Premium

06 09 2010 23 59

Administrator — Tue, 07 Sep 2010 05:59:25 +0000

Premium

05 09 2010 23.59 Premium...
06 09 2010 12.00 06 09 2010 12.00...
LUGI announces LEAP Awards 2010 LUGI announces LEAP Awards 2010 Life Underwriters Guild of India...

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06 09 2010 12.00

Administrator — Mon, 06 Sep 2010 18:00:03 +0000

06 09 2010 12.00

06 09 2010 23 59 Premium...
05 09 2010 23.59 Premium...
LUGI announces LEAP Awards 2010 LUGI announces LEAP Awards 2010 Life Underwriters Guild of India...

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05 09 2010 23.59

Administrator — Mon, 06 Sep 2010 05:59:57 +0000

Premium

06 09 2010 23 59 Premium...
06 09 2010 12.00 06 09 2010 12.00...
LUGI announces LEAP Awards 2010 LUGI announces LEAP Awards 2010 Life Underwriters Guild of India...

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Selling: Seeking the Right Way

Administrator — Thu, 12 Aug 2010 18:20:08 +0000

K Nitya Kalyani

Selling is the subject of many, many
books and training programmes. Of this, insurance selling is an important segment. This is a worldwide phenomenon.
Many critical outcomes depend on successful and sustained insurance selling. From financial security of a society to investments for business and for public infrastructure, they all depend on the ‘yes’ that some insurance agent, somewhere in the country, manages to get from his customer after much effort.
That ‘yes’ depends on three key aspects. Trust, knowledge, and a strong system of legal protection.
Today the world is changing fast and new customer needs are emerging. If the customer is to have confidence in the advice of an insurance agent it is absolutely necessary that the agent should have up-to-date knowledge.
The customer himself has a huge amount of information from various sources, often more than the agent! So the agent should progress from being an information source to becoming the expert who can help the customer sort it all out and make the correct decision.
This process is based on a relationship of trust he has built with his customers over years. In many cases, it is built over generations.
In addition to these two, there is a third requirement. The regulatory and legal systems have to ensure the welfare of the customer by placing some obligations on the insurance companies and agents and ensuring the obligations are met in spirit and in letter.
The last couple of months have seen a high level of activity in this, the regulatory area of insurance. In fact in the recent months the regulatory aspect of insurance has been in the news, with both positive and negative visibility.
Regulation of Unit-Linked insurance policies (ULIPs), the acceptability of commissions for agents, terms and conditions of ULIPs as a product, all these things have cropped up recently in the news and there have been mid-course corrections in the regulatory framework to prevent abuse and unethical practices.
One significant recent move of the IRDA is the proposed regulations on persistence. In short the proposal is to cancel agency licences of those agents who have over 50 per cent lapsation rates. The reasoning is that such performance is more likely because of mis-selling.
Other measures include an extensive needs analysis document to be filled before selling policies, a new policy information document called Key Features Document for each policy by an insurer, norms for discontinued ULIPs and for lapsed ULIPs, new norms for distance marketing and even the implementation of a grievances call centre.
Each of these moves is significant and some are being seen as difficult to implement and impractical given Indian conditions. We will examine these and other changes in the pipeline – and also changes that should come about in the Sales Skills series in the next few months.

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Statistics Poster 2005-06 to 2009 -10

Administrator — Thu, 12 Aug 2010 18:10:16 +0000

Statistics Poster 2005-06 to 2009 -10

General Insurance: Healthier in Parts!

General insurance over Five Years: Portfolio Shuffle!

Industry
« Fire premium steady at 43 per cent in 2005-06 creeps up to 44 per cent in 2009-10
« Motor premium shrinks from 18 per cent in 2005-06 creeps to 11 per cent in 2009-10
« Health and Personal Accident premium zooms from 11 per cent in 2005-06 to 23 per cent in 2009-10
Private Sector
« Fire premium slumps from 23 per cent in 2005-06 creeps up to 10 per cent in 2009-10
« Motor premium grows from 38 per cent in 2005-06 creeps to 52 per cent in 2009-10
« Health and Personal Accident premium doubles from 10 per cent in 2005-06 to 20 per cent in 2009-10
Public Sector
« Fire premium slips from 17 per cent in 2005-06 creeps to 12 per cent in 2009-10
« Motor premium slips from 44 per cent in 2005-06 creeps to 37per cent in 2009-10
« Health and Personal Accident premium zooms from 11 per cent in 2005-06 to 25 per cent in 2009-10

Life Insurance: Individual Power!

Life insurance over Five Years: Tradition Triumps!

Industry
« Individual Single Premium grows from about
Rs 11,000 crore in 2005-06 to Rs 30,000 crore in 2009-10
« Individual Non-Single Premium grows from about
Rs 20,000 crore in 2005-06 to Rs 52,000 crore in 2009-10
« Group Single Premium grows from about Rs 4,400 crore in 2005-06 to Rs 21,500 crore in 2009-10
« Group Non-Single Premium grows from about
Rs 600 crore in 2005-06 to Rs 6,000 crore in 2009-10

Private Sector
« Individual Single Premium grows from about
Rs 2,250 crore in 2005-06 to Rs 3,200 crore in 2009-10
« Individual Non-Single Premium grows from about
Rs 7,000 crore in 2005-06 to Rs 28,500 crore in 2009-10
« Group Single Premium grows from about Rs 460 crore in 2005-06 to Rs 712 crore in 2009-10
« Group Non-Single Premium grows from about Rs 600 crore in 2005-06 to Rs 6,000 crore in 2009-10

Public Sector
« Individual Single Premium grows from about
Rs 8,750 crore in 2005-06 to Rs 26,500 crore in 2009-10
« Individual Non-Single Premium grows from about
Rs 13,000 crore in 2005-06 to Rs 23,500 crore in 2009-10
« Group Single Premium grows from about Rs 4,000 crore in 2005-06 to Rs 21,500 crore in 2009-10
« All Group Premiums are reported as Single Premium by LIC.

Unit Linked Vs Traditional Policies
« Unit-Linked Insurance Policies grew from Rs 16,000 crore in 2005-06 to Rs 50,000 crore in 2009-10
« Traditional policies grew from Rs 19,000 crore in 2005-06 to Rs 60,000 crore in 2009-10

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Beginnings…

Administrator — Thu, 12 Aug 2010 18:00:57 +0000

Premium invited its first 100 subscribers to an interesting seminar by Mr R Gopinath, Founder and Chief Executive Officer, Go Past Centre for Learning, at Chennai in July 2006, a few days after the launch of the magazine.
The 100 subscribers paid up to receive the magazine several months before it was even launched! Such was the eagerness for information and need for a good professional development publication in this field!
Premium was launched as a 24 pager. It was built up slowly to 48 pages in the course of the first year by adding editorial content that you, the readers, wanted and asked for. Then, and now, we constantly listen to feedback on your changing information needs and work hard towards different ways to present articles to you creatively so that you will find it easy to digest and put to use.
Mr Gopinath had just returned from Sri Lanka fresh from his success as the founder and first head of Lanka LIC. Teaching and sales training having been his passion, he left LIC and founded a training institute to pursue his dreams! He has been a regular columnist for Premium since the very first issue, writing from the heart about following one’s passion and advising utmost commitment in achieving goals and professional stature.

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UTI MF’s awareness campaign

Administrator — Thu, 12 Aug 2010 18:00:57 +0000

UTI Mutual Fund is launching a three-month long investor awareness campaign for spreading the word about financial planning among people in Tier-II and Tier-III towns, according to Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI Mutual Fund.
“Only about eight per cent of people’s savings goes into mutual funds while it is 54 per cent for banking and 17 per cent for insurance. The Assets Under Management (AUM) with the MF industry as a percentage of GDP is less than 10 per cent while it is 67 per cent in the US. So there is a huge gap and this is primarily due to lack of knowledge and awareness about the various products and services offered by the MF industry,” Mr Bhattacharya was quoted saying in media reports.
He added that retail customers comprise almost 98 per cent of the total number of folios but account for only about 24 per cent of the total AUM, while corporate customers, who hold a mere 0.8 per cent of the total number of folios, account for almost 48 per cent of the total AUM in the industry.
Moreover, the top 25 cities in the country accounted for more than 90 per cent of the total AUM in the industry, thereby reflecting the poor level of penetration of MF services in smaller towns, he has added.
Caravans
Starting July 10, UTI MF will have three caravans travelling across the length and breadth of the country covering a distance of about 9,500 km. The first van will move from Porbundar, Gujarat to Kanyakumari, the second from Jammu and the third one from Guwahati to Kanyakumari.
The van would go to small villages and spread awareness about the need for financial planning. It would also partner with local people to spread awareness and provide an employment opportunity.
UTI MF is looking at involving ex-bankers, post office employees and teachers who are financially literate to spread the financial awareness message and guide them on investments.

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Non-Life Premium grows 22%

Administrator — Thu, 12 Aug 2010 18:00:56 +0000

•   Non-Life premium showed 22 per cent growth with Rs 10,751.56 crore in April to June 2010 from Rs 8,829.33 crore in April to June 2009.
•   Industry accretion was Rs 1,922.23 crore.
•   Private sector companies showed 22 per cent growth with
Rs 4,360.75 crore premium in April to June 2010, when compared to Rs 3,585.91 crore premium in the corresponding period of the previous financial year.
•   Public sector companies showed 22 per cent growth in premium with Rs 6,390.81 crore in April to June 2010, when compared to
Rs 5,243.42 April to June 2009.

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Bajaj Allianz Invest Plus Premier

Administrator — Thu, 12 Aug 2010 18:00:56 +0000

Bajaj Allianz Life Insurance Company

Company Bajaj Allianz Life Insurance Company
Type of policy Life policy with guaranteed return
Age at entry 0 to 60 years, 18 to 50 for Additional Rider Benefits
Maturity age 18 to 75 years, 18 to 65 for Additional Rider Benefits
Policy term 15, 20 and 25 years
Premium paying mode Annual, half-yearly, quarterly or monthly
Minimum sum assured Ten times the annual regular premium
Minimum sum assured Twenty times the annual regular premium
Minimum premium Rs 5,000
Investments under the policy
Ninety five per cent of the net premiums, after deducting the Life insurance risk premium and additional rider benefits premium, if any, will be added to an Accrued Maturity Value (AMV) account as and when regular premium is paid.
An Additional Accrued Maturity Value (AAMV) account will be maintained separately for any additional premiums paid.
Additional premium will be added to the AAMV account, after multiplying the additional premium paid with the additional premium factor. The AMV and the AAMV shall be further enhanced at the rate of Guaranteed Investment Return (GIR) on a monthly basis.
Loyalty Additions at the rate of 10 per cent of the net premium will be added to the AMV from the 11th policy year, as and when the premiums are received by the company.
The funds in the AMV and AAMV shall be invested in a Controlled Fund whose investment mix will be as stipulated by the Insurance Regulatory and Development Authority’s (IRDA’s) relevant regulations on investments for non-linked non-participating business.
Benefits
Maturity Benefit
• The AMV as on maturity date plus 75 per cent of the total Life insurance risk premium paid (excluding any extra premium) subject to a minimum of the Guaranteed Maturity Value (GMV) plus the AAMV, if any, as on maturity date.
The Guaranteed Maturity Value (GMV) shall be equal to the total regular premium paid till maturity date excluding any extra premium, rider premium and applicable service tax, and is applicable only if all the due regular premiums till maturity have been paid under the policy.
In the case of a Cover Continuance policy, the maturity benefit shall be AMV as on maturity date plus 75 per cent of the total Life insurance risk premium paid till the due date of first unpaid regular premium (excluding any extra premium) plus the AAMV, if any, as on maturity date.
Death Benefit
The following benefits will be paid to the nominee on the death of the Life Assured:
i. If the age of the life assured is less than seven years, the total Life insurance risk premiums paid, AMV plus the AAMV, if any, as on date of receipt of intimation of death by the company.
ii. If the age of the life assured is seven years or above, the Sum Assured under the policy plus the AMV if any, as on date of receipt of intimation of death by the company.
In case of a lapsed policy, the death benefit shall be equal to the AAMV, if any, as on the date of receipt of intimation of death.
Tax Benefit Eligible for tax benefits under Section 80 C and 10 (10 D) of the Income-tax Act, 1961.

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MDRT Experience 2011 Singapore

Administrator — Thu, 12 Aug 2010 18:00:55 +0000

Million Dollar Round Table (MDRT), the US based association of insurance agents is holding its 2011 MDRT experience meeting at Singapore from February 24 to 26.
It will provide a taste of MDRT’s Annual Meeting with its high-energy, motivational, inspirational and educational sessions “that are sure to take you to a higher level of success,” says MDRT’s web site.
The purpose of the MDRT Experience, says MDRT’s web site, is to showcase MDRT’s prestigious Annual Meeting experience to financial services professionals outside North America. The MDRT Experience meeting, delivering cutting-edge sales techniques, technical information and motivational concepts, is proven to have helped financial professionals who attend increase their production — and qualify for MDRT membership.
Registration
Fees and Deadlines
SGD 450 June 1, 2010 to October 31, 2010
SGD 550 November 1, 2010 to January 31, 2011
SGD 650 February 1, 2011 to February 26, 2011
Eligibility
The MDRT Experience is open to both MDRT members and nonmembers who are interested in experiencing a taste of an MDRT Annual Meeting. There are some MDRT member-only functions which are open to 2010 and 2011 MDRT members who are approved by February 24, 2011.
Company officials, managers, spouses and family members may also attend the meeting provided they have registered and paid the full registration fee.
Simultaneous Interpretation
English is the official language of the 2011 MDRT Experience. Simultaneous interpretation of the Main Platform sessions will be provided when at least 100 registered delegates have requested interpretation in a common language, and there will not be more than six languages in which it will be provided.
Interpretation requests and payment must be made at the time of registration. The fee for interpretation service is SGD 30.
Here is some more information on the event from MDRT.
Special Events
Welcome Reception
Get the MDRT Experience meeting off to a great start. All meeting attendees are invited to this opening event, where they can relax, mingle with friends and network with their professional peers, while enjoying light refreshments and entertainment. Meeting name badge required for entry.
Member Luncheon
Meet the MDRT Executive Committee and network with fellow members at the MDRT Member Lunch. The Member Lunch is one of the many benefits MDRT membership offers. Meeting badge with MDRT member ribbon required for entrance. Open to MDRT members only.
MDRT Executive Committee
MDRT Executive Committee members have achieved both professional and personal success. Most started their professional careers in other industries, but found their passion and true calling in the life insurance and financial services industry. During a panel presentation moderated by MDRT President Guy E. Baker, MSFS, CLU, each member of the Executive Committee will share how they came into the industry, the focus of their practice and key lessons that helped them develop their practices into the highly productive and successful businesses they are today.

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