Insurance Plans Reviews and Articles

Life Insurance Simulator Launched by Canara HSBC OBC

Posted in life insurance by kishosingh on August 7, 2011

Recently, Canara HSBC Oriental Bank of Commerce launched Life Insurance Simulator (LIS). The policy is aimed to make the customer make aware of importance of financial planning.

An online news portal – economictimes.indiatimes.com about business and economy writes about Life Insurance Simulator, “LIS is an interactive financial need assessment software that takes the customer through a series of simple steps to assess the amount he requires for each of his needs and if his current savings and investments are adequate to fulfill them. LIS is available in English, Hindi, Punjabi and Kannada.”

So, Life Insurance Simulator of Canara HSBC OBC is being recognized as the interactive financial need assessment software. It assesses the amount of requirement for each need of customers. The LIS is available in many languages like English, Hindi, Punjabi and Kannada.

Further it quotes a statement of Rishi Mathur who is the company’s Senior VP (Products and Marketing), “LIS has been designed with an objective to educate the customers about the importance of financial planning. It will also help them in making their financial planning more effective as it focuses on four essential life stages – family protection, child’s future requirements, wealth creation and retirement.”

So, Life Insurance Simulator has been introduced to understand the objective and educate the customers about the importance of financial planning. It helps in financial planning in different stages of life.

About the company, the news portal writes, “Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June, 2008 and is jointly owned by Canara Bank (holding 51 per cent), Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent). The company has a capital base of Rs 825 crore with assets under management of Rs 2,820 crore.”

Canara HSBC OBC has already launched Life Insurance Future Smart ULIP. Life Insurance Simulator (LIS) is the send most appreciating plan of Canara HSBC OBC.

College Plan Launched by Max New York Life

Posted in life insurance by kishosingh on February 23, 2011

Recently, Max New York Life launched a traditional money back plan – College Plan. The plan offers bonuses and pays the money back to policyholder at pre-defined stages of the child’s life.

An online news portal about business and economy – economictimes.indiatimes.com, writes about the money back structure of Max New York Life College Plan, “The plan offers guaranteed money back aligned towards your child’s college education. The plan is structured in such a way that the premium payment term is completed during the school days and money-back stage starts at the age of 18, 19, 20 and 21 as the need is the highest at these stages. The insurer will pay back 40% of the sum assured when the child reaches 18 years and 21 years. It will pay the rest (20% of the sum assured) in the middle years of 19 and 20. The insurer’s logic is that the expenses are the highest during the first and the last year of college.”

Further the news portal writes about the reversionary and terminal bonus, “The product is bundled with dual bonuses – reversionary bonus and terminal bonus. Reversionary bonuses are declared every year from the end of the second year onwards. Usually these bonuses, which are compounded, are a certain percentage of the sum assured, which is decided by the insurer. The insurer may also declare a terminal bonus after the 10th policy anniversary as a percentage of reversionary bonuses. But this bonus is payable only once during the policy lifetime.”

The news portal gives an analytical calculation of Max New York Life College Plan, “Let us assume a 35-year-old father buys this plan for a sum assured of Rs 1 lakh for his five-year-old daughter. The base premium works to Rs 9,067 as per the company’s premium table. But since the insurance is on the child’s name, the father has to opt for the rider which gives him an insurance cover and the cost works to Rs 335.88. Further, the company has specified a formula to calculate the premium, which includes an addition of Rs 900 to the base premium. After factoring in all the charges, the premium works to Rs 10,302. Given the child is five-years old, the premium payment term works to 13 years and the total premium outgo for a Rs-1 lakh policy works to around Rs 1,33,937 lakh. Sure, there is a guaranteed pay out of 120% of sum assured. Still, it is an expensive affair.”

So, it is being considered as an expensive affair. In this plan, parents cover has to be bought at an extra cost. It is launched after Traditional Investment Plan with Guaranteed Return by Reliance Life.

Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart ULIP Launched

Posted in insurance by kishosingh on January 26, 2011

Recently, Canara HSBC Oriental Bank of Commerce Life Insurance Company announced the launch of a new unit linked plan. The Unit-Linked Plan aims at providing cover to a child’s future and fulfilling the financial needs.

An online news portal about business and economy – economictimes.indiatimes.com, quotes a statement about the Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart, “The Company has entered into child protection space by launching Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan.”

Further it adds another quotation from the statement, “Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart is a unit linked insurance plan that provides long-term investment opportunity to build a bright future for your child.”

So, it provides long-term investment opportunity to build a bright future for our child. It is an investment plan for the career of the children.

Further the news portal writes, “The Company is owned by Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).”

Mario Perez who is the Canara HSBC OBC Life Insurance Director (Sales, Marketing & Products) said to ET, “Our Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event.”

So, the plan ensures that the future financial needs. The plan helps in case of an unfortunate event.”

About the benefit of the plan, the news portal writes, “The product offers tax benefit to customers on premiums paid under Section 80C and Section 10(10D) respectively, of the IT Act, 1961.

The company also has two more ULIPs in its product basket – Canara HSBC OBC Life Grow Smart Plan and Canara HSBC OBC Life Dream Smart Plan.” The plan is as impressive as Saral Maha Anand New ULIP of SBI Life.

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Saral Maha Anand New ULIP Product Launched by SBI Life

Posted in insurance by kishosingh on October 31, 2010

Recently, SBI Life Insurance introduced a new unit-linked insurance plan (ULIP) – Saral Maha Anand. The new product has 3rd position in ULIP product launched by the insurer since the introduction of the new ULIP norms by the insurance sector regulator, IRDA, last month.

However, SBI had already launched two products – Smart Performer and Unit Plus Super earlier. An online news portal about business and economy – economictimes.indiatimes.com quotes a statement of a press release about SBI Life Saral Maha Anand, “Saral Maha Anand, its new ULIP product, is available at an affordable yearly premium starting from Rs 15,000 onwards and the product has been designed to cater to investment and protection needs of the middle-and-low-income segments.”

So, Saral Maha Anand is a new ULIP product which is available at an affordable yearly premium. The yearly premium starts from Rs 15,000 onwards. The product has been designed to cater to investment and protection needs of the middle-and-low-income segments.

Saral Maha Anand of SBI Life covers “Aam Admi”. The product has been made for the investment purpose. Maximum middle and low income people will like the product.

SBI Life Insurance’s managing director & CEO, MN Rao’s statement is also quoted by the news portal, “The product is exempted from medical-examination. The product offers simplicity and affordability so that a larger section of society can participate and benefit by systematically investing over a long-term horizon.”

So, Saral Maha Anand product will be known for its simplicity and affordability. It covers a larger section of our society. Anyone can participate in it to invest over a long-term horizon.

This time, SBI Life Insurance has planned to grab the complete society by its Saral Maha Anand ULIP product. The product is much appreciated in the insurance sector like Dhan Suraksha Policy of DLF Pramerica Life Insurance.

Met Protect Online Insurance Product Launched by MetLife

Posted in life insurance by kishosingh on October 14, 2010

MetLife India, a private sector insurer launched a product – Met Protect. It is the first such life cover plan by the company to be available online.

MetLife said in a statement, “Met Protect would allow customers within the age group of 21-45 years to avail of life cover protection through the Internet.” It was published in ET.

So, Met Protect would be available for age group of 21-45 years. It will cover life protection through the internet.

An online news portal – economictimes.indiatimes.com about business and economy, quotes a statement of MetLife Managing Director Rajesh Relan, “By launching Met Protect, we are taking yet another step to reach our customers and empower them to self-design their protection plan with least effort and time.”

So, the company has tried to reach its customers and empower them with least effort and time – Met Protect.

Further he said, “This is part of our larger strategy towards increasing our distribution reach and enabling us to maximize the benefits in order to provide value to the customers.”

Met Protect will be a part of MetLife’s larger strategy to maximize the benefits in order to provide value to the customers.

The news portal writes about Met Protect and MetLife, “Met Protect would offer customers single and semi-annual premium payment option, the first of its kind amongst all the term products available online.

MetLife currently has over 55,000 financial advisers and bank assurance distribution channel offering products to 17 million customers.

MetLife India is a joint venture between the US-based MetLife International Holdings, The Jammu and Kashmir Bank, M Pallonji and other private investors.”

Met Protect of MetLife comes with single and semi-annual premium payment option. MetLife India is a joint venture between the US-based MetLife International Holdings.

MetLife has introduced Met Protect which is one of the best products of the company after 3 new products of Aviva Life Insurance.

Insurance Cover for Water Utilities Launched by Marsh

Posted in insurance by kishosingh on September 10, 2010

Recently, Marsh Inc. launched a specialist contamination insurance product for water utility firms globally. It is the new step in insurance sector by Marsh Inc.

About the March insurance cover for water utilities, an online news portal about economy and business – economictimes.indiatimes.com, writes, “Available exclusively through Marsh, the product is the first of its kind to offer coverage for drinking water contamination, including losses associated with a terrorist attack, extortion costs and goodwill payments to customers.” So, it is the first kind of insurance coverage for drinking water contamination, including losses associated with a terrorist attack, extortion costs and goodwill payments to customers.

Further the news portal writes about it, “The water utilities contamination insurance product can provide cover of up to £10 million for accidental contamination, malicious contamination or extortion relating to the water supply. This includes payments to domestic and business customers affected by the contamination and those suffering from injury or illness caused by consuming the contaminated water.” It covers the broader aspect of accidental contamination. It provides cover of up to £10 million which is for suffering from injury or illness caused by consuming the contaminated water.

Mr. Sanjay Kedia who is the Country Head & CEO of Marsh India said to ET about the new product, “Water contamination incidents can have serious regulatory, financial and reputational implications for a water utility. The costs associated with clean-up, providing bottled water, customer communications and subsequent compensation can be substantial.”

Further he adds, “Traditional property and liability policies often provide limited protection against serious contamination incidents. There is a great deal of interest already in this product from water utilities in the UK, USA, Australia and the Far East.”

According to him, “Marsh India plans to work with insurers to structure and launch the product, in line with Indian market and regulatory requirements.”

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3 New Products Launched by Aviva Life Insurance

Posted in life insurance by kishosingh on September 4, 2010

Recently, Aviva Life Insurance launched 3 new products including two unit-linked insurance plans (ULIPs). These plans are – Aviva Freedom Life Advantage, Aviva Life Saver Advantage and Aviva Life Shield Advantage.

An online news portal about business and economy – economictimes.indiatimes.com writes about it, “As per the new IRDA guidelines, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.”

Now, there will no longer be front-loaded commission paid to distributors and expenses charged by insurers as per the IRDA guidelines.

As per the company press release, “The two ULIP plans – Aviva Freedom Life Advantage, Aviva Life Saver Advantage – offer enhanced value to the customers and meet the new ULIP guidelines.”

So, there are two ULIP plans – Aviva Freedom Life Advantage and Aviva Life Saver Advantage that offer enhanced value to the customers and these are compatible with new ULIP guidelines also.

Further the press release writes, “Besides, a term plan – Aviva Life Shield Advantage – offers a return on the premium, with optional protection against disease and disability.”

There is a term plan also – Aviva Life Shield Advantage that offers a return on the premium. It has an optional protection also against disease and disability.

In the conclusion, the news portal writes, “Aviva Life Insurance is a joint venture between Dabur Group and UK-based Aviva Group. Dabur Group is the 74 per cent shareholder, while Aviva Group holds 26 per cent.”

Aviva Group is an emerging group in life insurance sector. It has gained 26% share with Dabur Group. The UK based group tries to cover Indian insurance sector also offering the best ULIP plans and term plans.

Life insurers may be allowed to invest in infra bonds

Posted in insurance by kishosingh on June 25, 2010

Recently, a news came from IRDA that Life insurers may be allowed to invest in long-term infrastructure bonds proposed by the India Infrastructure Finance Co. They can invest for refinancing greenfield infrastructure projects. It is the decision of IRDA and the group has decided to allow insurers to invest in India Infrastructure Debt Fund bonds.

About this economictimes.indiatimes.com quotes a statement of R K Nair, “We found the Deepak Parekh Committee recommendations favourable for insurers and have forwarded our views to the government. The Deepak Parekh committee has recommended that insurance companies can invest in the proposed India Infrastructure Debt Fund.”

Further the news portal writes, “Long-term financial instruments will help life insurance companies develop their annuity business. Insurers have so far remained away from investing in greenfield infrastructure projects.

These were considered risky. However, insurance being a long term business, insurers have been looking for long term investment avenues, but there are none available other than 10-year government securities. Insurers are also not too comfortable with investing directly in greenfield infrastructure projects since these have a high rate of failure.

Hence, a mechanism that could take away the risk of failure, could be very helpful for insurers and also cater to their long-term investment requirements. As of now, debt financing for infrastructure projects has been largely confined to commercial banks who are increasingly finding it difficult to provide long-term debt due to their asset-liability mismatch.”

Further the news portal publishes a report of planning commission, “The committee said Rs 20,000 crore could come from domestic insurance and pension funds, while foreign insurance and pension funds may provide another Rs 10,000 crore. Rest would come from other sectors.”

“The planning commission had decided to set up a committee to look into the viability and modalities of creating India Infrastructure Debt Fund under the chairmanship of Deepak Parekh.”

Reliance Life Launched Traditional Investment Plan with Guaranteed Return

Posted in insurance by kishosingh on May 29, 2010

ADAG group company Reliance Life Insurance announced to launch a traditional investment plan. The plan provides life protection and regular savings with annual guaranteed investment returns.

About the insurance plan economictimes.indiatimes.com, an online news portal about business and economy quotes a statement of Life Insurance President Malay Ghosh, “The Reliance Life Traditional Investment Insurance Plan combines life protection and regular savings with complete transparency and flexibility features and advance guaranteed returns.”

So, the Reliance Life Traditional Investment Insurance Plan offers life protection and regular savings. The insurance plan has complete clarity and flexibility with advanced guaranteed returns.

Further the news portal quotes his statement about the plan, “The new scheme is a regular premium plan offering guaranteed investment returns, which are declared at the beginning of every financial year during the product term.”

Further the news portal writes about the availability of the plan, “The plan is available to children aged less than 30 days and senior citizens aged up to 70 years, with monthly, quarterly, half-yearly and yearly payment options available.”

So, the plan is available for almost all age group of customers. It has flexibility of monthly, quarterly, half-yearly and yearly payment option.

The news portal adds about the maturity and cover of the plan also, “Besides the maturity and tax benefits, the plan also offers a health-related cover, which will pay a lumpsum to the customer for as many as 33 specific surgeries including Open Heart, Kidney Transplant, and 25 critical conditions, respectively. These riders can be added by paying an additional premium.”

You can get the benefits of health-related cover also paying a lumpsum with this insurance plan.

In the series of fund investment, Reliance Mutual Fund already has launched fixed maturity plan. DLF Pramerica Life Insurance Dhan Suraksha policy is also one of the best policies like Reliance Life Traditional Investment Plan with Guaranteed Return.

DLF Pramerica Life Insurance Introduces Dhan Suraksha Policy

Posted in insurance by kishosingh on May 15, 2010

Recently, DLF Pramerica Life Insurance introduced Dhan Suraksha policy. It is a new savings-cum-protection plan. It combines with two benefits – a comprehensive insurance cover along with guaranteed benefits and guaranteed additions.

About the Dhan Suraksha policy, economictimes.indiatimes.com, an online news portal about economy and business writes, “DLF Pramerica Life Insurance has introduced a new savings-cum-protection plan — DLF Pramerica Dhan Suraksha — that combines the twin benefits of a comprehensive insurance cover along with guaranteed benefits and guaranteed additions. The guaranteed addition works to Rs 100 per Rs 1,000 of sum assured will accrue every year. This corpus will be paid at maturity or in case of unfortunate demise of the life insured.” The statement is revealed by the company.

Further the news portal writes, “The insurer will pay 15% of basic sum assured at the end of every fifth policy year except at maturity. The sum assured doubles in case of accidental death, which is over and above the guaranteed additions payable to the policyholder. Accrued guaranteed additions and the Sum Assured under the policy minus the money back benefit already disbursed will be paid at maturity.”

With this plan, insurer will have to pay 15% of basic sum assured at the end of every fifth policy. The plan gives the biggest benefit in case of accidental death. Your sum assured will be doubled. It is over and above the guaranteed additions payable to the policyholder.

The DLF Pramerica Life Insurance Dhan Suraksha policy has been recently launched. It is being considered as the biggest insurance plan after Reliance Life Highest NAV Guarantee Plan.

In the competitive market, Reliance Mutual Fund recently launched Maturity Plan that was also a noticeable plan in the Indian market. Now, Dhan Suraksha policy of DLF Pramerica Life Insurance gives the best option for Indian people in the insurance market.