Thursday, March 31, 2011

Government Students Accident Insurance plan, a total washout

Students from SSC, ICSE, CBSE boards were to be provided accident insurance cover by the Government. Under this Insurance coverage Rs. 50,000 is to be paid out to students who are permanently handicapped after an accident. Rs. 30,000 to be paid in case of death due to accident, Rs. 20,000 on losing an eye or a limb, Rs.10,000 for medical expenses and another Rs. 2,000 for small injuries.

This Insurance cover has not been provided since 25th August 2010. The responsibility of providing the Insurance cover was granted to the National Insurance Company (NIC). However, the company failed to provide records of the Insurance coverage provided. The company is yet to sign a written agreement with the Government.

For any other Insurance requirements like health Insurance, car insurance, life insurance etc you can always try out Insuring India and get the best deals in the market.

NIC did not have a great past record but had quoted the lowest amount during the bidding process. Now the company will be blacklisted and the bidding process restarted.

Atleast now you know, that students can avail of compensation during their studies if they ever face an accident.

Wednesday, March 30, 2011

IRDA to establish citizen healthcare database

Insurance Regulatory Development Authority (IRDA) is in talks with two companies dealing in hospital administration to establish a citizen’s healthcare database.

This new system will gather medical data and is estimated to cost about 50 crores. The database will be managed by the Tariff Advisory Committee with daily updation. The maintenance costs is being planned to be passed on to the insured individuals through annual levies.

Medical or Health Insurance is an essential financial instrument for everyone. You just never know what happens next. Thus just give us a call on our toll free number and find out what insurance suits you best. Even those already insured can get more suitable policies.

This database will then be used by various interested parties such as new players in the health insurance market. The lack of such a database is being cited as one of the major reasons for many insurance companies not entering the Indian market. Through this database the whole system which includes doctors, hospitals, health insurers and third party administrators will benefit.

Currently the IRDA is in talks with two companies, a US based and an Indian company for setting up the database. However the Chairman of IRDA, Mr N Rangachary has mentioned that the initial cost estimates submitted by the company were too high. Negotiations are on to reduce the amount.

A nationwide medical information database could do wonders for those with medical insurance and those planning on getting some. Persons complete medical history just a few clicks away. And now the Insurance companies can also provide a much wider and more comprehensive coverage to their clients as well. However the only downer to this party seems to be the prescribed annual levies for the insured over the maintenance of the database.

Tuesday, March 29, 2011

A new Wealthsurance premier insurance plan from IDBI Federal Life

IDBI Federal Life Insurance Company Limited has launched a wealth building plan targeted at high net worth individuals through its IDBI Federal Wealthsurance Plan. It’s a ULIP plan with a one time payment. For further information regarding this new policy please call on our toll free number here.

An attempt to give out the best returns in the market in its class the investment structure here is very interesting. There are a variety of investment funds and protection benefits in this plan. This plan will facilitate the creation of wealth on a long term basis. There are a total of 13 investment fund options.

The individual is insured against death, 17 major diseases, 13 accidental injuries and serious illness’s which require hospitalization or disablement. Thus the income earning capacity of the insured individual is not affected.

The minimum investment option is 5 lakhs. Further investments in the multiples of 10,000 can be made. There are no allocation charges or policy administrations charges involved for investments above 25 lakhs. The options in terms of time, ranges between 5 to 75 years.
The policy provides a variety of benefits for High Net worth Individuals (HNI)’s. Tax benefits under section 10(10D) and 80C can be taken advantage of on contributions, returns and even benefits. The usual benefits like assured returns, variable returns linked to market performance. In certain options the returns are directly linked to the equity markets but the initial capital investment is protected.

Plenty of options to choose from for those who have the capacity to invest.

Monday, March 28, 2011

Bill to allow 49% FDI in Insurance in the works

A new bill which allows 49% Foreign Direct Investment (FDI) in the Insurance sector could turn into a reality. FM Pranab Mukherjee had mentioned this little snippet of information on the centenary celebrations of the Central Bank of India.

FM has started talking to the various political parties. A Financial Sector Legislative Reforms Commission (FSLRC) has also been set up. The first meeting of this commission will be held this week. Broadly the functions of this commission would be to make the current financial laws more fool proof and make them more viable to the market requirements.

Resistance is expected to this bill with many political parties against any kind of foreign involvement in the Indian markets. But the Warren Buffet where one of the richest men in the world mentioned that India needed to increase its FDI quota in its Insurance sector. He specifically pointed out that the Indian Insurance sector was suffering and will continue to do so if the quota is not improved.