Monday, July 25, 2011

Government to provide health Insurance to migrant laborers

The Government is planning on providing health insurance to rag pickers, rickshaw pullers, taxi and auto rickshaw drivers, miners, sanitation workers and toddy workers. Insurance will be provided under the Rashtriya Swasthya Bima Yojana.

The ultimate goal of this Yojana is to cover all individuals in the un-organized sector. The scheme started with cover being provided to BPL families followed by MGNREGA workers. The proposal to identify domestic workers, beedi workers and street vendors was recently passed as well.

Some trade union leaders have argued that the Insurance should be provided to everyone regardless of which sector they work in. Considering the population of the country, that option does not seem feasible to the Government.

India has 360 million workers. And with the financial resources that covering all these individuals requires, the Government really needs to get its act together. Also further nationwide projects become easier to implement with these steps. UID schemes will become easier to implement among other mass schemes.

Further proposals and legislations are expected to follow.

Thursday, July 21, 2011

Reliance Capital to sell 23% stake in Reliance Life Insurance

Reliance Capital is going to sell a 23% stake in its life insurance business. The deal is far from final right now. Negotiations are on with both public and private enterprises. Axis Bank and Syndicate Bank seem to be ahead of the others right now but there have been no announcements from Reliance Capital for the same.

Reliance Life Insurance had sold another 26% stake to Nippon Life Insurance Company. The deal was worth $680 million. However the deal has not gone through yet since it is still waiting for regulatory approval.

It seems an interesting move on the part of Anil Ambani controlled part of Reliance group. Especially since the Mukesh Ambani controlled part of the company bought into Bharti AXA Life Insurance Co Ltd. It controls a 76% stake in Bharti AXA Life Insurance Co Ltd now.

One brother is selling and the other buying into Insurance. Is this out of mutual respect between the brothers or something bigger is afoot. Stay tuned investors; the ride could be a little bumpy ahead.

Friday, July 15, 2011

Car Insurance Tip 2

Pay premium on time and ask for discounts

Paying your premiums on time is a pre requisite for paying only the minimum required amount, to stay insured. Also start making arrangements for a new policy, a few months before your policy matures or expires.

Car Insurance is compulsory by law in India. Make sure you don’t have to bear with corrupt traffic officials because of lack of Insurance. And we all know how we manage to bang our car up in-between policies.

Also always remember to ask for discounts when buying a policy. We can bring neighborhood grocery vendor to tears with our haggling but never with our Insurance agent. Always remember that you may qualify for certain discounts. Learn to take advantage of that and save some money.

Monday, July 11, 2011

Motor Insurance Tip 1

You do not get complete coverage from comprehensive coverage

Comprehensive coverage sounds nice but it does not cover your car for every scenario. Here the coverage goes beyond collisions. It may include theft, vandalism, flooding or even fire damages. The coverage differs from policy to policy.

But comprehensive coverage does not cover everything. The definition of comprehensive coverage is different for different insurance providers.

Thus if you are looking to get your new car insured never be satisfied with the words comprehensive coverage. Kindly read the fine print before buying a Motor Insurance policy.

Friday, July 8, 2011

3 Things you need to know about Life Insurance !

1. Insurance is mainly for financial protection
Life Insurance is an essential financial commodity. It is not meant to be bought only as a product for tax saving. Life Insurance is bought for financial protection of the dependents of the insured and should be treated as such.

2. Pay a premium you can afford !
Many folks take on life insurance policies without realizing the feasibility of these products. Premium needs to be paid on a regular basis. And missed payments can lead to a lapsed policy. Thus a proper personal financial inventory should be performed before buying a life insurance policy

3. Read the fine print like your life depended on it !
That is the only way us Indians will ever read the terms and conditions of a policy. With so much legalese and that too written in such a small font, it is a challenge to read it all. But kindly remember that that tiny sub point that you missed in the T&C may lead to some serious problems in the future.

Monday, July 4, 2011

What is the point of having life insurance?

Life Insurance is a way of replacing your income for your dependents, in your absence. Through this financial product one can make sure that the Insured person's family is financially secure after he/she is gone.

Life Insurance is perfect for those who are the sole breadwinners of their families.

Every family has dreams and aspirations. And if the sole earning member of the family is no longer there, things can become difficult to manage. If the right amount of insurance coverage is taken at the right time, managing the families expenses can become much easier.

The future is very uncertain. And financial planning should be on top of the agenda for an individual with many dependents.

Secure your future with life insurance. But buying the right policy is a challenge in itself. Give us a call on our toll free number 1800-103-9222 or visit us here, fill your details and relax while we find the best policy in the market suited to your needs

Friday, July 1, 2011

Health Insurance Tip 3: Total amount of coverage needed?

Health Insurance cover amount needs to be calculated keeping in my mind various factors. Existing policies and possible health care costs need to be taken into account. Accordingly all these policies should be brought into consideration so as to save on premium cost and exit from unnecessary coverage.

There are many who have adequate Insurance coverage in India. Most are either under insured or over insured. Some have just one policy while others have numbers that go into double digits. Ad hoc financial planning can prove to be disastrous with the realization coming post retirement.

Come over to our side. We have a portfolio management module which you can use online. No one has the time or patience to remember due dates for premium payments or deal with “what policy matures when” scenarios. With our products you wont have to deal with these problems anymore.

Give us a call when you are free at 1800-103-9222 and we can help you organize your financial life. Getting insured cant get simpler then this !