Insurance Plans Reviews and Articles

Life Insurance Industry Falling in Competition of General Insurance

Posted in life insurance by kishosingh on May 2, 2009

According to the recent news, life insurance premium collection has fallen about 11.6% in the fourth quarter. In the financial year 2009 (April – March) has brought down about 6% according to the Insurance Regulatory and Development Authority (IRDA).

North-zonal Manager, Sanjay Kumar Jha from Bajaj Allianz said to the Economic Times, “The stock market crash in the previous fiscal led to a drop in the demand for unit-linked insurance plans, pulling down sale of new policies.” About the new premium collection ET says, “New premium collection clocked Rs 34,814.55 crore in Q4 against Rs 39,413.16 crore in the corresponding period of the previous fiscal. For the full fiscal, it stood at Rs 87,107.62 crore compared to Rs 92,988.71 crore in the previous fiscal.”

About the down it is said that the market leader LIC (Life Insurance Corporation) has gone more down about 10% whose market share was 60% to 63%. The collection has declined during the year which had been sold this year.

It is being said that LIC’s policy Jeevan Aastha premium collection would have been worse also.

Another news according to IRDA data shows that general insurance sector is in growth from 9% to 12.6%. Among the 16th non-life insurance companies only Reliance has posted negative growth in the sector.

In the other hand Birla Sun Life Insurance Rs 10,000 crore marks in Assets under Management (AUM). According to the Vikram Kotak who is the Chief Investment Officer said to the ET, “it gives us great pleasure to cross the landmark of Rs 10,000 crore of AUM and in the process registering a strong growth of 41 per cent year-on-year.”

On the analysis of Insurance sector we can say that the sector differ company to company not from policy to policy because in the one hand LIC is going down in life insurance where on the other hand BSLI is going up. Like it, in the general insurance policy all the insurance companies going up where Reliance is going down.


Renew your health insurance policies easily

Posted in health insurance by kishosingh on April 15, 2009

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.

Banking and Insurance is in the loss across the world

Posted in insurance by kishosingh on March 7, 2009

One of the largest insurance companies American International Group Inc. has lost about $60 billion in just 92 days. The amount is as high as $470,000 in a minute. You can say that it is equal to the net worth of Bill Gates.

The loss has made a history in the insurance sector. About the loss of AIG it is being said that if $62 billion is distributed in US population then each Americans is able to get about $200.

About the loss of AIG’s loss HT writes, “AIG’s loss amounts to 92 per cent of the $67.4 billion that Americans spent at world’s largest retailer Wal-Mart Stores Inc. in the fourth quarter, which includes the holiday season. It would take a person spending $1 million per day, everyday, the next 169 years to spend as much money as AIG lost during the fourth quarter, which lasted just 92 days.”

With the news it is clear that insurance sector is also in the crisis. There is data which clear about the crisis but what is real cause and internal crisis no one knows because we have the example of one of the biggest technology company Satyam.

On the other hand in the banking sectors there is hot news about HSBC, which is one of the biggest banks of Europe. HSBC bank has announced that there is slump about 70% in its annual net profit. On the bank there is huge debts about 25 billion dollars.

To fight the crisis they are planning to cut 6,100 jobs by shutting most of its HFC branches. About the crisis Stephen Green who is the chairman of HSBC said with Hindustan Times, “”In this difficult environment, we missed our profitability targets. The coming twelve months will be difficult. We expect parts of Asia, the Middle East and Latin America to continue to outperform Western economies, but to be constrained by the global downturn.”

These slowdowns are quite clear now in banking and insurance sectors due to economic crisis. What will be with insurance policy no one knows. What is the planning by corporate companies is not clear still however the job crisis is on the head of common people. There is no way now to survive life.

Jivan Anand Life Insurance Policy from LIC and My Experience

Posted in life insurance by kishosingh on February 11, 2009

I have already told you in my previous post about my experience with corporate health insurance. Now, I want to share my own life insurance experience to you. I am 24 years old still I was not insured. Once day, I met with my teacher friend. We were talking with some different topic. Suddenly, we come to the insurance topic. He asked me about my life insurance. I told him that I don’t think about insurance and have not thought over the insurance policy.

Now, he was serious. He begins arguments with me about insurance. He gives one suitable argument that no car and motor bike run on road without insurance then you do you not think about your life insurance? “We also run on road every day then why should we don’t feel about our life insurance?”

After that logic I had no space for arguments. That time I decided to be an insured person. He was an insurance agent actually. That is why he wanted to make me insure. In spite of some reality was there. I asked him to tell me about best policy. He was my friend so he suggested for Jivan Anand Life Insurance of LIC.

He told me that JEEVAN ANAND is unique combination of ’’Whole Life’’ and ’’Endowment’’ policy. By this policy I was able to get an insurance of whole life without paying policy amount.

He told me that if you get a policy of Rs. 1 lakh then you have to pay only premium of Rs. one lakh. After that you will get endowment at the end of the selected term or on end of your life.

He told me about premium also that you are able to pay in term of yearly, half-yearly, quarterly or monthly. I saw an advertisement also nearly about Jivan Anand policy that if you take the policy then your life will be “ANAND HI ANAND”.

Now, I want to ask that let me know Jivan Anand is right for me or is there any other policy which is better for me?

My experience with corporate health insurance

Posted in health insurance by kishosingh on January 19, 2009

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

Posted in health insurance by kishosingh on December 24, 2008

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.

Home Loan and Home Insurance are Registering High Growth Rates on a Parallel Basis

Posted in home insurance by kishosingh on December 17, 2008

The home insurance has been specially formulated to offer security to your most fragile asset i.e., your dream home. This insurance product would necessarily protect your home from sudden attacks by nature or by man.

For sure, most of us spend a huge lot of time and effort in order to establish ourself in the material aspect. Now, this aspect does not relate just to a single thing, in fact, numerous things such as building career, accumulating possessions and the most important of all is building our dream home. Now, you cannot ignore the fact, that building a home these days cannot be a creamy affair, after all. In fact, if we are wise enough to be on our toes all the time, then only we can at least expect that in future we can build a beautiful home. But, yes profitable alternative options cannot be overruled even in this context. As a matter of fact, it has been witnessed that as the home loan market is registering more and more customers in its list, the home insurance is also gaining momentum at the same pace. Quite interestingly, the phenomenal speed by which both these factors are traversing their path have actually been complimented by numerous factors such as liberal policies of the banks and financial institutions, lower rates of interest and last but not the least i.e., the increase in the income level of the borrowers.

Actually, position of the loan market has been strengthened by numerous measures such as loans offered to the borrowers for up to 25 years. But, in this case the uncertainty issue also overshadows this positive aspect. Here the uncertainty of the human life has been discussed. Due to this factor people taking home loans for long period of time, at the same time prefer to get their loan amount insured. Thus, this proves that both home loan and home insurance are registering high growth rates on a parallel basis. These days, numerous factors are also favouring the growth of insurance sector as most of the Indian banks boast of insurance arm too which is associated with them directly or through an associated company. In fact, the good news in this regard is that most of the banks are even joining hands with the insurers to offer double icing on the cake by offering the insurance cover. It is quite an understandable fact that such type of insurance would reasonably secure your domestic world and that too at very affordable rates.

Home insurance is a necessary ingredient which caresses you gently to strip off all the tensions at ease. Actually, home is such a possession which can prove to be a fragile asset in certain conditions such as natural calamities and accidents. In other words, you can just ignore the unforeseen incidents such as an earthquake, burglary and floods etc., as the list goes on. Moreover, in order to get rid of the heavy burdens of premium rates, you can seek the support of the online mode. Here, you would find numerous insurance products, the details of which can be checked out by you without any tension. Furthermore, try to grab the perfect insurance product which comes complemented by low premium rates and flexible terms and conditions. However, you should not get confused about the home insurance and property insurance. The former insurance product would protect your actual building against all odds or damages whereas the later insurance product would protect all the precious belongings inside your home such as clothing and expensive furnitures etc. Thus, try to make hay while the sun shines as most of the people fail to score mark or grab the ultimate option when opportunities are laid on their way.

Car Insurance is also available in the form of ‘Collision Auto Insurance’

Posted in car insurance by kishosingh on December 15, 2008

Car insurance is a very effective mean to be on the safe side. Even if one meets with an accident it is possible to recover from the monetary nature of the losses with an automobile insurance policy.

Car insurance is seen as an incredible mean to be in the safe side and to protect a car from any damage that may ensue from an accident. The insurance coverage provided to the car by insurance companies brings confidence in users who now can depend on them for safeguarding their car from any damage. Several car insurance providers have emerged and they offer excellent premium rates that make the payments easy.

The premium rates for automobile insurance are divergent and they are dependent on a number of factors. For example, the premium for men is higher than that for women. The reason is that men get involved in more ‘rash driving’ and so their possibility of meeting with an accident is always greater. The same is the case with teenagers as it is believed that their chances of meeting with an accident are far greater than that of older people. So, the premium charged in case of men and teenagers are substantially larger in its amount than the premium, which is charged for women. However, a reduction in the premium charges is possible if the individuals are willing to undergo a ‘defensive driving course’. In such cases, the risk of meeting with an accident is reduced to a great extent.

Car Insurance is also available in the form of ‘Collision Auto Insurance’. This insurance guarantees that the cost of repairs of the car that has met with an accident would be borne by the insurance company. In-case, if the vehicle is not in a position to be repaired then the insurance company should pay off (in cash) the value of the vehicle damaged. This assurance comes as a guaranteed support to an insurer and it is brought to effect immediately whenever there is a disaster.

Information about the automobile insurance and companies that offer such insurance is available on the Internet. Various websites cater the act of providing details about the various policies that are given as offers. An insurer can easily get to know about the details by opening the various pages of these websites. It is also possible to apply for an insurance scheme online. People just need to provide some personal details and fill in an online form. Having submitted the details, it becomes possible for insurers now to find a very appealing car insurance policy.

There are various insurance companies that offer such policies. A person should approach only that insurance company, which offers good premium rates and is known for its services. Applications filed with an unknown insurance company may incur losses. So, it is advisable to opt for only those companies, which are known for offering good services. The policy plans should also be judged properly before insuring ones car with an insurance company. This precautionary step would definitely help the insurer to find an insurance company, which can be trusted. Hence, the world of automobile insurance is certainly one, which is effective towards solving the requirements, given that one is aware about car insurances.

Insurance policy not only for oneself but for the significant and tangible things of life

Posted in insurance by kishosingh on December 11, 2008

In this fast paced world where the element of uncertainty dominates the scene, it is quite a sensible thing to get an insurance policy not only for oneself but for the significant and tangible things of life. With easy premium rates and convenient policy availing procedure, one can certainly get a policy of his choice within a space of very short time.

Ramnath Kashyap is a trader who deals in the wooden decorative items. His office is located in the beautiful valleys of Kashmir from where he transports all the manufactured material to the different parts of the country, but as every body knows, Kashmir has been an active zone of terrorist activities for the past many years. Due to it many times, Mr. Kashyap’s business has suffered a lot. Twice, his office was blazed off, by these sadistic social elements, due to which he suffered a big loss worth in crores. Not only the monetary loss but his inability to supply the orders also robbed him of his goodwill in the market resulting in leaving an indelible stain on his business profile. But not any more, as of now Mr. Kashyap has a general insurance policy by his side. This policy guards him from the loss occurred due to such incidents. General insurance policy in today’s time holds a lot of significance for the people of society, which chiefly includes business class people.

Speaking more elaborately on the topic of ‘general insurance’. It is a concept in the insurance domain that covers all the intangible aspects of life except the life itself which is covered under the title ‘life insurance’ policies. Under a general insurance policy, a person gets a cover against all kinds of uncouth jolts orchestrated by man (whether intentionally or unintentionally) or by the nature. Thus, a general insurance policy offers guard to the subscriber against all kinds of perils such as burglary, fire accidents etc. As said earlier, it even shields the person from the atrocities of nature in the form of floods, Tsunami and even earthquake. Earthquake which is one of the widespread phenomenons around the earth has been an event that has propelled the popularity of this policy. Not only the damage caused by earthquake but incidents like the recent Orissa floods and not to forget the destructive Tsunami tide which hit the Indian shores in 2006, has been the chief contributors in spurring the demand levels for general insurance domain. Normally, a general insurance policy is for a maximum tenure of one year. An ideal proposition for the likes of traders and for the families, it is one aspect of insurance where people can get their personal assets and other accessories insured. For people who are into business profession, it can work wonders by providing insurance for stock of raw material, insurance of office and other business related commodities.

However, after the recent Mumbai attacks, there has been a steep hike in the demand levels of the general insurance policy. The reason, well it is because, these incidents have been an eye-opener for people living in metropolitan who until now were thinking that terrorism is restricted to the border-aligned areas. But the 26/11 attacks certainly proved that the nemesis of terrorism is finally sprouting in the urban areas too, which accounts for the steep hike. With the introduction of terror based general insurance policy, majority of the people both from the middle class section as well as from the business class are not shying away from the idea of buying the policy.

Welcome to the Insurance Blog!

Posted in insurance by kishosingh on December 11, 2008

Today, I decided to write about the Insurance objectives and its importances. So, I have started the blog to write about some better insurance plans, experiance, articles etc.

I know in this age insurance is the option of your better future. Not only in the context of your life but also – travel, home, car, health every aspect in life; insurance are needed.

We think that car not run on the road without insurance then why human being should be without insurance. How much insurance is useful for a general human being it is also a question.

Not only well maintained wealthy person are needed for insurance but also a general person also need a insurance plan. But is it reality? Let’s discuss over the insurance and insurance plan for human being and their better future.


Tagged with: , ,