Ageas Federal’s New Life Plan Offers Regular Income At Different Goal Stages The newly-launched savings plan offers survival benefit in the form of regular income for a fixed period of time, along with death benefit Ageas Federal’s New Life Plan Offers Regular Income At Different Goal Stages Insurance Revamp Of Congress: Despite Desertion And Dissent, Party Workers Want Gandhis On The Top Only time will tell if Congress, the Grand Old Party, can tackle its leadership crisis and rejuvenate ideologically, but young cadres suggest the Gandhi family remains relevant Dynasty, Larger Than Life Netas Deny Second Rung Politicians A Spot In The Sun Dynasty-driven political parties in India have...
Continue reading...
IRDAI allows life insurers to launch term insurance plans, Ulips without prior approval Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure for most of the Life Insurance products. This means now the life insurance companies can also launch these products without prior approval of IRDAI. This move will enable Life Insurers to launch most of the products (except Individual Savings, Individual Pensions and Annuity) in a timely manner. “This circular follows up on a previous circular for health insurance and some general insurance products. It is an excellent step because the product approval process has been very simplified. The insurers...
Continue reading...
How Soon Can You Borrow Against a Whole Life Insurance Policy? If you have a whole life insurance policy, or if you’re interested in getting one, you may be interested in the cash value component of the policy. You may also be wondering at what point you’ll be able to borrow against the cash value of a whole life insurance policy. First, we’ll go over a few basics of cash value whole life insurance. Whole Life Insurance Like its name implies, whole life insurance is a type of permanent life insurance that provides coverage for the insured’s whole life (as long as premiums are paid on time). In addition to a death benefit, permanent life insurance policies like whole life usually have a...
Continue reading...
Buying new life, health or motor insurance policy? Know if physical certificate is mandatory or not in 2021 Certificate of Insurance rules in India 2021: Replying to a question on whether the Government is considering providing e-insurance certificates instead of issuing insurance Bonds, Union Minister of State for Finance Anurag Thakur recently informed Rajya Sabha that the insurer has to issue both physical and electronic insurance certificates to policyholders as per IRDAI rules. However, due to the COVID-19 pandemic, insurers were allowed to issue electronic policy documents only till March 31, 2021, as an interim measure. From April 1 onwards, the insurance companies will have to send...
Continue reading...
The life insurance industry continues to innovate, offering a wide spectrum of life insurance policies to consumers. Some life insurance companies may trend away from selling certain traditional plans of insurance while introducing newer plans to the marketplace. Their goal is to remain competitive, offering newer products with attractive features and better rates because of increasing longevity and business, and technological advances within the industry and their respective companies. Not every new life insurance policy dangled in front of the consumer warrants serious consideration, though. As Trustee and part of your fiduciary duty to review the life insurance policies under your...
Continue reading...
Every year, it is estimated that around up to 40 people suffering from disabilities request an insurance company to acquire life insurance for the purpose of obtaining a home loan. [1] However, there are instances where insurance companies may end up refusing said requests due to how excessive the applicant’s medical bills can be. As a result, some people end up never obtaining a home loan due to the mandatory requirement of having a life insurance. September 2021, the Prime Minister, and the Minister of Social Accommodation, in collaboration with the Commission for the Rights of Persons with Disability (“CRPD”), announced a scheme whereby people who are suffering from certain medical...
Continue reading...
Life insurance provides a financial payment to your family and loved ones when you die. When you purchase a life insurance policy, you name a beneficiary—the person who will receive the death benefit specified in the policy upon your death. Your beneficiary will receive the death benefit tax-free. You may also choose to leave the money to your estate or to a trust. There are two main types of life insurance: term and permanent. Term life insurance Term life insurance provides coverage if you die within a specific time-period (unless you do not pay your premium). Term life insurance premiums are generally less expensive than permanent life insurance premiums when you first buy the policy....
Continue reading...
But the industry ended the year on a positive note with growth in premium Breaking a three-year streak, the number of life insurance policies and schemes in 2020-21 registered a decline even though the industry ended the year on a positive note with growth in premium. Industry figures with the Life Insurance Council reveal that the total first year premium for life insurers increased by 7.49 per cent to ₹2,78,277.98 crore in 2020-21, from ₹2,58,896.49 crore in 2019-20. This growth was however, not commensurate with the number of policies and schemes, which contracted by 2.49 per cent to 2.81 lakh crore in 2020-21, from 2.88 lakh in 2019-20. The last time the number of life insurance...
Continue reading...
Understanding the two-year contestability period for life insurance If you pass away in the first two years of your life insurance coverage, the insurance company has a right to contest or question your claim. This means that the insurance company may investigate the details of your medical history to make sure you didn’t misrepresent information on your application — for example, stating that you don’t smoke when, in fact, you do … and have for many years. Misleading an insurance company by providing inaccurate information on your application to obtain better rates or approval for coverage is known as material misrepresentation. If evidence of this emerges, the insurance company can...
Continue reading...
What is Life Insurance? When you buy life insurance, you enter a contract with an insurance company that promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums. The premium amount is based on factors such as your age, gender, medical history, and the dollar amount of life insurance you purchase. In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for: Making up for your lost income Funding a child’s education Paying off household debt Paying for your funeral and other related expenses Certain types of life insurance may provide benefits for...
Continue reading...
