Critical Factors You Need to Know Before Opting For An Insurance Plan

Thursday, August 10th, 2017 Amritesh 3 responses

Individuals are spoilt for choice while opting for an Insurance Policy. We have many Insurers offering many Insurance plans with varied benefits and features. Many Insurers are offering policies at a very low premium to lure potential insurance buyers. Most often buyers get attracted to cheaper insurance plans ignoring various other factors that one should keep in mind while opting for an Insurance plan. Individuals should always keep an eye on the past record of the Insurer before opting for an Insurance Plan. One of the most important factors that one should keep in mind while buying an Insurance Plan is the credibility of the Insurer. There are various other factors that one should keep in mind while opting for…

Life Insurance: Need And Types Of Policies

Friday, July 14th, 2017 Amritesh 2 responses

Insurance is financial instrument which provides cover against any possible eventuality which may occur in the future. It is an undertaking between the insuring company/insurer and the insured/policyholder to provide guaranteed compensation in case of death, illness, accident, loss or any other type of coverage stated in the policy/Insurance agreement. The insurer charges a certain sum as premium for the cover provided. The premium needs to be paid periodically for the continuation of the policy/insurance agreement for the tenure agreed upon. The Insurance agreement includes all the minute details regarding the terms and condition of the policy, coverage and benefits provided, tenure and the premium required to be paid for the same. Need For Insurance Policy Life Insurance is very…

Life Insurance Plan: Why is it not a good investment option?

Tuesday, August 16th, 2016 Amritesh no responses

In the past, I have highlighted the fact that Life Insurance plan are not the best investment option. However, Many Investors still prefer investing in Traditional Life Insurance Plan primarily due to the endowment/money back (Maturity cum Death Benefit) nature of the plans. It is the guaranteed maturity benefits and low risk involved which makes it popular investment product. Life Insurance as the name suggests is primarily designed to provide insured’s dependents with a financial protection incase of unfortunate event of former’s death. Traditional Insurance Plans provide death benefits as well as maturity proceeds on successful completion of tenure (subject to one occurring earlier) and hence are also known as Assurance Plans. In my opinion Pure Insurance policies like Term…

Max Life Online Term Plan

Thursday, July 21st, 2016 Amritesh one response

[caption id="" align="alignnone" width="640"] Max Life Online Term Plan[/caption]   “Financial Planning” is one of the most important aspects of planning for the future which is often ignored by individuals. Financial Planning not only helps one to manage savings efficiently but also allows the opportunity to bring financial stability for yourself and loved ones.The future can never be predicted; however one can always plan for the future. Max Life Insurance is offering Max Life Online Term Plan which is available online and offers decent cover at affordable premium.  Thus, a Term Plan becomes very important for every Individual. It offers financial security to the dependents in the unfortunate event of one’s death. Term Insurance is a pure insurance plan offered…

BFSI Website – Which One is the Best?

Sunday, July 17th, 2016 Amritesh no responses

The internet has made the world a smaller place. Most of us spend time on social media platforms and mobile apps. Calling, messaging, viewing content and shopping everything is done online.  Like every other product, even the BFSI sector has extended their services online. While banks were the first movers, insurance is not behind. The financial sector does not only provide services online but they have also optimised their websites and communication to cater to the needs of their audience. One such company is EdelweissTokio Life, they recently launched their new website. The news was trending on twitter at number one position.  The new website was appreciated by most people online.This instigated me to go and check out their website.…

Exide Life Income Advantage Plan: Save, Earn and Be Insured

Thursday, June 9th, 2016 Amritesh no responses

Exide Life Income Advantage Plan is a customizable savings plan which offers you with Guaranteed Income and Insurance cover under the same plan. The plan primarily aims at providing additional income option to meet future financial requirements. It is a Traditional Participating Insurance Plan which will provide you with regular payouts in the latter half of the policy tenure while you need to pay the premium only during the 1st half of the policy tenure. It is an ideal plan for individuals who are looking for an Insurance cover along with an additional income to meet future goals such as Child Education expenses or to take better care of your loved ones. The Cost of Living is always on the…

Claim Settlement Ratio Comparison: Life Insurance Companies

Monday, April 25th, 2016 Amritesh no responses

Claim Settlement Ratio is one of the benchmark which may be used to ascertain the kind of service one can expect from the Insurance companies operating in the market. Although Claim Settlement Ratio is not the only parameter on which an Insurer should be judged but it is one of the important aspect which should not be ignored. The recent changes to the Section 45 of IRDAI (Insurance Regulatory and Development Authority of India) rules has also clarified the concerns of the policyholders and provided a fair market for the Insurers as well as the Insured. However, this data is just related to Claim Settlement Record of the respective companies and does not necessarily mean that Company with the best…

Edelweiss Tokio Life: Wealth Accumulation (Accelerated Cover ULIP)

Wednesday, February 24th, 2016 Amritesh no responses

  Individuals are often confused when it comes to making an investment or choosing an insurance plan for themselves or their loved ones. Unit Linked Insurance Plans (ULIP) is designed to provide individuals with a combination of Insurance and Investment in a single plan. Thus, individuals have the satisfaction of having an investment as well as insurance cover. Classical Endowment Plans may provide you with Insurance cover but the Maturity returns are not that great as the investment is mainly in low yield bonds and debt funds. Thus, Unit Linked Insurance Plan (ULIP) was introduced which in a way is hybrid of Insurance Cover and Mutual Fund Investment. ULIP not only provides you with an insurance cover but also ensures…

Amendments to Section 45: Things You Need to Know About Your Insurance Policy

Sunday, December 20th, 2015 Amritesh one response

Recently, the Section 45 of Insurance Act, 1938 was amended to make the rules more transparent and simplify the claim settlement process. The amendment is aimed at reducing the litigation and clarifying contentious points so that the interest of the Insurers as well as Insured is safeguarded. In my previous post, I have discussed about the amendments made to the provisions under Section 45.   Provisions Under Section 45 of Insurance Act,1938 (Amended): Impact on Insurer and Insured   In this post we would look at the applicability of the provisions under Section 45 and facts which one needs to know about their policy.   Highlights of the Amendments to Provisions Under Section 45 of Insurance Act: One Should Know …

Provisions Under Section 45 of Insurance Act,1938 (Amended): Impact on Insurer and Insured

Sunday, December 6th, 2015 Amritesh 6 responses

It has been observed in the past that Insurers and Policyholders are often embroiled in ugly and lengthy litigation process regarding the claim settlement. The previous provisions under Section 45 of the Insurance Act made it possible for the Insurers to repudiate the claim on account of suppression/misinterpretation of facts at the time of settlement of claims. The provisions under section 45 of the Insurance Act, 1938 provided that facts submitted in support of a policy cannot be questioned after the expiry of 2 years from the commencement of the policy. However, it empowered Insurers with a right to repudiate the claim, in case they had evidences that Policy was taken by misrepresenting/suppression of facts. As it was considered that…
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