Page 3 - Insurance Policy
Consider loss of cover, deductions before surrendering life insurance plan
If your income is likely to revive soon, consider taking a loan against the policy instead of surrendering it
 "Consider loss of cover, deductions before surrendering life insurance plan")
Use technology to make insurance affordable, says Irdai chairman Panda
Panda also nudged the industry to come out with solutions that are pocket-friendly
 "Use technology to make insurance affordable, says Irdai chairman Panda")
Regulator seeks to make insurers have clear policy for agents' commission
Boards will make written norms that will be reviewed annually, says draft IRDAI proposal
 "Regulator seeks to make insurers have clear policy for agents' commission")
Planning to buy an insurance policy? Here is what you need to know
There are three main components of an insurance policy: premium, sum assured and deductibles
 "Planning to buy an insurance policy? Here is what you need to know")
Not buying add-on cover can prove costly sometimes
The National Commission observed that liability under the policy could neither be extended nor curtailed, but would be determined according to the terms of the contract
We want to increase our offline capability, says Policybazaar.com CEO
The demand for term products is always there. The problem is the supply: Policybazaar.com CEO
 "We want to increase our offline capability, says Policybazaar.com CEO")
91% people consider purchasing life insurance necessary: Survey
Most people in the country consider purchasing life insurance a necessity but only 70 per cent are willing to invest in the same, according to a survey conducted by the Life Insurance Council (LIC).
 "91% people consider purchasing life insurance necessary: Survey")
Appoint two-three key people as life policy's nominees, say analysts
Buyers should look it up to see which insurers have been quicker in settling claims.
Buying new policy instead of reviving old one could mean higher premium
But it means avoiding the premiums and interest for lapsed years, so do the math
Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23
Firm stands to lose about Rs 1,500 cr of premium, say experts
 "Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23")
Senior citizens should buy health plans with lifelong renewability option
Buy a plan with a short waiting period for pre-existing diseases and low co-pay
 "Senior citizens should buy health plans with lifelong renewability option")
Covid insurance makes sense if you have a comprehensive policy: Experts
Especially if sum insured is small, at say Rs 5-7 lakh for the family
 "Covid insurance makes sense if you have a comprehensive policy: Experts")
Ensure you get continuity benefits when porting your insurance policy
Don't select new policy based on price alone; look for old one's shortcomings
 "Ensure you get continuity benefits when porting your insurance policy")
Cash-strapped patients with Covid-19 infection can consider loans
In a health emergency, speed of disbursement is more important than cost
 "Cash-strapped patients with Covid-19 infection can consider loans")
Low sum insured, sub-limits give rise to partial payouts: Experts
Supplement a policy with a substantial emergency corpus
 "Low sum insured, sub-limits give rise to partial payouts: Experts")
Policybazaar IPO in 12-15 mos; parent firm gets boost from Bay Capital
Leading online insurance policy aggregator Policybazaar.com has got a capital boost from investment management firm Bay Capital, ahead of its initial public offering (IPO) in the next 12-15 months. Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.com. "Bay Capital has completed a secondary transaction, ahead of the insurance aggregator's plans to launch an IPO in the next 12-15 months," Bay Capital said on Wednesday. However, how much capital has been infused by Bay Capital could not be ascertained. PB Fintech had attained the status of a unicorn in 2018 when it raised USD 200 million in a Series-F round led by Japan's Softbank. Siddharth Mehta, founder and CIO of Bay Capital, said PB Fintech has transformed the way insurance is bought in India. "Customer centricity has been the heart of their proposition and has helped them become the platform of
 "Policybazaar IPO in 12-15 mos; parent firm gets boost from Bay Capital")
Term plan ownership is rising, but savings rule amid Covid-19 pandemic
Buying term plan under the Married Women's Property Act can ring-fence the compensation from creditors
 "Term plan ownership is rising, but savings rule amid Covid-19 pandemic")
Tax benefit on health insurance policy varies based on family size
Amount of insurance purchased should, however, depend on your requirement, and not just the tax benefit
 "Tax benefit on health insurance policy varies based on family size")
Irdai set to introduce standard products for fire, allied peril risks
General insurers that offer fire and allied perils policies have to mandatorily introduce the same from April 1, 2021, replacing the Standard Fire and Special Perils (SFSP) policy
Paradigm shift in GenNext insurance
Millennials look for instant gratification from the products and services they opt for. Hence, traditional long-term products don't appeal to them much
 "Paradigm shift in GenNext insurance")
