SBI Life Insurance, on Monday reported over two-fold jump in net profit at ₹ 300 crore for the second quarter ended 30 September, 2020. Insurance companies to offer a standard term life insurance from January 1 2 min read . Updated: 28 Dec 2020, 07:50 AM IST Edited By Avneet Kaur IRDAI had asked all the life insurance companies to file the product with the IRDAI latest by December 31 this year. "There are many term products in the market with varying terms and conditions. Customers who cannot devote adequate time and energy to make informed choices find it difficult to select the right product. It is felt necessary to introduce a standard, individual life insurance product with simple...
Continue reading...
Q: Our mortgage company recently sent us an offer for us to buy credit life insurance. They claim if one of us dies, the insurance company will pay off the balance of our loan. We have three kids and if either of us was unable to work or died, the other would not be able to pay the mortgage and all the other bills. This seems worth considering though the cynical side of me says I should investigate further. Any opinions on this? A: Yes, don't buy credit life insurance from your mortgage company. This is not because protecting yourselves from the loss of one of your incomes is a bad idea. This is because there are better and cheaper ways to accomplish this. A basic credit life policy says...
Continue reading...
Amid an "exponential growth" of mental health issues during Covid-19 pandemic and lockdown, Congress' Rajya Sabha Deputy Leader Anand Sharma on Tuesday asked the government to put mental illness under the ambit of life insurance, as it will help people see it with the same lens as that of physical diseases. Raising the issue during Zero Hour, Sharma said one in seven persons in the country are suffering from depression and the number of people affected by mental disorders and issues have risen during the pandemic and lockdown in the recent months. Students and children are increasingly suffering from mental disorders and many of them were not able to access online study, non-availability of...
Continue reading...
A bi-lingual experience to be offered by the partnershop to insurance buyers by combining Sagicor’s products and Accelewriting with the insights of Vida Life Sagicor Life Insurance announces partnership with insurtech company Vida Life. (Credit: Free-Photos from Pixabay) US-based Sagicor Life Insurance has joined forces with Hispanic insurtech company Vida Life to offer an enhanced experience of buying life insurance. In this connection, Sagicor Life Insurance’s products and Accelewriting, its automated underwriting system, will be combined with Vida Life’s insights to develop a bi-lingual experience to the insurance buyers. Through the partnership, the firms expect to offer...
Continue reading...
Life insurance to secure your child’s future: All you need to know For most young couples, a big milestone in life is starting a family. If you too fall into this category, you’ll agree that with the arrival of a child, there are many wonderful things that new parents have to look forward to. From seeing the child take first steps and listening to the child’s first […] For most young couples, a big milestone in life is starting a family. If you too fall into this category, you’ll agree that with the arrival of a child, there are many wonderful things that new parents have to look forward to. From seeing the child take first steps and listening to the child’s first words to...
Continue reading...
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- Policygenius , the nation's leading online insurance marketplace, announced today the offering of an innovative life insurance product from Lincoln Financial Group, Lincoln TermAccel®, which provides consumers with a new way to access life insurance conveniently and quickly. Lincoln Financial Group is a financial services leader known for helping Americans take charge of their financial lives. With this latest addition to its marketplace, Policygenius is continuing its rapid growth trajectory in 2020 and expanding its accelerated underwriting life insurance options, which enable eligible customers to secure life insurance without a medical exam. "We...
Continue reading...
Term insurance products are gaining traction as households are being proactive about financial planning due to heightened anxieties around unemployment and untimely death of the family breadwinner in the time of Covid-19 crisis, a survey said. The Max Life India Protection Quotient (IPQ) - Express survey also noted that job security, medical security, and financial security of the family in the absence of a breadwinner are more important to people now than before the Covid-19 era. According to the survey, term insurance is the most preferred life insurance category during Covid-19 and 83 per cent respondents believe that the situation demands one to be more proactive about financial...
Continue reading...
I'm worried about redundancy: Can I apply for unemployment insurance even though I'm on furlough? I've been on furlough since March and it's been extended to October - but I am worried my employer will make me redundant at that point. I have all the normal types of insurance - life, car and home etc., but I don't have anything that will protect my finances if I get made redundant or fall sick. Can I apply for unemployment insurance even though I'm on furlough, or is it too late? And is there insurance to protect my finances if I fall ill with the virus? David Vickery, insurance adviser from Cavendish Online, said: This is a great question and something that has been raised by numerous...
Continue reading...
Working on digital engagement with customers Private sector IndiaFirst Life Insurance Company is confident of a revival in sales and is working out new ways to reach out to customers digitally in the wake of the pandemic.. “Things are limping back to normalcy and unless there is a big second wave of Covid, we will see this continue as a trend. I don’t expect a dramatic improvement,” said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance, adding that people are more keen on buying insurance due to worries about the pandemic. The insurer saw a spurt in sales of non-participating or guaranteed and protection plans in April and May and said that in June, the sales were getting back to...
Continue reading...
Do you need life insurance? Do you need life insurance? Nobody likes thinking about their own death. But if you have a partner, children or any other relatives that depend on you, you may find that a life insurance policy will help you provide for your family even when you do eventually pass away. This is because life insurance can pay your dependants money as a lump sum or as regular payments if you die. This way, they’ll still have the money to pay the mortgage and other living expenses. However, that said, life insurance isn’t compulsory and it’s not something that suits everyone. To help you decide whether you need life insurance, we’ve put together this guide on...
Continue reading...
