According to the statistical analysis by the market regulator Insurance Regulatory and Development Authority (IRDA), on account of highly unpredictable market and new stringent regulations, sale of Unit Linked Insurance Products (ULIPs) have seen a nosedive in recent period. There has been 80% drop in the sale of ULIP products for the nine months ending December 2012. First year premium income during the above period has also come down by 6%. In contrast to the above, sale of traditional...  Read More »

Two weeks back, IRDA banned those unit-linked insurance plans which were offering returns basis the guarantee of highest NAV on maturity. Many experts felt that this was just another well-packaged ULIP and would harm the customers and their investments. IRDA was sceptical about the product for quite sometime and hence intervened in the distribution of such products before it caused any damage to the customers or the insurance companies.

Some of the problems with Highest NAV guaranteed...  Read More »

Unit-linked insurance plans which were offering the guarantee of returns basis highest NAV of the term on maturity have been banned by the Insurance Regulatory and Development Authority (IRDA).

Around 2009-10 insurance companies could see a lot of customers becoming refusing to buy unit-linked insurance plans due to the high risk involved in such products. To make the proposition attractive and assure a certain guaranteed benefit, the insurance companies designed ULIP with a guaranteed...  Read More »

Kotak Life Insurance has introduced a new unit-linked insurance plan (ULIP) ‘Kotak Invest Maxima’ with zero premium allocation charge.

Kotak Invest Maxima offers to maximize investments with maximum premium allocation along with a life cover. It is a flexible plan, allowing customers to choose their desired payment option – single premium, limited premium or regular premium. Minimum annual premium starts at Rs 50,000 for regular pay, Rs 75,000 for limited pay, Rs 1 lakh for single pay....  Read More »

Bajaj Allianz Life Insurance has launched a new unit linked insurance plan ‘Guaranteed Maturity Insurance Plan’.

The plan is the lowest single premium plan available in India and assures that on maturity, the policyholder will get at least twice the amount invested.
 

In Guaranteed Maturity Insurance Plan, the premium is priced at Rs 5,000 making it extremely affordable for average investors. For every Rs 5,000 paid, the policyholder gets a ‘Guaranteed Maturity Certificate’. Hence provides...  Read More »

Life Insurance Corporation of India (LIC) and other players have always shown a higher preference towards Unit-linked insurance plans or ULIPs over the traditional plans. ULIPs have been comparatively easy to sell and constituted nearly 60% of the overall business of life insurance companies, while traditional plans formed only 40% of their business.

Simply put, ULIPs offer goal-based investment opportunity combined with the safety net of life insurance. The investment is done according to...  Read More »

Happy customers are the key ingredient for a successful recipe for all companies; the same holds true for the insurance industry. If a policyholder is unhappy either with the service that he gets from the insurance company, or with the product itself, or for any other reason; then his grievances must be tended to with utmost priority. This is the idea behind implementing an Integrated Grievance Management System (IGMS).

Insurance Regulatory and Development Authority (IRDA) is the monitoring...  Read More »

Last year, Insurance Regulatory and Development Authority (IRDA) came down heavily on life insurance companies selling Unit-linked insurance plan (Ulip). The authority released new Ulip guidelines and insurance companies were asked to redesign their Ulips in order to make them more customer- friendly. At the same time the regulator laid down stringent norms asking these companies to cut down on the hefty commissions that were being paid to insurance agents.
 

Ulips constitute a major portion of...  Read More »

Wealthsurance Dreambuilder offers flexible, customized investment options
Covers 17 major diseases, hospitalization and accidental injuries

Private life insurer IDBI Federal Life Insurance today announced the launch of its new ULIP called Wealthsurance® Dreambuilder Insurance Plan which will enable customers to save and build wealth under the protective cover of insurance.
 

Wealthsurance® combines wealth creation and insurance protection into one powerful financial solution. With a minimum...  Read More »

IndiaFirst Money Back Health Insurance Plan is the latest addition to the product portfolio of IndiaFirst Life Insurance Company. This new plan is a unit-linked health insurance plan is designed to take into account the investment needs of a customer while providing the benefits of a health insurance plan.

Commenting on the launch, Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance said, "The unique proposition of this plan is that it offers a comprehensive health cover for...  Read More »