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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SEBI has banned 14 life insurance companies from issuing ULIP

Posted in life insurance by kishosingh on April 11, 2010

Recently, market regulator SEBI banned 14 life insurance companies from issuing ULIP. ET writes about those companies who have been banned by SEBI, “The 14 companies mentioned in this order include; Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life, Max New York Life, Metlife India, Reliance Life, SBI Life, TATA AIG Life.”

J Harinarayan who is the chairman of IRDA said, “After due consultation with the members of the consultative committee all the 14 insurance companies which are mentioned in the order of Sebi are directed to note that notwithstanding the said order of the Sebi, they shall continue to carry out insurance business as usual including offering, marketing and servicing ULIPs in accordance with the Insurance Act 1938.”

The statement was published in economictimes.indiatimes.com, an online news portal about economy and business.

Further the news portal quotes another statement of IRDA, “The IRDA Act `99 is specifically enacted to provide for an authority to protect the interests of holders of insurance policies, to regulate, promote and ensure the orderly growth of the insurance industry.”

In an analysis the news portal quotes some data of IRDA, “Sebi’s order has more far reaching implications than a press release or a circular. Since the order has been issued under Section 34(i) (a) and (b) of the insurance Act. IRDA has said that in the year `08-09 ULIP policies involving a total premium of Rs 90,645 cr were in force. In fiscal `09-10 upto February 16.7 lakh policies have been sold with a premium of Rs 44,611crores.”

Now, the whole things are very clear from the above mentioned data. It is nothing but regulatory battle in insurance segment of India. It is the biggest news in life insurance segments for insurance companies just like M&A guidelines for insurance companies.

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.