Tata AIG Launches Life InvestAssure Superstar ULIP

Recently, the biggest insurance company of private sector, TATA AIG launches life InvestAssure Superstar ULIP plan. ULIP is known as Unit-Linked Life Insurance Plan. The plan is dedicated to the children’s education. The plan is known as InvestAssure Superstar.

InvestAssure Superstar will pay the sum assured to the nominee in case of the parent’s or proposer’s demise unfortunately. In this case, the further premium will be paid by the company through the inbuilt Waiver of Premium. WOP pays the premium among other benefits also.

The claim fund will grow under the policy and would continue till maturity. This statement is proposed by the company, TATA AIG in an official statement.

The plan offers another benefit of investors Systematic Money Allocation and Regular Transfer. SMART of the plan will give a solution for managing investment.

SMART will give a path of choice for an investor of simple switching of a part of the customer’s investment from the accumulation to the target fund.

You can enjoy with Tata AIG Life InvestAssure Superstar’s flexible policy term which will be between 10-25 years.

Anyone can buy the policy whose age is between 18-55 years. The maximum maturity age for Tata AIG Life InvestAssure Superstar is 65 years.

Tata AIG launches Life InvestAssure Superstar which gives the maximum security in the plan about the maturity and premium. The child ULIP plan is better for any person because of WOP. The plan gives an investment opportunity also by SMART features.

Tata AIG launches Life InvestAssure Superstar that will create the biggest competition with HDFC children’s Plan. In the insurance market, it is the best plan by TATA AIG for Indian people.

In Indian insurance market, Apollo DKV health plan was the best. Apollo DKV had been launched recently as the health insurance plan. So, the both plans- Tata AIG Life InvestAssure Superstar and Apollo DKV health plan are the best plan for Indian customers.

M&A Guidelines Coming for Insurance Companies

Recently, IRDA (Insurance Regulatory and Development Authority announced that within two months M&A (Merger and Acquisitions) guidelines will be available for insurance companies.

J Hari Narayan who is the chairman of IRDA said to the reports of ET in a function which was organized by FICCI,

“It (guidelines) would be out soon. It is most likely to be finalized in the next couple of months. We have not taken any view we are examining it. We are examining the possibility.”

Currently, there is no any specific guideline for M&A in insurance sector over the country. Now, here are 22 life insurance firms and 21 non-life insurance companies in the country.

According to the Narayan, today non-life insurance products are taking large share. A data represents that more than 300 health insurance products have been offered by over 30 insurance companies which are both – general and life insurance.

Related to the insurance products there is big news which state that now car insurance will be comprehensive. Recently, the news came in light that if you want a motor insurance then you needn’t to go motor insurance companies because it will be now through any insurance companies.

The Economic Times published the news,

An official at the Insurance Regulatory and Development Authority (IRDA), while asking consumers to be more aware, says, “Dealers are neither agents, nor brokers’ insurers. What they quote is what they get from insurers. They can’t quote more or less than that.’’ Consumers should cross-check the price offered by various insurers, says the official. “Nobody should get carried away. No dealer can force you to get insurance.’’

Now, it is clear that in insurance sector a big change is going on. How much is effective the guidelines and car insurance feature, we will see in future. Still we are also looking some drastic changes in insurance products which may be useful for customers.

Renew your health insurance policies easily

Now, you can renew your health insurance policies very easily and rightfully. From June, 2009 even non-life insurance companies also will renew your health insurance. A new terms & condition announces that such rejection will be rare and exceptional now.

According to the news no insurance companies can reject renewing your health insurance policies now which you have claimed previous years or during premium renewing cover arbitrarily.

IRDA (Insurance Regulatory & Development Authority) announced in news with Hindustan Times, “ordinarily renewable except on grounds such as fraud, moral hazard or misrepresentation of facts. Specifically, renewal shall not be denied on the ground that the insured had made a claim in the previous years.”

If insurer proposed to increase your premium while renewing your insurance policy then they would have to inform you before three months for it. Along with it they would have to explain all the details with reasons.

J Hari Narayan who is the chairman of IRDA told with HT in a press, “There were several complaints from policy-holders who had claimed earlier that their insurers have refused renewing their policies next year without giving reasons for rejection.”

From now the prospects of health insurance will be upfront with all the details including all coverage. Maximum age to renew will be decided. All the details of pre-existing diseases will be in details.

It is the much comfortable news for those who have health insurance policies and those who have to renew this. We can’t say how effective it because health insurance policies are very complicated subject. In spite of the news announce that now health insurance policies will be easy and all the details will be in prospectus.

Still there is no review about the news however; we assume that soon there will be practical aspect of the news. If health insurance policies will be truth like the news then surely everyone will feel comfortable.

My experience with corporate health insurance

I will recommend everyone, don’t go with corporate insurance. I had a great experience about corporate health insurance especially. Recently, in my company ICICI came to give us health insurance for all the employees. They had not come; they had been called by our company without our information.

Suddenly a meeting has been called of our team to let us know about that health insurance. We were against that insurance however we had to listen that lecture which was on health insurance by an agent who was from ICICI Lombard.

The lecture was for the corporate health insurance. According to health insurance an employee will get insurance if he get accident or in the condition of bad health. It was only for 1 year it means it was on early basis. For a year we had to pay 1328. It was already deduced by account department from our salaries without any information.

It was very illegal and absurd way of our company towards employees. Most of the employees were against of the insurance however they are not on the front. All were informed by HR that it is the rule for all. The rule was new and by the management.

Calling department did not participate in that lecture of health insurance and told directly that return our money else we will leave our job. We also forced to our manger to return our health insurance money we are not interested but he was very coward. So, we had to fight alone with HR department to get our money.

That was not actually health insurance that was the way to get money by employees for company. They were needed for commission on the basis of our money.

It was my greatest experience about corporate health insurance during the job. By the insurance we were not eligible in condition of leaving the company. We were not able also in the condition of major serious accident.

I saw how a corporate companies with the collaboration of corporate insurance, exploit their employees.

Health insurance is also a demanding insurance product in India

There are varied insurance products in India specifically tailored to meet varied needs. One can find insurance plans specially tailored for the security of home, health, vehicle, shop, life etc. All these insurance plans really do matter for a peaceful life.

There are a large number of institutions in India that deal in different kinds of insurance plans in India. In fact, this rising demand for the insurance plans can be attributed to the mounting awareness among the countrymen about the importance of money during emergencies. As such, today, there are a good number of families in the country whose every member does bear insurance products.

Everybody looks for the profit or the benefit while making any investment. And saving in insurance plan is a type of investment which brings about immeasurable benefit. People normally believe that investment made for long term can endure them security and thereby peace of mind. For them the life insurance is a kind of long term investment.

India is a developing country and it has a large population that is not yet covered by insurance policy. As such, institutions dealing in insurance products are on the rise in the country. Definitely, the awareness about the importance of insurance is on the rise, but it is not up to the mark yet. Therefore, measures have got to be initiated to raise the awareness level and popularise the insurance products and their benefits to the target population.

You never know when there will be an accident. The fate discriminates none, so it is always wise to equip oneself to face such situation any time. An insurance policy is a means to counter such fate.

Life insurance takes care of its customers any time, all throughout the life. Any individual, whether he be layman or professional or student or house-wife one can easily register oneself for such a policy. Potential applicants would easily find many insurance agencies that cater to their needs with the insurance products. Prospective customers can also make use of the online facility to assess the life insurance products of various agencies available in India. By means of the Internet facility, the prospective clients can easily compare the features, offers, terms and conditions of all the life insurance policies just sitting at ones home. Clients can look for its products off-line as well, but the advantages associated with the former is that the prospective customer can avert the middlemen who may be a trouble for you.

In India there are a large number of institutions that deliver insurance services. Some of the most popular institutions are LIC, ICICI, Bajaj, Tata Aig etc. Health insurance is also a demanding insurance product in India, as such expenditures are very high in the country for people of the land. If an individual takes a look on the health scenario in India, he shall be able to realise how important the health insurance is in the country. The health related expenditure in the country is inflationary and expenditure pertaining to it is not negotiable at all. So, this kind of insurance can go a long way in helping the victims in meeting health related expenditure.

If you do recognise the existing health scenario in the country, you should bear one such insurance policy to counter any unpredictable health related emergency.