year is celebrated as Gudi Padwa - a festival that heralds the advent of spring (March-April). Early on the morning of the first day of the Chaitra month, people finish their ablutions, wear new clothes and decorate their houses with colorful "rangoli" patterns. A silk banner is raised and worshipped, and greetings and sweets are exchanged. People hang "gudis" on their windows on this day to celebrate Mother Nature's bounty. A "gudi" is a decorated pole with a brass or a silver vessel placed on it.

It's Ugadi in Andhra & Karnataka!The Telugu and the Kannada New Year falls on the first day of the month of Chaitra (March-April). People in Andhra Pradesh and Karnataka states in the South of India believe that Lord Brahma began the creation of the universe on this auspicious day of Ugadi.

More on Usher in the New Year and Gudi Padwa

How your insurance policy is underwritten

Wondering how insurance company assesses risks ? Here is an article that gives a layman's overview on how the insurance policy is underwritten, risk considerations, factors on which premiums are based on etc.

When you purchase a life insurance policy, you maybe aware that the premiums that you pay will depend on the insurance underwriter's calculation of risk, and how much they believe you will cost the policy. However this is not the only factor to influence how much you pay for your policy.

Want to know more ? Read on - How your insurance policy is underwritten

China Life Insurance - Exceeding Expectations

What a whopping business!!! Profits almost double!!
China Life Insurance Co, China's largest life underwriter, posted a 42 percent gain in second-half profit on strong investment returns, topping analysts' expectations, but said it faces a more turbulent market environment in 2008.

More on - China Life profit beats estimates

Which Life Insurance Is The Right One To Pick?

Term and permanent life insurance policies offer different paths to the same goal: Making certain your loved ones can meet their financial needs should you die.
Many families have no life insurance protection, or they do not have enough, according to LIMRA International, a research and consulting organization that counts as members more than 800 insurance and financial services companies in 60 countries.

Read on more - Which Life Insurance Is The Right One To Pick?

How India Earns, Spends and Saves

I found many interesting points in this article ..

Few like -

• India saves but does not invest
• India saves for long-term goals such as emergencies, education and old age.
• The average household savings are Rs. 16,139 (is that true?? show me the moneyyyy)

And few scary one's...

• Financial vulnerability is not limited to poor households; even prosperous households are financially vulnerable.
• Wise savers but unwise investors
• The study found 96 per cent of the households cannot survive beyond a year on their current savings in case of loss of income due to some eventuality such as death or disability of the chief earner.

Read the full survey here.

Your kids don't need life insurance

Amazed by the heading of the article itself ??!!
Someone might be thinking .. so why so many insurance pushing for it ?!!
Well, I would say, our judgement should be based on what we need rather than what they want to sell ...
humm.. now it makes sense!!!
Don't be misled by advertisements promising a high cash value for a small premium. There are better steps you can take to secure your child's future says Money Magazine's Walter Updegrave.
Read on..

SBI Life Insurance posts record profit of Rs 37.74cr

SBI Life Insurance Company Limited, the first private sector life insurance company in India to make profit, today announced an impressive 101% growth in total premium collections to Rs 2748.28 crore during the first nine months of FY 2007-2008 and posted a Net profit of Rs 37.74 crore for the quarter ended December, 07.
Read on...

Life insurance grows 47 % in FY07

While LIC observed around 47% of decline in there first year premium, overall Life Insurance sector in India is in full swing ...check this out ... so the interesting question would be who ate LICs first year premium ??

The article goes...
The life insurance industry, which consists of Life Insurance Corporation of India and 15 private players, has grown by 47.38 per cent in total premium, including group business for FY07.

The total industry had a total premium including group business ( addition of regular premium, single premium and renewal premium) of Rs 156001 crore upto 31st March 2007 as against a total premium of Rs 105841 crore for FY06.

LIC premium declines by 47%

Life Insurance Corporation of India (LIC) has registered a decline in first year premium by 47 per cent in September this year compared to a year earlier, albeit on larger base.

According to the data released by Irda, the public sector behemoth mopped up a first year premium of Rs 2,554.84 crore in September this year compared with Rs 4,853.87 crore in September 2006.

AAA for New York Life Insurance Co. and New York Life Insurance & Annuity Corp.

Standard & Poor's (NYSE:MHP) Ratings Services on Thursday raised its credit and financial strength ratings for New York Life Insurance Co. and New York Life Insurance & Annuity Corp.
The credit rating agency said the upgrade reflects the companies' top position in the market for life insurance, high earnings and measured risk management.
S&P raised its counterparty credit and financial strength ratings for both companies to 'AAA' from 'AA+.' Companies rated 'AAA' have the highest levels of reliability and stability. The outlook for the insurance companies is 'stable,' according to S&P.
More on cnnmoney.com.