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Category: INSURANCE ARTICLES

LIC Products list (withdrawn on January 2014)

LIC Products list (withdrawn on January 2014) Following the circular from IRDA issued during late 2013 on the minimum Sum assured criteria for availing tax benefits, all the insurance companies including LIC were asked to withdraw their old plans and file new plans in accordance with the new IRDA rules.  The IRDA rule says that to avail […]

Annuity meaning and its types

What is an Annuity? In simple words Annuity  means the amount of pension received/ receivable from a pension plan. Annuity is a monthly/quarterly/half yearly/ Annual payout received from a pension plan. This payout is paid by the insurance company to the policyholder after maturity of a pension plan. In a Annuity plan, the policy holder pays […]

Is an Endowment plan worth of your money?

Endowment plan With an shifting trend from ULIP plans to Traditional plans, All the life insurance companies are focusing more on the endowment plan category

Endowment plan With an shifting trend from ULIP plans to Traditional plans, All the life insurance companies are focusing more on the endowment plan category. Maximum all the companies selling life insurance products in India are having endowment plan with them. Before going into the topic, you should know the meaning and types of endowment […]

IRDA OMBUDSMAN LIST

Addresses of Ombudsman In India, Ombudsman offices have been established in 12 cities. You have to choose the Ombudsman near to your jurisdiction of the insurance company on whom you are going to complain about. These locations are specified by the Insurance Council of India from time to time The Powers of Ombudsman:(a) Any partial or […]

WHOM TO COMPLAIN FOR MY INSURANCE POLICY? THE ANSWER IS OMBUDSMAN

Ombudsman In order to have a cost effective and efficient courts system, the government of India introduced the Insurance Ombudsman Scheme. This Ombudsman scheme was designed to help the consumers to settle their issues and complaints against the insurance companies in an impartial way. Ombudsman is a like a judge to the court. He is […]

ONLINE TERM INSURANCE OR OFFLINE TERM INSURANCE- WHICH IS A WISE CHOICE

There is no specific difference between the offline and the online term insurance. All the benefits under these two mode of selection remains the same. There is no difference in the policy structure of these two. The only difference is that the online term insurance is much cheaper than the ordinary offline insurance. OFFLINE TERM […]

SECTION 10(10D) FOR MATURITY RETURNS

SECTION 10(10D) FOR MATURITY RETURNS 10(10D) Tax Rebate   Section 10(10D) of Income Tax Act exempts any income received from an Insurance Policy from Income Tax. This includes all the maturity amount, death claim amount, surrender value of all type of policies. This benefits policies such as Endowment Plans, Money Back plans, Term Plans, Whole-life […]

SOLVENCY RATIO OF LIFE INSURANCE COMPANIES IN INDIA

SOLVENCY RATIO OF LIFE INSURANCE COMPANIES IN INDIA SOLVENCY RATIO In India we have many life insurance and general insurance companies. All these companies are bind by rules and regulations as and when described by IRDA. To Maintain solvency ratio is also a main regulation to be followed by all the insurance companies in India. […]

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