Insurance Plans Reviews and Articles

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.

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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.

Wealth Plus Insurance Policy from LIC

Posted in life insurance by kishosingh on March 16, 2010

Wealth Plus is a new offering of LIC. It is an 8-year fixed-term product. In this plan, LIC guarantees the highest Net Asset Value (NAV) recorded over the first seven years of the policy.

According to the economictimes.indiatimes.com, an online news portal, “Wealth Plus has two options — a single premium one and another plan where premium is payable for the first three years. The minimum annual premium is Rs 40,000 under the single premium option and Rs 20,000 under the 3-year premium paying term. The sum insured is a modest 1.25X the premium for single premium policies and 5X the annualised premium for policies with a 3-year payment term. The insurance cover continues for two years after the term of the policy.”

About the policy LIC states an example – “a 30-year old who invests a single premium of Rs 40,000 can look forward to getting back Rs 64,679 if the fund value appreciates 10% annually. If the appreciation is 6%, he can expect to get back Rs 47,377 at the end of eight years. On the other hand, if the same investor chooses to invest Rs 20,000 for the first three years, he can look forward to getting Rs 91,445 if the fund appreciates 10% and Rs 70,309 if the appreciation is 6%.”

In an analysis, the news portal writes, “In short, the working behind such products is that the highest NAV is assured by shifting assets to debt as timed by the fund manager. The downside is that the fund managers cannot allow spikes in the scheme’s NAV.”

Wealth Plus is the latest offering of Life Insurance Corporation. However, many other private life insurance companies have already launched the same plan in the insurance market.

Recently, Reliance has also launched highest NAV Guarantee Plan. We already have seen Guarantee Builder of Bharti AXA Life also. In this condition, Wealth Plus of LIC is only an insurance plan not a new plan.

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.

M&A Guidelines Coming for Insurance Companies

Posted in insurance by kishosingh on July 11, 2009

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.