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    • After LIC tie-up, IDBI Bank collects Rs.160 crore insurance premium

      IDBI Bank managed to collect Rs.160 crore as insurance premium in March 2019. This is after the company struck a partnership with Life Insurance Corporation of India. IDBI Bank has announced that the corporate agents of LIC can sell products across all the 1,800 branches of the bank spread across the country. Life Insurance Corporation of India is the major shareholder and owns 51 percent of IDBI Bank when it comes to its banking entity. The deal between the two parties was completed in the month of January 2019. IDBI Bank sole 26,116 policies in March 2019. The bank said that the diverse product portfolio of LIC will help the bank to target all of their customers with a high net-worth who are living in the urban and metro areas. The company is also looking to focus semi-rural and semi urban areas. In a statement released by the Life Insurance Corporation of India has sold policies worth Rs.30.2 crore. IDBI Bank has also launched retail loan products that will be made available specifically for the LIC customers. These products will be providing discounts in the personal loan, auto loan, home loans, and education loan.

      23 May 2019

    • Managing Partner programme implemented by Edelweiss Tokio to help new entrepreneurs

      Edelweiss Tokio has designed an all new model called the Managing Partner programme. This program has been designed keeping in mind the vision of the government to make India one of the biggest entrepreneurial hub. The main purpose of this plan is to support all the dream of the Development Managers (DMs). Development Managers are a vital part of an insurance agency. This workforce is responsible for managing and hiring Personal Finance Advisors. These people are commonly called agents. The company is hopeful that this plan will give the much-needed push to all the entrepreneurs out there and help progress their careers forward. Capital and infrastructure are two of the main challenges one will have to face at the time of setting an enterprise. The Managing Partner programme has gotten rid of all the limitations one will face and has ensured that it will provide the support needed for the development managers. Apart from this programme, the company is planning to hire 40 new Development Managers in Telengana and Andhra Pradesh in order to improve the reach of the agency in that region. The company is planning to hire 700 more Development Managers across the 121 spread across the country.

      22 May 2019

    • Recruitment for Apprentice Development Officer posts at LIC has started

      The Life Corporation of India (LIC) had issued a notification on 20 May 2019 for LIC Apprentice Development Officer (ADO) Recruitment 2019. The notification has been issued for all Eight Zones. The online application process has begun for the posts as well. According to the notification, LIC is accepting applications for the 8581 ADO posts that are available under the Western Zonal Offices, West Bengal.

      According to the notification that has been issued, the online process to submit the application will be available from 20 May 2019 until 9 June 2019. Individuals must have completed at least a Bachelor’s Degree from an accredited university in India in order to apply for the posts. The candidate must be within the ages of 21 years and 30 years, respectively, and preference will be given to candidates with at least 2 years of experience in the life insurance industry. The procedure to hire candidates will be via a two-phase examination followed by an interview. The tentative dates for the preliminary examination are from 6 July 2019 to 13 July 2019 and for the main examination is from 10 August 2019.

      21 May 2019

    • Reliance Capital’s 43% Acquired by Nippon Life

      Nippon Life Insurance, one of the popular and reputable life insurance providers operating in India, recently acquired an added 43% interest of its partner Reliance Capital, according to media sources. As a result of the news, the shares of Reliance Nippon Life Asset Management and Reliance Capital grew by 4%. Reliance Nippon Life Insurance Company has a wide range of products for its customers – ranging from life and investment products to pension plans and child plans. Customers looking for comprehensive life insurance solutions must turn to Nippon Life Insurance in order to receive the best financial product and services.

      17 May 2019

    • CHOICE To Enter the Top-Five Ranking in the Insurance League

      Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd (CHOICE) has had a good run during the financial year 2018-19. Owing to their splendid performance, CHOICE has now aimed to enter the top-five rankings in the insurance league in the coming years. This news has been given by one of the CHOICE officials. The Chairman of CHOICE made a remark saying that currently the company’s rank is 10 in almost all the parameters. The life insurance company now aims to enter the top-five bracket in the coming years. The life insurance company, CHOICE, has successfully completed 10 years in the insurance sector and within this timeframe, it has accomplished a cumulative break-even, has been able to completely wipe off its collected losses, and has reported a total profit of Rs.165 crore during the course of the financial year 2018-19. It has further been reported that the company does not plan on going public anytime soon. Moreover, CHOICE is currently not looking at raising capital for the coming three years, given that they are well-placed on the capital front.

      16 May 2019

    • Tie Up Between HDFC Life Insurance and Airtel to Provide Life Insurance

      HDFC Life Insurance and Airtel have come together in a collaboration in order to offer a monthly life insurance cover to Airtel’s most eligible subscribers. In this collaboration, Airtel will serve as the facilitator while HDFC life insurance will be offering the coverage to applicants. You will be able to leverage the benefits of this cover only if you are prepaid Airtel subscriber. So, this in turn means that postpaid subscribers of Airtel will not be eligible for this coverage. The minimum entry age for the cover is 18 years and the maximum entry age is 54 years. The applicants for the insurance policy will also give a declaration of their good health before applying for the coverage. The offer entails an extension of term insurance to the policyholders along with a total sum assured amount of Rs.4 lakh. The policy will yield no maturity benefit upon the completion of the tenure. Moreover, in order to avail the coverage, the Airtel customer will have to recharge their phone as per the mentioned rules and cannot recharge with any of the available STV plans.

      15 May 2019

    • Importance of Customised Life Insurance Policies

      The life insurance market of the 21st century is not unidimensional and demands involvement of the aspirational audience. Penetration of life insurance in India remains at an all-time low and people continue to remain unaware about the importance of being insured. The growth in the number of sold policies is staggering as per data released by the Insurance Regulatory and Development Authority of India (IRDAI). With respect to this, the life insurance industry has narrowly escaped a negative scenario. The insurance companies and providers in India have misconstructed the ways in which information can be divulged to the millennials of the 21st century. They should focus more on selling products to the youth online, through the advancement of technology. This is a sure shot way of gaining more and more customers that would purchase life insurance policies. Since the mutual benefit connection is nonexistent between the seller and the potential buyer, the gap remains big and blatant. The recently adopted trend, however, focuses on getting the point of view of these customers, in a way so as to understand their financial and personal needs. A suitable insurance policy is then customised according to the stated needs of the applicant.

      14 May 2019

    • Importance of Effective Management of Life Insurance Policies

      Simply purchasing a life insurance policy does not mean your responsibilities have ended. It in fact means that it is time to enhance your base life cover with various elements that will in turn fetch you better returns. There are multiple insurance purchasers in the market who forget about their policies once the purchase is done. This approach is not recommended as a life insurance policy has much more to offer than just the death and maturity benefits. There are multiple key opportunities that a comprehensive life cover can offer. Some of them have been mentioned below:

      Life insurance riders are an intrinsic element of life insurance. Riders basically help enhance your base cover and they provide you with multiple benefits upon payment of an additional premium. Some of the common riders available along with life insurance policies are critical illness rider, family income benefit rider, waiver of premium rider, and so on.

      Depending on the kind of policy you have purchased and its surrender value, you can avail a loan against your life insurance policy for a nominal loan processing fee.

      Life insurance policies can be tailor made and can be customized to suit your needs at various life stages.

      9 May 2019

    • Determining the Type of Life Insurance Most Suitable to a Family

      If you are considering purchasing a life insurance policy for yourself and your family members, you first have to determine the kind of life insurance policy most suitable for you and your loved ones. A term insurance policy, as the name itself suggests, remains valid for a specific period of time only. The term usually ranges from 10 years and 15 years to 25 years and even 30 years. The term period will be your choice after you consider all the options and your needs and requirements. A permanent life insurance policy basically has no end date and hence lasts for the entire lifetime of the policyholder. The premiums of a term plan will be substantially lower than that of a permanent life insurance policy. This is because the coverage of a term plan expires eventually. This is the reason why most people in India prefer opting for a term plan as compared to a whole life insurance policy. However, if an individual wants lifetime coverage along with the element of savings, he/she can always opt for a whole life plan. However, the premiums will be relatively higher as compared to a term plan.

      8 May 2019

    • Chennai Declared the Most Insured Indian City

      A recent survey has declared Chennai to be the most insured Indian city, with nearly 86% of its population owning a life insurance policy. India Protection Quotient survey had recently conducted a survey wherein they took into account the penetration of life insurance in Indian cities. Chennai has come out at the top in this survey. The survey, basically, aimed to determine the policyholders’ level of preparedness in the face of medical emergencies, by understanding their term and life insurance awareness. The survey also analysed the primary and ownership fears of policyholders, their triggers, and preferences at the time of purchase of a policy. The Protection Quotient of India as a country currently stands at 35, whereas the PQ of South India stands at a higher number of 38. Amongst the South Indian cities, Chennai tops with a Protection Quotient of 42. Other competing cities in the list are Ahmedabad, Bengaluru, Mumbai, Lucknow, Vishakhapatnam, Kolkata, and so on. On top of that, a knowledge index score of 47 further shows that the citizens of Chennai are more aware about the concept of insurance. The survey goes on to state against the 65% national average of life insurance in India as a whole, South India owns more term and life insurance ownership as compared to other regions.

      7 May 2019

    • Determining How Much Life Insurance Cover You Need

      Life insurance is one of the most important financial purchases one must make in his/her life. It is through life insurance itself, that you are able to protect your family members while building a corpus for your retired life. If you are uninsured or underinsured, your sudden absence can create a major financial impact on your family members. Therefore, it is important that you guarantee their financial security during all stages of life. Today’s market is flooded with a horde of life insurance products. These are term insurance policies, Unit-Linked Insurance Plans (ULIPs), Endowment Plans, and so on. However, there are multiple aspects that you need to keep in mind while purchasing a life insurance policy. These are:

      The amount of cover you need is directly dependent on the number of financial dependents you have. Moreover, your financial responsibilities shift with time. Therefore, make sure you invest in an adequate cover, after considering factors like inflation.

      The kind of plan you need also varies from one life stage to another. For example, if you are in your 30s, it makes more sense to purchase a term insurance policy. Similarly, if you are in your 40s, investing in a pension/retirement plan is wiser as your life after retirement will be protected.

      3 May 2019

    • Importance Should be Given to Life Insurance Covers and Annuity Plans

      A vision objectively stands for a particular company’s mission or objective in the longer run. A particular vision is inclusive of an entire society or community that is further expected to make a transformation shift to a certain level of product and experience. Currently, the insurance penetration in India is at an all-time low. For the most part, this is primarily because people continue to lack awareness about the very importance of being insured. This means that a lot of this responsibility falls on the shoulders of the private and public life insurance providers of the country. They should be ones who must propagate the importance of purchasing life insurance covers. All the private and state-owned life insurance providers of the country have made their mission statement to be the most reliable and trustworthy life insurance providers of the country. Additionally, the reason why maximum Indians continue to be under-insured is because of low density in the country. These days companies and life insurance organizations have become more prudent towards providing comprehensive life covers to the Indians. However, more efforts should be made in this direction.

      30 April 2019

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    Customer Reviews

    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC before 2 years ago. The policy is for 16 years. Now I am paying premium in the half yearly package for the amount of 18 thousands. While getting a policy my agent has given an information about the policy details. Use to provide cash to the agent for the payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2019
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC before one and a half year before. The policy is for 10 years. Now I am paying premium in the yearly package for the amount 10 thousands. While getting a policy agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2019
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. Its is a Jeevan new genersha plan policy. While getting a policy my agent has given an information about the policy details and provided hard copy documents. The customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2019
    • LIC Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. Its is a Jeevan anantha plan policy. The policy is for 16 years. Now I am paying premium in the yearly package for the amount of 7680 rupees. While getting a policy my agent has given an information about the policy details.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      5 years back, i have purchased the life insurance policy from Life Insurance Corporation of India. I am paying the premium amount of Rs. 3500. My friend has recommended me about the policy. I need to pay the premium for 15 years. I am paying the premium through ECS.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 22, 2019
    • Bajaj Allianz Life Life Insurance
      "Too bad policy"
      0.5 1.0/5 "Really Bad"
      The dealer has provided me the policy when i purchased my bike. They have not given any clarity about the policy. I can make the premium through EMI as well. I need to pay Rs. 700 every month. The coverage value is Rs. 25 lakhs. The amount has been deducted through auto debit option. Still i have not received the hard copy of the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2019
    • HDFC Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have invested in money back in HDFC. They are very perfect in all the things hence i have chosen the HDFC life. 6 months back, i got this policy. I pay this premium amount of Rs. 10000 every year. Total tenure period of the policy is 5 year with a coverage amount of Rs. 3 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2019
    • Bharti Axa Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in BHARTI AXA LIFE INSURANCE. Now I am paying premium in the yearly package for the amount of 10 thousands. While getting a policy my agent has given an information about the policy details. I use to do payment through an online. The coverage up to myself.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 21, 2019
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in HDFC LIFE. The policy is for 50 years. Now I am paying premium in the yearly package for the amount of 15 thousands. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
      Was this review helpful? 0
      , thane
      Reviewed on May 21, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent .The agent gave all the required details about the policy .I have got the policy documents on time .This is a Maturith benefit policy and it is for the tenure of 20years and paying premium on Half yearly basis .I have submitted documents also .I have got the policy documents on time.The policy is still active,policy coverage ,plan benefits and payment option everything was good .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent .The agent gave all the required details about the policy .I have got the policy documents on time .This is a Maturith benefit policy and it is for the tenure of 20years and paying premium on quarterly basis .I have submitted documents also .I have got the policy documents on time.The policy is still active,policy coverage ,plan benefits and payment option everything was good .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent .The agent gave all the required details about the policy .I have got the policy documents on time .This is a Money Back policy and it is for the tenure of 20years and paying premium on quarterly basis .I have submitted documents also .I have got the policy documents on time.The policy is still active.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
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