Private sector insurer Aviva Life Insurance on Tuesday launched a facility which would allow customers to pay premium through phone.
Aviva has included its system wherein a customer can make premium payment by using the credit card and feeding in the important details of their Insurance Policy, the insurer said in a statement.
It said. The payment process confirms the transaction in words and sends a SMS confirmation to the customer’s mobile number.
It said. The increasing telephone and credit card penetration allows the company to provide increased convenience to customers.
Saturday, February 20, 2010
Monday, February 15, 2010
Bajaj Allianz’s Launched Extra Care Plan
In order to compete against the increasing costs of medical covers, Bajaj Allianz Insurance has launched its new offer - Extra Care. This is a reasonably priced plan which takes care of all over the board expenses. Rather all the additional costs incurred to cover any hospital or medical expenses can be levied off by this plan.
Keeping in mind the target segment, the retired group of individuals, this plan has been initiated, informed Mr. Tapan Singhel, Chief Marketing Office, Bajaj Allianz General Insurance. He also mentioned that this security benefit adds an extra top-up to the growing expenses and can be an aid to the extant mediclaim or individual health policy, providing a risk free financial security.
According to Mr. C R Mohan, Regional Manager-Hyderabad it is the most reasonable economical product. The reason being cost of premium at Rs. 2500 which ensures a cover of Rs. 10 lakhs, one need to pay, which is among the lowest in the industry.
It includes cover for four family members. It comes with a special Floater Policy which covers self, spouse and three children under single policy. Other features include cashless facility, medical reimbursement within 14 days, ambulance charges, tax benefits et al.
Targeted to aim the middleclass income group, this plan might prove to be a boon. It is still difficult to calculate the outcome of this scheme as the Insurance Sector in India is very complex and flexible, so does the Indian frame of mind. Hope this plan fits just right in.
For More Information About Insurance Policy.
Bajaj Allianz Life Insurance
Keeping in mind the target segment, the retired group of individuals, this plan has been initiated, informed Mr. Tapan Singhel, Chief Marketing Office, Bajaj Allianz General Insurance. He also mentioned that this security benefit adds an extra top-up to the growing expenses and can be an aid to the extant mediclaim or individual health policy, providing a risk free financial security.
According to Mr. C R Mohan, Regional Manager-Hyderabad it is the most reasonable economical product. The reason being cost of premium at Rs. 2500 which ensures a cover of Rs. 10 lakhs, one need to pay, which is among the lowest in the industry.
It includes cover for four family members. It comes with a special Floater Policy which covers self, spouse and three children under single policy. Other features include cashless facility, medical reimbursement within 14 days, ambulance charges, tax benefits et al.
Targeted to aim the middleclass income group, this plan might prove to be a boon. It is still difficult to calculate the outcome of this scheme as the Insurance Sector in India is very complex and flexible, so does the Indian frame of mind. Hope this plan fits just right in.
For More Information About Insurance Policy.
Bajaj Allianz Life Insurance
Friday, February 12, 2010
LIC launches Matchless Wealth plus Plan 2010 in Orissa
LIC launched its single Wealth Plus plan on Tuesday. It is a unit-linked insurance plan that safeguards the investment from the market variation so that investments are confined in financial volatile situation of today. The plan will be available for sale for a limited period only.
In this product there is a guarantee of the highest NAV (Net Asset Value) recorded on a daily basis in the first seven years of the policy. This means the payment at the end of the policy term will be based on NAV recorded over the first seven years of the policy or the NAV as valid on the end of the policy term, whichever is higher. The minimum age at entry is 10 years (last birthday) while the maximum 65 (nearer birthday).
This was announced at a Press conference here by LIC Zonal Manager Basap Raju along with RM (Marketing) SK Sinha and Senior Divisional Manager RN Mishra in the presence of Marketing Manager (Bhubaneswar) SC Kundu. The policy would be closed within three months from the date of launching or previous if the target is achieved, they said.
A very special feature of this policy plan is the extensive life cover for two years after the completion of policy term of eight years. One can choose the level of cover within the limits which will depend on one’s age, whether the policy is a single premium or limited premium contract and on the level of premium he or she agrees to pay. In case of death during the policy term, the nominee shall receive sum assured under the basic plan together with the policy holders fund value as death benefit.
For More Information About Insurance Policy.
LIC Policy
In this product there is a guarantee of the highest NAV (Net Asset Value) recorded on a daily basis in the first seven years of the policy. This means the payment at the end of the policy term will be based on NAV recorded over the first seven years of the policy or the NAV as valid on the end of the policy term, whichever is higher. The minimum age at entry is 10 years (last birthday) while the maximum 65 (nearer birthday).
This was announced at a Press conference here by LIC Zonal Manager Basap Raju along with RM (Marketing) SK Sinha and Senior Divisional Manager RN Mishra in the presence of Marketing Manager (Bhubaneswar) SC Kundu. The policy would be closed within three months from the date of launching or previous if the target is achieved, they said.
A very special feature of this policy plan is the extensive life cover for two years after the completion of policy term of eight years. One can choose the level of cover within the limits which will depend on one’s age, whether the policy is a single premium or limited premium contract and on the level of premium he or she agrees to pay. In case of death during the policy term, the nominee shall receive sum assured under the basic plan together with the policy holders fund value as death benefit.
For More Information About Insurance Policy.
LIC Policy
Wednesday, February 10, 2010
Understand your needs before buying insurance
Points to remember before Buying an Insurance Policy:
Insurance is a necessity in this fast moving life full of contingencies, therefore it is really important to get yourself insured to secure your loved ones in such unforeseen moments of your life. Nowadays Insurance is sold more as a product rather than a service where the insurance seekers are misguided while buying a policy. So before taking a plan you should be aware about your need to buy Insurance Policy.
What do you want your Insurance policy should stand for?
The most important element to buy Insurance is your need. The various elements that Insurance can be bought are mentioned below. Read to know which one is best suited to fulfill your requirement in life:
1. Term Plan- Required for people who want life cover in case of there death. The sum assured will be given to your nominee. In case you survive, then there is no amount that will be paid back to you.
2. Pension Plan- This plan ensures fixed monthly income for you in your golden years by investing small amount today you can cherish all the moments in your life post your retirement too. Check here to calculate your Monthly Pension Amount - Retirement Calculator.
3. Children Plan- The plan offers to secure the future of your child. With the help of a Children Plan you can design the future of your child the way you want it. There dream of becoming a doctor or an engineer or a professor can easily be fulfilled by just investing small amount.
4. Investment Based Plans- Insurers offer two kinds of plans to stay invested to earn returns along with a Life Cover. A) Conventional Plans B) Market-Linked Plans.
A) Conventional Plans- These are those plans wherein your money is invested in government backed securities, AAA rated bonds & etc., having minimal risk.
B) Market-Linked Plans- These are typically known as ULIPs & wherein the investments are done in market-linked instruments, as per your risk appetite you can choose the debt-equity proportion varying across different funds.
Points which must be taken care while buying an Insurance policy to avoid mis-selling:
1) Charges: There are different set of charges which an insurance company charges like Fund Management Charges (FMC), Mortality charges, Admin Charges, Allocation Charges etc. The agents sometime don’t disclose these charges but you really need to check before buying an insurance policy.
2) Illustration: Always ask for an illustration from the agent as it helps you to get exact figure of your fund value @ 6% & 10%. It also helps you to know all the charges & taxes included in the policy.
3) Documents: An Insurance policy can not be logged in without proper documents of the customer like Photograph, Address proof, Identity proof & Income proof (if required), always mention on the documents purpose of providing the documents ex- For purchasing Insurance cover only
4) Terms of the policy: Always cross check all the terms of the policy explained by the agent must be same in the documents/bond you’ve received against the policy you have bought. If it seems to be different, then according to IRDA rule you can return your policy within 15 days time period from the date of policy issued. This period is called "Free Look-up Period".
5) Last Minute Tax-Planning: If you are sincerely planning to secure your family with a policy, then you must do it after a proper examination of the plans & their charges insurers offer. Most of the customers procrastinate their insurance buying decision till March so as to save taxes, however during this time there is a lot of rush and you might just select a plan in a hurry without looking at the charges & fee, therefore its always advisable to take a plan in advance so that you have good enough time to look at the plan details comprehensively.
6) Go for a comparison: Always try to get comparison from different Insurance companies' agents to understand the things better. Compare the benefits as well as the charges of the different companies & chose an appropriate plan best suited for your requirement.
So, do check these things before buying an insurance policy. It is better to do your home work before buying an insurance policy.
Bimadeals is here to help you out in getting comparison from all major Insurance players. You can compare and buy the insurance plan you feel important for yourself and can live a secured life.
To get a better comparison it’s really important to meet the advisors of different companies so that you can sort all your doubts regarding the plan you require and want to buy.
An online comparison can only help you out when you are planning to buy a Term Insurance plan as there you only need to compare the rates and eligibility of different insurance companies, for which you can refer to the link below:
Term Plan Quote
We recommend Term Plan is a Must Buy for the people who have dependents.
Buying a term insurance plan is really important as this is the cheapest form of Insurance where you can secure your loved ones life by only investing a little money. Only after paying a small premium amount you can save up an adequate amount to fulfill your families' needs in your absence.
Insurance is a necessity in this fast moving life full of contingencies, therefore it is really important to get yourself insured to secure your loved ones in such unforeseen moments of your life. Nowadays Insurance is sold more as a product rather than a service where the insurance seekers are misguided while buying a policy. So before taking a plan you should be aware about your need to buy Insurance Policy.
What do you want your Insurance policy should stand for?
The most important element to buy Insurance is your need. The various elements that Insurance can be bought are mentioned below. Read to know which one is best suited to fulfill your requirement in life:
1. Term Plan- Required for people who want life cover in case of there death. The sum assured will be given to your nominee. In case you survive, then there is no amount that will be paid back to you.
2. Pension Plan- This plan ensures fixed monthly income for you in your golden years by investing small amount today you can cherish all the moments in your life post your retirement too. Check here to calculate your Monthly Pension Amount - Retirement Calculator.
3. Children Plan- The plan offers to secure the future of your child. With the help of a Children Plan you can design the future of your child the way you want it. There dream of becoming a doctor or an engineer or a professor can easily be fulfilled by just investing small amount.
4. Investment Based Plans- Insurers offer two kinds of plans to stay invested to earn returns along with a Life Cover. A) Conventional Plans B) Market-Linked Plans.
A) Conventional Plans- These are those plans wherein your money is invested in government backed securities, AAA rated bonds & etc., having minimal risk.
B) Market-Linked Plans- These are typically known as ULIPs & wherein the investments are done in market-linked instruments, as per your risk appetite you can choose the debt-equity proportion varying across different funds.
Points which must be taken care while buying an Insurance policy to avoid mis-selling:
1) Charges: There are different set of charges which an insurance company charges like Fund Management Charges (FMC), Mortality charges, Admin Charges, Allocation Charges etc. The agents sometime don’t disclose these charges but you really need to check before buying an insurance policy.
2) Illustration: Always ask for an illustration from the agent as it helps you to get exact figure of your fund value @ 6% & 10%. It also helps you to know all the charges & taxes included in the policy.
3) Documents: An Insurance policy can not be logged in without proper documents of the customer like Photograph, Address proof, Identity proof & Income proof (if required), always mention on the documents purpose of providing the documents ex- For purchasing Insurance cover only
4) Terms of the policy: Always cross check all the terms of the policy explained by the agent must be same in the documents/bond you’ve received against the policy you have bought. If it seems to be different, then according to IRDA rule you can return your policy within 15 days time period from the date of policy issued. This period is called "Free Look-up Period".
5) Last Minute Tax-Planning: If you are sincerely planning to secure your family with a policy, then you must do it after a proper examination of the plans & their charges insurers offer. Most of the customers procrastinate their insurance buying decision till March so as to save taxes, however during this time there is a lot of rush and you might just select a plan in a hurry without looking at the charges & fee, therefore its always advisable to take a plan in advance so that you have good enough time to look at the plan details comprehensively.
6) Go for a comparison: Always try to get comparison from different Insurance companies' agents to understand the things better. Compare the benefits as well as the charges of the different companies & chose an appropriate plan best suited for your requirement.
So, do check these things before buying an insurance policy. It is better to do your home work before buying an insurance policy.
Bimadeals is here to help you out in getting comparison from all major Insurance players. You can compare and buy the insurance plan you feel important for yourself and can live a secured life.
To get a better comparison it’s really important to meet the advisors of different companies so that you can sort all your doubts regarding the plan you require and want to buy.
An online comparison can only help you out when you are planning to buy a Term Insurance plan as there you only need to compare the rates and eligibility of different insurance companies, for which you can refer to the link below:
Term Plan Quote
We recommend Term Plan is a Must Buy for the people who have dependents.
Buying a term insurance plan is really important as this is the cheapest form of Insurance where you can secure your loved ones life by only investing a little money. Only after paying a small premium amount you can save up an adequate amount to fulfill your families' needs in your absence.
Saturday, February 6, 2010
Do you know your or others Human Life Value.
The most used definition of HLV is the expected lifetime earning of an individual, i.e., what is the total income that an individual is expected to earn over the remaining years of his work life. In other word, one can say how much would your family need in your absence. This is a tough question. We have tried at our end to resolve this query.
The most efficient way to do it is to calculate Human Life Value.
Human Life value tells you the appropriate amount of sum assured you need to have at present in case of any uncertainty in future. In other words, it is the amount that your family will require if you are not alive. All good financial planners mostly do try to come out with human life value.
Human Life value is determined by 3 main factors: -
Age.
Current & Future Expenses.
Current & Future Saving.
How to calculate?
Let us take an example, where HLV is calculated for Mr P.Raichowdhury based on the present needs & income. Mr P Raichowdhury aged 43 years has an annual income of Rs 10 lacs, spends 3 lacs on his personal expenses, he has a fixed deposit of Rs 6 lac, he also has a loan of Rs 10 lacs and plans to spends 10 lacs each on his son’s education & his daughter’s marriage. His human life value will be as follows:
Annual Income- 100, 00, 00
Less Expense on Self-including Taxes- 300, 000
Contribution toward family standard of living- 700, 000
Multiplying factor- 15
Gross human life value- 105, 00,000
Less liquid assets- 600, 000
Add liabilities- 100, 000
Add amount to fulfill family needs- 200, 00, 00
Human Life value- 129, 00, 000
* We are not including property or jewelry in the above example.
Age Multiplying factor
Up to 35 years 25 times
36 to 40 years 20 times
41 to 45 years 15 times
46 to 50 years 12 times
51 to 60 years 10 times
61 to 65 years 5 times
HLV is just an idea that how much money one should keep aside for financial security of one’s family. To know the exact HLV you can contact any financial advisors. Once you are aware of the amount, you can choose between various life insurance plans for covering yourself.
What we advice is that if you don’t have any Insurance with you, you should at least go for basic Term Plan which is least expensive Insurance. To check Term plan rates as per your age and all companies click here. Term plans do not provide any returns but will give valuable cash in difficult times.
So the easiest way to do this is Life Insurance.
Different people will have different ideas to secure there family future like investing in properties, but our question would be, the hassles involved in selling property or to a create cash is really difficult.
Where as Life insurance provides liquidity & quick money at the time of emergency in case the bread earner of the family is gone.
The most efficient way to do it is to calculate Human Life Value.
Human Life value tells you the appropriate amount of sum assured you need to have at present in case of any uncertainty in future. In other words, it is the amount that your family will require if you are not alive. All good financial planners mostly do try to come out with human life value.
Human Life value is determined by 3 main factors: -
Age.
Current & Future Expenses.
Current & Future Saving.
How to calculate?
Let us take an example, where HLV is calculated for Mr P.Raichowdhury based on the present needs & income. Mr P Raichowdhury aged 43 years has an annual income of Rs 10 lacs, spends 3 lacs on his personal expenses, he has a fixed deposit of Rs 6 lac, he also has a loan of Rs 10 lacs and plans to spends 10 lacs each on his son’s education & his daughter’s marriage. His human life value will be as follows:
Annual Income- 100, 00, 00
Less Expense on Self-including Taxes- 300, 000
Contribution toward family standard of living- 700, 000
Multiplying factor- 15
Gross human life value- 105, 00,000
Less liquid assets- 600, 000
Add liabilities- 100, 000
Add amount to fulfill family needs- 200, 00, 00
Human Life value- 129, 00, 000
* We are not including property or jewelry in the above example.
Age Multiplying factor
Up to 35 years 25 times
36 to 40 years 20 times
41 to 45 years 15 times
46 to 50 years 12 times
51 to 60 years 10 times
61 to 65 years 5 times
HLV is just an idea that how much money one should keep aside for financial security of one’s family. To know the exact HLV you can contact any financial advisors. Once you are aware of the amount, you can choose between various life insurance plans for covering yourself.
What we advice is that if you don’t have any Insurance with you, you should at least go for basic Term Plan which is least expensive Insurance. To check Term plan rates as per your age and all companies click here. Term plans do not provide any returns but will give valuable cash in difficult times.
So the easiest way to do this is Life Insurance.
Different people will have different ideas to secure there family future like investing in properties, but our question would be, the hassles involved in selling property or to a create cash is really difficult.
Where as Life insurance provides liquidity & quick money at the time of emergency in case the bread earner of the family is gone.
Thursday, February 4, 2010
SBI Life to Begin child plan, pension & HNI Ulips
SBI Life Insurance has witnessed a 19(%) per cent growth in its new business premium in the nine-month period ending December 2009, compared with Rs 4,392 crore, while the total premium collection grow by 32 per cent during the same period a year ago.
The company will shortly launch a bunch of Ulips (unit-linked insurance policies) in the child, pension and high net worth individual (HNI) categories.
The new business annualized premium equivalent (APE), a standard calculate in the industry to measure performance, grew by 24.75(%) per cent to Rs 3,953 crore. The company’s assets under management grew by 111.5(%) per cent over the parallel period last year to Rs. 24,589 crore.
Announcing its quarterly results, the company said it posted a profit of Rs 82 crore in October-December period, while in the first nine months of 2009-10, net profit stand at Rs 199 crore.
M N Rao, managing director and chief executive officer, SBI Life Insurance, said, “We will focus on creating value for our customers through leveraging of our common distribution network, brand equity and customer-centric offerings. We will plan to provide Life Insurance solutions to customers across socio-economic and geographical segments, enabling them for a better tomorrow.”
The company has launched a suite of five ULIPs — SBI Life-Unit Plus III Pension, SBI Life-Unit Plus III, SBI Life-Horizon III, SBI Life-Maha Anand II and SBI Life Smart Ulip (Series II).
The company has also introduced two new funds — namely Top 300 Fund, which captures long-term capital appreciation opportunities by investing in stocks of top 300 companies by market capitalisation, and an index fund, which aims to provide returns aligned to the NSE S&P CNX Nifty index.
The company will shortly launch a bunch of Ulips (unit-linked insurance policies) in the child, pension and high net worth individual (HNI) categories.
The new business annualized premium equivalent (APE), a standard calculate in the industry to measure performance, grew by 24.75(%) per cent to Rs 3,953 crore. The company’s assets under management grew by 111.5(%) per cent over the parallel period last year to Rs. 24,589 crore.
Announcing its quarterly results, the company said it posted a profit of Rs 82 crore in October-December period, while in the first nine months of 2009-10, net profit stand at Rs 199 crore.
M N Rao, managing director and chief executive officer, SBI Life Insurance, said, “We will focus on creating value for our customers through leveraging of our common distribution network, brand equity and customer-centric offerings. We will plan to provide Life Insurance solutions to customers across socio-economic and geographical segments, enabling them for a better tomorrow.”
The company has launched a suite of five ULIPs — SBI Life-Unit Plus III Pension, SBI Life-Unit Plus III, SBI Life-Horizon III, SBI Life-Maha Anand II and SBI Life Smart Ulip (Series II).
The company has also introduced two new funds — namely Top 300 Fund, which captures long-term capital appreciation opportunities by investing in stocks of top 300 companies by market capitalisation, and an index fund, which aims to provide returns aligned to the NSE S&P CNX Nifty index.
Monday, February 1, 2010
Life Insurance Policies to be Paperless, as soon
The Life Insurance Council is working on a plan to digitize the sector, which could mean that life insurance policy holders may no longer need to keep paper records of their policies. The plan needs to be approved by the Insurance Regulatory and Development Authority (Irda) before customers can pick its benefits.
Life Insurance Council, which is a body intended for the development and co-ordination in the Life Insurance sector, is analyzing the plan and expects to be finalized within a month, reports PTI. "The proposal will be finalized in a month. We are investigative the issue. The present system involves a lot of logistics," said S.B. Mathur, the Council's Secretary General.
Demat, or digital arrangement of storing information, will appreciably save distribution costs for insurance firms. Two depositories - National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) - together hold and handle accounts in the electronic form or demat accounts. NSDL maintains over one crore demat accounts, while more than 64 lakh accounts are managed by the other depository CDSL.
For More Information about Insurance Policy.
Term Plan, ULIP
Life Insurance Council, which is a body intended for the development and co-ordination in the Life Insurance sector, is analyzing the plan and expects to be finalized within a month, reports PTI. "The proposal will be finalized in a month. We are investigative the issue. The present system involves a lot of logistics," said S.B. Mathur, the Council's Secretary General.
Demat, or digital arrangement of storing information, will appreciably save distribution costs for insurance firms. Two depositories - National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) - together hold and handle accounts in the electronic form or demat accounts. NSDL maintains over one crore demat accounts, while more than 64 lakh accounts are managed by the other depository CDSL.
For More Information about Insurance Policy.
Term Plan, ULIP
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