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LIC dominates new policy collections
CHENNAI: State-owned LIC of India pipped private life insurers in underwriting new policies. The first-year premiums of life insurers during the last fiscal rose 12% to 1.19 lakh crore as against 1.07 lakh crore, on the back of LIC's 18% growth.
Industry observers said that regulatory changes effected to equalize all non-linked and market-linked plans resulted in private players posting poor numbers.
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LIC's Jeevan Anand policy plan relaunched
Jeevan Anand Life Insurance Plan from LIC is popular among policyholders and has been relaunched recently. The re-launched Jeevan Anand protection cum savings plan is a participating non-linked plan that offers financial protection against death throughout the life of the insured. Additionally, the policy has the provision to offer cover for whole life even after providing maturity benefit as a lump sum payment at the maturity of the policy plan.
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LIC’s claim settlement better than private insurers: Irda
New Delhi: Private insurance companies fared poorly in terms of settlement of death claims in 2012-13 as compared to state-owned LIC, says sectoral regulator Irda.
"The claim settlement ratio of LIC was better than that of the private life insurers," Insurance Regulatory and Development Authority said in its annual report.
Life Insurance Corporation posted claim settlement ratio of 97.73 per cent last fiscal, as compared to 97.42 percent in 2011-12.
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LIC's New Endowment Plan: Salient features
LIC's New Endowment Plan is a with profits non-linked protection and savings plan. The plan offers financial security in case of an unfortunate event of death of the insured during the policy term with the provision for maturity benefits in case of survival of the insured.
Salient features of the policy:
Minimum and Maximum entry age: Minimum age to enroll in the scheme is 8 years while the maximum age to invest in the plan is 55 years.
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LIC most consumer friendly: IRDA
The claim settlement ratio of LIC was better than that of private life insurers. Its settlement ratio increased to 97.73% in FY13 from 97.42% in the previous year
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LIC sells shares worth Rs 6,300 cr in Sensex
New Delhi: State owned life insurer LIC lowered its exposure in 15 blue-chip firms during the January- March quarter with sale of shares that are currently worth over Rs 6,300 crore.
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LIC online term plan: How is it different?
Online term plans will help people separating insurance and investment which always benefits investors and it’s a proven fact. Buy online term plan and invest the surplus in other avenues depending on your time horizon and risk profile.
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Why should claim settlement ratio of insurance companies score over other parameters?
The main purpose for which the insurance and more specifically term insurance is purchased is many a times overlooked ahead of several other considerations such as the extent of tax deduction, return in case of other non term-cover plans.
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LIC launches online term plan
The policy, a regular premium pure protection policy, pays the sum assured in case of the death of policyholder LIC has launched an online term plan, according to a media report.
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LIC keeps updating its plans and policies in order to provide maximum benefits to people. I also signed up for their Jeevan Anand policy after going through all the details. What I liked most about the plan is that the insured party gets beneficial lic jeevan anand returns.
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