India Insured

More global insurance players eyeing Indian market' - G. Naga Sridhar   Hyderabad , March 30 Global insurance majors are increasingly looking at the Indian market to foray or expand further, according to Mr C.S. Rao, Chairman, Insurance Regulatory and Development Authority (IRDA).   "Going by the pace of growth in life insurance, we expect that there will be more activity in the form of joint ventures between multinational insurance companies and their Indian counterparts," Mr Rao told Business Line here. IRDA has issued primary licences to three new joint ventures in life (Aegon Religare, Canara Bank-HSBC-OBC and DLF Primerica) and one in non-life (Bharti AXA). "This completes the second phase of interest of global players in our insurance sector. The third phase will now begin and there will be more action," Mr Rao said.   At present, there are 41 players in insurance, including 21 in life sector, the LIC being the lone public sector firm. Private p...

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% ...

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...