You’re in the right place. Here, we break down, in no particular order, everything you’ve always wanted to know about life insurance but were afraid to ask. Life insurance is often thought about as something only rich people need to worry about, but that’s a bit of a myth. Most people feel and understand the need to protect their loved ones when they die. A life insurance policy can be one of the best ways to do that. How does life insurance work, exactly? Simply put, life insurance is a financial product that helps you to leave behind money for your family if you die while covered. The money could then be used to support them in a variety of ways. It can replace the...
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SBI Life Insurance on Monday said it has signed bancassurance agreement with Yes Bank to offer a comprehensive bouquet of life insurance solutions to the bank’s customers across the country. As part of the partnership, SBI Life’s diverse range of individual and group insurance solutions will be offered to the customers of Yes Bank through the bank’s branches spread across 28 states and 8 Union Territories in India. SBI Life’s extensive product portfolio coupled with the bank’s digital capabilities and widespread presence will ensure easy accessibility of life insurance to the customers. The agreement was signed by Rajan Pental, Global Head – Retail Banking, Yes Bank and AVS Sivaramakrishna...
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HDFC Life has always had a customer centric approach, said the insurer in a statement. ( Pradeep Gaur/Mint) HDFC Life joins hands with Yes Bank to sell insurance policies 1 min read . Updated: 22 Sep 2020, 04:57 PM IST Written By Anulekha Ray HDFC Life’s diverse range of life insurance products will be offered to the customers of Yes Bank We aim to offer a comprehensive suite of product solutions and best in class servicing, leveraging our investments in technology, said Suresh Badami, executive director, HDFC Life As part of the agreement, HDFC Life’s diverse range of life insurance products will be offered to the customers of Yes Bank through the bank’s branches spread across the...
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Bank of East Asia Ltd. agreed to start a process of selling its life insurance unit in a bid to boost profitability and lift its shares. The bank, which counts activist investor Paul Singer’s Elliott Management Corp. as a shareholder, announced the plan after a business review, confirming an earlier report by Bloomberg News. BEA could raise about $500 million to $600 million from a potential transaction, people familiar with the matter have said. BEA will also seek to enter into a long-term exclusive distribution agreement that will provide an ongoing source of revenue as a distributor of insurance products through its banking platform, it said in an exchange filing on Wednesday....
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The only objective of buying a life insurance policy is to provide a financially independent life to your dependents in your absence. Life insurance claims: Five mistakes to avoid 2 min read . Updated: 24 Jul 2020, 12:49 PM IST Avneet Kaur Insurers cannot reject claims after completion of three policy years 1. Concealing or filling wrong information in application form Hiding or giving false information in the application form can lead to rejection of life insurance claim. Fill details such as age, income, occupation, qualification, lifestyle (smoking/drinking), information on previous policies and claims if any, and other information in the application form carefully and correctly....
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Hit hard by the coronavirus pandemic, the life insurance sector witnessed an 18.6 per cent drop in the first year premium to Rs 49,335 crore in the April-June quarter of the current financial year, according to a report by CARE Ratings. The overall sum assured also declined 12.9 per cent to Rs 8.8 lakh crore in the June 2020 quarter, compared with Rs 10 lakh crore (which was an increase of 17.6 per cent) in the corresponding period of the previous year. The sector had seen their first-year premium declines of 32.6 per cent and 27.9 per cent in April 2020 and May 2020, respectively, the report said adding that the June 2020 quarter figures are indicative that the sector is moving towards...
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The News Scroll 13 July 2020 Last Updated at 12:26 pm | Source: PTI BSE Ebix beta launches life Insurance on its platform New Delhi, Jul 13 (PTI) BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, on Monday announced the beta launch of life insurance on its platform by enrolling Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance. With this launch, BSE Ebix now has the ability to handle insurance sales across the three key insurance verticals of life, health and auto insurance; using its omni-channel digital presence supplemented by the physical presence of BSE Ebix''s thousands of point of sale persons (POSPs), the company said in a statement. The...
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No, I did not mean to write the title differently. The amount of life insurance people own can be viewed as a status symbol for those that like to throw big numbers around. I always thought life insurance was a way someone demonstrated their view of the value they place on themselves to others. Many years ago, I realized that there was a direct connection between the value a person places on their life and the value their life holds to others and the amount of life insurance they own. I have never really had to work very hard to convince someone who knew that they needed life insurance to apply for any. The hardest situations I have encountered are the ones where a person would rather buy...
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A deceased employee’s beneficiary sued the employer for benefits under the employer’s life insurance program, which consisted of employer-paid basic coverage and additional voluntary employee-paid coverage. The program provided short-term continuation for employees who were unable to work due to sickness or injury, premium waivers for employees who became totally disabled before age 60, and policy conversion privileges. The employee had both coverages when he suffered a stroke and was unable to return to work. He was too old to qualify for a premium waiver and failed to convert either of the policies prior to his death. The employee’s son was his sole beneficiary and sought benefits, but...
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A YouGov survey of 1,000 residents in the UAE, commissioned by Zurich International Life Limited has revealed the top financial priorities for individuals in the wake of covid-19. The research revealed almost 5 in every 10 respondents indicated that life insurance was increasingly important to them in the current environment. A similar number of individuals (51%) called out savings as a key priority while retirement planning highlighted by 32% of those surveyed, became more significant with the age of the respondent. These statistics point to a greater need for long-term planning among the general population. Ranking of financial product importance during covid-19 "The unprecedented nature...
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