Insurance Plans Reviews and Articles

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.

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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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.

Highest NAV Guarantee Plan is launched by Reliance Life

Posted in insurance by kishosingh on February 24, 2010

Recently, the popular news about NAV Guarantee Plan came in light for the insurance investor. “Reliance Highest Net Asset Value Guarantee Plan” is a new unit linked insurance plan of Anil Ambani Group firm Reliance Life Insurance that enables the policy-holder to enjoy good returns.

Malay Ghosh who is the Reliance Life Insurance president says, “The new plan simply captures and guarantees the upside of the market with no risk of negative return. The customers can take advantage of market-linked returns with the satisfaction of getting the highest NAV during the policy term, while protecting his wealth from any downturn in the market.” The statement was published in ET online news paper.

Further Economic Times writes, “The key differentiator is that the Net Asset Value (NAV) in this case is calculated on a daily basis for the entire policy term and not on any fixed dates of the month, the company said in a release.

Under this plan, the premium paid by the policyholder (minus charges) is invested in the ‘Highest NAV Guarantee Fund’ and accordingly units are allocated based on the fund NAV.

On maturity the plan guarantees the highest ever returns — number of units on date multiplied by highest NAV– to the customer.”

Samaylive.com which is another online news paper, writes about the plan, “The plan is available under two minimum payment options Regular options that allows customers to pay Rs 20,000 annually which can also be paid in monthly, quarterly and half yearly option; and the Single Premium wherein the customer pays a minimum of Rs 30,000 only once at the inception during the tenure of the policy.”

Overall, the policy gives the highest returns on lower investment. Essence of the plan is introducing highest returns with the guarantee on the lowest investment. Recently, new ULIP plan was also launched by ICICI Prudential Life that was very attractive for insurance investor.

New ULIP Plan Launched by ICICI Prudential Life Insurance

Posted in insurance by kishosingh on December 29, 2009

Recently, Prudential Life Insurance launched a new ULIP plan that is called ICICI Pru LifeTime Maxima. The insurance policy follows two different portfolio strategies – fixed and trigger portfolio. Fixed portfolio strategy provides an option to choose from any of the seven funds — Opportunities Fund, Blue-chip Fund, Multi-Cap Growth Fund, Multi-Cap Balanced Fund, Income Fund, Money Market Fund and Return Guarantee Fund.

On the other hand, trigger portfolio strategy is a market base portfolio to generate good funds from the market.

If you invest your money in trigger portfolio strategy then your investments will be distributed between two funds: Multi-Cap Growth Fund and Income Fund in 75:25 ratios. In this plan, fund manager maintains the asset allocation between the Multi-Cap Growth Fund and Income Fund at 75:25.

First year premium allocation charge is 7.5% in this investment. Second and 3rd year charge will be only 3% while it is 0% from the fourth year onwards. In this investment, fund management charge would depend upon the choice of funds between 0.75-1.35 percent.

Administration charge for the policy will be necessary for 1st five years in this plan that would be 0.8-0.9 per cent.

The policy offers some good features such as changing of portfolio strategy once a year free of cost, top-up option and partial withdrawals from the sixth year up to a maximum of 20 per cent.

You can withdraw minimum Rs 2,000. You can withdraw your funds in a systematic way yearly, half yearly, quarterly or a monthly basis on maturity. During the settlement period, you can withdraw your entire fund.

You should go in trigger portfolio strategy because it works in a volatile market. Your fund is managed by professional fund manager who understands the vagaries of the stock market.

The analysis is taken from Economic Times. It is nothing but an investment with a secure policy. Basically, it is the market policy. Recently, TATA AIG had also launched Life InvestAssure Superstar ULIP but it was not market based plan.

Tata AIG Launches Life InvestAssure Superstar ULIP

Posted in insurance by kishosingh on November 30, 2009

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.

Jeevan Nischay Policy is to be launched by LIC

Posted in insurance by kishosingh on October 29, 2009

Recently, Life Insurance Corporation announced to launch Jeevan Nischay policy. It will be single premium granted plan of LIC. Jeevan Nischay policy will be very similar to Jeevan Aastha which was launched last year.

Still, the whole information has not taken place among us but LIC will declare more information about the policy soon. According to the insider’s information, an insurer would have to invest of Rs. 1 lakh for 10 years then he will get a maturity about Rs. 1.7 lakh.

Yield and additional loyalty will be declared soon after the launch of the policy. Jeevan Nischay policy will be sold for limited period till March, 2010.

Jeevan Nischay policy introduces maximum features such as single premium plan and the investment will be linked with to the extent of protection the individual already has purchased.

The ET has written, “According to sources, the main objective of the policy is to tap the maturity benefits offered under an older plan – Bima Gold, which sold more than 1 crore policies when it was launched. Jeevan Aashta had mobilised close to Rs 10,000 crore, as it offered a safe haven of guaranteed returns amidst the turmoil in the market.”

Jeevan Nischay policy will cover “the mandatory five times of the premium amount for the first year of insurance. For subsequent years, the sum insured will be equivalent to the premium paid.” The news was also published in Economic Times.

Till now, one time premium policy has proved its essence. Earlier, we have seen many single premium policies by LIC and Reliance that had gotten good popularity. Now, we can assume about Jeevan Nischay policy and about its effect.

Single premium policy gives insurer independency also. Jeevan Nischay policy will be just like an investment for 10 years with insurance cover that will surly attract customers.