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Administrator — Thu, 19 Jan 2012 05:00:59 +0000

Bajaj Allianz Guaranteed Maturity Plan

Company: Bajaj Allianz Life Insurance Company

Type of policy: Single premium unit-linked Life insurance plan which offers you ‘Guaranteed Maturity Certificates’ of single premium of Rs 5,000 each. The policyholder has the choice to buy any number of these certificates under a single policy.

Age at entry:

Minimum: 8 years last birthday

Maximum: 50 years last birthday

Age at maturity:

Minimum: 18 years last birthday

Maximum: 60 years last birthday

Sum Assured: A multiple of the single premium Guaranteed Maturity Certificate. This is five times the single premium for the first policy year and for subsequent years, will reduce to 1.25 times the single premium for age-at-entry less than 45 years and 1.10 times of the single premium for age-at-entry 45 years and above.

Policy term: 10 years

Premium paying term: Single premium

Benefits:

Death benefit: On death of the policyholder during the policy term, the Sum Assured will be paid to the nominee.

Maturity benefit: This is a pure protection plan and hence there is no maturity benefit payable.

Tax benefit: Tax benefits as per Section 80C of the Income-tax Act 1961 will be applicable.

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90% of plaints attended to, says IRDA

Administrator — Thu, 19 Jan 2012 05:00:57 +0000

Thanks to the IGMS (integrated grievance management system) set up by the Insurance Regulatory and Development Authority in April, redress of grievances in the insurance sector is faster now. The average time to settle a complaint is just around 14 days, media reports quoted Mr J Hari Narayan, Chairman, IRDA, as saying.
Ever since the system was put in place, “over 90 per cent of the complaints registered have been attended to by the IRDA. The complaints registered as on December 9 totalled 2,71,324. Of these, nearly 1.95 lakh were attended to and many are in various stages of being resolved, he added.
“The IGMS is also giving us insights into the very operation of the insurance industry and its response to customers as we can simultaneously monitor customer-interface of insurers in real-time,” Mr Hari Narayan said.
The on-line portal is integrated with the portals of 48 Life and non-Life insurers. The number of on-site inspections has also gone up. “About eight crore insurance policies are sold every year. So, fewer than three lakh complaints are not that many,” he added.

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Kotak Invest Maxima

Administrator — Thu, 19 Jan 2012 05:00:51 +0000

Company: Kotak Mahindra Old Mutual Life Insurance Company

Type of policy: Unit-linked insurance policy

Age at entry: Minimum: 0 years, maximum: 60 years

Age at maturity: Minimum: 10 years; maximum: 75 years

Policy term: Regular premium: 10, 15, 20, 25 and 30 years. Limited Pay: 10, 15, 20, 25 and 30 years and single premium: 10 years

Premium paying term: Regular Pay: Same as policy term chosen and Limited Pay: Five years

Minimum and maximum premium: Regular Pay: Rs 50,000 /Rs 1 lakh, Limited Pay: Rs 75,000 / Rs 1 lakh and single premium: Rs 1 lakh / Rs 2.5 lakh

Sum Assured (SA):

Single premium: Option I: 5 times single premium or SP, Option II: 1.25 times SP

Regular and limited premium:

Minimum SA:

Age less than 45 years: Higher of (10 x annualised premium or AP) or (0.5 x Policy term x AP)

Age more than or equal to 45 yrs: Higher of (7 x AP) or (0.25 x Policy term x AP)

Maximum SA: 25 x AP

Portfolio Management Strategy Options (PMSO): There are two PMSO options available to the policyholder under this policy.

Self-Managed Portfolio Strategy: This option allows the policyholder to manage his portfolio with the benefit of the five fund options outlined below.

Systematic Switching Strategy: This allows the policyholder to invest all or some part of the investment in Money Market Fund and transfer a pre-defined amount every month into either the Classic Opportunities Fund or the Frontline Equity Fund.

Fund options, objectives and risk-return profile:

Classic Opportunities Fund: Aims to maximise opportunity through long-term capital growth, by holding a significant portion in a diversified and flexible mix of large/medium-sized company equities. 75-100 per cent in equities and 0-25 per cent in debt including money market instruments. Risk-return profile: Aggressive.

Frontline Equity Fund: Aims at a high level of capital growth by holding a significant portion in large-sized company equities. 60-100 per cent in equities and 0-40 per cent in debt including money-market instruments. Risk-return profile: Aggressive.

Balanced Fund: Aims at moderate growth by holding a diversified mix of equities and fixed interest instruments. 3 to 60 per cet in equities and 40 to 70 per cent in debt including money-market instruments. Risk-return profile: Moderate

Dynamic Bond Fund: Aims to preserve capital by investing in high-quality corporate bonds that generate relatively higher fixed returns: 100 per cent in debt, including money-market instruments. Risk-return profile: Conservative.

Money Market Fund: Aims to protect capital and prevent downside risks: 100 per cent in debt, including money-market instruments. Risk-return profile: Secure.

Discontinued Policy Fund: Aims to provide secure returns to policies in the discontinued state, by investing in low-risk debt instruments: 100 per cent in debt, including money-market instruments. Risk-return profile: Secure.

Death Benefit: On death of the policyholder the nominee would get the higher of: Basic SA, 105 per cent of the premium(s) paid up to the time of death and fund value in main account and top-up accounts, including survival units, if any.

Maturity Benefit: Maturity benefit will be the sum of fund value in the main account, including survival units, if any, and fund value in top-up accounts, if any.

Tax Benefit: Premiums are eligible for deduction under Section 80 C of the Income-tax Act 1961 and maturity and death benefits are tax-free under Section 10 (10 D).

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United India’s rating affirmed

Administrator — Thu, 19 Jan 2012 05:00:51 +0000

A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of United India Insurance Company Limited. The outlook for both ratings is stable.
The ratings reflect United India’s strong capitalisation, strong business profile in India’s insurance industry and the management’s commitment to improve the company’s underwriting performance, media reports said.
United India continues to show a high growth rate despite competition from private companies. Its market share is showing stabilisation going forward. A.M. Best believes United India is likely to maintain its strong business position in India.

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IRDA plans e-platform for reinsurance

Administrator — Thu, 19 Jan 2012 05:00:50 +0000

Insurance Regulatory Development Authority (IRDA) is planning to introduce an electronic re-insurance platform for insurers and both Indian and foreign re-insurers.
“The proposed platform will have to be mandatorily used by insurers and Indian reinsurers as well as foreign reinsurers operating in India,” Mr J Hari Narayan, IRDA Chairman, has said.
IRDA had taken up an ambitious programme of designing an exchange or an inter-faceted, interlinked, electronic platform, on which reinsurance broking transactions would be executed. “The entire operation on the reinsurance side will be done through this particular platform when it is in place,” he added. May 2012 is when the platform will be operational, it is believed

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Administrator — Thu, 19 Jan 2012 05:00:49 +0000

Edelweiss Tokio Life Education

Company: Edelweiss Tokio Life Insurance Company

Type of policy: Term insurance plan

Minimum and maximum age at entry of Life Assured: 18 to 60 years (last birthday)

Minimum and maximum age at entry of child: 28 to 70 years (last birthday)

Policy term: 10 to 30 years

Premium payment frequency: Annual

Premium paying term: Single, regular, 5 pay, 10 pay if policy term is above 20 years and 15 pay if policy term is above 25 years

Minimum Sum Insured: Rs 15 lakh

Maximum Sum Insured: No limit (subject to underwriting)

Minimum premium: Rs 20,000 (annual mode) , Rs 10,000 (half-yearly), Rs 5,000 (quarterly) and Rs 2,500 (monthly mode)

Maximum premium: No limit (subject to underwriting)

Policy benefits:

Death benefit: Sum assured will be paid to nominee

Survival benefit: None

Maturity benefit: None

Tax benefits: Premiums are eligible for deduction under Section 80 C of the Income-tax Act 1961 and maturity and death benefits are tax-free under Section 10 (10 D).

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RS okays LIC Bill

Administrator — Thu, 19 Jan 2012 05:00:47 +0000

Parliament has approved a Bill for increasing the paid-up capital to Rs 100 crore of the state-owned Life Insurance Corporation of India (LIC) after the Government faced some tense moments in the Rajya Sabha, where Left parties pressed for division of votes over an ‘amendment’.
Though the upper House negated the ‘amendment’ moved by the Left members, the Bill would have been shot down if the BJP, the second largest party in the Rajya Sabha, had not abstained.

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Administrator — Thu, 19 Jan 2012 05:00:46 +0000

Bharti AXA Future Invest

Company: Bharti AXA Life Insurance Company

Type of policy: Unit-linked insurance policy with limited premium paying term

Minimum age at entry: 18 years

Maximum age at entry: 70 years

Maximum age at maturity: 80 years

Policy term: 10 years

Premium payment period: 5 years

Premium paying frequency: Annual, semi-annual, quarterly and monthly. The last two only by ECS.

Minimum premium: Annual Rs 18,000, semi-annual Rs 9,000, quarterly Rs 4,500 and monthly Rs 1,500

Sum Assured:

For age at entry 18 to 44: 10 times the annual premium

For age at entry 45-70: Seven times the annual premium

Fund options, investment objectives and risk-return profile:

Growth Opportunities Plus Fund: To provide long-term capital appreciation by investing in stocks across all market capitalisation ranges (large, mid- or small). Listed equities: 80 to 100 per cent, cash & money market instruments: 0 to 40 per cent. Risk-return profile: High.

Grow Money Plus Fund: To provide long-term capital appreciation by investing across a diversified high-quality equity portfolio. Listed equities: 80 to 100 per cent, cash & money market instruments: 0 to 40 per cent. Risk-return profile: High.

Build India Fund: To provide long-term capital appreciation, through exposure to equity investments in infrastructure and allied sectors, and by diversifying investments across various sub-sectors of the infrastructure sector. Listed equities: 80 to 100 per cent, corporate bonds and bank deposits: 0 to 20 per cent, cash & money market instruments: 0 to 20 per cent. Risk-return profile: High.

Save’n Grow Money Fund: To provide steady accumulation of income in medium to long term by investing in high-quality debt papers and government securities and a limited opportunity of capital appreciation. This would be more of a defensively managed fund. Listed equities: 0 to 60 per cent, corporate bonds and bank deposits: 0 to 50 per cent, government bonds and securities: 0 to 40 per cent, cash & money market instruments: 0 to 40 per cent. Risk-return profile: Moderate

Steady Money Fund: To provide steady accumulation of income in medium to long term by investing in high-quality debt papers and government securities. Corporate bonds and bank deposits: 20 to 80 per cent, government bonds and securities: 20 to 80 per cent, cash & money market instruments: 0 to 40 per cent. Risk-return profile: Low.

Safe Money Fund: To provide capital protection through investment in low-risk money-market & short-term debt instruments with maturity of one year or less. Corporate bonds and bank deposits: 0 to 60 per cent, government bonds and securities: 0 to 60 per cent, cash & money market instruments 0 to 40 per cent. Risk-return profile: Low.

Benefits:

Death benefit:

Option A: Higher of sum assured (net of partial withdrawals, made within 12 months prior to death of the life insured) OR the policy fund value at that point in time is payable.

Option B: Sum assured + Fund value

In-built Accidental Death Benefit: In case of death by accident, the nominee receives an additional sum assured equal to the base SA (only available for Life Insurance Benefit Option B).

Maturity benefit: The fund value as on the maturity date will be payable.

Tax benefits: Eligible for tax benefits under Sections 80C and 10 (10D) of the Income-tax Act 1961.

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LIC told to open more branches

Administrator — Thu, 19 Jan 2012 05:00:40 +0000

Union Finance Minister Mr Pranab Mukherjee has instructed the Life Insurance Corporation of India (LIC) and non-Life insurance companies to ensure that all districts have at least one branch or a satellite office of theirs in 2012.
Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a branch of LIC. Four districts do not have branches of non-Life insurance companies, he told a press conference after chairing the meet with chief ministers southernStates/Union Territories and heads of public sector banks in Bengaluru.
According to him, the southern region enjoys a healthy credit-deposit (CD) ratio. Tamil Nadu, Andhra Pradesh Karnataka and Kerala have shown an impressive growth of 177.2, 114.9, 74.6 and 75.9 per cent. CD ratios of Pudussery, Andaman and Nicobar, and Lakshadweep are, however, less than the 60 per cent benchmark.

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Nod for foreign branches

Administrator — Thu, 19 Jan 2012 05:00:39 +0000

Private insurers who have been operating for more than 10 years will be allowed to open branches and set up insurance joint ventures, including subsidiaries, outside India, according to Insurance Regulatory and Development Authority (IRDA). The norms would apply to all companies involved in Life, General, Health and reinsurance businesses.
In a note issued to insurers, IRDA said the companies should put in place appropriate arrangements to ensure policyholders’ liabilities are adequately ‘ring-fenced’. This means any capital to start operations outside India should be met from the shareholders’ fund, thus protecting policyholders’ money in the parent company.
“All liabilities will be restricted to the paid-up capital of the foreign insurance joint venture. Also, the solvency requirement recourse may be taken to the shareholder’s fund only,” the note said.
IRDA, however, made it clear that foreign subsidiaries of an Indian insurer would not be allowed to set up branches in India on a reciprocal basis.

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