Sunday, 6 April 2014

If an automobile must have an insurance policy, why not an individual?

In India, an automobile has to have an insurance policy but not an individual. Perhaps it is time each individual should have a term life insurance policy based on his income levels, says a top official of a private life insurance company.
"When an automobile is mandated to have an insurance policy why not an individual mandated to have a term insurance cover. The premium outgo will be very small," Anup Rau, chief executive officer at Reliance Life Insurance Company, told IANS.
"It is only an idea to increase the insurance penetration in the country. Many of those who have a policy are actually under insured," he added.
Rau also demands the insurance regulator to derecognise banks as corporate agents so as to force them to become insurance brokers.
As an agent a bank represents the manufacturer. The bank customers do not have a choice of products as there are more than 20 life insurers in the country, he added.
Meanwhile at Reliance the focus is on developing individual agency force, having a personal rapport with the policyholders, selling traditional polices, offering complete solutions and improving policy persistency.
The company also continues to train its eyes for business in small towns.
"We were hit by the regulatory changes in respect of distribution. It is to be made clear that what we were following was allowed by the insurance regulator who later scrapped that. Now the focus is on building the agency force the old way and improving the policy persistency (renewal ratio)," Rau said.
Faced with sliding renewal ratio, Reliance Life has focused its efforts on stemming it and achieved reasonable success, Rau said.
At the end of the first six months of the current fiscal, the company's 13-month persistency ratio stood at 53.3 percent down from 55.2 percent.
According to him, the target is to increase the overall policy persist
ency to 60 plus percentage.
"The persistency (renewal ratio) of policies sold by agents is 60 percent which is fourth in the industry. Following a financial solution based approach the productivity of our agents have gone up. The per policy size has now increased."
The average policy premium size has gone up to Rs.18,432 from earlier levels of Rs.13,419.
Rau said the average earnings of the company's agents have gone up to Rs.9,018 per month from the earlier Rs.6,825.

One of the interesting aspects of women advisors is that they stay invested in the profession for longer then men.
"If the women agent is married she uses her husband's network more effectively in getting business than a male agent using his wife's network," Rau remarked.
On the reasons for Reliance Life getting most of its business from Uttar Pradesh followed by West Bengal, Rau said: "We were one of the first companies to invest in branches in small towns."
He said the Japanese joint venture partner Nippon Life looks at the long term and is focused on setting and getting the processes right to rope in new customers and retain them over longer period.
"Nippon does not want the company to suffer the same problems faced by the company four or five years down the line," he said.
"The focus on building an agency force and having a large policy-holder base is the right way to build a life insurance company. Only such a player can be considered as true competitor to Life Insurance Corporation (LIC)," a retired senior official of LIC told IANS preferring anonymity.

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Tuesday, 25 March 2014

Buy Legal Insurance Protection

Why Buy Legal Insurance Protection?

When you drop a quarter into a slot machine, you know that your chances of winning are pretty slim. But risking a quarter (or perhaps much more than a quarter) may be worth it to you if the potential payoff is great enough. Insurance is a lot like that. You pay premiums not because you expect to die today, get into a car accident next week, or lose your home in a fire next month, but because the peace of mind it offers and the financial protection it could provide are worth it. You don't have to bear the risk of financial loss alone. Insurance is all about risk and financial protection.

Do you feel lucky today? The concept of risk

We all face risk--the possibility of injury, illness, death, or property destruction--each day. Although you can never eliminate risk, you can guard against financial loss by shifting part of your financial risk to a larger entity (your insurance company) that's in the business of dealing with that risk. In return for your payment of premiums, your insurance company agrees to pay you (and/or others) a certain amount of money for a specified loss. This loss may or may not occur, so both sides gamble. Still, the potential benefits of insurance may be well worth the cost.

You can limit or eliminate some of your risks with the right type of insurance

Consider the possible losses associated with each risk you've identified. For example, assume you have a spouse, two minor children, a mortgage, and various debts and expenses. If you die within the next few years, how much money will your spouse need to pay off the debts, meet expenses, and perhaps even send the children to college? Or what if your 68-year-old spouse (or parent) suddenly suffers a stroke and requires around-the-clock care in a nursing home? How will you pay for it?
Insurance coverage can protect you, your business, and/or your loved ones from the financial loss associated with your risks. There are many different types of insurance to consider. These include life, medical, disability, auto, and homeowners, to name just a few. Most types of insurance are optional, but some--like auto insurance--may be required by your state or lender. Even if a certain amount of insurance coverage is required, though, you may want to purchase additional coverage to protect your assets. And if you have an employer that provides you with one or more forms of insurance coverage, you may want to supplement this coverage with an individual policy.
Explore your insurance options and try to quantify your potential losses. But because an insurance-needs analysis can be pretty complicated, it may be best to sit down with an insurance professional to figure out what types of insurance policies you should buy and how much coverage you actually need.

Weigh the price of insurance protection against the potential benefits

Cost is always an important consideration. Even if you appreciate the importance of disability insurance, you may be unable to afford it. In addition, you should weigh the price of insurance protection against the potential benefits to you. For example, the chance that your dilapidated 10-year-old auto will be stolen is remote--and even if it is stolen, your financial loss would not be great, so theft coverage would be a waste of money.
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Sunday, 23 March 2014

Why Buy Legal Insurance Protection

Why Buy LIP?

We all face risks in life every now and then whether it is related to the possibility of injury, illness, death, property destruction or anything else. Since you can never get rid of risks or cover yourself with insurance for the whole life, you still go for insurance to protect against unforeseen loss that would cause financial harm to you. Although you are not there or may not help anyhow, at least your insurance can take care of or support your family's financial well being. But are you sure your savings will reach them in the true sense?

This is why a lot of people have already purchased and it is now your turn to buy LIP to protect your nominee from the cheating of Insurance company. The increasing competition and weaker government rules have enabled insurance companies refuse most of the claims. The nominee finds no care or legal protection to get their claim request approved. With LIP, you can help your nominee get the insured amount easily. Our LIP service will take care of the purpose you desired with your insurance.

LIP provides your nominee a complete legal help in case of refusal of claim by your insurance company. It will help your nominee file a legal suite in the court of law. The lawyers' fee is covered in this service that is incurred upon your nominee at the crucial time of filing the legal suite against the insurance company. No matter how big or small the insurance company is, you will need a huge financial backup to fight with your insurance company in the court. And to fulfill this, you must have a LIP service protecting your insured money.

But make sure you have different LIP service for each insurance policy you have. However, once bought you will no longer have to worry about it for at least 4 years (LIP validity period is of 4 years). LIP will protect your savings when you are not there to protect it.

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Why Buy Legal Insurance protection - LIP

We regulate the Indian insurance industry to protect the interests of the policyholders and work for the orderly growth of the industry.
Fraud affects the lives of innocent people as well as the insurance industry. Insurance fraud has existed ever since the beginning of insurance as a commercial enterprise. It takes many forms and may occur in any areas of insurance.
Hard Frauds and Soft Frauds
An insurance fraud could either be a hard fraud or a soft fraud. 
A hard fraud occurs when someone deliberately plans or invents a loss such as a theft of a motor vehicle or setting fire to property covered by an insurance policy.
Soft frauds are more common and include exaggeration of legitimate claims by policyholders. They are also referred to as opportunistic frauds.
Insurance companies, their intermediaries or those pretending to be either of them may also perpetrate frauds. It is important that fraudulent activities are eliminated from the industry and it is the duty of all stakeholders to do their bit in dealing with insurance fraud.
The IRDA has come across certain instances of fraudulent activities and has issued alerts to the public about them
IRDA’s Mission
Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDA as:

“... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto......”

Functions and Duties of IRDA

Section 14 of the IRDA Act, 1999 lays down the duties, powers and functions of IRDA. 
  • Registering and regulating insurance companies
  • Protecting policyholders’ interests
  • Licensing and establishing norms for insurance intermediaries
  • Promoting professional organisations in insurance
  • Regulating and overseeing premium rates and terms of non-life insurance covers
  • Specifying financial reporting norms of insurance companies
  • Regulating investment of policyholders’ funds by insurance companies
  • Ensuring the maintenance of solvency margin by insurance companies
  • Ensuring insurance coverage in rural areas and of vulnerable sections of society

You have bought an insurance policy but now you have a problem with it. Your insurance company is either disputing or rejecting your claim and you are wondering where to turn for help. Don't worry! The Insurance Ombudsman Scheme was created to help consumers in your position.
When you buy any policy, and especially a Unit-linked insurance policy (ULIP) it is very important to find out the terms and coverages it offers. ULIPs are complex policies and it is worth your time to find out their terms. And it is not difficult, all you have to do is ask questions and listen to the answers at the time of buying the policy, as Ranjan discovers.
Insurance is your best friend in your time of need IF you have been honest and transparent at the time of filling up your proposal form. If not, you could end up being the loser even though you have paid for an insurance policy, as Ranjan finds out the hard way.
Cutting corners to save money may be a prudent financial practice, but not when it comes to insurance. See how Ranjan loses out in a big way after underinsuring his house with an eye on saving a relatively small expense in the form of premium.
Your insurance policy turned out to be not as you had understood and expected it to be? Upset and bitter that you have a policy that does not suit you? Don't lose heart. You can return the policy within 15 days of receiving it and get some refund of your premium. Feel encouraged? Learn along with Ranjan how this is possible!
Filling forms and taking care of documentation is boring work, right? Maybe, but if it is a proposal form for insurance that you are filling, it will be to your best advantage to fill it in yourself meticulously and perfectly. That way your policy will be correct and you will be relieved at the time of a claim. Ranjan gets a lecture on why he should not shy away from boring chores like filling proposal forms.

How To Make a Claim - Life

Formalities for a death claim
When a person with a life insurance policy – called a life assured – dies, a claim intimation should be sent to the insurance company as early as possible. The assignee or nominee under the policy can do this. So can any close relative or the agent who handles the policy.
The claim intimation should contain information like the date, place and cause of death. The insurance agent has the duty to help the life assured’s family/ assignee to deal with the insurance company to fulfil the formalities for a claim.
The insurance company will respond to this intimation and will ask for the following documents:
  • Filled-up claim form (provided by the insurance company)
  • Certificate of death
  • Policy document
  • Deeds of assignments/ re-assignments if any
  • Legal evidence of title, if the policy is not assigned or nominated
  • Form of discharge executed and witnessed
Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post mortem report etc could be called for, as applicable.
Formalities for a maturity claim
Where a life insurance policy is maturing, the insurance company will usually send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity giving details like the maturity amount payable.
The policyholder has to sign the discharge voucher – which is like a receipt – have his signature witnessed and send it back to the insurance company along with the original policy bond to enable it to make the payment.
If the policy has been assigned in favour of any other person or entity – like a housing loan company – the claim amount will be paid only to the assignee who will give the discharge.

What should I look for before I decide to buy a policy?
You must check and see whether or not there is availability of guarantee of return, what the lock in period is, details of premium to be paid, what would be implications of premium default, what the revival conditions are what the policy terms are, what are the charges that would be deducted, would loan be available etc.

Category Name :
   Conventional Life Insurance

What is the importance of a proposal and the disclosures made therein?
The disclosures made in a proposal are the basis for underwriting a policy and therefore any wrong statements or disclosures can lead to denial of a claim.

Category Name :
   Conventional Life Insurance

What are special medical reports required to be submitted in Life insurance?
In case of certain proposals, depending upon the age of entry, age at maturity, sum assured, family history and personal history, special medical reports may be necessary for consideration of a risk. E.g. if the proposer is overweight, special reports like Electro Cardiogram, Glucose Tolerance test etc could be required, while for underweight proposers, X-ray of the chest and lungs with reports could be required.

Category Name :
   Conventional Life Insurance

What is meant by Paid-up Value in Conventional Life Insurance Policy?
After premiums are paid for a certain defined period or beyond and if subsequent premiums are not paid, the sum assured is reduced to a proportionate sum, which bears the same ratio to the full sum assured as the number of premiums actually paid bears to the total number originally stipulated in the policy.  For example, if sum assured is 1 lakh and the total number of premiums is payable is 20 (20 years policy, mode of premium is assumed yearly) and default occurs after 10 yearly premiums are paid, the policy acquires the paid up value of 50,000/-. Paid up Value = No. of Premiums Paid / No. of Premiums Payable X S.A=10/20 X 100000 = 50000/-.  This means that the policy is effective as before except that from the date the 11th premium was due, the sum assured is 50,000/- instead of original 1,00,000/-.  To this sum assured the bonus already vested (accrued) before the policy lapsed, is also added.  Example if the bonus accrued up to the date of lapse is 35,000/-, the total paid up value is 50000 + 35000 = 85000.

Category Name :
   Conventional Life Insurance

How is Surrender Value calculated in Conventional Life Insurance Policy?
Surrender Value is allowed as a percentage of this paid up value.  Surrender value is calculated as per the surrender value factor, which depends on the premiums paid and elapsed duration.

Category Name :
   Conventional Life Insurance

How is the Loan on Policy calculated under Conventional Life Insurance Policies?
If the policy conditions permit grant of loan, loan is sanctioned as a percentage of the Surrender Value.

Category Name :
   Conventional Life Insurance

What are the requirements to be submitted in case of a Maturity Claim?
Usually the Insurance Company will send intimation attaching the discharge voucher to the policy holder at least 2 to 3 months in advance of the date of maturity of the policy intimating the claim amount payable.  The policy bond and the discharge voucher duly signed and witnessed are to be returned to the insurance company immediately so that the insurance company will be able to make payment. If the policy is assigned in favour of any other person the claim amount will be paid only to the assignee who will give the discharge.

Category Name :
   Conventional Life Insurance

What is meant by settlement options?
Settlement option means the facility made available to the policy holder to receive the maturity proceeds in a defined manner (the terms and conditions are specified in advance at the inception of the contract).

Category Name :
   Conventional Life Insurance

What documents are generally required to be submitted in case of death of life assured while the policy is in force?
The basic documents that are generally required are death certificate, claim form and policy bond, Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post mortem report etc could be called for, as applicable. The claim requirements are usually disclosed in the policy bond.

Category Name :
   Conventional Life Insurance

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How Beneficial Is LIP?

How Beneficial Is LIP?

Have you ever thought of what will happen if Insurance company refuses to pay the insured amount to your nominee after you...

You must be thinking of getting the help of law and filling a legal suit against the company. Although it may be possible that your nominee wins the case and gets the insured amount, but when, you may not know. But do you think your nominee will be able to bear the expenses of Indian legal system until the case ends and is in the favor of your nominee.

Many a times, the nominees leave the case inbetween either due to the lack of moral support or because of not having enough money to sustain the case in the court.

However, with LIP you make sure that your nominee doesn't have to pay even a penny while getting the legal help. A nominee can file a legal suite easily against an insurance company that refuses to pay him/her the insured amount. The insured nominee can hire a lawyer to get advise, take legal action against the insurance company or represent him/her in the court. All the expenses will be paid by your LIP for your protected Life insurance, no matter what result in the court of law.

What does the law say?

The US laws and regulations are very strict and stringent when it comes to insurance business. There is a separate legal system to protect the right of insured amount and the nominee. But what about India? Even in India, it has been changed to some extent. And it is all because of Legallife Insurance Consultancy Limited. So, simply buy a LIP from us and regain all the trust you had in your insurance policy. Whether you already have an insurance or you are going to take it soon, LIP is a must for you. No insurance is complete without LIP. 
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LIP Registration

Legallife Insurance Consultancy Ltd

A ISO 9001:2008 certified company established as a limited under the companies ACt 1961 in India.

For the First Time in INDIA Legallife Insurance is Providing a service of Legal Insurance Policy

The LIP Holder get a Legal protection to their Nominee in case of Claim refusal by Insurance company

If You take a look at the claim Non-payment by Insurance company You’ll find that the Insurance companies are using all measure to refuse a Claim of a nominee

As the Nominee are vulnerable and gullible as the nominee are not in position to oppose the indictment of insurance comapny So the Insurance companies attain Huge Profit margins

But now Legallife has introduced LIP where the holder can file a lawsuit in Insurance ombudsman or Indian legal court and can obtain their right
So it is a opportunity for Insurance holder to secure their Insurance with LIP registration from Legallife Insurance.

call 07350-384-333 NOW!!!

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Does Everyone Need Term Life Insurance?

There exists a common misconception that term life insurance is something everyone should buy. Let me tell you a little secret: that is not always true.
There are many reasons why a term plan is a good idea: it is cheaper than other forms of insurance, offers a tax-free death benefit, and usually can be converted into a permanent life policy.
But is a term plan the right choice for YOU?
Our job as insurance advisors is to remind people constantly that in insurance, the “one size fits all” mantra does not work. If you are looking at insurance, particularly life insurance, you will have to find a policy that fits your unique needs. In this article, I will highlight the reasons why a term plan does not work for everyone as well as identify those individuals who should avoid such plans.

Disadvantages of Term Life Insurance
Everything has its pros and cons, so why should term plans be exempt? You already know about the advantages of buying term life insurance. Now take a closer look at its drawbacks.
1.    They Have to Be Renewed – The biggest disadvantage of term life insurance is that it has to be renewed when the term ends. Thus, if your term policy has a duration of, say 10 years, you must remember to renew it once the decade is up. Otherwise, you run the risk of being without insurance cover when your term policy ends.
2.    Higher Premiums as You Age – The problem with regular renewals is that each time you get a new policy your premium will be determined by your age at the time of renewal. When you buy your first 20-year term plan as a 35-year-old non-smoker, the premiums may be quite affordable. But when you shop for a similar plan at the age of 60 years when the plan comes up for renewal, the premiums could seem quite exorbitant.
3.    An Upper Age Limit – Most term plans cannot be renewed beyond the age of 80 or 85 years. So if you have dependents and are getting on in years, you may want to shift to a whole life policy before the term plan ends.
4.    No Cash Value Feature – The problem with term insurance is that you win only if you die. So if the term ends and you are still alive, it may feel as though all that money has gone down the drain. Moreover, term plans have no cash value. So if you default on a premium because of a fund crunch, the insurer cannot take it out of the accrued cash value and your policy may lapse.
Who Should not Buy Term Life Insurance
Term insurance works fine if you are in your 30s, not so much when the years keep piling on. People in their 50s and above who have dependents should seriously consider switching to a whole life policy to save on future hikes in premium and ensure seamless coverage throughout their life. On the other hand, people (not just older folk) who do not have and will never have dependents should look for policies that accumulate cash value. These will help you build a corpus for retirement as well as enable you to borrow from the cash value of the policy in your time of need.