India Insured

Term insurance plans to get cheaper n a move aimed at making term insurance products cheaper and popular among customers, the Insurance Regulatory Development Authority of India (IRDA) has decided to reduce the solvency margin on these products under traditional business. Term insurance policies provide pure life cover with no maturity or survival benefits. Since there are no maturity benefits in these policies, they are not as popular as, say, the money back covers. Currently, insurers have to maintain a solvency margin of 150 per cent on insurance products. The move will ease the capital requirement by one third for term policies for both individual and group policies. Solvency margin requirements are the prudential norms on capital requirement for insurance companies. They are the equivalent of capital adequacy ratios for the banking industry. Insurers are likely to pass on the benefit to customers. "With the IRDA reducing the solvency margin on term products, the pre

New India offers health cover discount Customers of New India Assurance's mediclaim policy may soon get some relief from rising premiums. The public sector general insurance player is planning a loyalty discount for customers who are over 50 years of age and intend to renew their policies. The catch, however, is that the policy should have a cumulative bonus and no claims ought to be have been made in the year preceding the renewal. For instance, customers in Mumbai (under Zone 1), who pay the highest premiums, are likely to benefit the most with a 10% loyalty discount on the premium. A source added that Mumbaikars have to bear the highest cost of health care and insurance rates compared to any other city in the country. People living in Delhi and Bangalore (Zone 2) are likely to get a 7.5% discount. As for those living in the rest of India (Zone 3), they could benefit by 5%. New India had introduced a zone-wise distribution of premium rates last year when it modified its polic

ULIP Performance Report – Plans with exposure of upto 100% to Equity. View Full Report here   As on 19-March-2008    -   Returns (%) as on 19-March-2008 Scheme Name Equity (%) 1 Year   2 Year CAGR   Since Inception CAGR UPTO 100% EQUITY PLAN Aviva Easy Life Plus - Unit Linked 0-85% 10.01 8.76 22.30 Aviva Life Bond - Unit Linked 0-85% 10.01 8.76 22.25 Aviva Life Bond 5 Growth - Unit Linked 0-85% 11.78 11.71 27.94 Aviva Life Long - Unit Linked 0-85% 10.01 8.76 22.25 Aviva Life Saver - Unit Linked 0-85% 10.01 8.76 22.25 Aviva Save Guard Growth - Unit Linked 0-85% 11.78 11.71

Life Insurance premium paid on wife's Policy eligible for tax rebate? By Going through analysis of Incoming traffic to this site and online search given on our blog site I found that more of the visitors are looking for basic tax concepts so I have decided to give important and widely used section details on blog,though I know most of the email readers of BLOG are professional in accounts and tax and does not like concepts in feeds ,yet it is necessary to give detail of basic concepts also.Today I will discuss life Insurance premium.   Important Point in this regards are given below Deduction u/s 80c of income tax is available to Individual and Huf Assessee. Maximum total eligible amount under this head (LIFE insurance Premium) is Rs. 1,00,000 The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not

Insurance Sector   Max New York to triple capital base by 2011 Chandigarh : Max New York Life Insurance will triple its capital base from present Rs 907 crore to Rs 2,600 crore in three years which will help funding its expansion programme. The company is, additionally, targeting new premium income of Rs 9,000 crore by 2011 compared with the current Rs 1,418 crore. The number of offices will be scaled up from 233 to 533 in 400 cities and insurance advisors will go up from 30,500 to 2 lakh by 2011. The company has also announced a foray into health insurance business.   Max NY Life sets 3 lakh health cover policies target   Mumbai: Max New York Life insurance has set a target of around 2.5-3 lakh health insurance policies sales by the end of the calendar year 2008. The company has rolld out a series of health insurance plans called 'Lifeline'. The plans offer insurance coverage for hospitalization, surgeries and critical illnesses. The 'Medicash' plans offer c

MUMBAI: Life Insurance Corporation of India (LIC) is set to close down one of its best-selling unit-linked insurance plans (Ulips) — 'Market Plus' — on March 31. Sources said the corporation had decided to close the scheme since the size was unwieldy. Currently, 'Market Plus' is the only unit-linked pension plan with LIC and was launched in July 2006 as a replacement for 'Future Plus', the corporation's maiden pension Ulip. The scheme has been one of the best sellers for LIC in the last quarter, with close to 15% of its premium income coming from this product alone. Brisk sales of 'Market Plus' in January 2008 have helped LIC regain much of the marketshare it lost earlier this year. The scheme is available as a regular premium plan as well as a single premium plan. 'Market Plus' was introduced a year after the launch of 'Future Plus' and incorporated the minimum three year lock-in period prescribed by the regulator. The net ass