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    • 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

    • India has one of the lowest life insurance penetration in the world

      As per the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), India has a mere 3.69% insurance penetration as recorded in the period 2017-18. The reason behind the low penetration of life insurance in India seems to be the lack of awareness of its benefits. There is a need for people to understand that having a life insurance policy can provide financial protection to the family in cases where the breadwinner suffers an untimely demise. Experts say that life insurance should be a part of everyone's financial planning and that they should pick a life insurance product that suit their needs. They also recommend that you opt for term insurance to ensure the financial security of your family when you are gone. Term plans offer various options such as spouse coverage, return of premium, money-back options, etc. Easy affordability is one of the biggest benefits that term plans offer.

      10 September 2019

    • IRDAI simplifies regulations for unit-linked and non-linked products

      Unit-linked and non-linked insurance products have got their regulations simplified by the Insurance Regulatory Development Authority of India (IRDAI). The revival period on unit-linked products has been increased to three years while in the case of non-linked products, it has been increased to five years. The period offered by insurance providers to renew the policy after you missed making the premium payments after the lapse of the policy is known as the revival period. With this new regulation, customers will now have a wider window to revive their policies. Customers will also get some flexibility in terms of policy premium payment with the extension in duration. Changes have also been made in the minimum sum assured of linked and non-linked products wherein the sum assured for single premium policy is 125% of single premium irrespective of entry age. The paying policy for regular premium and limited premium has also been reduced by 7 times the yearly premiums.

      30th July 2019

    • 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

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    Customer Reviews

    • Shriram Life Life Insurance
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance in SHRIRAM LIFE on 3 months before. The policy is for 10 years. I am paying premium in the yearly package of 15 thousands. There is some additional charges of 4.5% for GST. While getting a policy my agent has given an information about the policy details. It covers my whole family.
      Was this review helpful? 0
      , dharmapuri
      Reviewed on Oct 12, 2019
    • LIC
      LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC on 2 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my dad is an agent has given an information about the policy details. It is a jeevan anadha policy scheme. It covers up to myself.
      Was this review helpful? 0
      , mangalore
      Reviewed on Oct 12, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      On 7 years before I had taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA. The policy is for 18 years. I am paying premium on yearly basis for the amount of 7 thousands. While getting a policy my agent has given an information about the policy details and provided documents as well. I use to do payment by providing cash to an agent.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 12, 2019
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with LIC and it was purchased before 3 to 4 years. The policy called JEEVAN ANAND with the tenure of 21years. I am paying 1547rupees annually through cheque to the LIC agent. I am happy with the benefits. It was taken for savings.
      Was this review helpful? 1
      , jalgaon
      Reviewed on Oct 11, 2019
    • LIC Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC on 7 years before. The policy is for 20 years and it is a jeevan anadha. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • HDFC Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      For the family purpose, i had chosen the Life insurance policy. For the savings purpose, i have selected the LIC company. I am paying the premium amount of Rs. 30000 on a annual fee. I'm satisfied with the sum assured amount. Since my uncle is working as a LIC agent, he referred me about this policy.
      Was this review helpful? 0
      , dindigul
      Reviewed on Oct 10, 2019
    • ICICI Prudential Life Insurance
      "Better"
      0.5 3.0/5 "Satisfactory"
      My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have taken Life Insurance policy through Reliance agent directly .I have got all the policy details very clearly through the agent.This was a Maturity benefit policy and got the policy documents on time ,I have got my policy documents on time and the policy tenure is for 10 years ,I am paying the premium through Online only.
      Was this review helpful? 0
      , indore
      Reviewed on Oct 10, 2019
    • LIC Life Insurance
      "Better Policy"
      0.5 4.0/5 "Great!"
      My life was insured in Life Insurance Corporation of India. My family members was having a policy with LIC so i'm continuing with the same company. This is a 16 years term policy. This is a money back policy. I have paying the premium amount of Rs. 3600 for every half yearly. I make the premium through online.
      Was this review helpful? 0
      , erode
      Reviewed on Oct 10, 2019
    • LIC Life Insurance
      "Good Insurer"
      0.5 4.0/5 "Great!"
      I have had taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The policy is for 10 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It is a child policy and it provides coverage for my son as well.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Oct 10, 2019
    • LIC Life Insurance
      "Good Insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with LIC on one year before. The policy is for 15 years and it is an educational policy. Now I am paying premium on monthly package. The agent is also my friend so While getting a policy he has given an information about the policy details and documents were provided on time.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Oct 10, 2019
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