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    • Airtel announces life cover along with prepaid plan

      Bharti Airtel, in partnership with Bharti Axa, launched a prepaid plan that also offers life insurance cover. The Rs.599 plan also comes with life insurance cover of up to Rs.4 lakh. It also offers 2GB daily data, 100 daily SMS, unlimited calls (to any network), and an 84-day validity. The life insurance cover is for 3 months and gets automatically renewed with every recharge. There is no requirement for a medical examination or paperwork for this insurance policy which is available for anyone between the ages of 18 and 54. The certificate of insurance is digitally delivered to the customer. If requested, a physical copy of the insurance certificate will be delivered to the doorstep of the customer. To avail the benefit of the insurance policy, customers only have to enroll through an Airtel retailer, the Airtel Thanks app, or SMS after the first recharge is done. The service is currently available only in select states, including Delhi, and will be launched in other states also soon.

      7 November 2019

    • Shares of insurance companies in India hit an all-time high

      Shares of HDFC Life Insurance, HDFC Asset Management Company (AMC), ICICI Lombard General Insurance Company, and SBI Life Insurance Company were some of the 22 stocks on S&P BSE 500 index who hit their all-time high.

      Some of the other companies who hit their all-time high were Nestle India, Bata India, Hindustan Unilever (HUL), Mannapuram Finance, Berger Paints, Siemens India were some of the companies whose stocks hit an all-time high.

      HDFC AMC, Bata India, and Mannapuram Finance are the stocks which have doubled in the past one year. HDFC AMC has been the biggest gainer as its stocks rose 7% to Rs.3,073 on the Bombay Stock Exchange (BSE).

      24 October 2019

    • IRDAI directs insurers to be transparent about commissions paid to agents

      The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to insurers to be transparent about the commission or other rewards paid to intermediaries, brokers, or agents. This should be listed under the head ‘Commission’ in the financial statements. This will ensure fairness and transparency in all transactions. Rewards should be shown under Schedule 2 ‘Commission’ as a separate line item. This comes in the financial statements under the ‘Net Commission’. IRDAI has permitted insurers to pay up to 20% of the first year commissions to distributors as rewards. However, this is only for distributors whose revenue from a non-insurance intermediary business does not exceed 50% of their total annual revenue. Through this, agents whose livelihood is their agency will be rewarded more and not banks. Insurers had to disclose this in the past too but the new directive will make it easier for the policyholder to understand the structure of payout. Since it will be seen under a single and separate schedule, it will be easier for laypeople to understand. This will help to evaluate the recommendations made by the agent in light of his incentives for the same. However, policyholders should refrain from demanding rebates because of this.

      22 October 2019

    • Private sector life insurers individual APE decreases due to economic slowdown in September

      The Individual Annualized Premium Equivalent has declined by 3% year-on-year in September 2019 due to economic slowdown when compared to 11-27% year-on-year growth reported from April to August 2019.

      However, overall APE was up by 3% due to stronger group business. ICICI Prudential Life’s APE recorded a decline for the third month along with HDFC Life. HDFC Life recorded a decline after a continuous 5 months of consistently high growth.

      Apart from this SBI Life and Max Life showed moderate results for the second consecutive month. Net inflows to various equity mutual funds dropped to a great extent month-on-month as well. Various other private sector insurers reported a 3% year-on-year growth in their overall APE in September 2019 with a 3% growth in individual APE as well.

      The overall individual industry recorded a drop of 3% year-on-year as the Life Insurance Corporation reported a sharp decline of 11% year-on-year.

      ICICI Life reported a 7% decline year-on-year in individual APE along with HDFC Life recorded a sharp decline of 20% in their business after showing a strong growth of 30%-90% between April and August 2019. Due to this, the company recorded a decline of 17% in their overall APE even though group business was by 3% year-on-year.

      On the other hand, the individual APE of SBI Life grew by 11% year-on-year in September 2019 which was lower than their APE in August at 14%. The company had reported a growth of more than 20% from February to July 2019.

      16 October 2019

    • Life Insurers’ Premium Collections Rise 15% in September

      Life insurers’ new premium income has risen by 15% in September according to data released. LIC, the largest insurer in the country, recorded a rise of 18.37% in its new premium during September at Rs.12,759.24 crore.

      Private sector insurers also earned a fair share, with a total of Rs.7,297.46 crore making an increase of 9% from one year ago according to IRDAI data.

      The cumulative insurance premium rose 35.11% during the quarter April-September, totalling Rs.1,25,758.11 crore.

      LIC has seen the largest jump in revenue through premiums, jumping 42% to Rs.89,980.22 crore for the period January-June 2019.

      15 October 2019

    • Life Insurance Corporation of India issues statement clarifying its financial health

      Social media platforms were abuzz with the news that Life Insurance Corporation of India (LIC) was in the middle of a financial crisis. This led to panic among policyholders that they might lose their hard-earned money, whether it is the principal amount or the interest, that they were expecting through their investments. Messages circulating about the possibility of policyholders losing their money put millions of policyholders in a tizzy. However, the leading life insurance company put out a statement that clarified these rumors were false. The statement clarifies that "We refute such false rumors and we would like to assure our policyholders about its sound financial health and urges them not to take cognizance of such misleading news". It also stated that the social media messages pertaining to this are factually incorrect and aimed to not only tarnish the image of the company but also create panic among policyholders which was total.

      14 October 2019

    • IRDA directs insurers to illustrate benefits clearly from December 1

      New rules have been issued by Insurance Regulatory and Development Authority (IRDA) in order to prevent the mis selling of insurance products and increase the transparency between the insurer and the customer.

      From December 1, it is will be mandatory for all the insurance company to clearly illustrate the benefits of the insurance product in the policy document.

      IRDA has made it clear that in case of a non-liquid product, the returns guaranteed must be disclosed in the policy document. Apart from that the insurance company will have to clearly mention the minimum return projections as well as the final amount the customer can expect in case of maximum returns from an insurance product.

      9 October 2019

    • Partnership announced between ICICI Prudential Life Insurance and Airtel Payments Bank

      A corporate agency agreement has been signed between India’s first payments bank, Airtel Payments Bank, and ICICI Prudential Life Insurance Company. This will enable customers of Airtel Payments Bank to have easier access to savings plans and life insurance policies, thus helping them build up savings in the long term as well as provide greater financial security to their families. The innovative products that ICICI Prudential Life Insurance has will have a wider reach because of the vast digital reach and distribution network that Airtel Payments Bank has. In the starting phase, ICICI Pru Anmol Bachat on the savings platform and ICICI Pru iProtect Smart on the insurance side will be available to customers. The Anmol Bachat plan is a microinsurance products that offers both protection and savings for smaller premiums specifically for the underinsured while iProtect Smart offers protection through the term plan.

      3 October 2019

    • MobiKwik applies to IRDA for corporate agency license

      MobiKwik in its bid to strengthen its position in the insurance industry has applied to Insurance Regulatory and Development Authority (IRDA) for a corporate agency license.

      If MobiKwik is granted the license, it will be eligible to sell insurance policies in categorie such as life, health, general, etc. On getting the license, MobiKwik , it will join the likes of Policybazaar, PayTM, PhonePe, etc. who all have been granted the license to sell insurance policies by IRDA.

      Much like Policybazaar, MobiKwik will also aggregate insurance products of insurance companies such as Aditya Birla, ICICI Lombard, etc.

      MobiKwik which is backed by Sequoia Capitals is known to aggregate mutual funds, loans, and other financial products. It is also expected that MobiKwik will also push the Bajaj Allianz portfolio aggressively since the insurance company is one of its biggest stakeholders.

      1 October 2019

    • Life insurance industry platform launched by Infosys McCamish

      A new industry platform has been introduced by Infosys McCamish for the Global Life Insurance and Annuity industry. The name of the new platform is Infosys McCamish NGIN.

      The new platform was built on an open source and will have plug-and-play components which will help address insurance carriers with all their regional and global needs. According to a press release made by the company, apart from improving operational efficiencies, the new components promotes better digital experience and enhances time-to-market. Annuities, universal life, whole life, and term insurance features are encompassed by Infosys McCamish NGIN. According to the CEO and Managing Director of Infosys McCamish Systems, Richard Magner, the global life insurance and annuity industry are in a good place to take advantage of the technology landscape shift. The API economy and cloud have played a huge role in the paradigm shift. He further added that the new technology introduced by them will not only help the industry grow in the low-interest regime but will also help to improve its growth with the help of its features and world-class components. Bajaj Allianz Life Insurance has also stated that it will partner with Infosys McCamish for this platform to improve its overall efficiency and drive its digital transformation faster.

      27 September 2019

    • Airtel & Bharti AXA Life to jointly offer pre-paid plan with term cover

      To promote insurance penetration in the country, Bharti AXA has teamed with Bharti Airtel in an arrangement where customers will be offered insurance coverage with a pre-paid cellular plan.

      For this offer, Airtel has introduced a special pre-paid plan retailing at Rs.599 which will offer unlimited calls to any network, 2GB data per day, 100 SMS a day, along with life insurance coverage from Bharti AXA Life worth Rs.4 lakh. This recharge will be valid for a time period of 84 days. However, the insurance coverage that comes bundled with this plan will be active for 3 months with each such recharge.

      This plan has currently been made available only in Tamil Nadu and Pondicherry. Airtel plans to extend it to the other Indian states in the coming months.

      This life insurance cover is available for all customer between the ages of 18 years and 54 years, who do not need to provide any paperwork or undergo any medical exam to avail the insurance cover. After the plan is subscribed to, the customer will instantly receive the certificate of insurance digitally. Customers can also request to receive a physical copy of the insurance plan.

      However, the customer will need to enroll for the insurance coverage, after they do their first recharge, using the Airtel Thanks app, via SMS, or by visiting their nearest Airtel outlet.

      24 September 2019

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • LIC continues to grow at a faster pace than its private counterparts

      According to the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corporation of India (LIC) continued to grow at a quicker pace than other insurance players in the private segment. The data revealed that the first-year premiums of life insurance firms grew by 39.84% (year-on-year) in the first 5 months of the current financial year at Rs.1.05 lakh crore. In April to August of 2018-19, the premiums amounted to Rs.75,588.35 crore. As per market participants, the reason behind the growth in insurance was mainly due to the surge in group non-single businesses and individual single premium business in the period between April and August 2019. The data by the IRDAI also showed that private life insurers saw their first-year premiums at Rs.28,480.43 crore in April to August 2019 period from the Rs.22,886.48 crore the previous year. On the other hand, the first-year premiums of LIC were recorded at Rs.77,220.97 crore in the first five months of the current financial year, an increase of 46.52% over the premiums of the previous year.

      13 September 2019

    • Life Insurance companies seek permission to sell indemnity-based Health Insurance Policies

      Several companies who provide life insurance for people have approached the Insurance Regulatory and Development Authority of India. This is being done to seek permission for selling indemnity-based health insurance policies again. This decision was not taken well by the general insurance companies as, in 2016, IRDAI had already barred life insurance companies from selling indemnity-based health insurance policies. Moreover, general insurance companies have the infrastructure and expertise to handle indemnity-based claims.

      Two people who are aware of this development have mentioned that due to the low penetration of health insurances in the country, selling indemnity-based health insurance policies is required. Various critical diseases, mainly cancer is covered under insurance policies offered by companies and this can be used to sell this type of policy. As per an official, life insurance companies are no longer allowed to protect customers who are looking for term insurance policies as well as health insurance. Due to this, they are referred to other companies which have become a challenge.

      According to sources, life insurance companies have put forth the current proposal to the Chairman of IRDAI, Mr. Subhash Chandra Khuntia, who is yet to review it.As per the data provided by IRDAI, the penetration of non-life insurance policies in the country stood at a mere 0.93% in 2017 as compared to life insurance policies at 2.76%.

      12 September 2019

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    Customer Reviews

    • LIC Life Insurance
      "Transparency and clarity policy"
      0.5 4.0/5 "Great!"
      It was a 25 years of term insurance from LIC. Once i called them to make the premium through online after that i have enter the policy number and i made the payment. I have taken the policy 12 years back. I have clear clarity on the sum assured amount of Rs. 1 lakhs.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 08, 2019
    • LIC
      LIC Life Insurance
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy directly through LIC agent only.This was a money back policy for the tenure of 15 years .The premium was paid through the agent and all the relevant detail was shared by the agent .The premium is paid on half yearly basis and there was no drawbacks faced so far.
      Was this review helpful? 0
      , azamgarh
      Reviewed on Nov 08, 2019
    • ICICI Prudential Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2019
    • Bajaj Allianz Life Life Insurance
      "Not sure about the current trend"
      0.5 3.0/5 "Satisfactory"
      I have purchased a life insurance policy from Bajaj Allianz. It was a market based policy hence the returns were in a negative. I bought the policy long back and i got the returns in low amount. It was ULIP policy and I have invested the money of Rs. 25,000 which is a one payment has a term for 5 years. When I get the returns it was just Rs. 20,000 but my expectation was around Rs. 50,000.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2019
    • LIC Life Insurance
      "Average Service"
      0.5 5.0/5 "Blown Away!"
      I have Life Insurance policy which was taken through LIC agent.This policy is a Money back policy and the tenure was for 5 years .I am paying the premium on monthly basis and this policy is still active .I have got a clear picture about the policy through the agent and on time I received the policy documents.The service was quite average according to me .
      Was this review helpful? 0
      , rourkela
      Reviewed on Nov 08, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have chosen a sum assured amount of Rs. 3L for my life insurance policy. Because of safe and good services, I have chosen LIFE INSURANCE CORPORATION OF INDIA. I am paying the premium amount of Rs. 22,800 for annual basis. I use to pay premium amount through the agent.
      Was this review helpful? 0
      , dharmapuri
      Reviewed on Nov 08, 2019
    • ICICI Prudential Life Insurance
      "Daring policy"
      0.5 4.0/5 "Great!"
      My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
      Was this review helpful? 0
      , nellore
      Reviewed on Nov 07, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am having Life Insurance policy which was taken through LIC agent.This was a Money back policy and the tenure was for20 years .I am paying the premium on yearly basis .I have got a clear picture about the policy details through the agent.I have got the policy documents on time and it was sufficient as well .
      Was this review helpful? 0
      , vijapur
      Reviewed on Nov 07, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC on 8 years ago. The tenure of policy is 14 years. I am paying premium on quarterly package the amount of 2,500 rupees which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself only. It is a jeevan saral policy. Once maturity complete I will get 1.40L.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 07, 2019
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have a life insurance policy of Jeevan Bhima with LIFE INSURANCE CORPORATION OF INDIA. I pay a monthly premium of Rs.5000. Which will be auto-debited from my account. Maturity period is 20 years. I applied via my friend who is LIC agent before 4 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Nov 06, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Chosen my life insurance policy from LIC because its an authentic company which provides better services. For being a Government undertaken company, its very trustworthy one. I have selected the Jeevan Anandh policy because total sum assured amount is satisfied for me.
      Was this review helpful? 0
      , bankura
      Reviewed on Nov 06, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      Its term 10 year period policy. I got the Jeevan Anand policy from LIC. After policy holder's death, they will provide Rs. 1 lakh to their family. 15 years after, we can get the sum assured amount with some rate of interest. This is the best policy in Life Insurance Corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 06, 2019
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