The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance to make some changes to the unit-linked insurance plans (ULIPs) and traditional life insurance policies. These new Life insurance policy guidelines from the IRDAI will be implemented from 1st February so it is important to be informed and updated about the changes. The insurers are being instructed to make changes in the ULIPs and traditional insurance plans. According to the new guidelines, the revival period for ULIP plans has been increased from two to three years, the withdrawal limit for your insurance plan has been increased, there is a reduction in the sum assured for buying ULIPs to 7 times...
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Advanced technology has already become an integral part of the insurance industry. Nowadays, one can easily compare the life insurance quotes by clicking a button. Not only this, managing coverage or checking the policy status can be easily done via mobile app. These days, paper insurance has mostly become a thing of the past. Insurance technology is likely to mature even more in the coming years. While there are many insurance technology trends are emerging, we can see them becoming more popular throughout the insurance industry. Insurance companies looking for a competitive advantage can consider following one or more of these insurance technology trends. There are many insurance...
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RADNOR, Pa.--( BUSINESS WIRE )--In response to increasing consumer preference for holistic financial solutions that meet multiple planning needs, and demand for ease and speed of business, today Lincoln Financial Group introduced several new life insurance products that deliver greater value and flexibility, as well as digital underwriting enhancements that simplify and expedite the buying process. The new products and services reflect Lincoln’s commitment to advancing the traditional life insurance business model, an important step to meet the evolving expectations of clients and advisors, as recognized in a recent report from Ernst and Young, ‘What Should Insurers Do Today to Prepare for...
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There is now a cap on all fees and payments paid by insurers to advisers for pure insurance or investment policies. The mis-selling of financial services products has affected many economies around the world where disposable income is relatively higher. In the UAE, to safeguard existing and potential customers, regulators have taken active steps to curb it with the issuance of directions from the Central Bank of the UAE in May 2017 and the recent enactment of the UAE Insurance Authority's Board of Directors' Decision No. (49) of 2019 Concerning Instructions for Life Insurance and Family Takaful Insurance. The latest life regulations introduce a cap on all fees and payments to...
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Changing Your Life Insurance Policy Once you've taken out a life insurance policy, it is important to go over and review your cover fairly regularly to make sure it is always up to date with your personal situation. Your financial position might change; your family might change in some way; there are any number of things that could change in your life that would have a bearing on the kind and level of cover you need from your life insurance policy. First we’ll look at a few common reasons why people might want to change their life insurance policy, and then we’ll go through the changing process itself. Personal Circumstances - Mortgages and Debt One of the most common reasons...
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The UAE Insurance Authority has postponed the roll-out of its new life insurance regulations by six months, the regulatory body said in a circular. The new rules for life insurance and family takaful, which are set to offer greater transparency for customers and apply commission caps to the sale of protection products, were due to take effect on April 16, according to the circular on the IA’s Arabic website. However, this has been pushed back until October 16. The IA will have taken into account the cost of the implementation process at a time when industry players are already bearing significant additional cost … “The period granted for implementing the provisions of Board of Directors...
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Pvt firms beat LIC in payouts As many as 4 insurers have a settlement ratio better than LIC in the last fiscal “Life insurance companies continue to underwrite new business with the expectation of a larger renewal base at a later stage. But new business premium (NBP) is a business strain and NBP growth may not culminate in bottomline growth in the near term,” said Vignesh Shahane. (Shutterstock) Private life insurers have improved their settlement record compared with LIC but lag the PSU behemoth in earning profit, a study by the insurance regulator said. As many as four insurers — HDFC Life, ICICI Prudential, Max Life and Tata AIA — have a settlement ratio better than LIC in the last...
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LIFE INSURANCE Life Insurance provides a lump sum benefit payable upon your death. Most life insurance policies are term life insurance policies as the contract is only renewable for a certain term. Age 65 of the life insured is the most common term. Beneficiaries of life insurance policies are normally your dependants, estate or Superannuation Fund. Life insurance can be used to pay back debts, future liabilities/expenses and/or provide an income stream. In essence, it helps to keep your family’s financial plans on track and maintain their current lifestyle. Life insurance premiums are only tax deductible inside the Superannuation environment. If your Superannuation fund was to receive a...
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New York Life: What you need to know New York Life is another mutual insurance company, meaning it pays out dividends to eligible policyholders when the business is performing well. It is also the oldest mutual life insurance company in the US. It certainly has an old-time feel about it, with a fairly basic website by 2019 standards that gives would-be customers plenty of encouragement to get on the phone and speak to the company direct. It won’t give you a quote online, and nor does New York Life offer a raft of other banking and financial services. That will be reassuring for some customers who want a specialist in the field, and frustrating for others who want a one-stop shop for their...
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