Plan Summary –

*For policy Term 20 and above only,# For policy term 25 and above only.

$ Product offers discounted premium rates to non Tobacco users for monthly benefits of Rs.25000/- and above.

Benefits Summary –

Surrender –

Loan on Policy –

Loan facility is not available under this plan.

Paid up benefits –

No Paid up benefits is available

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Plan Summary –

*For policy Term 20 and above only,# For policy term 25 and above only.

$ Product offers discounted premium rates to non Tobacco users for sum assured of Rs.25lacs and above

Benefits Summary –

Surrender –

Loan on Policy –

Loan facility is not available under this plan.

Paid up benefits –

No Paid up benefits is available

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Most popular and cheap among the online plans are Term Insurance plan to be purchased today. A man of 30 yrs can give 50 lacs cover to his family just paying 6000 anually for a tenure of 30yrs.

Things to remember while purchasing online insurance plans:

• You should disclose all the facts like your and family health history, smoking habits, occupational details and any other facts which could lead to rejection of the claim in the future.
• Make sure you fill your complete details yourself while taking the policy.
• Don’t forget to read the terms and conditions of the policy before buying any policy.
• Buy it from the insurer who has been in this business in Indian market for a number of years.
• Buy it from the insurer who has good claim settlement track record.

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The new pension scheme (NPS) will offer an option for an assured return of 8.6% for investments in government bonds, while subscribers willing to take a higher degree of risk can look at other choices, where their contributions are invested in a mix of private and government placements. 

An understanding over the Pension Fund Regulatory and Development Authority (PFRDA) Bill was arrived at a meeting on Monday between finance minister Pranab Mukherjee and BJP leaders L K Advani, Arun Jaitley, Sushma Swaraj and Yashwant Sinha in Parliament. However, no consensus was possible with regard to the Companies Bill. 

This is the second occasion on which the government and BJP have cooperated on the PFRDA Bill that seeks to give statutory cover to the NPS in force since 2003. The bill was introduced in Parliament in the face of Left resistance with BJP’s backing and now its prospects of passage seem bright and it may be moved on Wednesday. 

The terms of the deal are on the lines of the recommendations of the parliamentary finance standing committee that did not agree with the Centre’s proposal that foreign investment in pension funds be raised to 49%, and also called for an assured rate of return, arguing that senior citizens should be given security on their investment. 

The panel was also critical about the mediocre performance of the fund so far and the relatively low number of subscribers. While the government looked uncertain about the bill last week, Mukherjee’s renewed bid for an agreement has borne fruit. BJP also seems prepared to be more accommodative towards Mukherjee, who the party feels is not needlessly combative towards the opposition.

Click here to apply Pension Plan

Passage of the pension bill will be an important gain for the government after the reverses it has suffered over reform initiatives like FDI in multi-brand retail apart from the finance standing committee turning down proposed changes in the banking laws that would have given private investors voting rights equal to their investment. 

On the Companies Bill, UPA conceded BJP’s demand for allowing Limited Liability Partnership that would enable a group comprising only professionals from a category like chartered accountants or company secretaries to form their own company. 

But the government has proposed so many changes to the bill – already scrutinized by a House panel – that it is now looking very different.

[Source- ET]

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When Mumbai-based Neeraj Bansal has heart surgery a few months ago, thought that their health coverage of Rs 3 lakh for the cost. I was wrong. His family had to arrange for an additional Rs 75,000 as the limits of the subtitles of the policy regarding your claim R 2.25 lakh.

It is to take care of these contingencies, financial planners stress the need to build an emergency fund. Money can be used to bridge the gap between costs incurred and the compensation paid by the insurer. “With rising medical inflation, it is important to create a fund exclusively to meet any eventuality health care,” said Pankaj Mathpal, a financial planner based in Mumbai.

However, very few people actually do this.
The good news is that some insurers are offering products that help build an emergency fund for medical expenses. After LIC, ICICI Prudential Life Insurance and Birla Sun Life Insurance, which offer such policies, the Money Back Health plan from India First Life Insurance is the latest health Ulip to hit the market.

How health Ulips work:
A health Ulip is a combination of two insurance plans-a normal mediclaim policy and a market-linked investment plan. The mediclaim covers hospitalisation expenses, while the market-linked plan builds a corpus for you. This money can be withdrawn by the policyholder for meeting his healthcare expenses or if his mediclaim policy does not cover his hospital bill fully. As in the case of a regular Ulip, the policyholder can choose the investment option for the health Ulip premium.

These plans are available as individual as well as family floater policies. They are renewed annually and though the total premium remains the same, the mediclaim premium goes up even as the investment portion comes down. Some schemes like the LIC Health Plus even offer OPD cover, hospital cash and surgical benefits. The premium is tax deductible under Sections 80C and 80D.

The corpus created by the Ulip can also be used for treatment of diseases not covered by the mediclaim policy. For instance, if the policyholder is hospitalised for a pre-existing disease before the waiting period, the mediclaim policy will not cover the expenses. “The Ulip, however, provides a comprehensive cover to the customer by allowing reimbursement for medical expenses not covered under his health plan,” says Binay Agarwala, executive vice-president & head of products, risk management and corporate strategy, ICICI Pru Life Insurance.

One of the reasons people don’t take health insurance (or term policies) is that the absence of maturity benefit makes them feel their money is going waste. The health Ulip bypasses this problem by offering a maturity amount. The fund value is paid to the policyholder at the end of the term; if he dies before that, his nominee gets the money.

Rules for withdrawals:
To make a claim, one has to provide actual bills or proof of expenses. Expectedly, there are some caveats. Most health Ulips don’t allow withdrawals in the first year. For instance, you can withdraw money from the ICICI Prudential’s Health Saver plan only after you have paid at least three years’ premium. Birla Sun Life’s Saral Health Plan allows withdrawals only after five years. Also, there are caps on withdrawals.

In case of ICICI Prudential’s Health Saver, you can claim only 20% of the fund value in the fourth and fifth year, over and above the mediclaim cover of Rs 3 lakh. It goes up to 50% from the sixth to tenth year and you can claim the entire fund value only after the tenth year. Some health Ulips also have caps on the total claim amount. India First’s Money Back Health Ulip allows a maximum claim of five times the total sum assured during the entire term. So, if you have a cover of Rs 3 lakh, your total claim during the entire policy term cannot be more than Rs 15 lakh.

Source: [ET]

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About Ludhiana:

Ludhiana is a city and a municipal corporation in Ludhiana district in the Indian state of Punjab. It is the largest city in Punjab, with an estimated population of 1.4 million. It has an area of about 310 km². The city stands on the Sutlej River’s old bank, 13 km south of its present course. It is a major industrial center of northern India.
In 1901, the population of Ludhiana was just 48,650. In 1991, the population crossed a million figures, while in 2001 the population is estimated to be 13,95,467. It indicates that the population has been growing fast recording as much as 50.2% increase in 1961 and 2143% increase in 1991 in comparison to 1901. The population density, which was only about 100 persons/ha in 1971, has increased to about 259 persons/ha in 1991.

Major Life Insurance Companies Provide Insurance in Ludhiana:

How is your Premium on life Insurance Calculated –
- The life insurance premiums is primarily based on four factors-
- Age & health of the policyholder.
- Term of the policy.
- Amount assured.

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About Mohali:

Mohali is a city adjacent to Chandigarh, 18th District in Punjab, India. It is officially named after the eldest son of Guru Gobind Singh, Sahibzada Ajit SinghSAS Nagar, or “House of Sahibzada Ajit Singh. It along with Chandigarh and Panchkula form a part of the Chandigarh Tricity. It was earlier a part of the Rupnagar District, and was carved out into a separate district in the recent years.
Mohali district has posted a population growth rate of 32 per cent over the last decade, which works out to be almost double the state’s average of 17.64 per cent.

Major Life Insurance Companies Provide Insurance in Mohali:

How is your Premium on life Insurance Calculated –

- The life insurance premiums is primarily based on four factors-
- Age & health of the policyholder.
- Term of the policy.
- Amount assured.

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About Vizag
Vizag, the Port city is the jewel on the eastern coast of India. The City is a harmonious blend of the magical past and the bustling present with a breath taking panorama of golden beaches, lush green fields, verdant valleys and splendid monuments from a historically rich and religious heritage.
Matchless in beauty and landscape, Vizag is said to have derived its name from the deity ‘Visaka’ ( the God of Valour). The history of the town can be traced back to Ashoka the Great (272-232 B.C) when this was a small fishing village of the Kalinga Empire. Later on this Port town successively passed on from the Andhra Kings of Vengi to the Pallavas, Cholas and the Gangas and then later in the 15th century Visakhapatnam became a part of the Vijaya Nagar Empire. The British took charge of this beautiful land and transformed it into a busy and flourishing Port town.

Major Life Insurance Companies Provide Insurance in Vizag:

How is your Premium on life Insurance Calculated –

- The life insurance premiums is primarily based on four factors-
- Age & health of the policyholder.
- Term of the policy.
- Amount assured.

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“We have a group of savings product, a unique offering for High Networth individuals and a pension plan in the pipeline for the current fiscal year. The pension plan will be implemented when the regulatory guidelines are out,” said managing director and CEO IndiaFirst P Nandagopal PTI here.

Premium new business the company has achieved Rs 150 crore in July, which was the target of the first quarter.

“We are already on track to achieve Rs 1,200-crore new business premium target by the end of the year,” he said.

To achieve this, a private insurer is also planning to increase its agents in 5000 from the current 500 in this fiscal.

Click here to apply health insurance mumbai

IndiaFirst is also working on four deals, including two health products for FY13, he said.

Private insurers already have a dozen products, as well as traditional and unit-linked portfolios.

“Our experiment was a huge response for health insurance, and has sold 5,000 projects,” Nandagopal said, adding that he expected sales of 30 000 first floor insurance money back India by the end of FY12.

Source: [ET]

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Speaking to Financial Chronicle, Mayank Bathwal, chief financial officer at BSLI, said, “We have been reporting profits since the last five quarters including the first quarter of this fiscal. We expect it will take another 3-4 years to wipe out the accumulated losses depending on the rate of growth.”

The insurer reported a gross profit of Rs 144 crore for April-June 2011 as against Rs 9 crore in the corresponding quarter a year ago. “This was primarily driven by the growing size of in-force book, balanced product mix, lower new business strain and better expense management,” the company said in a release.

The Embedded Value of BSLI, which reflects the value of future profits embedded in the in-force policies written by a life insurance company, increased from Rs 3,816 crore as at March 31, 2010 to Rs 4,108 crore on March 31, 2011. Net profit for last financial year was Rs 305 crore against a loss of Rs 435 crore in FY10.

The company is targeting to grow over 18 per cent in this fiscal. “Industry should in a steady state on an average grow at approximately 15-18 per cent. Our goal is to grow faster that the market. In the last three months, our market share among private players has improved from 7 per cent to 8.4 per cent,” said Bathwal.

Since September 2010, when new Ulip guidelines capping the overall charges that could be levied on policyholders were made effective, insurers saw their growth and profitability being impacted.

“Insurers went through a significant transition to create a balanced product portfolio and revamped the business strategy in order to implement new guidelines. Given the fact that in essence the opportunity for life insurance remains very large, and we believe we will see positive momentum in new business sales from Q3 onwards largely aided by base effect,” said Bathwal.

Among private players, BSLI is fifth in terms of new business premium with an improved market share of 8.8 per cent in April-June 2011 up from 8.1 per cent in the first quarter of the previous year.

Assets under management of the insurer scaled up year on year by 19 per cent to 19,984 crore in the first quarter of this year.

[Source-mydigitalfc]

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