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    • Life insurance vs PPF for your child: Which one is better?

      When investing to ensure that your child receives adequate financial resources for higher education or marriage, there may be questions about the different financial products in the market that are geared towards children. Some of the options that you have are the Public Provident Fund (PPF) and Sukanya Samriddhi Account (SMA). You can invest in PPF both in your name and in your child’s name. However, the overall limit for both accounts together will remain Rs.1.5 lakh per annum. While the PPF returns are tax-free, tax deduction is only available for up to Rs.1.5 lakh. The Sukanya Samriddhi Account is only open to girl children. This is a social welfare scheme under the Indian government. Up to one account can be opened for each child with a maximum of two accounts for two girl children. The interest is compounded annually and is tax-free. There is also tax deduction available for the contributions to the account under Section 80C of the Income Tax Act. Returns from the SSA are higher than from PPF or National Savings Certificate (NSC). Under Section 10 (32), A tax exemption of up to Rs.1,500 per year can be claimed for investments made in each child’s name. This is for a maximum of two children.

      21 November 2019

    • Airtel prepaid users to get life insurance cover on recharging for Rs.599

      Airtel customers who recharge an amount of Rs.599 will be eligible to receive a life insurance cover from Bharti AXA after the telecom company and the insurance company entered a partnership together.  Bharti Airtel announced that customers who subscribe to the Rs.599 plan will get 2 GB data per day along with unlimited calls to any network, 100 free SMS per day, and a life cover of Rs.4 lakh. The customer will also receive a physical copy of the life insurance cover document upon request.

      18 November 2019

    • Growth in new life premiums but dip in individual single premiums

      The percentage of new premiums grew by 11% in October 2019 although individual single premiums fell by 39%. There was a rise in individual Annualized Premium Equivalent (APE) by 5% YoY in October. Between April to August 2019, it was between 11% and 27% YoY. The fall in individual single premiums was 41.62% in September. This could be due to equity market volatility. New business premiums grew to Rs.17,271.86 crore in October 2019 which was a growth of 11.57% compared to Rs.15,480.47 crore in October 2018. The premiums for individual single premiums was Rs.1,665.2 crore while for individual non-single premiums it was Rs.5,038.73 crore. There was a YoY growth of 5% in APE of the private sector insurance players in September 2019 with individual APE growing by 4%. New business premiums were at Rs.1.43 lakh crore in 2018 and Rs.1.08 lakh crore in 2019 which is a 31.84% growth. There was an APE growth of 9% for the insurance industry and 13% for Life Insurance Corporation of India. ICICI Bank had an individual APE growth of 18% and HDFC Bank had an individual APE growth of 15%.

      13 November 2019

    • ICICI Prudential and SBI Life Insurance may be added to MSCI Index

      ICICI Prudential Life Insurance and SBI Life Insurance may be added to the MSCI Index. This is likely to be from December 2019 onwards. These stocks may be chosen on the criteria of the higher free float market cap. The stocks of ICICI Prudential went up by 45% last year while SBI Life Insurance’s stocks went up by 68%. These stocks may be more in demand due to the low penetration in India’s rural areas of life insurance products. MSCI’s half-yearly review will be applicable from 1 December 2019, and will be announced on 10 November 2019.

      11 November 2019

    • 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

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    Customer Reviews

    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      On 15 years before, I had taken life insurance with LIC. I use to pay premium amount of 2400 rupees on quarterly basis. The agent provided all the details about the policy and also I got hard copy documents on time. It covers myself and family members. The tenure period of 30 years. It is an Endowment policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 15, 2019
    • LIC
      LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC on 18 years before. Tenure period of policy is 30 years. I am paying premium on half yearly package the amount of 5K which is nominal. While getting a policy the agent has given an information about the policy. It covers my whole family, I took an Endowment policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 15, 2019
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance with LIC because, It is one of the best in India. I have taken it through agent only before 6 months. The maturity period is 21 years. I am paying the monthly premium of Rs.4000 which will be auto debited. The coverage value is 1 crore.
      Was this review helpful? 0
      , kochi
      Reviewed on Dec 15, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Purchased my life insurance policy with LIC. I bought the policy 1 year and the same has been renewed now. I have been paying the premium amount of Rs. 45000 and total term period of the policy is 20 years. They are giving a sum assured amount of Rs. 25 lakhs. I am having a multiple policies in LIC. Its a tax benefitable policy.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Dec 14, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      In LIC, they will give good returns hence I have chosen the same company for life insurance policy. I bought the Jeevan Anand in the year of 1998. Total term period of the policy is 25 years. Its a tax benefitable policy. I pay the premium through the agent. I never contacted the customer care service so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
      Was this review helpful? 0
      , ranchi
      Reviewed on Dec 13, 2019
    • LIC Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 13, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 13, 2019
    • LIC Life Insurance
      "Moderate service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2019
    • HDFC Life Life Insurance
      "Worst Life Insurance Company Ever"
      0.5 0.5/5 "Unacceptable"
      HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed. If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
      Was this review helpful? 0
      , jaipur
      Reviewed on Dec 13, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
      Was this review helpful? 0
      , pune
      Reviewed on Dec 12, 2019
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