We all know that insurance is something that you need to purchase for the well-being of yourself and your loved ones. However, what most of us don’t know is what are the different kinds of insurance available in the market and which ones are the ones to invest in. To begin with, you need to know that there can be two types of insurance that you can invest in – Life Insurance and General insurance. In this article, we will help you understand these two types of insurance and the difference between the two. If you are a novice with regards to insurance, this article will be useful to you. What is Life Insurance? Well, as the name suggests, Life Insurance is what covers your life from...
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Accidental death benefit is included while Legal & General processes your application, covering you for accidental death for up to 90 days until it either accepts or declines your application. If you were to die due to an accident within this time, Legal & General will pay out the amount you’ve applied to be insured for, to a maximum of £300,000. Free life cover is available if you’re using life insurance to cover a mortgage. You’ll get free life cover if you die between exchange of contracts and completion of your property purchase, up to a maximum of 90 days. The free life cover will end as soon as your life insurance policy begins. Free life cover is for...
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ULIPs allow the policyholder to invest in mutual funds and ensure life cover at the same time. It is ideal for long-term financial goals as they help in wealth creation. Depending on one’s risk appetite portfolio, one can invest into various fund options i.e. equity (high risk), debt (low risk), or hybrid funds (medium risk). Along with the death benefit, ULIPs offer partial withdrawal after the lock-in period of five years is over and also allows switching between funds. 5. Money-Back Policies Money-Back policies provide the insured with a percentage of the sum assured at predefined intervals. These pay-outs are known as survival benefits. When the policy matures, the remaining amount of...
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Key differences between General and Life Insurance One major distinction between the two is the duration of the policy. Life insurance plans are long term plans and require policyholders to either pay a lump sum premium, or regular monthly, quarterly, or yearly premiums for a significant amount of time. For example, 15-20 years or up to a lifetime. General insurance, on the other hand, is a short term plan that is generally renewed yearly. The premium for a life insurance policy is paid at regular intervals like monthly, quarterly, or yearly. In contrast,the premium for a general insurance policy is paid at once, either when the policy is bought or when it is renewed. This may differ in...
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The News Scroll 30 June 2020 Last Updated at 5:37 pm | Source: IANS Non-life insurance sector to log negative growth in FY21 Non-life insurance sector to log negative growth in FY21 Chennai, June 30 (IANS) The non-life insurance industry is expected to log negative growth this financial year (FY21) due to Covid-19 pandemic, according to a top official of Cholamandalam MS General Insurance Company, here on Tuesday. Announcing retirement from the Mugugappa Group insurance firm, S.S. Gopalarathnam said V. Suryanarayanan, President & COO, would take over as the Managing Director on July 1. The company is a joint venture between the Rs 381 billion turnover Murugappa Group and Mitsui...
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Consultancy: Policy and Social Benefits, Division Human Resources (6 months, Home Based) Position type: Consultancy Division/Equivalent: Operations School/Unit: Division of Human Resources Department/Office: Policy...
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Our analysts monitoring the situation around the Globe explain that after COVID-19 crisis the market will generate remunerative prospects for producers. The goal of the report is to provide a further illustration of the current scenario, economic slowdown and effect of COVID-19 on the industry as a whole. A New Research on the Global Universal Life Insurance Market was conducted across a variety of industries in various regions to produce more than 150 page reports. This study is a perfect blend of qualitative and quantifiable information highlighting key market developments, industry and competitors’ challenges in gap analysis and new opportunities and may be trending in the...
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Craig Thornton appointed new Chair of ABI's General Insurance Council Craig Thornton, General Insurance and Protection Director, Lloyds Banking Group, has been appointed as the new chair of the ABI’s General Insurance Council (GIC). The GIC sets the ABI’s strategic direction on issues of interest to the general insurance market. Currently Chair of the ABI’s Audit Committee, and ABI Board member, Craig succeeds Andy Watson, CEO, Ageas UK. “The Covid-19 crisis has put the industry right under the spotlight and it’s more important than ever for the sector to work together on lessons from this and highlight the importance of our role in getting the UK back on...
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KADIMA, Israel, June 30, 2020 /PRNewswire/ -- Nemesysco , a leading provider of voice analytics technologies and solutions for genuine emotion detection, today announced that the company has deployed a voice analytics solution together with its local integration partner Softtek for the China Pacific Insurance Company (CPIC). CPIC is one of the largest insurance providers in China with over 139 million customers and nearly 108,000 employees. CPIC is headquartered in Shanghai and is a Fortune Global 500 company. CPIC is initially applying Nemesysco's LVA7 voice analytics solution in its life insurance business unit. LVA7 has been embedded into the claims processing solution provided to CPIC...
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Flipkart co-founder and former CEO Sachin Bansal has reportedly acquired DHFL General Insurance from Wadhawan Group Capital (WGC) for around Rs 100 crore. The deal is seen as a distress sale for Kapil Wadhawan-led financial services group, which used to run the debt-laden DHFL. WGC is the parent company of crisis-hit Dewan Housing Finance Limited (DHFL), which has been recently admitted for bankruptcy. WGC also owns financial services companies such as Aadhar Housing Finance, Avanse Financial Services, DHFL Pramerica Asset Managers, DHFL Pramerica Life Insurance and DHFL General Insurance. With this acquisition, Bansal has entered into insurance business. The investment is also seen as part...
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