40 million LIC policy holders to get UID’s

The Unique Identification Authority of India (UIDAI) has come up with an interesting idea to reach a huge number of people through an existing framework. With a Unique Identification Number to be assigned to every citizen in the country is a huge task. So for now to reach a large chunk of the population LIC will be the issuer of cards.

LIC will be issuing 50 million UID cards for the next 4 years. It has a total number of 200 million policy holders in its database. One of the reasons for that is that LIC was one of the first institutions to be part of the Adhaar Project. This project’s main aim was to build a centralized database which is safe and secure.

So far LIC has issued 30,000 cards on a pilot basis. CMC is participating in the venture as a technology partner. The card will be issued on a national scale soon.

Through this new collaboration LIC will be able to improve on its customer base in rural areas. Filling customer information forms as well. The system will save on time and become more streamlined and thus save the customer’s time as well. Also all the accounts which LIC claims to have will, through this system be checked again.

LIC will first issue Adhaar cards to its employees followed by its clients and after that momentous task is completed move on to rural villages and regions where LIC does not have any presence.

The initial target is to issue 40 million cards and the total cost of this project would be Rs. 200 croroes or Rs. 50 per card.

Sports Insurance booming in India

With the introduction of Indian Premier League (IPL), one sector has surprised everyone with its growth potential. The Insurance sector has got a huge amount of business from IPL. Insuring entire teams and individual players, a few Insurance companies have done crores of business in this two week event.

National Insurance Co. Ltd. is the company which has managed to win over a huge section of this market. They have successfully cornered Rs. 900 crores worth of business with just one client. Multi Screen Media Pvt Ltd had taken a policy under which any losses against their advertisement revenue is protected. They are the one who are the Insurance providers for 5 IPL teams. And the most important of all, Sachin Tendulkar is insured by National Insurance Co.

The other major player in this section is Oriental Insurance. They have provided a ridiculously high Insurance cover of Rs. 1000 crores to Board of Control for Cricket (BCCI). They have managed to score with a few PL teams as well.

IPL is an orgy of money and every business wants a piece of it.

IDBI Federal launches a new ULIP Plan

IDBI Federal launches a new ULIP Plan

IDBI Federal Life Insurance has launched the IDBI Federal Retiresurance Milestone Pension Plan. You think the name is too long and complicated, wait till you see all the options and choices given to the buyer.

This plan offers two investment options. Guaranteed Return Funds – Pension and the Guaranteed Growth Funds – Pension. The return fund is more of a minimum return, safety first deal. Whereas in growth funds a small portion is invested in equity thus improving returns with an increased risk.

The idea here of introducing such products in the market is based on certain factors. A significant portion of the Indian population is young. It is a consumerist demographic with little savings but with a high investment percentage.

With the traditional options of Provident Funds long gone, alternatives are needed. The youth no longer believes in improving their bank balance through their savings account. They want to make investments, make money sitting at home and retire early.

If you have doubts or queries regarding all these new products in the market or are looking to buy Insurance or make investment, you should try us. Give us a call and we will help you find the best deal in the market.

Products like the IDBI Federal Retireinsurance Milestone Pension Plan and Retireinsurance Guaranteed Pension Plan which was launched recently, increase investment options for those with spare cash.

Insurance companies will not cover Rajinikanth

New India Assurance will not be insuring the new Rajinikanth movie, Rana. The officials have mentioned that RajiniKanth’s is suffering from ill health and has been making frequent trips to the hospital. If the movie is insured it will cover against uncertain events. And with Rajinikanth so obviously not doing well when it comes to his health, Insurance companies have become hesitant.

The Mega Budget movie Rana is now desperately looking for an Insurance provider. The companies have mentioned that with the frequent trips to the hospital, insuring Rana has become a risky venture.

With companies falling over each other to insure the previous Rajinikanth movie, Enthiran, this new development comes as a surprise. All the news coming from the Rajinikanth camp and the Rana camp is saying that the superstar is fine. Must be something really serious, when Insurance companies refuse to insure Rajinikanth movies.

Source

ING Life to come out with new products

Kshitij Jain, MD & CEO of ING Life has announced that the company has seen its operating profit increase by 13%. Net loss has been also reduced to half what it was in the previous financial year.

With things looking up for the company, it is planning on expanding its arsenal of products. Two new products will be launched every quarter in the financial year 2010-11. That makes it a total of 8 new products, which will include products focused on various demographics and sections of the market.

So those who intent on getting a new policy or their first policy should keep on eye an ING Life. Word on the street is that ING Life has some interesting investment options slated to be released. Better watch out.

The recently held blood donation drive held at InsuringIndia in pictures

Sachin gets the highest Insurance coverage in IPL

The Captain of the Mumbai Indians and the God of the religion that we call cricket has got himself insured by his IPL team. Sachin Tendulkar has been provided a total cover of Rs. 44 crores from the National Insurance Company.

The cover includes medical emergencies, personal accidents, baggage loss and travel risk amongst many others. This is 10 crores more than the Captain of the Indian Cricket Team and Skipper of the Chennai Super Kings who has a total insurance coverage of Rs. 34 crores.

This Insurance policy is on top of the Rs. 10 – 12 crores worth of insurance coverage each, Sachin Tendulkar and Mahinder Singh Dhoni both have as personal accident insurance.

Every time you donate blood, you save four lives.

With our dedication towards sharing social responsibility and being an active member of society, InsuringIndia is organizing a blood donation drive on 10^th May 2011. The drive will be held between 10:30 a.m. and 4 p.m. The blood collected will be donated to the Rotary Blood Bank.

Everyone is invited. Remember that every time you donate blood, it can help save 4 lives. Have a heavy breakfast and be a part of this honorable event.

A little humor

Source of this cartoon