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Navigating the Landscape: A Comprehensive Guide to Insurance Companies in India
Insurance plays a vital role in safeguarding individuals, businesses, and assets against unforeseen risks and uncertainties. In India, the insurance sector has witnessed significant growth and transformation, with a diverse range of insurance companies offering a multitude of products and services. In this comprehensive guide, we'll delve into the landscape of insurance companies in India, exploring their types, offerings, regulatory framework, market trends, and factors to consider when choosing an insurance provider.
Types of Insurance Companies in India
Life Insurance Companies: These companies offer life insurance products that provide financial protection to policyholders and their families in case of death, disability, or critical illness. Examples include LIC (Life Insurance Corporation of India), ICICI Prudential Life Insurance, HDFC Life Insurance, and SBI Life Insurance.
General Insurance Companies: General insurance companies provide non-life insurance products covering a wide range of risks such as health, motor vehicles, property, travel, and liability. Some prominent players in this segment include ICICI Lombard General Insurance, New India Assurance, United India Insurance, and Bajaj Allianz General Insurance.
Health Insurance Companies: These companies specialize in health insurance products that cover medical expenses, hospitalization costs, and related healthcare services. Key players in the health insurance sector include Star Health and Allied Insurance, Apollo Munich Health Insurance (now HDFC ERGO Health Insurance), Max Bupa Health Insurance, and Religare Health Insurance (now Care Health Insurance).
Reinsurance Companies: Reinsurance companies provide risk management solutions to primary insurance companies by assuming a portion of their risk exposure. Notable reinsurance companies operating in India include General Insurance Corporation of India (GIC Re) and ITI Reinsurance Ltd.
Offerings and Products
Insurance companies in India offer a wide range of products and services tailored to meet diverse customer needs. Some common offerings include:
Term Insurance: Provides pure life cover for a specified term, offering financial protection to the policyholder's beneficiaries in case of death during the policy term.
Whole Life Insurance: Offers coverage for the entire lifetime of the insured individual, with benefits payable to beneficiaries upon the insured's demise.
Endowment Plans: Combines insurance coverage with savings/investment components, providing maturity benefits or bonuses along with life cover.
ULIPs (Unit Linked Insurance Plans): Link insurance coverage with investment options, allowing policyholders to invest in equity, debt, or hybrid funds while enjoying life insurance benefits.
Health Insurance: Covers medical expenses, hospitalization costs, diagnostic tests, and other healthcare-related expenses, ensuring financial protection against medical emergencies.
Motor Insurance: Includes two-wheeler insurance, car insurance, and commercial vehicle insurance, providing coverage against damage, theft, third-party liability, and personal accident.
Home Insurance: Protects homeowners against risks such as fire, theft, natural disasters, and property damage, offering peace of mind and financial security for residential properties.
Regulatory Framework and Oversight
The insurance sector in India operates under the regulatory framework established by the Insurance Regulatory and Development Authority of India (IRDAI). Key aspects of the regulatory framework include:
Licensing and Registration: Insurance companies must obtain licenses and registrations from IRDAI to operate in India, ensuring compliance with regulatory standards and guidelines.
Product Approval: IRDAI reviews and approves insurance products and policies to ensure they meet consumer protection standards, transparency, and fairness.
Market Conduct Regulations: IRDAI enforces regulations related to market conduct, fair practices, customer grievance redressal, and dispute resolution mechanisms to safeguard policyholders' interests.
Solvency and Capital Requirements: Insurance companies must maintain adequate solvency margins and capital reserves to meet obligations and ensure financial stability.
Disclosure and Reporting: Insurance companies are required to disclose information related to their financial performance, products, pricing, and risk management practices through periodic reporting to IRDAI and public disclosures.
Market Trends and Innovations
The insurance industry in India has witnessed several trends and innovations that are shaping the market landscape:
Digital Transformation: Insurance companies are embracing digital technologies to enhance customer experience, streamline processes, and offer online services such as policy purchase, claims processing, and customer support.
Customized and Niche Products: Insurers are developing customized and niche insurance products tailored to specific customer segments, such as millennials, senior citizens, entrepreneurs, and rural populations.
Health and Wellness Programs: Many insurance companies are focusing on health and wellness initiatives, offering wellness programs, preventive healthcare services, and incentives for policyholders to adopt healthy lifestyles.
Usage-Based Insurance: With advancements in telematics and IoT (Internet of Things), insurers are exploring usage-based insurance models for vehicles, where premiums are based on actual usage, driving behavior, and risk factors.
Insurtech Collaboration: Collaboration with insurtech startups and technology firms is driving innovation in product development, distribution channels, underwriting processes, and data analytics within the insurance industry.
Factors to Consider When Choosing an Insurance Provider
When selecting an insurance company in India, consider the following factors to make an informed decision:
Financial Strength and Stability: Evaluate the insurer's financial ratings, solvency ratios, claim settlement record, and reputation in the market to ensure financial stability and reliability.
Product Range and Coverage: Assess the insurer's product portfolio, coverage options, add-on benefits, exclusions, and policy terms to choose products that meet your specific insurance needs.
Customer Service and Support: Consider the insurer's customer service quality, responsiveness, ease of claims processing, grievance redressal mechanisms, and support channels available to policyholders.
Premiums and Pricing: Compare premium rates, deductibles, co-payments, discounts, and renewal terms across insurers to find competitive pricing and value-for-money insurance solutions.
Claim Settlement Process: Research the insurer's claim settlement process, turnaround time for claim processing, transparency in documentation requirements, and track record of claim settlement ratios.
Online Services and Technology: If you prefer digital interactions, evaluate the insurer's online platforms, mobile apps, self-service options, and digital capabilities for policy management, renewals, and payments.
Conclusion: Embracing Protection and Peace of Mind
Insurance companies in India play a pivotal role in providing protection, financial security, and peace of mind to individuals and businesses. By understanding the types of insurance companies, their offerings, regulatory framework, market trends, and factors to consider when choosing an insurance provider, consumers can make informed decisions and navigate the insurance landscape effectively. Embrace the value of insurance in mitigating risks, securing assets, and safeguarding against uncertainties, ensuring a resilient and protected future for you and your loved ones.
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Vodafone Idea Secures Rs 5,400 Crore from Anchor Investors Ahead of FPO
As Vodafone Idea (VIL) prepares for its much-anticipated Follow-On Public Offering (FPO), the telecom giant has successfully closed its anchor book allocation, raising a substantial Rs 5,400 crore from both global and domestic investors. This significant investment marks a pivotal moment for the company, positioning it strategically as it gears up for the next phase of growth.
The anchor book allocation, comprising 490.9 crore shares allotted to 74 funds, saw enthusiastic participation from esteemed investors at Rs 11 per share, reflecting confidence in VIL’s potential. Among the notable investors are GQG Partners Emerging Markets Equity Fund, Fidelity, UBS Fund Management, Abu Dhabi Investment Authority, and others, alongside domestic heavyweights like Motilal Oswal Mutual Fund, HDFC Mutual Fund, and SBI General Insurance.
This achievement places Vodafone Idea’s anchor book as the third-largest in history, following the footsteps of One 97 Communications and Life Insurance Corporation (LIC), which raised Rs 8,235 crore and Rs 5,627 crore, respectively, in their anchor rounds. Such substantial support underscores the confidence investors have in VIL’s future prospects.
The forthcoming FPO, scheduled to open for public subscription on April 18 and conclude on April 22, is poised to be the country’s largest, with a price band set between Rs 10 and Rs 11 per share. This monumental fundraising endeavor is expected to inject fresh capital into VIL, empowering the company to bolster its position in the fiercely competitive Indian telecom market.
With industry giants like Reliance Jio and Bharti Airtel dominating the landscape, Vodafone Idea aims to leverage these funds to fortify its presence, accelerate the much-awaited 5G rollout, enhance 4G services, and address pending vendor dues. Additionally, the infusion of capital will enable VIL to execute its ambitious plans of matching its competitors’ offerings and stemming the tide of subscriber attrition.
The road ahead hasn’t been easy for Vodafone Idea, grappling with a daunting debt burden of Rs 2.1 lakh crore and consecutive quarterly losses. Despite these challenges, the company remains resolute in its commitment to rejuvenate its operations and emerge stronger in the ever-evolving telecom sector.
As the telecom landscape continues to evolve, Vodafone Idea’s strategic moves and robust investor support signal a new chapter in its journey towards revitalization and sustainable growth. With the stage set for its transformative FPO, all eyes are on VIL as it navigates through the dynamic telecom terrain, poised for a resurgence in the days to come.
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Unraveling the Best Insurance Plans for Health, Life, and Vehicles, with a Focus on Family Health Insurance
In an era of unpredictability, securing your future requires a strategic approach to insurance planning. This guide explores the best insurance plans for health, life, and vehicles, shedding light on the vital aspects of family health insurance.
Best Insurance Plans for Health, Life, and Vehicles:
Health Insurance - Shielding Your Well-being: Health insurance is a cornerstone of financial well-being. Options like Max Bupa, Apollo Munich, ICICI Lombard, Star Health, and New India Assurance offer comprehensive coverage. Evaluate features such as hospitalization, pre and post-hospitalization expenses, and outpatient care to find the perfect fit for your health needs.
Life Insurance - Safeguarding Loved Ones: Life insurance ensures the financial security of your loved ones. Providers like LIC, HDFC Life, ICICI Prudential, SBI Life, and Max Life Insurance offer diverse policies. Explore term insurance, whole life coverage, and endowment plans to align with your long-term financial goals.
Vehicle Insurance - Protecting Your Journeys: Beyond legal obligations, vehicle insurance is a practical necessity. Consider Bajaj Allianz, HDFC ERGO, New India Assurance, Reliance General Insurance, and ICICI Lombard for comprehensive coverage against accidents, theft, and third-party liabilities.
Best Health Insurance Plans for Family:
Max Bupa Health Insurance - Family Well-being at Its Core: Max Bupa's family health insurance plans stand out with extensive coverage. Enjoy benefits like cashless hospitalization, maternity coverage, and post-waiting period coverage for pre-existing illnesses.
Apollo Munich Optima Restore - Innovation in Family Coverage: Apollo Munich's Optima Restore offers an innovative family floater plan. Features like the Restore and Multiplier benefits make it an attractive choice. Restore automatically reinstates the sum insured, while Multiplier rewards claim-free years.
Conclusion:
Navigating the insurance landscape is a crucial step toward a secure future. Whether it's health, life, or vehicles, the best insurance plans provide a safety net and peace of mind. Tailor your choices to your specific needs, building a comprehensive insurance portfolio that safeguards your well-being and that of your loved ones. Remember, these plans aren't just policies; they're investments in a stable and prosperous future.
>> Unveiling the Best Insurance Plans for Health, Life, and Vehicles
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PMJJBY policy
A yearly premium of Rs. 330 can be used to acquire the Pradhan Mantri Jeevan Jyoti Bima Yojana policy offered by SBI Life Insurance Company. When acquiring this group term insurance plan, the policyholder's age must be between 18 and 50, but not both. The plan's maximum annual sum assured is Rs. 2,000,000. The chosen nominee will receive the death benefits provided by the insurance in the event that the policyholder passes away during the policy's term.
The enrollment process for the policy begins on June 1 and runs until May 31, 2016. If you enlist after this time, you must also submit a self-certification of good health and pay the entire annual cost.
PMJJBY is an insurance program that provides life insurance coverage for fatalities of any cause. It is a one-year cover that is renewed annually.
PMJJBY policy offers life insurance protection against fatalities from any source. It is a yearly cover with a one-year term.
The policyholder is required to pay a yearly premium of Rs. 330. A single instalment of the premium will be automatically taken out of the policyholder's savings account using the auto debit option. To avoid a fine, premium payments must be sent before or on the 31st of each month.
The nominee will be qualified for a death benefit equivalent to the sum assured in the tragic and premature death of the life assured member while the policy is still in effect. Even if the member is protected by numerous insurers or bank accounts, the death benefit for this plan cannot exceed Rs. 2 lakhs. In these situations, only the initial application will be considered for claims, and the subsequent covers' premiums would be lost.
When the insurance coverage starts, the premium amount will be deducted from the covered member's account. The 31st of May is the deadline for members to sign up for the program and receive insurance coverage for a full year. Every year on June 1st, the cover can be renewed, and the new premium will be deducted from the member's bank account. Depending on the modifications outlined by the Government of India, the premium may fluctuate from time to time. Members who choose to join the plan after June 1 may do so, but they will be required to pay the full year's premium.
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Best Guaranteed Income Plan 2023 — Features of Top Guaranteed Return Plans in India
Financial planning is crucial for everyone to conduct in order to better protect themselves from unforeseen expenses. Nowadays, it is simple for people to plan for financial stability in life because different insurance companies offer a variety of insurance plans with a wide range of benefits. By investing in the best guaranteed income plan, you can be certain about getting guaranteed returns which will help in fulfilling your goals to a great extent.
Below we are discussing 10 such best guaranteed income plans/guaranteed return plans in India to invest in 2023:
· ICICI Prudential Cash Advantage Plan
· Max Life Guaranteed Income Plan
· Bajaj Allianz Save Assure Plan
· LIC New Jeevan Anand
· Edelweiss Tokio Life G CAP Plan
· SBI Life Smart Money Back Gold Plan
· Canara Smart Monthly Income Plan
· Tata AIA Life Insurance Secure 7 Plan
· HDFC Life Sampoorn Samridhi Plus Plan
· PNB Metlife Money Back Plan
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Why should you buy Arogya Sanjeevani Health Insurance?
When a medical emergency arises, your Health Insurance is beneficial as it pays for your treatment. Therefore, you should have Health Plans in place that consider your needs and expectations. Since Health Insurance is a yearly contract and should be renewed on time, you need to evaluate, research, and review your policy to ensure you do need not to pay for medical bills out of your pocket.
One such plan that you can consider is Arogya Sanjeevani Medical Insurance. It is a basic plan introduced by the IRDAI in 2020. They are further classified as Individual and Family Floater Plans.
Reasons to buy one
The primary reason is the rise in lifestyle diseases and the high cost of their treatments. Along with sickness, there is always the possibility of accidents leading to injuries or any other medical emergency. A financial strain occurs owing to medical bills and in the process, you compromise on your financial goals. Such plans cover medical costs, fight medical inflation, and help you in need.
Medical costs spent while in the hospital are covered by SBI’s Arogya Plus Health Insurance. They safeguard your money while also giving you much-needed financial support.
Review and renew
Getting the right plan is crucial but there are other factors that to take care of. Every year, you should ensure the plan still meets your needs and preferences. For instance, you should add a new person to the coverage if you get married or have a child. Do so during the policy's term or at renewal. Similarly, if you want to choose add-ons or raise the insured amount owing to changing demands, do it during the renewal.
The Insurance remains intact through all phases of life if you review it thoroughly. Additionally, Arogya Sanjeevani also comes lifetime permit. Therefore, renew your policy timely to continue receiving coverage for unexpected medical expenses.
Lastly, such plans can be transferred or can change the Insurance company during renewal. Based on the mentioned aspects, you need to renew and review your Insurance because doing so helps you in the long run. Remember, that you can renew your plan online and from any location, if time is a hassle or the insurer's office is beyond reach. Most insurers offer a safe and secure option for online and offline renewals.
Conclusion
Treatments and surgeries are getting expensive because of the escalating cost of healthcare. So, buying, renewing, and reviewing an Arogya Plus Health Insurance becomes more crucial. Avoid letting medical inflation drain your Bank Account and get Insured right away.
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Online Life Insurance Market Outlook: World Approaching Demand & Growth Prospect 2022-2027
Global Online Life Insurance Market Report from AMA Research highlights deep analysis on market characteristics, sizing, estimates and growth by segmentation, regional breakdowns & country along with competitive landscape, players market shares, and strategies that are key in the market. The exploration provides a 360° view and insights, highlighting major outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the companies in more detail to make better informed decisions.
Major Players in This Report Include Mitsui Life Insurance (Japan),Manulife Financial (Japan),Japan Post Insurance (Japan),MetLif (United States),Bajaj Allianz General Insurance (India),Birla Sunlife Insurance (India),Life Insurance Corporation of India (India),New India Assurance (India),SBI Life Insurance (India),Max Life Insurance (India),Reliance Life Insurance (India)
Online Life Insurance is a platform where customer can easily buy out the policy with more informed about the plan and its features, which in turn aid in making an informed choice. Online Life Insurance market is expected to mark significant growth over forecasted period owing to increasing consumers spending on online term plans, ecommerce transaction and technological advancement. There has been significant rise in number of countries investing in insurance platform where U.S. direct investment abroad with figure stood up to 6 Billion in United States alone in 2018, the future for online life insurance looks promising. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the Insurance sector.
Market Drivers Rise in Urbanization and Digitalization Boost the Online Life Insurance Market
Increase Number of Internet User’s Penetration.
Market Trend Collaboration and Tie Up Of Leading Players
Value Oriented Consumers
Opportunities Proliferation Due to Long Term Value Creation And Productivity Improvements Leads to Grow the Market.
Increase Lifestyles and Health Concerns Fuelled up the Online Life Insurance Market.
Challenges Limitation Due to Government Regulation are Anticipated to Challenge the Market.
The Online Life Insurance market study is being classified by Type (Term Insurance, Endowment Policy, Unit Linked Insurance Plan, Money Back Policy, Whole Life Policy, Annuity/Pension Plan), Application (Kids, Adults), Plan (Individual, Group)
Presented By
AMA Research & Media LLP
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Top Guaranteed Income Plans in India 2022
Financial planning is crucial for everyone in order to have better protection against unforeseen expenses. Nowadays, it is simple for people to plan for financial stability in life because different insurance companies offer a variety of insurance plans with a wide range of benefits.
It is preferable to thoroughly assess the plan before investing in order to determine whether it offers sufficient advantages for life coverage and maturity. You gain from these assured programmes a bonus, tax deductions, monthly income, and peace of mind.
Below are the 10 such best guaranteed income plans/guaranteed return plans in India to invest in 2022:
ICICI Prudential Cash Advantage Plan
Max Life Guaranteed Income Plan
Bajaj Allianz Save Assure Plan
LIC New Jeevan Anand
Edelweiss Tokio Life G CAP Plan
SBI Life Smart Money Back Gold Plan
Canara Smart Monthly Income Plan
Tata AIA Life Insurance Secure 7 Plan
HDFC Life Sampoorn Samridhi Plus Plan
PNB Metlife Money Back Plan
By investing in a guaranteed income plan , it should be ensured that you receive guaranteed returns to fulfill your life goals.
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India Travel Insurance Market Size More than Triple at a CAGR of 19.8%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study estimated India Travel Insurance Market size at USD 85.6 million in 2021. And BlueWeave forecasts India Travel Insurance market to grow at a robust CAGR of 19.8% during the forecast period (2022–2028) to reach a value of USD 281.4 million by 2028, as deepening penetration of mobile internet enables travelers to choose convenient options for online travel bookings, and a comprehensive suite of packages for different types of travelers. However, a lack of understanding regarding insurance policies may hinder the market growth.
India Travel Insurance Market – Technology Advancements
Convenient choices for purchasing travel insurance through online comparison-shopping websites such as direct airline sites and online travel agents (OTAs) are driving the expansion of the travel insurance industry. Insurers are projected to strengthen existing travel insurance distribution networks with the help of innovative technologies, such as geolocation, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS). Hence, the increasing use of innovative digital technologies could boost the growth of the travel insurance market in India.
Booming Tourism Sector to Drive Demand for Travel Insurance
The main driver of the travel insurance business is the increase in tourism. When traveling to a foreign country, a majority of Indian travelers seek abroad travel insurance in India, implying that there is a huge market for travel insurance in India. Not just among international tourists, but also among domestic travelers, there has been a significant increase. According to recent estimates, 30 million Indians travel within India each year, and they also seek domestic travel insurance. Travel has become a part of academic, business, and personal life as people have become more mobile, exposing people to travel-related contingencies. Hence, an increasing number of travelers are expected to drive the demand travel insurance products and services in India.
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Segmental Coverage
India Travel Insurance Market – By Insurance Coverage
Based on insurance coverage, the India travel insurance market is segmented into three categories: single trip, annual multi-trip, and long stay. Due to the development in business travel combined with rising disposable income, single trip travel insurance accounts for a substantial market share among them. However, more accessible and less expensive travel has made it easier for various families and fully autonomous travelers to take multiple trips in a year, resulting in a significant increase in annual multi-trip travel insurance.
Impact of Covid-19 on India Travel Insurance Market
Due to government-imposed severe lockdown measures, the COVID-19 pandemic slowed the growth of the travel insurance market in the first half of 2020. Due to the enormous worldwide health, social, and economic disaster created by the COVID-19 pandemic, travel and tourism are among the most affected businesses. After the gradual relaxation of the mandated lockdowns, the market gained traction in the second half of 2020. There will be an increase in the number of travelers in the coming years as a result of various industry participants providing coverage for COVID-19 related medical expenses.
Competitive Landscape
IFFCO Tokio Travel Insurance, TATA AIG, Apollo Munich (now, HDFC Ergo), Bharti AXA, Bajaj Allianz, SBI General Insurance, Future Generali, Royal Sundaram, HDFC Ergo, ICICI Lombard, Reliance, and Religare (now, Care Insurance) are the leading participants in India travel insurance market. Major travel insurance players in India are increasing their investments in developing new insurance plans to expand their customer base and geographic reach.
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Why One Must Invest in a Good Life Insurance plan?
Life Insurance is an Investment that can help meeting our various financial goals. It also provides life protection in case of any unforeseen circumstances. As a matter of fact, it can secure your family even after your demise. In short life Insurance policy enables the dual benefit of life coverage as well as returns on maturity.
There are many categories of Life Insurance policies. Premium paid in all varies based on their features.
Some Life Insurance policy types are enlisted below.
Life Insurance Policy Plans
Endowment Plans
Pension Plans
Group Plans
Unit Linked Insurance Plans
Rural Plans
Health Insurance Plans
Term Plans
How Rahul Secured his future & family with Life Insurance plans.
Rahul is 35 years old married marketing professional. His wife is a homemaker, they got 2 kids, 5 years and 2 years old respectively. Rahul is earning Rs. 75,000 monthly. He's having few concerns as follows.
1. What will happen to his family if he dies?
2. How will he arrange huge funds for his children's education?
3. How shall he save his tax?
He wanted to go for a plan that can address all his concerns. One day when he was searching for something online he saw in the advertisement. It was related to some Life Insurance. He never paid attention to such flashy messages earlier. But this time he liked the message. Actually, it covered all his pain areas. It was visible on one of the online policy aggregators websites. He immediately got a solution to all his issues. These details on the website were related to Term Plans; endowment and other related policies. With the help of these products, he could safeguard his family. At the same time could build a corpus of funds for his kid's education after 15-20 years. Both these plans were good to save taxes as well.
The best part was the Investment required was not much. However, was good enough to save taxes. He felt on top of the world. His happiness was as good as winning a jackpot. He immediately brought these plans. One was a traditional plan for Investment. Another was the term plan for life cover.
Initially, it was difficult for him to decide which company to choose from. All of them had different products at different prices.
Some of the leading players, he came across were as follows.
Life Insurance Companies
ICICI Life Insurance
PNP Met Life
Aviva Life Insurance
Max New Your Life Insurance
SBI Life Insurance
Life Insurance Corporation of India
Aditya Birla Capital
Birla Sun Life
Aegon Life Insurance
Bajaj Alliance Life Insurance
HDFC Standard Life Insurance
Exide Life Insurance
IDBI Federal Life Insurance
Bharati Axa Life Insurance
He did a quick comparison of the products and plans of these Insurance companies online. Finally selected the one that had the most suitable features.
Salient Features of Life Insurance Companies
Why people choose these Life Insurance companies is because they offer many benefits because of their features and benefits as follows.
1. Life Coverage
One of the best advantage of these Insurance policies is Life coverage. That means that at the time of the death of policyholder his family is entitled to get the Insured amount. The premium that needs to be paid is very nominal. Policy terms may vary between 10 to 30 years. Even if the Insured person expires at 3rd year of the policy even than his beneficiary will get the complete amount.
2. Maturity Benefits
Life Insurance is not just covering your life for any uncertainty it is a kind of investment as well. The premium that we paid gets accumulated as a fund. After the completion of the policy term, we get an accumulated amount. It is a great investment as funds that we get after maturity is including interest and other bonuses.
3. Financial Goals.
Life Insurance policies help in meeting many financial goals.A few of them are as follows.
Financial Goals
Child Education
Daughters Marriage
Buying a house
Retirement Benefits
Wealth Maximization
We may have many financial goals. All these can be achieved with ease with the help of these Life Insurance policies. We can get in touch with any distribution network or an agent and address our query. Alternatively, we can also check the comparison sites and take decisions accordingly.
5. Income Tax Benefits.
These Life Insurance policies provide many Income Tax benefits as well. As per section 80c, we can plan our tax savings. While choosing the policy we should select the one that can assist in saving maximum tax.
6. Riders Benefits.
All these policies come with more than one riders. There are many riders available with term plans. They help us in managing many ad-hoc risks. Some of the riders are listed below
Sno. Riders
Terminal Illness
Critical Illness
Additional Disability
Additional Coverage
How to select Life Insurance companies?
Since there are so many companies available in the market. It becomes difficult to decide where should we buy the policy.
We can take the decision based on a few factors as follows.
Amount of premium
We can calculate the amount of premium easily by using online calculators. The premium amount is based on many other factors as well. Some of them are like the amount of Sum Insured, riders, age, etc. If we want to ensure more amount for life than premium will be more and vice versa. Earlier we start investing lesser will be the amount of premium. The rider can increase the amount of our premium too. After adding all these factors such as age, riders we can check the exact amount. We can compare it with different Insurance companies as well. We may select the one that provides the best price.
Financial Targets
Financial goals differ from person to person. Whether our concern is child education or daughter's marriage we will need funds. However, a requirement may be different from person to person. Likewise, we may have many other challenges. Many of them will involve money. Another objective that one may have is wealth maximization. With Life Insurance plans we can solve all our problems and achieve our goals.
Company year of operation
If the company is in operation for a long time than it automatically builds credibility. We must check the year of establishment of the firm. That will give us some idea about their business history.
Kind of Products
Life Insurance Companies have many customized plans. They are designed as per the need of an individual or business. We can choose from any of the categories. Many of them have been listed above. To summarize they are in the form of various endowments plans, pension plans, specialised health plans, term plans, etc.
Features of the policies
Life insurance policy got numerous products as we know. Every plan has got different features. For example, If we take Health Plans than they will offer different benefits as compared to Pension. Furthermore, within the same plans, benefits will differ. So first we should decide what plan we want term, endowment or health. Accordingly, compare the features and select the most suitable.
Additional benefits
In this competitive world, every Insurance policy wants to be better than others. To excel they usually offer many benefits better than the competitors. We should consider that before buying any policy. Some of these additional benefits can be in the form of riders or otherwise. There are few policies that offer the benefits of loans against your policy. Whereas others may have the benefit of providing bonuses after locking year. We should analyze and know all these advantages and make our decision accordingly.
With so many variants available, we must select a policy with due diligence. Important is we must make a decision early. As Life Insurance serves as a very good source of Investment.
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Know why term insurance premiums are likely to increase
While the death claims are across product categories, insurance companies do not re-insure the underwriting risks taken across all products.
NEW DELHI: The term insurance plans, which provide only life cover and have no investment component – are likely to become expensive by anywhere between 10-20% next year.
The reason being reinsurers, who share some of the underwriting risk of the insurance companies, have decided to increase their rates (for sharing the risk).
During the Covid-19 pandemic, the life insurance companies saw the death claims increase substantially, and so was their claims from reinsurers.
For example, SBI Life, one of the listed life insurance companies, saw total death claims rise 74% in 2020-21, while HDFC Life witnessed payment related to death claims rise 28% during the financial year.
While the death claims are across product categories, insurance companies do not re-insure the underwriting risks taken across all products. Since term insurance plans are pure protection products, they give a much bigger life cover at a fraction of cost.
For example, one can take a Rs 1-crore insurance cover by paying as low as Rs 7,500-12,000 a year.And since the insurance companies are taking a bigger risk on these plans, they share the risk with a reinsurance company by paying a fee.
The pandemic has resulted in larger death claims payments, which in turn mean reinsurers had to also make increased reinsurance payments to insurance companies. An increase in premium depends on the claims ratio or claim experience of the insurers.
“It is likely that some re-insurers may raise their prices. The reason for the same is that due to multiple factors, including Covid-19, the actual number of claims settled has been higher than expected. Hence, keeping in mind the future macroeconomic factors, the underlying mortality rate along with other criteria, some reinsurers have taken the decision to revise rates,” says Varun Gupta, Chief & Appointed Actuary, Bharti AXA Life Insurance.
According to Jitendra Singh, vice-president, Swastika Insurance Broking Services Limited, the premium may increase between 10 -20%. He says that many insurers have already increased the premium whereas some insurers are likely to increase it in due course of time.
Who’s getting impacted
If you already have one or more term insurance plan(s), you should not be worried about any increase in your premium as life insurance premiums are locked from the day one purchases the insurance policy.
“Existing customer or customers who are looking to buy insurance in the next few days, need not worry about the increase in premiums as the premium amount they are currently paying will remain locked and not be impacted by the reinsurers decision to increase premiums,” says Gupta. But those looking to delay their purchases may have to shell out more – especially – if they fall in the above 35-year age category.
Why term insurance is necessary
As explained earlier, term insurance plans are pure protection plans, which means that only in case of the death of the life insured, the family/nominee gets the sum assured.
Term insurance plans are cheaper because the whole premium goes towards providing death cover unlike in investment insurance products such as Unit-linked Insurance Plans (ULIPs), where a part of the premium is used for creating an investment portfolio.
Term insurance premiums may get expensive by 10-20%, but they are still the most effective when it comes to providing financial security to your family in your absence.
Credit: Dipak Mondal
Date: 13th December 2021
Source: https://www.newindianexpress.com/business/2021/dec/13/know-why-term-insurance-premiums-are-likely-to-increase-2394985.html
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lic ipo: LIC, Adani Wilmar, NSE and OYO among 75 IPOs to watch out for in 2022
New Delhi: The primary markets saw 2021 as a historic year and are contemplating 2022 on similar lines, with a long queue of companies eyeing to make their Dalal Street debut.
As many as 75 companies are in the IPO pipeline, with 37 having valid observations from Sebi and the remaining 38 awaiting market regulator’s go-ahead after filing their DRHP, suggests a report from Axis Capital.
Even in the March quarter, 23 companies are looking to collectively raise nearly Rs 44,000 crore through initial share sales, of which a significant chunk will be garnered by technology-driven companies.
“We foresee moderation in the primary market in terms of numbers of offerings,” said Vinod Nair, Head of Research at Geojit Financial Services.
However, the IPO market will be supported by the government’s divestment plan, start-ups and new growth in the economy, he added. “Going ahead, investors are expected to be choosy in terms of quality and pricing of IPOs.”
However, investors are keenly waiting for the issues of some of the most buzzed names, including the insurance behemoth Life Insurance Corporation of India (LIC).
LIC is the most awaited issue this year, but the company has not filed its DRHP yet and it requires ample clearances and regulatory approvals before knocking on the doors of the primary market.
Even for the government itself, LIC’s IPO holds paramount importance. The Centre is eyeing to raise to Rs 80,000-1,00,000 crore, a major chunk of Rs 1.75 lakh crore divestment plans, diluting its 5-10 per cent stake.
The market for primary issuances is likely to be buoyant in 2022, thanks to a strong pipeline of DRHP with SEBI and observations received from the market regulator, said Ricky Kirpalani, Lead Sponsor, First Water Capital Fund.
“However, the LIC IPO is likely to take the lion’s share of the expected mobilization,” he added. “The recent tepid listings may slow the flurry run, but overall it will be healthy, as long as quality names are available at a reasonable price.”
NSE is another highly anticipated issue. The largest derivatives bourse and India’s leading exchange is eyeing to raise Rs 10,000 crore via the share sale.
The company’s shareholders include several prominent names such as State Bank of India (SBI), LIC, IFCI, IDBI Bank, Goldman Sachs, Stock Holding Corporation, Tiger Global and Citigroup, among others.
Adani Wilmar, the joint venture between Adani Group and Singapore’s Wilmar Group, is likely to raise Rs 4,500 crore via IPO route for capital expenditure for expansion of existing manufacturing facilities, which will entirely be a fresh issue.
After the success of, and PB Fintech, homegrown start-ups will continue to launch their mega issue for the investors in 2022. Oravel Stays (OYO), Delhivery and PharmaEasy will hog the limelight this year, as they eye to raise to Rs 22,150 crore via IPOs.
Apart from these, Snapdeal, Droom Technology, LE Travenues Technology (Ixigo), Ola, One Mobikwik Systems and Byju’s are some of the key start-ups lined up to raise fresh capital via the primary route.
However, the majority of start-up IPOs have been mega-sized issues as they provide an exit to a large number of existing investors and promoters to offload their stake.
“Our start-up ecosystem, already the 3rd largest in the world, too, will continue to flourish. We have already seen several start-ups attaining unicorn status this year and believe that it is a trend that will continue in 2022,” said Ravi Kumar, Co-Founder & CEO, Upstox.
Among the traditional businesses, investors will be keenly awaiting the IPOs SBI Mutual Funds and Bajaj Energy along with VLCC Health Care, Sterlite Power Transmission, Tracxn Technologies and Go Airlines.
Emcure Pharmaceuticals, Vedant Fashions, Paradeep Phosphates, Medanta, Seven Islands Shipping, Aether Industries, Five Star Business Finance and Vedant Fashions (Manyavar) are expected to float their initial share-sales.
India will continue to be an attractive destination for investment as the macroeconomic parameters remain stable, and will continue to support consumption and investment, said Kumar of Upstox.
“A large untapped market, favourable demographics, rising financial literacy, increasing smartphones and low-cost internet penetration will continue to boost equity participation,” he added.
In 2021, 63 companies raised about Rs 1.20 lakh crore through their initial stake sales. Apart from this, a couple of REITs and InvITs raised more than Rs 11,500 crore during the year.
The record funding for companies comes despite weak market sentiment arising from the nationwide Covid-19 lockdown in the first half of the calendar year.
#firstwatercapital#Best Equity Funds in India#Best Hedge Fund Managers in India#Best Performing AIFs in India
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Best Guaranteed Income Plan 2022 — Features of Top Guaranteed Return Plans in India
Financial planning is crucial for everyone to conduct in order to better protect themselves from unforeseen expenses. Nowadays, it is simple for people to plan for financial stability in life because different insurance companies offer a variety of insurance plans with a wide range of benefits. By investing in the best guaranteed income plan, you can be certain about getting guaranteed returns which will help in fulfilling your goals to a great extent.
Below we are discussing 10 such best guaranteed income plans/guaranteed return plans in India to invest in 2022:
· ICICI Prudential Cash Advantage Plan
· Max Life Guaranteed Income Plan
· Bajaj Allianz Save Assure Plan
· LIC New Jeevan Anand
· Edelweiss Tokio Life G CAP Plan
· SBI Life Smart Money Back Gold Plan
· Canara Smart Monthly Income Plan
· Tata AIA Life Insurance Secure 7 Plan
· HDFC Life Sampoorn Samridhi Plus Plan
· PNB Metlife Money Back Plan
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Relevant details about pursuing an MBA course
Stop and think about why you want to pursue a Master of Business Administration (MBA). Life after an MBA may not be as simple as you think. Not every management graduate is offered a prestigious position with competitive compensation. To be able to build a stable and successful career after an MBA, you must first set your goals. The top MBA colleges provide the best of the education to the students.
Nowadays, the most common reasons for pursuing an MBA are:
You will make more money as a result of this.
It allows you to advance in your current position at work.
It enables you to leave a dreadful job.
However, in order to get an MBA and be fully pleased, you must adopt a more cognitive perspective:
Why get an MBA in the first place?
to begin a career path that will lead to success
If you're an experienced professional looking to make a career change,
to cultivate an entrepreneurial mindset
to establish relationships with the best in the industry
To increase your personal brand value
personal development
Start a company/start-up/become an entrepreneur
to relocate
After earning an MBA, you can apply for top positions.
You should have a knowledge base about occupations that demand an MBA degree if you've determined why you want one. You can then pursue your job passion based on that information. Client relations, business planning, consultancy, resource or system analysis may all be part of your work description, but let's look at the career options after an interview in more detail.
Security and investment analysis, as well as portfolio management, are part of banking and finance. These positions, which are available in banks, insurance companies, security firms, and other financial institutions, need a professional who can make sound investment decisions. Corporate Treasury, Credit Analysis and Business Operations, are all job profiles that are related to one another. Companies like Goldman Sachs, RBS, Nomura, J.P. Morgan, and Barclays, among others, frequently offer such positions.
Commercial Banking, Corporate Banking, Cards Management, Liabilities Product Management, Wholesale Risk, Relationship Management, Transaction Banking, Compliance, Credit Risk, and Treasury are some of the other employment opportunities available in banks. MBA graduates are hired for these positions by banks such as ICICI Bank, Yes Bank, Axis Bank, Kotak Bank, HDFC State Bank of India, Bank, and RBL.
Information System Management: This position necessitates a candidate who is more tech-savvy, such as someone with an MBA in Information Systems. Such applicants seek for new and cutting-edge technology in order to better assist a company. They engage with financial and managerial departments to give a complete cost study for the usage of appropriate technologies.
Investment banking is a highly sought-after position. SBI Capital Markets, Motilal Oswal, and Bank of America Continuum are just a few of the companies that are hiring for this position. As an underwriter, the proper applicant can help. He or she is responsible for connecting investors with groups in need of funding. The candidate must be able to assess what will work best for the client. They work with both customers and acquisitions & mergers. Treasury, Investment Management and Securities are some of the other job profiles. Nirma MBA is one among the Top MBA Colleges in Gujarat where you can seek admission.
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Indonesia-based Rey Assurance launches its holistic approach to insurance with $1M in funding
Rey Assurance co-founders Bobby Siagian and Evan Tanotogono
Health insurance is the kind of thing people usually only think about only when they need it. Otherwise, their policies are just paperwork in their files or cards in their wallet. Indonesian insurtech Rey Assurance is taking a new approach. Once someone becomes a member, they also get access to a platform of health services, including AI-based self-assessment tools, 24/7 telemedicine consultations for no added fee and pharmacy deliveries. The startup is launching out of stealth today, having already raised $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).
Rey was founded this year by Evan Tanotogono, former head of digital channel at Sequis, one of Indonesia largest insurers, and Bobby Siagian, who held lead engineering roles at companies including Tokopedia and Sea Group. They are joined by insurance industry veteran David Nugrho as their chief business officer.
They created Rey to address the low penetration of life and health insurance in Indonesia. “When you look at the root causes and pain points, you are looking at problems that are systemic here,” Tanotogono said. These include low awareness, expensive distribution channels like agents and telemarketing, high premiums and complicated policies.
“People feel like the product is really complex, the process is difficult and they don’t get the best value for the money. It’s been that way for many, many years,” he told TechCrunch. “We believe that we cannot just go into the market and digitize part of the value chain.”
Plans start from about $4 USD per month and are available for individual or groups, like families, and small businesses. Rey’s wellness ecosystem was created to give customers more value for their money, and help differentiate it from other companies in Indonesia’s growing insurtech industry. Some other startups that have recently raised funding include Lifepal, PasarPolis and Qoala.
“Right now, if you look at insurance in Indonesia, if the premium is high, maybe 80% or 90% of that is used for the distribution channel. Now if we optimize something for digital distribution, then we can reduce the price and use the rest for the wellness features,” Tanotogono added.
Indonesian D2C insurance marketplace Lifepal raises $9M Series A
TPTF managing partner Glenn Kline told TechCrunch that Rey’s founding team was “really the driver” for its investment. “We felt these people really know where the pain points are and they understand clearly how not to try to change the legacy system, but create a whole new platform from the very beginning, where the core value proposition is an integrated solution that is simple and hassle-free.”
Instead of doing the underwriting themselves, Rey works with insurance partners to design proprietary policies. The goal is to have an onboarding process that is completely online and only takes about five minutes, and a mostly cashless claim and reimbursement system through Rey’s payment cards. If its payment card can’t be used at healthcare provider, claims can be submitted by uploading receipt photos to the app.
Tanotogono said this is much faster than traditional insurance providers, which can take up to 14 working days to reimburse a claim, and made possible with Rey’s proprietary claim adjudication technology.
Rey’s wellness ecosystem currently covers primary care services, including chats and video calls with medical providers. In the future, it plans to add specialists to the platforms.
Customers can also link their health wearables for incentives. For example, if they hit certain step or activity goals, they get rewards like discounts or shopping vouchers. Rey’s long-term plan is to link wearables more deeply to its insurance policies, using data to personalize policies and premiums.
Indonesian insurtech startup PasarPolis gets $54 million Series B from investors including LeapFrog and SBI
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