Insurance

LIC Surrender Value


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Starting the article with few questions to know do you really need to surrender the LIC policy? and all of these questions are answered here, may be they help you to retain the LIC policy.

What is LIC Surrender Value?

This is the value which is the amount payable to you should you decide to discontinue the policy and en-cash the same from LIC. After surrender yow are not entitled to get any benefits of the policy from LIC.

Why are you thinking to surrender the LIC policy?

You may be in need of cash and have no options other then surrendering the LIC policy. In my opinion you may take loan against the LIC policy, there is not much difference between the loan amount and the LIC Surrender Value. Surrender of policy is not recommended since the surrender value would always be proportionately low. In this way your cash need will fulfill as well as your policy will continue. Continue reading

Tata AIA life Insurance launches Smart Growth Plus


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Tata AIA Life today announced the launch of its new life insurance solution Tata AIA Life Insurance Smart Growth Plus (Smart Growth Plus), a non linked participating endowment assurance plan.

The plan is designed to offer 3-2-1 (Total 6) benefits
1. Triple enhancements with one guaranteed addition and two bonuses.
2. Two times protection cover through inbuilt Accidental Death Benefit (ADB) option.
3. The advantage of an all-encompassing benefits under one plan.

To maximize savings of the customers, Smart Growth Plus offers a guaranteed addition of 5.5% of sum assured per annum during the first five years of the policy term. The plan grows the corpus further through Compound Reversionary Bonus (CRB), which is accumulated every year from the 6th policy anniversary, and a Terminal Bonus, which is a percentage of the accrued CRB.

The customer has the choice of rider for Accidental Death benefit options that pays an additional amount equal to the Basic Sum assured in case of unfortunate death due to accident.

Great American Insurance Group “Gives Back” To Truckers at Mid-America Trucking Show


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Great American Insurance Group will introduce Great American Gives Back at the Mid-America Trucking Show March 26-28, 2015. The program, which is designed to show appreciation to the trucking community, offers sweepstakes participants the chance to win one of many $250 Gift Cards, to be randomly raffled throughout the show. Winners do not need to be present to win.

Great American has a long history of supporting this vital industry and individual drivers over the past eight years by giving away a variety of big rig trucks. “We’re excited about Great American Gives Back; this year we will reach more drivers to say thank you for doing a difficult job well,” said Mark Calkin, Divisional President, Great American Insurance Group Trucking Division. “This shift in gears is in direct response to driver feedback and is just one example of how we take care of the Owner-Operator better than anyone.” Continue reading

Top Best Life Insurance Companies


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List of Top Best Life Insurance Companies

Life Insurance

1 Primerica
2 New York Life
3 Prudential
4 MetLife
5 State Farm
6 ING
7 MassMutual Financial Group
8 Lincoln Benefit Life (Allstate)
9 Liberty Direct
10 Colonial Penn
11 Northwestern Mutual
12 Transamerica
13 American Family Insurance
14 Generali
15 Allianz Insurance
16 Farmers Insurance Group
17 United Home Life / United Farm Family
18 Principal
19 Foresters
20 Western & Southern Life
21 Mutual of Omaha
22 Fidelity and Guaranty Life
23 Globe Life Insurance
24 Guardian

Top Best Health Insurance Companies


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List of Top Best Health Insurance Companies

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment”. Continue reading

Top Best Auto Insurance Companies


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Top Best Car Insurance Companies, Top Best Motor Insurance Companies

Selecting a good car insurance company is long process with peace of mind think, before you get in an accident, have your car stolen, or encounter any number of situations that involve you having to make a claim.

Top Best Insurance Companies in USA, Top Best Auto/Car/Motor Insurance Companies in USA

This list of auto/motor/car insurance companies is based on affordability(premium), value of services(what is covered under policy), and responsiveness(time take to contact and process the claim). Continue reading

Life Insurers In India LIC and Others


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Life Insurance Corporation of India, Life insurers in India, Why LIC, Why LIC is Best

As it is believed LIC’s new insurance policies which are going to be introduced from October 2013, will be offered with service tax. In this case it is to be seen how the premier insurance company is going to compete with other insurance companies in the market. However, even after entry of private insurers for over a decade in the insurance sector, the LIC continues to be the frontrunner in the industry in terms of market share.
The new guidelines expected to apply by October 1, 2013 have drawn three broad categories: traditional insurance plans, variable insurance plans (VIPs) and unit-linked insurance plans (Ulips).
Traditional plans: These are opaque products and can be divided into pure insurance and insurance-cum-investment products. The current regulations haven’t tinkered with their design. Continue reading

LIC vs All Others


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Best Life Insurance in India, Compare LIC and All Others, Compare LIC and All, LIC Performance, LIC Year by Year

The outstanding performance by LIC year by year in the today’s world where many Indian companies as well as some Indian companies in partnership with foreign companies placing challenge in the insurance sector.
The figures shows LIC alone doing good then the aggregate of all other insurance companies.
The figures indicates customers have full faith/trust in LIC or LIC have best employees, from directors to field employees, who knows what and how to sell.
The point is why other companies are far in competition, are they lacking good top management? they do not have good field employees? they are not paying good commissions? They do not have good products to compete with LIC?
There are many views and are different from each and every persons perspective or past experience why they chooses their insurer. Continue reading

General Insurance Companies in India


List of General Insurance Companies in India, Agriculture Insurance Companies in India, Car Insurance Companies in India, Health insurance Companies in India

General Insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Canada and Non-Life Insurance in Continental Europe.
USA was the largest market for non-life insurance premiums written in 2005 followed by the EU and Japan.
Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown,there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.
Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims.
Accident and health insurance policies are available for individuals as well as groups.
Liability insurance covers such as Motor Third Party Liability Insurance, Workmen’s Compensation Policy etc offer cover against legal liabilities that may arise under the respective statutes— Motor Vehicles Act, The Workmen’s Compensation Act etc. Some of the covers such as the foregoing (Motor Third Party and Workmen’s Compensation policy ) are compulsory by statute. Liability Insurance not compulsory by statute is also gaining popularity these days. Many industries insure against Public liability. There are liability covers available for Products as well.

Motor Insurance Companies in India, Non Life Insurance Companies in India, Property Insurance Companies in India, Travel Insurance Companies in India

Suitable General Insurance covers are necessary for every family. It is important to protect one’s property, which one might have acquired from one’s hard earned income. A loss or damage to one’s property can leave one shattered. Losses created by catastrophes such as the tsunami, earthquakes, cyclones etc have left many homeless and penniless. Such losses can be devastating but insurance could help mitigate them. Property can be covered, so also the people against Personal Accident. A Health Insurance policy can provide financial relief to a person undergoing medical treatment whether due to a disease or an injury.
It is important for proposers to read and understand the terms and conditions of a policy before they enter into an insurance contract. The proposal form needs to be filled in completely and correctly by a proposer to ensure that the cover is adequate and the right one.
IRDA – Registered Insurers – Non Life
1. Some of them provides Health insurance
2. Some of them provides Motor Insurance / Car Insurance
3. Some of them provides Agriculture Insurance
4. Some of them provides Property Insurance
5. Some of them provides Travel Insurance

List of Non-Life Insurance Companies in India
1. Agriculture Insurance Co. of India Ltd.
2. Apollo Munich Health Insurance Co. Ltd.
3. Bajaj Allianz General Insurance Co. Ltd.
4. Bharti Axa General Insurance Co. Ltd.
5. Cholamandalam MS General Insurance Co. Ltd.
6. Export Credit Guarantee Corporation of India Ltd.
7. Future Generali India Insurance Co. Ltd.
8. HDFC ERGO General Insurance Co. Ltd.
9. ICICI Lombard General Insurance Co. Ltd.
10. IFFCO Tokio General Insurance Co. Ltd.
11. L&T General Insurance Co. Ltd.
12. Max Bupa Health Insurance Co. Ltd.
13. National Insurance Co. Ltd.
14. The New India Assurance Co. Ltd.
15. The Oriental Insurance Co. Ltd.
16. Raheja QBE General Insurance Co. Ltd.
17. Reliance General Insurance Co. Ltd.
18. Royal Sundaram Alliance Insurance Co. Ltd.
19. SBI General Insurance Co. Ltd.
20. Shriram General Insurance Co. Ltd.
21. Star Health and Allied Insurance Co. Ltd.
22. Tata AIG General Insurance Co. Ltd.
23. United India Insurance Co. Ltd.
24. Universal Sompo General Insurance Co. Ltd.
25. Religare Health Insurance Co. Ltd.
26. Magma HDI General Insurance Co. Ltd.
27. Liberty Videocon General Insurance Co. Ltd.

This list is as of Tuesday, June 4, 2013. For current and more details contact IRDA