Life Insurance

The new insurance ordinance stipulates that no insurer can acquire more than 5% in the promoter company but gives them some leeway on holdings in other firms.The Insurance Act 1938 does not prescribe any limit on how much of its parent company an insurer can own.

LIC of India have declared Bonus rate for all its with profit policies.Evert year Actuarial department of LIC do valuation and declares the bonus rates.

Seventy per cent of India’s population have no health insurance and the country is short by 2 million beds compared with the global benchmark, according to a whitepaper released by a leading health sector body.“This ‘while paper’ is an effort to drive thought leadership as we move towards a healthier, ‘Aarogya’ India over the next decade.

In other words, if holder of the policy is life assured, then only he can effect valid nomination under the policy.Policies which are taken during minority of life assured and after policy vests in life assured automatically by completing the age of majority, provided the premiums up to date of vesting have been paid fully, then life assured can effect valid nomination under the policy.

Terminal bonus is also declared in some policies as per their eligibility.The type of bonus declared are simple reversionary, interim or terminal.

have you wondered what is this?But, if claimant (Policy holder/nominee) want this amount to be payable in installment over a period of time, then this amount is payable to claimant in installment for a period of minimum 2 year to 10 years as opted by the claimant.

A Health Insurance Policy would normally cover expenses reasonably and necessarily incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured (for all claims during one policy period).Cumulative Bonus (CB)Health Insurance policies may offer Cumulative Bonus wherein for every claim free year, the Sum Insured is increased by a certain percentage at the time of renewal subject to a maximum percentage (generally 50%).

Have any policy enquiry related to your LIC insurance policy, and you want to know the status and other details on the phone?If yes, then answer if LIC Customer Zone.

Ahead of its Diamond Jubilee year Life Insurance Corporation of India has given a good gift to its agents by changing various norm related to MBG criteria and eligibility norms related to recruitment of agent.This step will be beneficial for both agents as well as Development Officer of LIC.

Insurance is a contract between insurance company and the person want to cover future risk on his life, where the insurer is bound to pay a fixed amount on death of the Life Assured to his nominee in return of premium (one time or regular).This contract starts when insurer accepts the proposal from the proposer on the basis of the details furnished by the proposer in the proposal form (A prescribed format for proposing a life insurance contract).

When a person with a life insurance policy – called a life assured – dies, a claim intimation should be sent to the insurance company as early as possible.The claim intimation should contain information like the date, place and cause of death.

Arun Jatley has proposed to impose a new cess called Krishi Kalyan Cess on the all the services which come under the purview of service tax, including insurance.Earlier service tax was 12.

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings.This plan also takes care of liquidity needs through its loan facility.

After 01/10/2014 all the insurance companies are deducting the tax at source for policies which are not coming under the tax exemption rule for insurance maturity proceeds 10(10)(D).For policies not fulfilling the criteria of 10(10)(D) and where the maturity amount for the same customer in a financial year is more than Rs.

It was proposed in in Union Budget 2015 to increase the service tax from 12.36% to 14%.

Bajaj Allianz General Insurance offers cover for any injury that occurs during adventure sports under a professional trainer/assistance.It is covered under medical sum insured limit of the comprehensive travel insurance, says Renuka Kanvinde, Associate Vice-President.

“Mis-Selling in Insurance Industry – Things to know & learn” is the title of the IRDA’s May 2015 Journal.In this Journal industry experts have given their veiws on mis-selling in insurance industry and how a customer should protect himself from mis-selling.

Higher the premium, higher is the loyalty addition in Jeevan Saral.This year loyalty addition declared in Jeevan Saral is more than the loyalty addition declared last year, you can compare both the rates are given below.

Pradhan Mantri Suraksha Bima Yojana (PMBSY) is a Accidental Insurance scheme and renewable year to year.Click Here To Download Forms of Pradhan Mantri Suraksha Bima YojanaThe scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

One is Children money back plan (Table No.832) while other is a close ended single premium plan named Jeevan Sangam (Table No.