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    • LIC’s Nav Jeevan plan offers single and limited premium payment options

      The Nav Jeevan plan offered by LIC is a non-linked, with-profit endowment plan that offers the options to pay the premium at once or pay it over a period of 5 years. The minimum and maximum ages at entry depend on the premium payment option chosen. There are two sub-options under the limited premium option. The policy term options range from 10 years to 18 years. The minimum sum assured an applicant is required to opt for is Rs.1 lakh but there is no maximum limit. The maximum amount, however, depends on the income level and the age of the applicant.

      The death benefit payable to the nominee of the policy depends on when the death occurs. If death occurs before commencement of risk, the premiums paid so far will be refunded. In case of death during the 5-year premium payment period, the sum assured is paid. If the death occurs after completion of 5 years, loyalty additions are paid along with the sum assured on death. Policyholders can avail tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

      15 July 2019

    • Max Life has not yet made a proposal with IRDAI to sell 10% of its insurance arm to Axis Bank

      Amid reports that Axis Bank will have to pay a higher amount to buy Max Life Insurance, the insurance arm of Max Financial Services (MFS), MFS clarified that it has not yet taken the proposal to sell a 10 per cent stake of the life insurance company, to the Insurance Regulatory and Development Authority of India. The major financial services company, also emphasised the fact that Max Life and Axis Bank are still going strong with the bancassurance partnership. Max Life is a partnership between Max Financial Services and Mitsui Sumitomo Insurance, Japan. Currently, MFS holds 71.79 per cent of the insurance company, Mitsui holds 25.22 per cent and Axis Bank holds 2.99 per cent. In the year 2011, Axis Bank had acquired a 4 per cent stake of the insurer for an undisclosed value.

      11 July 2019

    • Union Budget: Government proposes increase in the TDS on life insurance policies

      Currently, under Section 194DA of the Income Tax Act, 1961, life insurance policyholders or nominees have to pay 1% of the total payout of the life insurance as TDS (Tax deducted from source). That said, following the Union Budget 2019, the Government is now proposing that the TDS for life insurance payouts be increased from 1% to 5%. That said, according to a financial expert, it was seen that deducting tax on gross amount created difficulties to an assesses who otherwise has to pay tax on net income after deducting the amount of insurance premium paid by him from the total sum received from the insurer. From the view of the government, he said, the Union Budget 2019 proposes that it is preferable to deduct tax on net income so that the income as per TDS return of the deductor can be matched automatically with the return of income filed by the assessee.

      10 July 2019

    • Life insurers want higher tax exemption for insurance premium in new budget

      Many life insurance companies have made it known that they want a higher tax exemption limit for premiums paid towards life insurance policies. Currently, life insurance premiums are exempted under Section 80 (C) of the Income Tax Act. This comes under the Rs.1.5 lakh umbrella for tax payers. However, insurance companies want a separate limit for life insurance companies that will encourage more and more people to buy life insurance. An increase in tax benefits will automatically increase life insurance penetration. Insurers also requested for term insurance plans to be made mandatory under law for all Indian citizens. However, this was not allowed by the government and only motor third-party liability insurance is mandatory by law.

      Another element that insurance companies want attention paid to is the GST levied on life insurance policies. Currently, the GST rate is 18%. Insurers want this rate to be reduced to 12% or done away with altogether. The GST council will be taking the key decisions with regard to GST. However, Finance Minister Nirmala Sitharaman is expected to talk about the vision of GST during her Budget Speech.

      05 July 2019

    • Life Insurance Corporation launches the Admit card for Apprentice Development Officer Post

      For those who’d wish to apply for the Apprentice Development Officer Post in Life Insurance Corporation, the largest life insurer in the company has launched the admit card facility on its portal.

      Individuals who have registered for the exam can visit the website of LIC, click on the Apprentice Development Officer Post admit card tab, enter your registration number, date of birth and click on submit. The candidate has to then print the admit card for the examination.

      02 July 2019

    • Pankaj Razdan resigns as the CEO of Aditya Birla Sun Life Insurance

      Pankaj Razdan has resigned as the CEO of Aditya Birla Sun Life Insurance. Kamlesh Rao who is the managing director of the retail arm of Kotak Security will take over as the new CEO of the life insurance company.

      The reason behind Razdan resigning as the CEO is due to his interest in producing an upcoming movie. He had already co-produced a Marathi movie while being the CEO of Aditya Birla Sun Life Insurance and will produce an upcoming Hindi movie.

      Razdan denied the rumors of him quitting the financial services industry for good. Razdan also denied having any differences with the management which led to abrupt resignation as the CEO of Aditya Birla Sun Life Insurance company.

      28 June 2019

    • Bajaj Allianz to enter health insurance segment

      In what would spread the wings of one of India’s leading life insurers, Bajaj Allianz Life Insurance have announced that they will be entering the health insurance and fitness segment as well as sell pension products on their platform in the coming months. Emphasizing on the need for penetration of such products, the CEO of the life insurer said they are going to delve into unchartered territory for the company in a big way. He said, our strategic intent will be to get into health, fitness and pension products in a big way. Our survey findings reinforce our faith in these segments. We will not have just one flagship product but focus on having multiple products.

      26 June 2019

    • Life Insurance Corporation Holds Yoga Camp

      On the occasion of International Yoga Day, Life Insurance Corporation (LIC) South Central Zone, Hyderabad, celebrated by organizing a yoga camp. The idea behind the yoga camp was to promote a healthy lifestyle through this ancient practice. The Executive Director of LIC Health Insurance, K.Sudhakar Reddy, inaugurated the event. Yoga Gurus from Love Yoga Foundation taught the attendees and gave tips for a healthy life.

      The officials who participated in the event included names like PVS Nagaraja Rao (Regional Manager, Marketing), S.Nagesh (Chief, Health Insurance), S.Thakur (Chief, Engineer) and many others.

      24 June 2019

    • Life Insurance Corporation retains its hold on the insurance market in India

      The life insurance market in India is extremely competitive with 24 companies trying to knock out each other to get a share of the growing market. The state-owned insurance company, Life Insurance Corporation (LIC), which enjoyed a monopoly of 44 years on the Indian life insurance market has retained its hold on the market even after 19 years of the entry of the private players. Even with a reduced market share of two-thirds the company is still dominates the market while the other 23 players share the remaining one-third. As per the reports of IRDAI, as a result of the expansion of the market the market share of LIC dropped from 71.81% in FY2016-17 to 69.36% in FY2017-18 while the market share of other private companies slowly improved to 30.64% in FY2017-18 from 28.19% in FY2016-17. However, the entry of the private companies in life insurance market in India has largely helped it to expand and the business to grow.

      20 June 2019

    • Government looking to merge state-owned general insurers

      The government is in talks to merge three general insurance companies into one as it did for life insurance companies – creating LIC. While creating a single state-run general insurance company will increase its value on stock markets, jobs are likely to get cut. Post the proposed merger, the value of the merged general insurance company is estimated at Rs.2.5 lakh crore. Currently, the collective employee strength of the three companies – New India Assurance, National Insurance, and United India Assurance, is 59,000. Nearly 20-30% of the total number is likely to be reduced after the merger through mechanisms such as the voluntary retirement scheme.

      During the Union Budget FY 2018-19, the Finance Minister had stated the possibility of merging National Insurance, United India Assurance, and Oriental Insurance and eventually being listed. As per the plans proposed, if the said merger is completed, the company will further be merged with New India Assurance. The idea to merge the non-life insurance companies is to create a larger and a sustainable state-owned general insurance company.

      17 June 2019

    • DHFL Pramerica opts for Amazon for cloud services

      DHFL Pramerica Life Insurance has decided to go with Amazon as their cloud provider. Amazon Web Services (AWS) will help DHFL help enable digital transformation for their customers. The insurer will move 70 terabytes worth of its applications data to AWS. The applications data include policy generation, agent management, customer engagement, etc. DHFL was previously using multiple managed data centers before the association with AWS. By opting for cloud services, the insurer will cut down almost 15% of its expenses in the next 12 months.

      This move will also help DHFL develop customized offerings and faster turnaround times to customers. The insurance provider aims to leverage AWS cloud to enhance their leadership in the insurance industry.

      14 June 2019

    • Approvals for re-filed policies to be given after appointment of Member-Life

      All approvals for re-filed policies in the life insurance sector will be provided only after the Member-Life is appointed to the Insurance Regulatory and Development Authority of India (IRDAI). The new regulations for the sector have been finalised but the refiling process is yet to gain speed. The Member-Life is responsible for creating regulations and approving products in the life insurance sector. As per reports, the appointment is soon to be finalised as it is in the very last stage. Nilesh Sathe, former Member-Life retired in the month of May. It is said that two senior executives of LIC are being considered for the post.

      The appointment, like all other appointments in the IRDAI, will be made by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister. After the appointment, the new set of regulations as well as products will soon be made available. The appointment couldn’t be made sooner because of the delay caused by elections and the formation of the new government. The new regulations proposed by the IRDAI has mostly been accepted by insurers. The said regulations will be finalised soon after going through the necessary steps.

      12 June 2019

    • 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

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    Customer Reviews

    • LIC Life Insurance
      "Medium"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance in LIC on 21 years before. The policy is for 31 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment by providing cheque directly to office.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 20, 2019
    • LIC
      LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have Jeevan Anand life Insurance policy which i have taken through LIC agent directly .This is for the tenure of 21years policy and the premium is paid half yearly basis .I am paying the premium through the agent ,i have got all the information about the policy through the agent .I have got the policy documents also on time .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Very Good life cover policy"
      0.5 4.0/5 "Great!"
      Yearly I pay Rs.3240 for jeevan anand plan it has the term of 30 years then I get sum assured with interest its good for life cover upto 60 years, the agents are very professional interms of resolving the queries. The nominees get the life cover in certain demise.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Its Average"
      0.5 4.0/5 "Great!"
      For my money back plan with LIC, I used to pay Rs. 2550 it has duration of 25 years, every five years I get the bonus amount of Rs. 7500 it has coverage of tax saving and life cover. The payment option is very easy and I am getting the confirmation through sms and mail. Even I am getting reminder alerts.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Waste of money"
      0.5 4.0/5 "Great!"
      In the LIC branch, i do get a nice customer care support and i never tried for any support. Its because of the hierarchy and family suggestion , i have chosen the life insurance policy from LIC. I have chosen the plan of money back policy. I have been paying the premium amount of Rs. 2000 yearly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC before 5 years ago. The policy is for 12 years. I am paying premium in the yearly package. While getting a policy an agent has not given a proper information about the policy details. I use to do payments through an online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the life insurance plan from last 8 years with LIFE INSURANCE CORPORATION OF INDIA. I have been using the Money back policy it has the maturity period is for 18 years, premium paying was monthly once for the insurance policy. The service is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC before 3 years ago. The policy is for 14 years and it has been matured for 23 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and they are good in follow up .I use to do payments through an online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA but i am not aware of the name of the policy and it ah the maturity period of 10 years. The customer support is good also the it gives the coverage is for family. I am using from last 2008.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken one policy with LIC which was guided by my friend. I used to do annual payment of 6500 rupees through online. Its been 2 years. The tenure period is 15 years. I get the receipts on time through my mail. They have send me the insurance paper through post.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 20, 2019
    • Reliance Life Life Insurance
      "Need a lot of transparency"
      0.5 1.5/5 "Bad"
      I had money back policy with Reliance and the tenure period was 5 years. I paid that and agent told me that I will be benefited from 6th year but when I approached the office. It was totally miscommunication and the locking period was 23 years. I made online payment.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 20, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using money back policy with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of the policy is for 20 years added on that the premium paying for 6 months once. I am getting money back for 4 years once with the policy. I am using from last few years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2019
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