12 रुपए में दुर्घटना बीमा के लिए नियम तय, ऐसे पा सकते हैं 2 लाख रु. तक का कवर

कौन सी कंपनी चलाएगी स्कीम

वित्त मंत्रालय के अनुसार दुर्घटना बीमा स्कीम को चारों सरकारी साधारण बीमा कंपनियां लागू करेंगी। इसके अलावा अगर कोई निजी बीमा कंपनी भी स्कीम का हिस्सा बनना चाहती हैं, तो वह भी स्कीम को चला सकेगी। अभी न्यू इंडिया इश्योरेंस कंपनी, ओरिएंटल इंश्योरेंस कंपनी,नेशनल इंश्योरेंस कंपनी और यूनाइटेड इंडिया इंश्योरेंस कंपनी सार्वजनिक क्षेत्र की साधारण बीमा कंपनियां हैं।

सरकार के विभिन्न मंत्रालय करेंगे हिस्सेदारी

बीमा धारक द्वारा 12 रुपए देने के अलावा सरकार के विभिन्न मंत्रालय भी बीमा कंपनियों को प्रीमियम राशि का भुगतान करेंगे। जो कि अनक्लेम जमाओं से तैयार हुए पब्लिक वेलफेयर फंड और दूसरे स्रोतों से दिया जाएगा। कौन सा मंत्रालय कितनी राशि प्रीमियम में देगा, इसका आवंटन हर साल तय किया जाएगा।

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Ambani’s Reliance Industries Buys Out Bharti in Insurance Venture With Axa

Reliance Industries Ltd. (RIL), India’s biggest company by market value, will acquire Bharti Enterprises Ltd.’s stake in its general and life insurance joint ventures with Axa SA (CS), Europe’s second-largest insurer. The transaction amount wasn’t disclosed.

Billionaire Mukesh Ambani’s Reliance is seeking to expand in the financial services business as demand increases in the world’s second-fastest growing major economy. In March, Reliance announced an agreement with D.E. Shaw & Co., the $20 billion hedge fund founded by David Shaw. The two plan to start stock- brokerage and private-equity businesses in India.

Reliance is looking to diversify its business as earnings growth from its core oil and gas business slows. The company missed analysts’ expectations in the quarter ended March 31 with a 14 percent increase in net income, the least in six quarters.

“The revenues from the oil and gas business will not increase substantially and so the company needs to look for new streams of business,” said Kishor Ostwal, managing director of CNI Research (India) Ltd., a publicly traded equities-research provider in Mumbai. “They have announced that they want to enter the financial business arena and this is a progression in that direction.”

Reliance Industries fell 1 percent to 944.5 rupees at the 3:30 p.m. close in Mumbai yesterday. Reliance Industrial Infrastructure shares gained 2.7 percent, the most in more than two months, to 569.45 rupees. The announcement was made after the close of markets.

Ownership Limit

Reliance will hold 57 percent and Reliance Industrial Infrastructure Ltd. (RIIL) 17 percent in the life and general insurance companies. Paris-based Axa will continue to hold 26 percent in the ventures, the maximum allowed by Indian laws. It will have the option to acquire an additional 24 percent in the businesses, if and when local regulations allow greater foreign ownership in insurance, a statement from Reliance said.

Bharti, the holding company for India’s biggest mobile- phone operator, Bharti Airtel Ltd. (BHARTI), and Wal-Mart Stores Inc. (WMT)’s partner in the country, entered the insurance business in 2006.

“The decision is in line with Bharti’s strategy of focusing its energies and financial resources in businesses where it is making a deeper impact,” Bharti said in an e-mailed statement announcing the sale yesterday. “Currently, the financial services ventures do not fit into Bharti’s long-term growth plans.”

Bharti, controlled by billionaire Sunil Mittal, will use the proceeds from the sale for other group businesses, the statement said, without providing more information.

Insurance Premiums

In the year ended March 2011, Bharti AXA Life collected premiums of 7.9 billion rupees ($177 million) and Bharti AXA General Insurance 5.5 billion rupees, the statement from Reliance said.

D.E. Shaw will join with Reliance to offer investment banking, derivatives trading and alternate-asset management next year, Louis Salkind, managing director at D.E. Shaw, said in an interview in Mumbai on May 26.

D.E. Shaw India Financial Services Pvt., the venture with Reliance, will hire 100 people in the next 12 months to 18 months, and raise funds locally by the fourth quarter to invest in private companies, Salkind said. The company will build a platform for trading stocks and derivatives this year for large investors.


[Source]

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Life Insurance Providers And Banks In India

Following are the list of Life Insurance companies Authorized By Insurance Regulatory And Development Authority of India to do Life Insurance Business

Select Bank For Life Insurance -

Bharti AXA Life Insurance

ICICI Prudential Life Insurance

Aviva Life Insurance

Aegon Religare Life Insurance

Reliance Life Insurance

Max New York Life Insurance

TATA AIG Life Insurance

Bajaj Allianz Life Insurance

MetLife India Life insurance

LIC Life insurance

Sahara Life Insurance

Future Generali Life Insurance

HDFC Standard Life Insurance

IDBI Federal Life Insurance

SBI Life Insurance

Birla Sun Life Insurance

ING Vysya Life Insurance

Kotak Mahindra Old Mutual Life Insurance

IDBI Federal life insurance

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Now, SSIs Can Bank On Life Cover

Now a small-scale industrialist can avail of a bank loan on the strength of a term insurance plan. Farmers can now bank on a social security net, provided they have a Kissan credit card.

Not only can a farmer provide for his retirement but can also look after his family interests in the unlikelihood of his demise. All this follows SBI Life Insurance Company’s launch of SBI Life Swadhan and SBI Lifelong pensions-group Kisan credit card (KCC) holders’ scheme today.

The former is a term insurance cover, which offers the benefit of a refund of premium facility.

Under the KCC insurance product, farmers have the option of earmarking a regular amount for their old age requirement in addition to enjoying life insurance cover till the age of 60.

“We have customised the international bancassurance model to suit the local environment as India is unique and needs to offer tailor-made solutions to the masses,” said SBI Life managing director and CEO R Krishnamurthy.

Today, the banking sector is adverse to give credit to SSIs due to the lack of collateral. “We hope that having capped the maximum coverage under the Swadhan product at Rs 1 crore, banks will be more open to offer loans to SSI units,” said Krishnamurthy.

He however, dismissed the argument that the product would act as an aid for banks to bring down their non-performing assets. “It is not aimed at NPA orientation, but rather helps improve credit perspective as a small industrialist can take a loan and the term insurance cover can act as a collateral for the bank,” said Krishnamurthy.

The KCC scheme targeted to offer a social security net to farmers, will initially be rolled out in Maharashtra, Karnataka, Uttar Pradesh and Punjab, where State Bank of India (SBI) has issued maximum gold Kisan cards. It will then be extended across the country by the year end.

Within four years of launch, there are 24 million Kisan cards today, of which 30 per cent have been issued by commercial banks. SBI alone has issued over 1.9 million cards to date and the numbers are increasing monthly.

In addition to pension saving, the Kisan cardholder could choose to take life insurance protection by paying a nominal amount as premium, said Krishnamurthy.

SBI Life has emerged a leader in the group life insurance business with a 30 per cent market share of the aggregate premium income of Rs 35 crore private sector players generated through the sale of group products, said Krishnamurthy.

SBI Life posted a 391.55 per cent rise in premium income at Rs 72.75 crore for the year ended March 31, 2003, compared with Rs 14.8 crore last year.

The total business undertaken has crossed Rs 4,000 crore while the total number of lives covered have exceeded five lakh, said Krishnamurthy.

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Nippon Life To Buy 26% In Reliance Life

Reliance Capital Ltd. said Monday it has agreed to sell a 26% stake in its life insurance unit to Japan's Nippon Life Insurance Co. for 30.62 billion rupees ($680 million).

The news sent the shares of Reliance Capital sharply higher as analysts say a stake sale will give wholly owned unit Reliance Life Insurance Co. the funds it needs to spur growth in a capital-intensive business. In afternoon trade, Reliance Capital shares were up 7.1% at 548.5 rupees in a Mumbai market that was trading 1.2% higher.

The deal, which is subject to regulatory approvals, pegs the total valuation of Reliance Life at 115 billion rupees ($2.6 billion), Sam Ghosh, chief executive officer of Reliance Capital, told reporters.

"We will prepare the final application for approval [from the insurance regulator] today," Mr. Ghosh said.

India has 23 life insurance companies including state-run Life Insurance Corp., the largest in terms of number of policies sold. But most private insurers have been unable to turn profitable due to the high cost of acquiring new customers. The companies are also choked for funds as foreign investment into local insurers is capped at 26%.

India's parliament is yet to approve the government's proposal to raise the foreign investment limit to 49% because of stiff opposition from other political parties.

But Nippon Life hopes that entering emerging markets such as India would help boost profitability at a time when Japan's population is shrinking and its life insurance industry is seen as saturated.

Insurance companies face restrictions also on raising funds through initial public offerings. The Insurance Regulatory and Development Authority and capital markets regulator Securities and Exchange Board of India have been working on IPO guidelines for life insurers.

Reliance Life started operations in 2005 and has sold more than 7 million policies. It manages assets worth over 170 billion rupees ($3.7 billion) as of Dec. 31, 2010, according to a company statement.

Nippon Life is Japan's largest life insurer with revenue of $72 billion and a profit of $2.6 billion for the fiscal year ended March 31, 2010, it said.

Rival Dai-ichi Life Insurance Co., which listed on the Tokyo Stock Exchange in April and is actively seeking out overseas acquisitions, in December agreed to buy Tower Australia Group Ltd. Dai-ichi is present in India through a joint venture, Star Union Dai-ichi Life Insurance Co., with state-run lenders Bank of India and Union Bank of India.

[Source]

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Nippon Life To Invest $723 mln In India's Reliance Life-Source

Nippon Life Insurance Co, Japan's largest private-sector life insurer, plans to buy a 26 percent stake in Reliance Life Insurance for about 60 billion yen ($723 million), a source with knowledge of the matter said. ($1 = 82.900 Japanese Yen)

[Source]

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Life Insurance - Life Insurance Policy Providers India

Life insurance is purchased in order for your dependents to be looked after financially in case of your death. If you are single and have no dependents, it would probably be wise not to waste your money on life insurance, and use it to enjoy your time alive. However, if you do have dependents, life insurance is a very wise investment. The death of a spouse or parent can have devastating economic effects on a family. While many people think that only the top earner of the house hold needs to purchase life insurance, this is usually not the case. Even if a spouse is unemployed, there life is worth a lot in terms of housekeeping, cooking, taking the kids to school and doing the family bills.

It is expected that an unemployed spouse contributes at least the equivalent of a full time job. Even in this short list, you can see how the death of even an unemployed individual could hit the household financially; therefore everyone in the family should be covered by life insurance. People also tend to overlook the option of purchasing disability and long term life insurance. If you become disabled in the future or have to live in a nursing home, you cannot count on social security to fully cover you that is if you even qualify.

By being covered by these, you are insuring yourself financial ease as you reach old age. Even if you never have to live in a care home, or become disabled, it is much wiser to spend the extra money, even if it is only to breathe a little easier. So whether you are looking to purchase new life insurance, or update your old plan, these are all important options to consider which many people over look.

chalk out which one is best suited for you and your family from the policies made available by different insurance companies. Look into your age, condition of health, income, health habits, marital status, number of children and lifestyle.

You must always keep in mind that if you don’t need it, avoids it. No need to insure. Ask yourself how much your family is depending on your salary. If your family can’t do without your earning, you really need life insurance, otherwise no need to worry. It is difficult to say for how much money should you insure. Yes, it depends on your family’s lifestyle and debts. Generally, people keep it at between five and ten times of your annual salary.

It is recommended that if you're under 40 and don't have a family history of life threatening illness, try Term Insurance. It offers death benefit but no cash value. Otherwise, always go for the Whole Life Insurance, as it offers both death benefit and cash value. However, it is much more expensive than the former. As Term Insurance safeguards the policyholder only for a specified time period, it is appropriate for military and young families. It is cheaper than other policy types, but it has no savings feature.

It is also necessary to calculate your total insurance needs by examining the needs at various stages of your surviving family, and purchase insurance to cover the gaps. Don’t forget to review your life insurance plan periodically. You need to be alert when your financial responsibilities undergo a significant change. Be open to talk about the insurance plan with your spouse and let he/she understand the gaps the current insurance are going to fill.

Some points are also needed to keep in mind while buying insurance. Make your check payable to the insurance company, but not to the agent. And do not forget to get a receipt. Even if you have purchased a policy, have a think and rethink for around ten days. You can always ask for a cancellation and change for an appropriate one with full refund. In case an agent or company contacts you and wants you to cancel your current policy to buy a new one, always contact the original agent or company before making any decisions. And it is up to you whether you try for an expensive one or the cheaper one. But do not forget to gather maximum information.

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