Kotak Mahindra Insurance ordered to pay Rs 36K to elderly man

Kotak Mahindra Old Mutual Life Insurance Ltd has been ordered to pay Rs 36,800 to a man for not returning the premium amount paid for a policy which he had returned within the 15-day free-look period.
The New Delhi District Consumer Disputes Redressal Forum pulled up the insurance firm for "cheating" customer Satish Chandra Tyagi and not returning him the premium amount despite Tyagi having returned the policy as per the stipulation that the same could be returned within free-look period of 15 days, if not liked by customer.
"Opposite party (Kotak Mahindra) has furnished long winding arguments to explain its position. We find its position totally untenable in the face of prima facie case of the complainant and evidence on record.
"Firstly, the policy was void ab-initio being issued in wrong name. Secondly, it was returned within free-look period.
"The money should have been refunded, but opposite party indulged in unfair trade practice, cheating and deficiency of service (by not returning the money). We direct it to refund Rs 11,800 and pay Rs 25,000 as damages for harassment and litigation cost," said the bench, presided by C K Chaturvedi.
In his complaint, 60-year-old Tyagi had submitted that he and his wife were approached and offered by the insurance firm a suitable policy for them, subsequent to which his wife had purchased the policy in her name on November 20, 2005 after paying Rs 11,808 as first premium.
The policy was not issued in his wife’s name but issued in his name and it was also not a life insurance policy as was agreed upon at the time of payment of premium, he had said.
Tyagi also submitted that he was later issued a new policy, which he returned within 15 days and then had demanded refund of premium of Rs 11,808 but the firm had not returned the amount. 

Source: PTI AUGUST 30 2012

HAPPY INDEPENDENCE DAY

http://www.youtube.com/watch?v=Bh26zOjIh9I&feature=player_embedded

LIC Chairman Views

After a difficult year in terms of premium collection, Life Insurance Corporation of India (LIC) has set its sights on 20-25 per cent growth in 2012-13.

How do you see the life insurance sector faring this year?
The industry witnessed a slowdown last (financial) year and LIC was no exception. This year, things should be better. We have set ourselves a target of 20-25 per cent growth in the new business premium collection. Last year, a majority of savings went into two assets, land and gold. Now, investors have realised there is not so much of fluctuation or volatility in the performance of insurance products. So, insurance is being preferred this year.
Last year, there was a clear shift in product preference for traditional plans. What is the product mix for LIC?
Our product profile has seen a shift in the past few years. As of March 31, the mix was 80 per cent conventional and 20 per cent Ulips (unit linked insurance plans), as compared to 80 per cent of new products being Ulips just four years before.
Is 80:20 the ideal mix of traditional and Ulips?
No, I think the ideal should be 65:35 for LIC. A Ulip has its own advantages, it gives you fast returns. So, if there is a space for Ulips, we will be present there. That is why even this year, of the three-four products we’re planning to launch, one or two will be Ulips.
With the new guidelines on traditional products on the anvil, all insurers might have to re-file most products for regulatory clearances. Would these impact sales?
As detailed in the draft, most of the companies would have to withdraw several products, including us. There will be an impact. We have tried to tell (the regulator) through the Life Insurance Council that this should be done in a phased manner. Also, it needs to be seen whether traditional products which have been time-tested in the market needs to be withdrawn. The new product guidelines have a lot of restrictions for insurers and intermediaries. It will impact sales.
What restrictions do you see in terms of guidelines?
I think the compensation package will get impacted. Then the returns of customer intermediaries. We need to study these carefully. In a competitive market like today, we have to have some flexibility. We cannot have a straitjacket product; some flexibility has to be built into it. The industry is not yet ready for this, is my view. Let the industry mature and settle down; it is still at a very nascent stage.
You had said earlier that pension (plans) are going to be the next big thing. Right now, there are no pension products. What needs to be done to revive the market?
I still believe the future of insurance is pensions and health. Today, except what LIC is offering, there is no other pension product in the market. We need to first understand pensions and annuity. Pension products should actually be utilised at the post-retirement stage. An annuity is a product that can start at any point of one’s life. Many people try to mix the two.
We need clear guidelines on both these products and they should be segregated. There should be some system to support the sale of pension products.
Have you taken up the issue of how to incentivise the product with the government?
This was only a suggestion, that we have separate tax relief for pension. This will provide incentives to people who would invest. Since a pension (policy) is a long-term contract, it gives insurers a long-term flow of income, which can be utilised for various activities, especially infrastructural ones.
What is the investment target this year? Will the slowdown in Ulip sale impact the investment this year?
It has a bearing but not a serious one on the investment pattern of LIC. Last year, we had put in Rs 40,000-45,000 crore in the equity market. We put 10-15 per cent of our investible fund into the capital market. If Ulips are better, it may go up. This year, we will be able to meet the same amount as last year. Taking into account the debt side last year, our total investment was about Rs 1.95 lakh crore. This year, we plan to invest Rs 2.1-2.2 lakh crore.
source :business standard 
             08 Aug 2012

Insurance company told to pay full amount to Widow

A consumer court imposed a fine of Rs8,000cr on a insurance compianay after it refused
to pay the fulI insurance amount to a widow and her minor son.The court also asked the firm to pay insurance money to two complainants.
                                                       The case is about Mukund Shah of Surat who had bought an insurance policy of 1 crore from Kotak Mahindra Life Insurance Company Ltd in 2002.

                                                         Later insurance was increased to Rs 1.15 crore. While taking this policy Shah informed the company that he had differentpolicies of Life  Insurance Corporation to the extent of Rs 21 lakh. Shah passed away in 20O5.When his widow Nitaben and minor son Saumin sought the
amount of insurance, Kotak Mahindra paid them Rs 9 lakh instead of Rs 1.15 crore. The company said that it had held back Rs 23lakh because Shah had not,revealed tlnt he had LIC policies worth Rs 41 lakh. Since.he disclosed a cover of Rs 21 lakh only and suppressed information, the amount was deducted from the payment of insurance to his heir.
                                                    This stange stand by the insurance company led the claimants to file a complaint with the state consumer disputes redressal commission in 2007 against the company through
advocate Himanslu fitakker They claimed the remaining amount of Rs 23 lakh and compensation
because the insurance company's gesture amount to defieiency in service.

                                                  Thc consumer court heard the case and concluded that the deduction of any amount from insured money on the pretext of partial disclosure was against  the policy.

Source: Times News Network 

Health Insurance -LIC

LIC JEEVAN AROGYA BENIFITS

LIC MARKET SHARE

LIFE INSURANCE COMPANIES IN INDIA

INSURANCE COMPANIES                                                            TURN OVER

                                                 $264.34 BILLIONS
                                                  2010-11

                                                500-1000 CRORES

                                                $1 BILLIONS

                                                         1075 CRORES
                                                         2011

                                               2860 CRORES    

                                              850 CRORES   

  



                                              250-500 CRORES







                                             1000-2000 CRORES




                                                         7730 CRORES
                                                         2011

                                                    $8.8 BILLIONS

CHILD INSURANCE

Poor widow battles Insurance Company, secures kids’ future

THIS STORY IS TRUE AND ITS HAPPENING TO MOST OF THE PEOPLE,PLEASE TAKE CARE LIFE INSURANCE COMPANIES CREDITABILITY AND INSURE UR LIFE.


Denied Rs 10- lakh benefit from husband’s policy, Geeta Parmar and her kids worked as maids.
Consumer forum told Max New York Life to pay for unfair trade practice.




  When Geeta Parmar’s husband Manilal died suddenly in March 2007,
she was inconsolable. Even so, she gained strength from the fact that
her husband had secured the future of their four children by taking an
insurance policy of Rs 10 lakh. Imagine her shock when the firm, Max
New York Life Insurance Co Ltd, refused to pay the benefits claiming
Manilal had not revealed his true income.

Though poor, Manilal had worked hard for the money he paid as
premium without fail. Resolving to fulfil her husband’s wish, Geeta
approached the Consumer Disputes Redressal Forum, Ahmedabad
City, in November 2008. After a legal st ruggle that lasted for almost
three years, the forum ordered the firm to pay up for deficiency in
service and unfair trade practice.
The order states that the claim amount had to be paid with nine per
cent interest from April 30, 2008 t ill the date the payment is made.
The insurance company will have to shell Rs 3,000 for causing
harassment and mental shock to Geeta and another Rs 1,000 for legal
expenses.
Ray of hope
The news has brought back the smile on Geeta’s face. The money
means freedom from debt . More than that , it means freedom from
back-breaking work for her children — Chanda (17) , Tina (14) , Kamla
(12) and Mahesh (16) . They live in a shanty in Santosh Nagar in
Naroda. Geeta and her daughters work as housemaids in nearby
societies from morning to night . Mahesh works as a daily wager. They
collectively earn a meager income of Rs 3000 per month.
“My husband bought and sold wood for a commission. We did not earn
much, but he was set on giving our kids a bet ter future. On July 25,
2006, he enrolled for a 22-year life insurance policy with personal
accident benefit . He would work day and night to save money for the
premiums. He never missed a payment . But on March 11, 2007, my
husband slipped in the bathroom. He hit his head and simultaneously
suffered a heart at tack,” said Geeta.
She added, “Life became very tough for us after his death. The
insurance firm refused to pay the benefits on the grounds that my
husband had shown false income. To make ends meet , my young
children and I were forced to swab floors, wash utensils and lift heavy
objects.”
Fight back
Meanwhile, Manilal’s relatives abandoned the family. “ I t was an irony
to have lakhs in our name and yet struggle to buy food. I decided to
fight the firm and get what was right fully ours. Looking at my financial
condit ion, my lawyer decided against charging any fee. My neighbours
were helpful, too,” said the 35-year-old.
Her lawyer Arvind Thakur said, “Manilal paid a total premium of Rs
10,000 before he died. The insurance firm claimed it would not release
the benefit as Manilal had falsely declared an annual income of Rs 2.1
lakh. However, the firm never asked for an income proof while filing
the proposal form or issuing the policy. So, it had no stand to fight
on.”
When contacted, Max New York Life spokesperson said, “We cannot
comment on the forum’s order until we receive the order.”
Meanwhile, Geeta — who is yet to receive the money — has already
planned what to do with it . “I will first repay Rs 80,000 to my
creditors. I will give some money to my lawyer for his help. The rest I
will use to marry off my children and give them a better life.”
 

Source: Ahmedabad Mirror
DT: 12th August 2011

JEEVAN VAIBHAV- New Plan of LIC

JEEVAN VAIBHAV

WELL KNOWN INSURANCE REGULATORS

UK -              Financial Services Authority(FSA)

USA-              National Association Of Insurance Commisioners (NAIC)

JAPAN-         Financial Services Authority
INDIA-          Insurance Regulatory And Development Authority(IRDA)

MALAYSIA- Bank Negara Malaysia (BNM)

LIC’s Jeevan Akshay- VI (810)

 In view of the demand from various offices it has been decided to modify LIC’s Jeevan
Akshay – VI plan. The modifications are as under:
• The plan shall also be sold online in addition to other existing distribution channels.
• Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing six options.
• Reduction in the minimum age at entry and increase in maximum age at entry.
• Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other
distribution channels it shall be Rs. 1 lac.
• Slabs of incentive for higher purchase price have been modified.
• Service tax to be collected from the policyholder along with the purchase price.

ACCIDENTAL RIDER & PERMANENT TOTAL DISABILITY

Promo on road accidents before watching movie:http://www.youtube.com/watch?feature=player_embedded&v=XgrD7cwlFZk

Like other life insurance riders, the maximum accident cover under riders is 30 per cent of the sum assured. Since most life covers end at around age 80, the coverage from accident riders end with the base policy. Another important point to remember is that once the claim is made, lump sum amount will be paid in case of death or staggered payments made in case of permanent total disability— say 10 per cent of the rider cover annually over 10 years.

ENSURE TO TAKE THESE RIDERS  FOR UR POLICY

Policy Holders Have Reason To Cheer

In the last eight months the IRDA had informally expressed its uneasiness with the 'highest NAV guaranteed products' at several forums. The regulator's argument was that such products lead to systemic risks with the way funds were managed, and also pose a risk of a heavy sell-off in equities when stock markets fall. Thus, in order to protect policyholders' interest, IRDA has asked life insurers to stop selling highest net asset value (NAV)-guaranteed products.

Highest NAV-guaranteed products are those that promise to pay the highest value the fund achieves during a certain period, say, five or seven years. However, to maintain that NAV consistently, insurers have to take risks by investing in stocks aggressively, which could lead to undue risks, as per the IRDA. It is noteworthy that, these products had become the largest selling Unit-Linked Life Insurance Policies (ULIPs), after the new guidelines on ULIPs came in September 2010.

Some of the other actions undertaken by IRDA to uphold policyholders' interests' are:

• Single premium policies to be issued only under special categories
  
• A minimum death benefit of at least 10 times of the annualised premiums in case of traditional products
  
• New guidelines for traditional insurance products
  
• Approval of new insurance products to be restricted to those following the framework suggested for new product design
  

Impact of such an initiative on policyholders...
On account of the above steps undertaken by the IRDA, policyholders are set to benefit in a number of ways. With the 'highest NAV guaranteed products' being squashed by the IRDA, there would be less mis-selling under the guise of highest NAV guarantee. Increasing the minimum life cover will help policyholders as in case of any unforeseen eventuality the policyholder's family receives a sizeable death benefit.

JEEVAN BHARATI INSURANCE POLICY

Features of Jeevan Bharti plan
This is an exclusive Money back policy for women only with female critical Illness (FCI) and congenital disability benefit (CDB). This plan encourages women to save for safety. it provides free insurance cover for three years if first two years premium has been paid. It has an option to en cash the survival benefit as and when needed. Flexibility to pay premium in advance and avail premium rebate of 4% per annum option to receive maturity proceed in the form of an annuity.

BENEFIT
Survival benefit: 20% of the S.A. at the and of 5/10/15 years for 20 years term (balance payable on maturity plus guaranteed addition plus bonus if any) Maturity benefit: for policy term of years: 60% of the S.A. + G.A and bonus after 1st yrs. As declared, will be paid.
Death benefit: on death within the 1st policy years S.A.+G.A will be paid on death after 5 policy years S.A.+ G.A.+ Bonus, if any irrespective of all earlier survival benefit paid is payable.

Contact
sai tej
9030101805.
Source :www.licindia.in

LIC MAJOR HOLDINGS

LIC JEEVAN VRIDDHI COMPARES WITH FD

LIC LIFE FUND &ASSETS

LIC NEW POLICY-JEEVAN VAIBHAV

LIC’S JEEVAN VAIBHAV :It is a close ended plan which would be open for sale from 21st May, 2012 .
LIC’s Jeevan Vaibhav is a single premium non-linked endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty addition, is also payable on death during the last policy year or on maturity.

Maturity Benefit:
On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.

Death Benefit:
On death during the policy term, excluding last policy year: Sum Assured shall be payable.
On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.
Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 65 years (nearest birthday)
c) Mode of Premium Payment : Single premium
d) Minimum Sum Assured : Rs.2,00,000/-
e) Maximum Sum Assured : No Limit
The sum assured shall be in multiple of Rs.10, 000/-
f) Policy Term : 10 years

LIC pays Rs 1137.99 crores to Union Government as Dividend for 2010-11

Shri D.K.Mehrotra, Current-in-charge Chairman ofthe Life Insurance Corporation of India handed over a cheque for Rs1137,99,41,904/- to Shri Pranab Mukherjee, Union Finance Minister in New Delhi
on 13th March 2012.
                               The amount is the Dividend paid by LIC to the Union Government for the year
   2010-11. LIC had declared a Valuation surplus of Rs 22752.71 crores for the financial year ending 2011. This surplus was arrived at, after the annual Actuarial Valuation was done and all liabilities were accounted. The balance amount of Rs21614.72 crores would be ploughed back to the policyholders as bonus.
For the FY 2010-11, LIC has received a Total Premium Income of Rs 203358 crores as against Rs 185986 crores in the previous showing a growth rate of 9.34percent.

Source : www.licindia.in

Funny comics of Insurance

LIC to launch online term plan in near feature

Life Insurance Corporation (LIC) will sell its policy through the Internet for the first time with the launch of a pure term plan in near feature.

“The online term plan is ready. We had some issues that we have sorted out. It should be launched by the end of next month,” said acting chairman of LIC, Mr D. K. Mehrotra.

The premium rates of the online term plan are expected to be lower than what the company charges for the offline term plans.

Top 10 Insurance Companies in India

1) Life Insurance Corporation of India

2) Bajaj Allianz General Insurance Company Limited

3) ICICI Prudential Life Insurance Company

4) ICICI Lombard General Insurance 

5) Birla Sun Life Insurance Company Limited 

6) TATA AIG General Insurance

7)  New India Assurance Company

8)  IFFCO Tokio General Insurance

9) The Oriental Insurance Company Ltd.

10)  HDFC Standard Life Insurance Company Limited

Official Site for Public Sector Life Insurance Company-INDIA

 

www.licindia.in

Data Protection for Ireland customers

IRELAND CUSTOMERS THERE IS A NEWS TO REPORT ANY FRAUDS AND REJECT CLAIMS: The Data Protection Commissioner (DPC) is responsible for upholding the rights of individuals as set out in the Acts, and enforcing the obligations upon data controllers. The Commissioner is appointed by Government and is independent in the exercise of his or her functions. Individuals who feel their rights are being infringed can complain to the Commissioner, who will investigate the matter, and take whatever steps may be necessary to resolve it. web site :http://www.dataprotection.ie/

Free Domins

Jeevan Vriddhi

Benefits of JEEVAN VRIDDHI (Plan No. 808)
i) Death Benefit: On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.

ii) Maturity Benefit: At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.

iii) Loyalty Addition: Provided the policy is in full force at the time of maturity, then depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.

Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.

Jeevan Ankur

 

Key Features of LIC Jeevan Ankur Plan

·         This is a endowment plan with Loyalty Additions

·         In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Policy Tenure as Income benefit facility

·        When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.

·        This policy offers Loyalty additions on the policy maturity irrespective of whether the Life Insured is alive or not.

·         There is large Sum Assured rebate in this plan

·         There are 2 additional riders available in this plan.

Benefits you get from LIC Jeevan Ankur Plan

Death Benefit – In case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit

Maturity Benefit – When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.

Maturity Benefit = Basic Sum Assured + Loyalty Additions, if any.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

CONTACT :

P.M.V SAI TEJ

9030101805.