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    • Edelweiss Tokio Life Insurance offering term cover for cancer

      Private life insurance provider, Edelweiss Tokio Life Insurance has recently launched a new product which offers cover for cancer and heart diseases. The product is called ‘health shield’. The insurance scheme will offer a term-trigger benefit. Through this benefit the insurer will be offering a term cover in case of detection of a major form of cancer.

      In India, Edelweiss Tokio Life Insurance is the first insurance provider which is providing this feature. The product will not only cover cancer but also 17 different cardiac conditions. On the basis of the customer’s need, he or she can select an option to cover only cancer, only heart diseases, or both of them. The term-trigger benefit will be offered as an option under the variant of the plan that offers cancer coverage. If the policyholder has availed this benefit, the insurer will provide a term cover to him or her along with the lump sum pay out.

      10 June 2019

    • Importance of Effective Management of Life Insurance Policies

      The upcoming budget is expected to provide a timeline for the merger of the 3 general insurance PSUs which has been long overdue. This will help in speeding up the process which was introduced first in the budget of 2018.

      In its status of implementation, the interim budget had said that the merger of the 3 companies namely National Insurance Co. Ltd., Oriental Insurance Co. Ltd., and United India Insurance Co. Ltd. is expected to be completed by 2019-20. Reportedly, Ernst & Young has been appointed to advise the proceedings of the merger. However, no major advancement has taken place yet.

      7 June 2019

    • Paytm might acquire Coverfox for S120 million

      Digital insurance marketplace Coverfox might be acquired by Paytm in the coming months. The deal has been estimated to be around $100 million to $120 million. Reportedly, Paytm has been in talks with the Mumbai-based insurance marketplace. If the deal gets a form, it will be the biggest acquisition made by Paytm.

      At present, Paytm is trying to get into the financial services sector. The digital payments company is making its way into the segment through Paytm Money, a subsidiary of Paytm. The deal will also make Paytm a direct competitor for PolicyBazaar which is one of the leading online insurance marketplaces in India. The proposal for the acquisition might, however, be opposed by SoftBank which owns an important stake in PolicyBazaar.

      04 June 2019

    • General Insurance Council Witnessed Appointment of New Head

      General Insurance Council is the official, legitimate representative body of the general insurance industry in India. This insurance industry comprises of 1.7 lakh-crore insurance providers and operators providing insurance policies to millions of Indians on a regular basis. The announcement came shortly after the new Union Minister took charge in his office recently. In Mumbai, interactions were held on 29 May 2019 in order to determine the chief of the newly established General Insurance Council, also known as GI Council. The Government of India had initially sent out 14 applications for the post of the General Insurance Council. Out of these 14 applicants, 5 were shortlisted while only 4 out of those 5 actually made it to the interview/interaction. A source recently said ‘The insurance professionals who appeared for the interaction include MN Sharma (former CMD, United India Insurance), John Pulinthanam (General Manager & Director, National Insurance Company), Balwant Singh (former GM & Director, Oriental Insurance Company), CR Vijayan, (former GM & Director, GIC Re), and the candidate who didn’t turn up for the interaction was Deepak Sood (former CEO, Future Generali India Life Insurance)’. Moreover, the General Council and Life Insurance Council have also decided to cap the age of retirement of secretary general at 65.

      01 June 2019

    • Industry experts discuss the future of life insurance

      Mint held an insurance conclave where they discussed the future of the life insurance industry in the next 20 years. The panel members included experts from the industry such as executives from LIC, ICICI Prudential, Max Life, India First, and HDFC Life. Experts discussed an array of issues and visions for the life insurance sector. They said that companies should once again be allowed to sell health indemnity products besides benefit products. Since the focus of the life insurance business is to protect lives, insurers will not compete with each other to offer better returns. New segments will emerge with this idea.

      31 May 2019

    • LIC-owned IDBI Bank to sell mutual fund business

      IDBI Bank Ltd. has recently announced that they have started the process which involves the selling of mutual funds. A senior official of the bank has said that the bank has appointed ICICI Securities Ltd. to advise IDBI Asset Management Ltd. And IDBI MF Trustee Co. Ltd. which is the sales force of the mutual fund business.

      In addition to the mutual fund business, the bank is also looking forward to selling its stakes in IDBI Federal Life Insurance Co. Ltd. IDBI is the holder of 48% stake while the Federal Bank and Ageas own 26% each. It should be noted that the non-performing assets (NPAs) of the bank has improved and come down to 29.67% from 31.78% in the July-September period.

      29 May 2019

    • Details about LIC's Jeevan Umang policy

      LIC's Jeevan Umang policy is a whole life plan that provides both income and protection to the policyholders. The policy provides maturity benefits at the end of the survival period and a lump sum benefits in cases of death of the policyholder in the policy term. Any individual below the age of 55 years can apply for this policy with a minimum sum assured of Rs.2 lakh.

      LIC Jeevan Umang offers 4 different policy terms of 15 years, 20 years, 25 years, and 30 years. The survival benefit of this policy will be paid at the end of the premium paying period at an interest rate of 8%. If the policyholder survives till the maturity of the policy, a lump sum amount with basic sum assured and bonuses will be paid to him/her. If the policyholder dies within the policy term, a death benefit equal to 10 times the annualised or sum assured on maturity will be paid to the nominee. The plan also offers additional benefits like accidental benefit rider, critical illness benefit rider, new term insurance rider, etc.

      27 May 2019

    • 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

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    Customer Reviews

    • LIC Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC before one year. The policy is for 15 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. This policy covers up to myself.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 15, 2019
    • LIC
      LIC Life Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken a life insurance in LIC before 5 years. The policy is for 20 years. Now I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but still I have not receive the hard copy documents. Some times I do a payments through an online or else I provide amount to brother since he is an agent for this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 15, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through LIC agent .The name of the policy is jeevan Saral it is for the tenure of 20years .The premium is paid on yearly basis .I have got all the required information about the policy .I am pretty comfortable with the service .I am comfortable with the service .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 15, 2019
    • DHFL Pramerica Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in DHFL PRAMERICA LIFE INSURANCE before 3 years ago. The policy is for 16 years. Now I am paying premium in the annual package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. This policy covers for myself and my nominee.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the JEEVAN ANAND and JEEVAN SARAL policy with the LIC and it gives the policy coverage for family, the maturity period is for 21 years also the premium paying for the yearly once with this policy. The customer support is good as i got the hard copy at the beginning.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy through LIC agent directly .This is a Money back policy and the tenure is for 15 years.There was no drawbacks faced so far.I have got all the details through the agent .This policy is very useful and it is still active only .I have got my policy documents on time .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the life insurance policy since from last 3-4 years and the maturity period is for 15 years, it gives the family coverage. The premium paying for 6 months once of 13600 rupees, i get the 12L rupees as sum assured value. It gives the life coverage after the maturity.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2019
    • LIC Life Insurance
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      I am using the policy since from last 7 years and i am using the JEEVAN ANAND policy, the maturity period is for long term. The premium paying for yearly once and coverage is for self. The documents process done through the executive also i received the bond paper.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 14, 2019
    • LIC Life Insurance
      "Medium"
      0.5 2.0/5 "Expected more"
      I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. Now I am paying premium in the half yearly package. I have taken jeevan andha policy, while getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself. If I would like to surrender the policy I wont receive as per my expect amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Tata AIA Life Insurance
      "Good sampoorna suraksha policy"
      0.5 4.0/5 "Great!"
      TATA term plan is a term insurance policy and it will cover upto 100 years of my age. I have been paying the premium amount of Rs. 37000 and i have chosen the annual payment mode for next 12 years. I have chosen the coverage amount of Rs. 1 Cr. We had a 25% discount on first premium amount for TATA employees hence i have chosen with them. This is the only policy has upto 100 years compared to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Pretty Good Policy"
      0.5 4.0/5 "Great!"
      I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
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