A three-member team of experts, including Pradeep Ghosh of the NGO Oasis Bhopal, Dr T V Ramesh of Insurance brokering firm Alegion in Chennai, and Shyamala, director of Adi (formely Spastic Society of Northern India, has been working on the insurance scheme with the actuaries of insurance companies for the last four months.
Pradeep Ghosh, one of the experts working out details of the insurance scheme with actuaries, said it was likely to be implemented on a pilot basis in one or two districts to begin with and would be spread out to the rest of the country in phases. Ghosh added that it was a big achievement for the disabled as they had been denied insurance cover by all companies so far.
Ghosh himself an Ashoka social entrepreneur who was formerly with the IT sector said the insurance companies came forward for a Governemnt-supported insurance scheme after disability activists and lawyer Colin Gonsalvez threatened last year to move the court on the denial of insurance cover to disabled.
Poonam Natarajan Chairperson of the National Trust said that the scheme was being processed and she would not be in a position to give details now.
However sources said that the insurance cover would later incorporate products like endowment policies which would provide pensions to the disabled.
The two national agencies on disability would be sending a proposal of demands to the insurance companies and the scheme is likely to be implemented in this financial year, sources said.
Thursday, November 27, 2008
Wednesday, November 26, 2008
Key Benefits of PRAVASI SURAKSHA
Key Benefits of PRAVASI SURAKSHA
• Covers Death due to accident, P.T.D (Permanent Total Disability) due to accident, Loss of one eye/one limb due to accident and
Loss of both limbs / one eye and one limb or both eyes.
• If the death of the insured occurs due to accident /illness in a foreign country, the expense incurred for repatriation of the
body to India up to Rs. 50,000/- (including airfare of an accompanying person) OR if the insured is to be brought to India ALIVE
after an accident, airfare for the insured as well as for the accompanying person upto Rs. 50,000/- is payable, provided a
valid claim is admitted under PS & KA Scheme.
• Covers Death due to accident, P.T.D (Permanent Total Disability) due to accident, Loss of one eye/one limb due to accident and
Loss of both limbs / one eye and one limb or both eyes.
• If the death of the insured occurs due to accident /illness in a foreign country, the expense incurred for repatriation of the
body to India up to Rs. 50,000/- (including airfare of an accompanying person) OR if the insured is to be brought to India ALIVE
after an accident, airfare for the insured as well as for the accompanying person upto Rs. 50,000/- is payable, provided a
valid claim is admitted under PS & KA Scheme.
Who can enroll for PRAVASI VANITHA SURAKSHA SCHEME
Who can enroll for PRAVASI VANITHA SURAKSHA SCHEME ?
• Any female non-resident Indian working abroad.
• Such female non-resident Indian should already be enrolled for Pravasi Suraksha Scheme I or II OR should be applying
simultaneously for Pravasi Suraksha and Pravasi Vanitha. She also has the option to join the Kudumba Arogya Scheme
• Any female non-resident Indian working abroad.
• Such female non-resident Indian should already be enrolled for Pravasi Suraksha Scheme I or II OR should be applying
simultaneously for Pravasi Suraksha and Pravasi Vanitha. She also has the option to join the Kudumba Arogya Scheme
Who can enrol for KUDUMBA AROGYA ?
Who can enrol for KUDUMBA AROGYA ?
• Any Non Resident Indian who has already enrolled for the Pravasi Suraksha (PS ) Scheme.
• Spouse, of an NRI who has already enrolled in the PS & KA Scheme. He/she can be resident in India or abroad.
• Children, of an NRI who has already enrolled in the PS & KA Scheme. They can be resident in India or abroad.
• Parents (below 70 years), of an NRI who have already enrolled in the PS & KA Scheme. They can be resident in
India or abroad. Parents cannot enrol in the PS Scheme
• Any Non Resident Indian who has already enrolled for the Pravasi Suraksha (PS ) Scheme.
• Spouse, of an NRI who has already enrolled in the PS & KA Scheme. He/she can be resident in India or abroad.
• Children, of an NRI who has already enrolled in the PS & KA Scheme. They can be resident in India or abroad.
• Parents (below 70 years), of an NRI who have already enrolled in the PS & KA Scheme. They can be resident in
India or abroad. Parents cannot enrol in the PS Scheme
Who can enrol for PRAVASI SURAKSHA
AmulyWho can enrol for PRAVASI SURAKSHA ?
• Any Non Resident Indian; and alongwith him/her
• Spouse of the NRI even if he/she is resident in India
• Children of the NRI even if they are resident in India
• Any Non Resident Indian; and alongwith him/her
• Spouse of the NRI even if he/she is resident in India
• Children of the NRI even if they are resident in India
Thursday, November 13, 2008
VPI
Pet insurance is a system of protecting the lives of the pets, like dogs, cats and puppies. After insuring the pet, the pet insurance companies are responsible to look after the pet in their illness and injuries. VPI (Veterinary Pet Insurance) was introduced in 1982 and providing health insurance for pets. Pet insurance company takes annual physical reports of pets and gives vaccinations. Pet insurance covers the medical problems, accidents, illness and injuries of pets. Pet insurance gives most comprehensive and flexible care, and peace of mind to pets and their owners. Pet insurance is one of the best ways to keep the life of your pets safe. Furthermore, some form of insurance covers the pet insurance up to 1/8 of all pets in the United Kingdom and less then 1% of American pets. Consequently, more and more American owners of pets are buying the pet insurance for their pets as well.
Life insurance is a policy
The whole life insurance is a policy that pays a lump amount on the death or other illness. The level of sum varies between the fixed sums to one that is very needy on the other operating costs. The whole life insurance is an accord that is assured by the individual for whole life and not limited in future for serious illnesses, such as aids and cancer etc. The life insurance has generally many types, like donation, imprecise premium, limited payment, single premium and economic.
Protection Policies
Life Insurance falls into two major categories, namely Protection Policies, and Investment Policies. Nobody is adequate to take part in the settlements of life insurance. Generally, the life insurance is completed with the people, who are over than the age of sixty-five years and hope to live between the two to twenty years more. If you want to contribute in the resolution of life insurance, then you will have to find a suitable monetary advisor. Even the act of life insurance is not much complicated for anybody. The life insurance settlements are only done for the policies, which are valued of 100,000 dollars of amount. You can have the advantages of these types of policies, such as whole life insurance policy and universal life insurance policy.
Life insurance became very popular
Life insurance is a best part of caring about the life of people. Very first record of life insurance was recorded in Roman. Life insurance was introduced first time in England, in 1600. Life insurance became very popular among the human beings for saving their lives. Life insurance is an important part for personal safety of people. Life insurance is a way to provide financial support to the family after the death of insured person. Life insurance depends on the factors of health and employment of insurer. Life insurance premium is based on the factors of age, gender, occupation and health. Insurance guarantees an explicit addition of money to a selected recipient upon the death of the insured persons. It is a security against the loss of income that would result, if the insured person dies. Life Insurance is a contract between the insurer and policy owner where the both insurer and owner agree to do their specific duties. Life Insurance cover the events of death, diagnose of terminal diseases, disability due to weak health, permanent disability and accidental death.
Individual Members
There are a number of principles of insurance. The majority of insurance policies are offered for individual members of very high classes. Automobile insurance, for instance, enclosed about 175 million automobiles in the United States in 2004. The continuation of a large number of homogeneous introduction units permits insurers to get advantage from the so-called “law of large numbers,” which in consequence states that as the number of contact units enlarges the definite results are ever more likely to turn into close to probable results. Lloyd’s of London is well-known for insuring the life or health of actors, actresses and sports figures. Dependency launch insurance coats events are rare. Large profitable property policies may insure excellent properties for which there are no ‘homogeneous’ contact units. In spite of failing on this principle, many exposures are usually considered to be insurable.
History tells
The history tells that the insurance principals were present with human beings from the beginning. Men of early times used to help each other at misshapenness, like house burn and diseases etc. The early Mediterranean sailing merchants firstly practiced this system. At the beginning of each New Year of Iran, the people gave some gift to the monarch. If the gift of someone were worth more than 10,000 derricks, he would register with the special office. The main advantage of this registration was that, the registered person could help in the trouble of the monarch and court. Now there are numberless insurance companies working today around the world and a part of population is earning by this business
economic Insurance is a form of risk management
Law and economic Insurance is a form of risk management, primarily used opposite to the risks of contingent loss. Word insurance mean is “protection against the losses”. Insurance is a risk of potential loss from one entity to the other for the exchange of premium and duty of care for the life, vehicle and other financial goods. It can be said that the insurance occurs with the appearance of human society. Insurance is intended to help the people. For example, if the house of anybody burns the people of society, the insurance policy helps the effected person to build a new house. In 600AD, Greek and Romans introduced the origin of life and health insurance. England produced his first fire insurance company in 1680, for the people whose houses burn by fire. There are two types of insurance companies worldwide, first is life insurance and the second is general insurance company.
Sunday, October 19, 2008
Automobile insurance
Automobile insurance provides safety to the motor vans, such as cars, buses, motor bikes, trucks and many other vehicles. Automobile insurance provides protection against the result of accidents and burning, or other loses. A vehicle is declared destroyed if its creative replacement is cheaper than its repair. In many countries of the world, it is must to acquire automobile insurance while driving on roads. Automobile insurance is prevailing according to the gender, age and distance. The insurance companies protect consumers from serious financial losses as a result of road accidents. Automobile is a type of insurance that cares for the policyholders against the losses connected to automobiles. The policyholders can pay money for much different treatment on their requirements, like bodily injury legal responsibility, property damage liability, physical damage coverage and medical payments. Any insurance company can state a vehicle completely destroyed. In fact, the substitute of any vehicle is so much cheaper than its revamp. The automobile insurance includes three types: the insured party, insured vehicle and third party. Specially, any car or truck can be guaranteed beside the fire damage, theft and accident damages.
Automobile Insurance
The automobile insurance is connected with responsibilities, collision, uninsured motorist and comprehensive coverage. In the other words, automobile insurance is an insurance of cars and motors that is paid for cars, trucks and other motor vehicles. Automobile insurance is used to present safety against losses, because of automobile accidents. The automobile insurance quotation marks are very well-known in Canada and United States of America. The purpose of automobile insurance companies is to propose you great safety on the financial losses, if you have smashed an accident. You should pay your yearly and monthly premium and in return, the company will tolerate your all losses. In the automobile insurance quotation marks, the insurer company proffers property, medical and legal responsibility coverage to the policyholders. The property coverage is paid for harm or theft of cars and trucks. Accountability coverage is associated with the legal responsibilities and other injuries.
Medical coverage
The medical coverage is selected for the cost of treating injuries, rehabilitations and memorial service expenses. A number of other cities have also the facility of automobile insurance. For example, Florida has also a number of automobile insurance companies offering great insurance packages. If you want to contact with an automobile insurance company, you should check the information about best automobile insurance company from internet.
What if I am not satisfied even with the decision of the appellate authority?
What if I am not satisfied even with the decision of the appellate authority?
Under the Act, if you are not satisfied with the decision of the appellate authority within IRDA, you can appeal to the Central Information Commissioner appointed in terms of Chapter 3 of the Right to Information Act, 2005.
Under the Act, if you are not satisfied with the decision of the appellate authority within IRDA, you can appeal to the Central Information Commissioner appointed in terms of Chapter 3 of the Right to Information Act, 2005.
Do I have a right to appeal?
Do I have a right to appeal?
Under the Right to Information Act, 2005 you have the right to appeal if you are not satisfied with the information provided by IRDA or its decision not to provide the information
Under the Right to Information Act, 2005 you have the right to appeal if you are not satisfied with the information provided by IRDA or its decision not to provide the information
How long will IRDA take to provide information?
How long will IRDA take to provide information?
IRDA will, within 30 days of receipt of the application for information along with the fee, communicate to the requestor whether it can or cannot provide the information
IRDA will, within 30 days of receipt of the application for information along with the fee, communicate to the requestor whether it can or cannot provide the information
Will I have to pay to get the information?
Will I have to pay to get the information?
As per the Right to Information (Regulation of Fee and Cost) Rules, 2005, the public authority shall charge:
- Rs.2/- for each page (in A-4 or A-3 size paper) created or copied;
- actual charge or cost price of a copy in larger size paper;
- actual cost or price for samples or models; and ?
- for inspection of records, no fee for the first hour; and a fee of Rs.5/- for each 15 minutes (or fraction thereof thereafter)
Further, to provide information under Section 7(5) of the Right to Information Act, 2005, the public authority shall charge:
- Rs. 50/- per diskette or floppy; and
- for information provided in printed form at the price fixed for such publication or Rs. 2/- per page of photocopy for extracts from the publication
As per the Right to Information (Regulation of Fee and Cost) Rules, 2005, the public authority shall charge:
- Rs.2/- for each page (in A-4 or A-3 size paper) created or copied;
- actual charge or cost price of a copy in larger size paper;
- actual cost or price for samples or models; and ?
- for inspection of records, no fee for the first hour; and a fee of Rs.5/- for each 15 minutes (or fraction thereof thereafter)
Further, to provide information under Section 7(5) of the Right to Information Act, 2005, the public authority shall charge:
- Rs. 50/- per diskette or floppy; and
- for information provided in printed form at the price fixed for such publication or Rs. 2/- per page of photocopy for extracts from the publication
At what stage will I have to pay this cost?
At what stage will I have to pay this cost?
If IRDA has the information and can provide it to you it will, within 30 days of its receiving the application along with appropriate fees, communicate to you the cost of providing the information as prescribed under Section 7(1) of Right to Information Act.
If IRDA has the information and can provide it to you it will, within 30 days of its receiving the application along with appropriate fees, communicate to you the cost of providing the information as prescribed under Section 7(1) of Right to Information Act.
KUDUMBA AROGYA
KUDUMBA AROGYA
Hospitalisation expenses available to NRI (and family) for 5 years either jointly or individually including airfare to India for treatment of major ailments / grievous injury KA-I KA-II
Rs. 1,00,000/- Rs. 2,00,000/-
ONE TIME PREMIUM PAYABLE AT INCEPTION KA-I
KA-II
Indian UAE US Indian UAE US
Rupees Dirhams Dollars Rupees Dirhams Dollars
1. NRI alone 1500/- 130 35.65 2925 255 70.00
2. Second member (NRI + Spouse or one child) + 450/- + 40 + 11.00 + 875/- + 75 + 20.55
3. Third member (NRI+ Spouse + one child) + 300/- + 30 + 8.25 + 590/- + 55 + 15.05
4. Fourth member (NRI + Spouse + 2 children) + 250/- + 22 + 6.00 + 490/- + 42 + 11.50
5. Child exceeding two nos. + 250/- each + 22 each + 6.00 each + 490 each + 42 each + 11.50 each
6. Parents below 70 years (if NRI is married, spouse and children must be included) + 650/- + 60 + 16.50 +1270/- + 110 + 30.15
Hospitalisation expenses available to NRI (and family) for 5 years either jointly or individually including airfare to India for treatment of major ailments / grievous injury KA-I KA-II
Rs. 1,00,000/- Rs. 2,00,000/-
ONE TIME PREMIUM PAYABLE AT INCEPTION KA-I
KA-II
Indian UAE US Indian UAE US
Rupees Dirhams Dollars Rupees Dirhams Dollars
1. NRI alone 1500/- 130 35.65 2925 255 70.00
2. Second member (NRI + Spouse or one child) + 450/- + 40 + 11.00 + 875/- + 75 + 20.55
3. Third member (NRI+ Spouse + one child) + 300/- + 30 + 8.25 + 590/- + 55 + 15.05
4. Fourth member (NRI + Spouse + 2 children) + 250/- + 22 + 6.00 + 490/- + 42 + 11.50
5. Child exceeding two nos. + 250/- each + 22 each + 6.00 each + 490 each + 42 each + 11.50 each
6. Parents below 70 years (if NRI is married, spouse and children must be included) + 650/- + 60 + 16.50 +1270/- + 110 + 30.15
Thursday, October 9, 2008
Health insurance
Health insurance was introduced by Hugh Elder Chamberlen from the family of Peter Chamberlen in 1694. Health insurance is a legal contract between insurance company and the customer, by annually premium. Health insurance cares and protects the lives by giving medical facilities and medical advantages to individuals and families. All insurance companies use the word of “adverse selection” for those who get benefit from health insurance. Health insurance is affected and increase prices of premium by insufficient exercises and unhealthy food choices, like use of alcohol, smoking, drugs and obesity.
introduced in 1694
The health insurance was introduced in 1694 by Huge, the elder chamberlen from the peter chamberlen family. At start, they insure only the emergency cases. In 20th century, they changed the law. According to this law, they started to insure all the cases including emergency and routine medical checkup etc. Now health insurance has attained much importance. Great personalities are health insured by different companies. A health insurance project is a yearly renewable agreement between the individual health insurance and insurance companies. The health insurance companies have a highest relationship of suppliers that agree to control the approving charges of the remnants.
health insurance is paid money by more than 85%
There are a number of health insurance companies in allover the world. Many companies in the United States have presented the offer of health insurance policies for the people of America. As an opinion, health insurance is paid money by more than 85% Americans. About 65% Americans have increased health insurance through their employments. There are many health insurance companies in the USA, but one of the best companies is Florida health insurance
Florida Health Insurance Company
Florida Health Insurance Company is so much better as compared to the other health insurance companies. Florida health insurance premiums oscillate seriously between the several plans and carriers. To keep your premiums of the health insurance down, you have to do the entry to different quotes of insurance. The Florida health insurance company has “A” rated plans in all through the United States of America. The Florida health insurance can be bought from the online services also. A number of websites are also offering health insurance. Cheap health insurance companies are also there to help those who cannot pay enough money. Florida Health Insurance Company is also offering cheap packages.
insurance companies reimburse the patient
Dental insurance was started in 1970 for the patients who required dental treatments. Dental insurance companies determine the diseases, treatments and fee of the particular services. Dental insurance is coverage for individuals and family members to protect them against the dental diseases. Dental insurance companies reimburse the patient with teeth problem faster than the dentists. Dental insurance become necessary in daily life due to the increasing costs of specialist dentists. So, dental insurance is helpful for health and appearance to look after the teeth. It is very imperative to find the treatment of various dental insurance plans before going for a dental insurance plan. In fact, the best-suited dental insurance plan has great outcome in the trouble of teeth. Most people know that the dental treatment has great significance. The dental insurance plans are included on dental injuries, illness and accidents, which can allege numerous thousand dollars to maintain. The dental care coverage providers use some terms and terminologies to announce their problems, solutions and coverage of these dental insurance plans.
Dental insurance system
Dental insurance system is related to the losses against the dental problems. The dental insurance is recognized to offer the quantity that is connected with the dental care. The main aim of the dental insurance is to pay the bills to the dentists, hospitals and other resources of dental services. The dental insurance saves the people from the monetary adversities, caused by amazing dental expenditures. The organization of American Dental states that more than the half of population in the United States is not together with any dental insurance plans. There are two major types of dental insurance: Preferred Provider Organization (PPO) and Dental Health Maintenance Organization (DHMO
number of companies
There are a number of companies in the world that have provided the insurance facilities to the people, but one of them is Florida Dental Insurance. The Florida Dental Insurance company is offering both the individual and group dental plans. Florida dental insurance provides the advantages of free maintenance benefits. There is no any age limitation on the policy of Florida dental insurance. This insurance company is providing up to 60% discount on their procedures. There is no restriction on the deductibles, claim forms, maximum limitations and for the waiting time. Many dental insurance companies are also available in other cities. Online dental insurance companies are also available. The Delta dental insurance is very famous in all across the California, Washington and Oregon, as a huge network services.
social security cum insurance cover
The National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental retardation and Multiple disabilities and the Chief Commissioner for Persons with Disabilities are working out the social security cum insurance cover with various insurance companies
Wednesday, September 24, 2008
How do I send my application?
How do I send my application?
As per the Right to Information (Regulation of Fee and Cost) Rules, 2005 prescribed by the Government of India: a request for obtaining information under Section 6(1) of RIA needs to be accompanied by an application fee of Rs.10 by way of cash against proper receipt or by DD or bankers’ cheque.
You could send your request by post accompanied by the application fee of Rs.10/- payable by demand draft or bankers’ cheque favouring Insurance Regulatory and Development Authority. The fee can also be paid in cash along with the application. Applications can also be made over fax or email. IRDA will take up the application for consideration, as required under the Act, only after the application fee has been received.
As per the Right to Information (Regulation of Fee and Cost) Rules, 2005 prescribed by the Government of India: a request for obtaining information under Section 6(1) of RIA needs to be accompanied by an application fee of Rs.10 by way of cash against proper receipt or by DD or bankers’ cheque.
You could send your request by post accompanied by the application fee of Rs.10/- payable by demand draft or bankers’ cheque favouring Insurance Regulatory and Development Authority. The fee can also be paid in cash along with the application. Applications can also be made over fax or email. IRDA will take up the application for consideration, as required under the Act, only after the application fee has been received.
Making an Application under the Right to Information Act, 2005
Making an Application under the Right to Information Act, 2005
Citizens of India will have to make the request for information in writing, clearly specifying the information sought under the Right to Information Act, 2005. The application for request should give the contact details (postal address, telephone number, fax number, email address) so that the applicants can be contacted for clarifications or for further information. As per the Act, information can be furnished only to citizens of India but not to others.
Citizens of India will have to make the request for information in writing, clearly specifying the information sought under the Right to Information Act, 2005. The application for request should give the contact details (postal address, telephone number, fax number, email address) so that the applicants can be contacted for clarifications or for further information. As per the Act, information can be furnished only to citizens of India but not to others.
Complaints from Policyholders
Complaints from Policyholders
Policyholders who have complaints against insurers are required to first approach the Grievance/Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA. For details of contact, please visit IRDA website http://irdaho/irdaweb/grievancescell.htm
Policyholders who have complaints against insurers are required to first approach the Grievance/Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA. For details of contact, please visit IRDA website http://irdaho/irdaweb/grievancescell.htm
Complaints against Insurance Companies
Complaints against Insurance Companies
IRDA has provided for a separate channel for lodging complaints against deficiency of services rendered by Insurance Companies. If you have a complaint/grievance against an insurance company for poor quality of service rendered by any of its offices/branches, please approach the Nodal Officer of the Insurance Company concerned. In case you are not satisfied with the Insurance Company’s response you may also file a complaint with the Insurance Ombudsman in your State. The Insurance Ombudsman is an independent office to provide speedy and cost effective resolution of grievances to the customers. For more details on Insurance Ombudsman Scheme and their contact numbers, please vi
IRDA has provided for a separate channel for lodging complaints against deficiency of services rendered by Insurance Companies. If you have a complaint/grievance against an insurance company for poor quality of service rendered by any of its offices/branches, please approach the Nodal Officer of the Insurance Company concerned. In case you are not satisfied with the Insurance Company’s response you may also file a complaint with the Insurance Ombudsman in your State. The Insurance Ombudsman is an independent office to provide speedy and cost effective resolution of grievances to the customers. For more details on Insurance Ombudsman Scheme and their contact numbers, please vi
CUSTOMER PROTECTION:
CUSTOMER PROTECTION:
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.
INSURANCE PRODUCTS
INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in touch with the current insurers – website information of insurers is provided at the web page for insurers ):
Life Insurance:
Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.
General Insurance:
Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )
2001
New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers.
Life Insurance:
Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.
General Insurance:
Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )
2001
New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers.
INSURANCE BUSINEES:
INSURANCE BUSINEES:
Insurance business is divided into four classes :
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact the rest.
No composites are permitted as per law.
Insurance business is divided into four classes :
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact the rest.
No composites are permitted as per law.
LIST OF LIFE INSURERS
List of Life Insurers
Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd.
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Shriram Life Insurance Co, Ltd.
16 Bharti AXA Life Insurance Company Ltd.
17 Future Generali Life Insurance Company Ltd.
18 IDBI Fortis Life Insurance Company Ltd.
19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20 AEGON Religare Life Insurance Company Limited.
21 DLF Pramerica Life Insurance Co. Ltd.
Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd.
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Shriram Life Insurance Co, Ltd.
16 Bharti AXA Life Insurance Company Ltd.
17 Future Generali Life Insurance Company Ltd.
18 IDBI Fortis Life Insurance Company Ltd.
19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20 AEGON Religare Life Insurance Company Limited.
21 DLF Pramerica Life Insurance Co. Ltd.
Tuesday, September 9, 2008
Started receiving the money
These banks, which had made a profit while rounding off their accounts, had been asked by the Supreme Court to spend the money for public good specifically for the disabled after a PIL three years ago.
The ministry, which has started receiving the money, plans to implement the insurance scheme in this financial year using the funds
The ministry, which has started receiving the money, plans to implement the insurance scheme in this financial year using the funds
Insurance cover by companies
The disabled who have been denied insurance cover by companies all these years stand to get insurance as a right once the scheme is in place this year. The source of the funding of the insurance scheme is also unique.
It is to be funded through a Rs 2400 crore (Rs 24 billion) corpus that has accrued to the Ministry for Social Justice and Empowerment from public sector banks.
It is to be funded through a Rs 2400 crore (Rs 24 billion) corpus that has accrued to the Ministry for Social Justice and Empowerment from public sector banks.
Key benefits of PRAVASI VANITHA SURAKSHA SCHEME
Key benefits of PRAVASI VANITHA SURAKSHA SCHEME
• Permanent partial disablement and temporary total disablement due to accident upto a maximum of Indian Rs. 2,50,000/-
Compensation payable for permanent disability as a percentage of the Capital Sum Insure of RS. 2,50,000/- depending
upon the type of disability. Eg.:
• Permanent partial disablement and temporary total disablement due to accident upto a maximum of Indian Rs. 2,50,000/-
Compensation payable for permanent disability as a percentage of the Capital Sum Insure of RS. 2,50,000/- depending
upon the type of disability. Eg.:
Key benefits of KUDUMBA AROGYA
Key benefits of KUDUMBA AROGYA
• Hospitalisation treatment in any 15 bed hospitals in India and for C class cities, the number of beds will be reduced to 10.
• Hospitalisation for a minimum period of 24 hours is admissible.
• For defined major diseases, airfare to India from country of employment is payable.
• Hospitalisation treatment in any 15 bed hospitals in India and for C class cities, the number of beds will be reduced to 10.
• Hospitalisation for a minimum period of 24 hours is admissible.
• For defined major diseases, airfare to India from country of employment is payable.
Key Benefits of PRAVASI SURAKSHA
Key Benefits of PRAVASI SURAKSHA
• Covers Death due to accident, P.T.D (Permanent Total Disability) due to accident, Loss of one eye/one limb due to accident and
Loss of both limbs / one eye and one limb or both eyes.
• If the death of the insured occurs due to accident /illness in a foreign country, the expense incurred for repatriation of the
body to India up to Rs. 50,000/- (including airfare of an accompanying person) OR if the insured is to be brought to India ALIVE
after an accident, airfare for the insured as well as for the accompanying person upto Rs. 50,000/- is payable, provided a
valid claim is admitted under PS & KA Scheme.
• In case of death of the insured NRI due to accident :
a) Educational grant of Rs. 50,000/- each to two children below 25 years who continue their education.
b) Marriage grant : Rs. 50,000/- each for two unmarried daughters.
• To and Fro airfare to India in case of death due to accident of his/her spouse or children subject to a limit of
Rs. 50,000/- once during the policy period.
• Covers Death due to accident, P.T.D (Permanent Total Disability) due to accident, Loss of one eye/one limb due to accident and
Loss of both limbs / one eye and one limb or both eyes.
• If the death of the insured occurs due to accident /illness in a foreign country, the expense incurred for repatriation of the
body to India up to Rs. 50,000/- (including airfare of an accompanying person) OR if the insured is to be brought to India ALIVE
after an accident, airfare for the insured as well as for the accompanying person upto Rs. 50,000/- is payable, provided a
valid claim is admitted under PS & KA Scheme.
• In case of death of the insured NRI due to accident :
a) Educational grant of Rs. 50,000/- each to two children below 25 years who continue their education.
b) Marriage grant : Rs. 50,000/- each for two unmarried daughters.
• To and Fro airfare to India in case of death due to accident of his/her spouse or children subject to a limit of
Rs. 50,000/- once during the policy period.
PRAVASI VANITHA SURAKSHA SCHEME
Who can enroll for PRAVASI VANITHA SURAKSHA SCHEME ?
• Any female non-resident Indian working abroad.
• Such female non-resident Indian should already be enrolled for Pravasi Suraksha Scheme I or II OR should be applying
simultaneously for Pravasi Suraksha and Pravasi Vanitha. She also has the option to join the Kudumba Arogya Scheme.
• Any female non-resident Indian working abroad.
• Such female non-resident Indian should already be enrolled for Pravasi Suraksha Scheme I or II OR should be applying
simultaneously for Pravasi Suraksha and Pravasi Vanitha. She also has the option to join the Kudumba Arogya Scheme.
KUDUMBA AROGYA
Who can enrol for KUDUMBA AROGYA ?
• Any Non Resident Indian who has already enrolled for the Pravasi Suraksha (PS ) Scheme.
• Spouse, of an NRI who has already enrolled in the PS & KA Scheme. He/she can be resident in India or abroad.
• Children, of an NRI who has already enrolled in the PS & KA Scheme. They can be resident in India or abroad.
• Parents (below 70 years), of an NRI who have already enrolled in the PS & KA Scheme. They can be resident in
India or abroad. Parents cannot enrol in the PS Scheme.
• Any Non Resident Indian who has already enrolled for the Pravasi Suraksha (PS ) Scheme.
• Spouse, of an NRI who has already enrolled in the PS & KA Scheme. He/she can be resident in India or abroad.
• Children, of an NRI who has already enrolled in the PS & KA Scheme. They can be resident in India or abroad.
• Parents (below 70 years), of an NRI who have already enrolled in the PS & KA Scheme. They can be resident in
India or abroad. Parents cannot enrol in the PS Scheme.
PRAVASI SURAKSHA
AmulyWho can enrol for PRAVASI SURAKSHA ?
• Any Non Resident Indian; and alongwith him/her
• Spouse of the NRI even if he/she is resident in India
• Children of the NRI even if they are resident in India
• Any Non Resident Indian; and alongwith him/her
• Spouse of the NRI even if he/she is resident in India
• Children of the NRI even if they are resident in India
Saturday, August 23, 2008
Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan-I
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan-I
LIC policies
As individuals it is inherent to differ. Each individual s insurance needs and requirements are different from that of the others. LIC s Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement
Monday, August 11, 2008
Establishing
Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date
Standard line insurance
standard line insurance companies are your "main stream" insurers. These are the companies that typically insure your auto, home or business. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.
Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as do the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them
Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as do the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them
Financing Strategy
Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:
* heavy and increasing premium costs in almost every line of coverage;
* difficulties in insuring certain types of fortuitous risk;
* differential coverage standards in various parts of the world;
* rating structures which reflect market trends rather than individual loss experience;
* insufficient credit for deductibles and/or loss control efforts
* heavy and increasing premium costs in almost every line of coverage;
* difficulties in insuring certain types of fortuitous risk;
* differential coverage standards in various parts of the world;
* rating structures which reflect market trends rather than individual loss experience;
* insufficient credit for deductibles and/or loss control efforts
Financial stability
The financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies.
Virtual Insurance
Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.
Purchasers
Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverages, policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company
Premiums
In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used.
International Association for the Study of Insurance Economics
* Global assets under management
* Insurance law
* Intergovernmental Risk Pool
* Insurance Hall of Fame
* Subrogation
* Uberrima fides
* Social security
* Universal health care
* Welfare state
* Insurance law
* Intergovernmental Risk Pool
* Insurance Hall of Fame
* Subrogation
* Uberrima fides
* Social security
* Universal health care
* Welfare state
Tuesday, July 22, 2008
Limited purpose Insurance
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100 percent subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate.
Valability Insurance
Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.
The financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies
The financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies
Valability Insurance
Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.
The financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies
The financial stability and strength of an insurance company should be a major consideration when purchasing an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies
Self-Insurance
In the United Kingdom The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether.
which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.
which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.
Policy Contracts
Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.
Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverages, policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company.
Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverages, policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company.
Denying Coverage
Redlining is the practice of denying insurance coverage in specific geographic areas, purportedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.[11]
In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used.
In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used.
Insurance patents
Further information: Insurance patent
New insurance products can now be protected from copying with a business method patent in the United States.
A recent example of a new insurance product that is patented is telematic auto insurance. It was independently invented and patented by a major U.S. auto insurance company, Progressive Auto Insurance (U.S. Patent 5,797,134 ) and a Spanish independent inventor, Salvador Minguijon Perez (EP patent 0700009).
The basic idea of telematic auto insurance is that a driver's behavior is monitored directly while he or she drives and the information is transmitted to the insurance company. The insurance company uses the information to assess the likelihood that a driver will have an accident and adjusts premiums accordingly. A driver who drives great distances at high speeds, for example, might be charged a different rate than a driver who drives short distances at low speeds. The precise effect on charges is not known as it is not clear that a high speed long distance driver incurs greater risk to an insurance pool than the slow around-town driver.[citation needed]
New insurance products can now be protected from copying with a business method patent in the United States.
A recent example of a new insurance product that is patented is telematic auto insurance. It was independently invented and patented by a major U.S. auto insurance company, Progressive Auto Insurance (U.S. Patent 5,797,134 ) and a Spanish independent inventor, Salvador Minguijon Perez (EP patent 0700009).
The basic idea of telematic auto insurance is that a driver's behavior is monitored directly while he or she drives and the information is transmitted to the insurance company. The insurance company uses the information to assess the likelihood that a driver will have an accident and adjusts premiums accordingly. A driver who drives great distances at high speeds, for example, might be charged a different rate than a driver who drives short distances at low speeds. The precise effect on charges is not known as it is not clear that a high speed long distance driver incurs greater risk to an insurance pool than the slow around-town driver.[citation needed]
Telematic
The basic idea of telematic auto insurance is that a driver's behavior is monitored directly while he or she drives and the information is transmitted to the insurance company. The insurance company uses the information to assess the likelihood that a driver will have an accident and adjusts premiums accordingly. A driver who drives great distances at high speeds, for example, might be charged a different rate than a driver who drives short distances at low speeds. The precise effect on charges is not known as it is not clear that a high speed long distance driver incurs greater risk to an insurance pool than the slow around-town driver.[citation needed]
A British auto insurance company, Norwich Union, has obtained a license to both the Progressive patent and Perez patent. They have made investments in infrastructure and developed a commercial offering called "Pay As You Drive" or PAYD.
A British auto insurance company, Norwich Union, has obtained a license to both the Progressive patent and Perez patent. They have made investments in infrastructure and developed a commercial offering called "Pay As You Drive" or PAYD.
Independent Visitors
Many independent inventors are in favor of patenting new insurance products since it gives them protection from big companies when they bring their new insurance products to market. Independent inventors account for 70 percent of the new U.S. patent applications in this area.
Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp.
Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp.
Insurance Industry
Certain insurance products and practices have been described as rent seeking by critics. That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products. Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.
Criticism
Some people believe that modern insurance companies are money-making businesses which have little interest in insurance. They argue that the purpose of insurance is to spread risk so the reluctance of insurance companies to take on high-risk cases (e.g. houses in areas subject to flooding, or young drivers) runs counter to the principle of insurance.
Effeciencey
SMART Assure offers the customer a choice of allocating up to 100% of premium paid beyond specified premium bracket. As the premium amount goes up, the allocation charges keep decreasing with no allocation charges levied on premiums upward of Rs. 3 lakhs. This strengthens the value proposition of the plan incentivising the customer to move to higher investments and get better returns.
Loyalty units on maturity- The plan allocates guaranteed Persistency Units to the customer s Fund Value at maturity. The persistency units will be equal to a percentage of fund value at maturity.which increases with the term of the plan and thus promoting long-term saving behaviour.
Loyalty units on maturity- The plan allocates guaranteed Persistency Units to the customer s Fund Value at maturity. The persistency units will be equal to a percentage of fund value at maturity.which increases with the term of the plan and thus promoting long-term saving behaviour.
Affordable
Increasing premium Option: SMART Assure offers an increasing premium option under which the customer has the choice to increase the annual premium by 5% of the initial premium on each policy anniversary and accordingly the sum assured also increases @ 5% per annum without any additional underwriting. This feature not only takes care of the inflation and future value of money but also enables the customer achieve a much larger fund value through a minimal increase in the premium amount each year.
Flexibility
Dynamic Fund Allocation- SMART Assure strikes the right balance between risk and return with respect to years remaining for year to maturity of the policy. When the policy is in its early stages, the fund would be more risk prone and the nature of the allocation changes to more secure options as the policy approaches maturity. All this happens automatically for the customers who opt for this feature and frees them from doing any manual switching of funds. Even more the asset allocation gets automatically rebalanced at every policy anniversary to ensure the asset allocation is in the right proportion at all times.
Wide Coverage- SMART Assure caters to wide customer segment with the entry age ranging from as low as 91 days to as high as 75 years and the maximum age at maturity of 85 years which makes it an ideal proposition for Senior Citizens seeking insurance coverage along with investments.. The customer has the flexibility to choose any policy term between 10 years to 30 years with regular payment terms. The minimum premium which can be paid under this plan iis Rs. 20,000/-.
New Dynamic Opportunities Fund Introduction The company has introduced a new fund called the Dynamic Opportunities fund through which the funds will be allocated according to the market movements allowing the funds to be exposed 100% in equity when the markets are high and visa versa and thus offers stability in investments with an opportunity to harness market upsides
Wide Coverage- SMART Assure caters to wide customer segment with the entry age ranging from as low as 91 days to as high as 75 years and the maximum age at maturity of 85 years which makes it an ideal proposition for Senior Citizens seeking insurance coverage along with investments.. The customer has the flexibility to choose any policy term between 10 years to 30 years with regular payment terms. The minimum premium which can be paid under this plan iis Rs. 20,000/-.
New Dynamic Opportunities Fund Introduction The company has introduced a new fund called the Dynamic Opportunities fund through which the funds will be allocated according to the market movements allowing the funds to be exposed 100% in equity when the markets are high and visa versa and thus offers stability in investments with an opportunity to harness market upsides
Features
The plan empowers customers to manage their investments by allowing
Free switching up to six times a year.
Premium redirection flexibility, free of cost up to three times a year
High quality of advice
Free switching up to six times a year.
Premium redirection flexibility, free of cost up to three times a year
High quality of advice
Certified Agent Advisors
Announcing the launch, Max New York Life Managing Director and CEO Mr. Gary Bennett commented: We are excited to offer insurance products that respond realistically to consumers needs. With the growing need for adequate financial planning to meet requirements at different life stages it is important that people invest in instruments that are bundled with features which help in maximising their returns
With a range of flexible products backed by best in class services we have emerged as a leader in setting quality benchmarks, offering the most transparent documentation for our life insurance products with outstanding claims ratio. Launching SMART Assure is a natural progression in our journey to offer the consumer a complete choice of protection and wealth creation plans to suit their various needs. He further added.
Max New York Life has always focused on high quality of advice. To help customers better understand and manage their needs, the company has developed a special training programme for its agent advisors and employees. This certification course enables agent advisors to understand better the complex financial products, thus ensuring ethical selling and offering appropriate advice to customers based on their risk-return profile.
With a range of flexible products backed by best in class services we have emerged as a leader in setting quality benchmarks, offering the most transparent documentation for our life insurance products with outstanding claims ratio. Launching SMART Assure is a natural progression in our journey to offer the consumer a complete choice of protection and wealth creation plans to suit their various needs. He further added.
Max New York Life has always focused on high quality of advice. To help customers better understand and manage their needs, the company has developed a special training programme for its agent advisors and employees. This certification course enables agent advisors to understand better the complex financial products, thus ensuring ethical selling and offering appropriate advice to customers based on their risk-return profile.
Max New York Life Insurance
Max New York Life is a joint venture between Max India Ltd., one of India s leading multi-business corporate and New York life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India s leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India.I moderate a message board for the pet-sitting industry and frequently get asked how our members can handle on-the-job injuries that prevent them from working. Injuries are not uncommon and can happen from falls, eager and rambunctious client pets, attacks from stray animals, and bites from poisonous insects. Most pet-sitting business owners have no employees.
Disability Insurance
A self-employed person is more likely to find coverage for serious injuries by purchasing an individual insurance plan [BusinessWeek.com, 5/16/07] that includes both medical and disability insurance. However, there are a couple of wrinkles your members could face trying to get disability insurance.
One is that both disability insurance and health insurance normally exclude work-related injuries and illnesses under the assumption those problems will be covered by workers' comp. "If a self-employed person was using this coverage for work injuries and illnesses, that exclusion would need to be removed, which will increase their cost," Klein says.
One is that both disability insurance and health insurance normally exclude work-related injuries and illnesses under the assumption those problems will be covered by workers' comp. "If a self-employed person was using this coverage for work injuries and illnesses, that exclusion would need to be removed, which will increase their cost," Klein says.
Insurance Broker
The second potential problem is that disability insurance is typically tougher for self-employed people to buy and more expensive as well. That goes double for people whose income may be tough to document and those who work in fields perceived to be high-risk, such as jobs involving animals.
"The best thing to do is work with an insurance broker, submit an application, and see what happens. Some companies that are easygoing provide up to $2,500 in maximum disability coverage that could be relatively easy to get, though I'm not sure how much it would cost," says Dave Ortolf, a broker with Adams Avenue Insurance Agency.
"The best thing to do is work with an insurance broker, submit an application, and see what happens. Some companies that are easygoing provide up to $2,500 in maximum disability coverage that could be relatively easy to get, though I'm not sure how much it would cost," says Dave Ortolf, a broker with Adams Avenue Insurance Agency.
Growup Rates
When shopping for an individual insurance plan, make sure you identify the applicable waiting period before disability benefits begin, Hagemeier says. Instead of deductibles, many policies require an "elimination period" [a waiting period before disability benefits are paid out that can range from 30 to 365 days]. Anyone shopping for a disability policy should also make sure they know what degree of injury or disability will trigger the coverage and how long the benefits would be paid out before they expire. "They pay for up to a specific period of time called the benefit period. This is one, two, or five years, or to age 65 or 67," says Barry A. Sikov, a financial adviser with Belair Insurance Services. "The shorter the elimination period and the longer the benefit period, the greater the premium would be."
Your pet-sitter's association might consider working with an insurance company to offer some form of group insurance to its members, either through a worker's comp or a disability insurance group plan, Klein suggests. Such a plan could be marketed through your association without it having to get involved in financing or bearing any risk, and it would provide a valuable benefit for current and new members who may be struggling to get individual insurance. "An association could negotiate much better terms for its members with an insurer that would group-market a plan through the association," he says.
Finally, the dangers inherent in pet-sitting, and the difficulty and cost of getting insurance, make it very important for your members to tuck away a financial cushion that will get them through at least a few months of expenses in case a bite or other injury keeps them from serving clients temporarily.
Your pet-sitter's association might consider working with an insurance company to offer some form of group insurance to its members, either through a worker's comp or a disability insurance group plan, Klein suggests. Such a plan could be marketed through your association without it having to get involved in financing or bearing any risk, and it would provide a valuable benefit for current and new members who may be struggling to get individual insurance. "An association could negotiate much better terms for its members with an insurer that would group-market a plan through the association," he says.
Finally, the dangers inherent in pet-sitting, and the difficulty and cost of getting insurance, make it very important for your members to tuck away a financial cushion that will get them through at least a few months of expenses in case a bite or other injury keeps them from serving clients temporarily.
Nri Services
Every Indian, whether resident in India or an NRI, looks forward to the need to feel secure, to care for the loved ones and to provide for old age. The need is felt more when you’re away from your homeland.
We, at SBI Life, understand this need. The feeling to do something for your loved ones. The urge to let them know that you care. Just why we’ve introduced the NRI Insurance Services. Now, you can wisely invest your hard - earned money in India. This will ensure smooth and safe future for your family
At SBI Life, we endeavor to set a benchmark in the liberalized life insurance industry in India by ensuring high standards of customer satisfaction and world-class efficiency offering our customers a comprehensive range of life insurance and pension products at competitive prices.
Our policies are formulated keeping in mind your needs at various stages of life; whether it is security for your family, higher education for your children, regular saving cum protection plan or life long pensions. This ensures smart investment of your hard earned money.
We, at SBI Life, understand this need. The feeling to do something for your loved ones. The urge to let them know that you care. Just why we’ve introduced the NRI Insurance Services. Now, you can wisely invest your hard - earned money in India. This will ensure smooth and safe future for your family
At SBI Life, we endeavor to set a benchmark in the liberalized life insurance industry in India by ensuring high standards of customer satisfaction and world-class efficiency offering our customers a comprehensive range of life insurance and pension products at competitive prices.
Our policies are formulated keeping in mind your needs at various stages of life; whether it is security for your family, higher education for your children, regular saving cum protection plan or life long pensions. This ensures smart investment of your hard earned money.
Other Types
Insurance financing vehicles
Insurance companies
* Standard Lines
* Excess Lines
* heavy and increasing premium costs in almost every line of coverage;
* difficulties in insuring certain types of fortuitous risk;
* differential coverage standards in various parts of the world;
* rating structures which reflect market trends rather than individual experience;
* insufficient credit for deductibles and/or loss control efforts.
Insurance insulates too much
Closed community self-insurance
Complexity of insurance policy contracts
Redlining
Insurance patents
The insurance industry and rent seeking
Criticism of insurance companies
Insurance companies
* Standard Lines
* Excess Lines
* heavy and increasing premium costs in almost every line of coverage;
* difficulties in insuring certain types of fortuitous risk;
* differential coverage standards in various parts of the world;
* rating structures which reflect market trends rather than individual experience;
* insufficient credit for deductibles and/or loss control efforts.
Insurance insulates too much
Closed community self-insurance
Complexity of insurance policy contracts
Redlining
Insurance patents
The insurance industry and rent seeking
Criticism of insurance companies
Insurace History
In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies and non-money or natural economies The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread .
A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.
Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing
A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.
Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing
Loss of Property
In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums.
Investment
Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out.
Business Model
Profit = earned premium + investment income - incurred loss - underwriting expenses.
Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insureds.
The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are winners (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are losers
Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insureds.
The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are winners (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are losers
Large Policies
The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable
Insurance
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurers appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon
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