Insurance Plans Reviews and Articles

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.