LIC allows its policy holders to pay their premia online. But as a customer you should know a few important details
- Available for non-ULIP policies only
- Credit card payments not accepted
- Payment accepted from Net banking facility of many banks including ICICI, HDFC, Citi, Axis etc
- One needs to register on the portal first to be able to pay the premium online with the following fields- Policy No. | Installment Premium (Rs.)| Date of Birth |Email Id
- The process generates an instant receipt for the payments made. Also it is a secure process & customers need not worry about their policy/premium details being compromised.
- And this service is FREE.

As the IRDA & SEBI tussle over ULIPs gets into a prolonged battle- it seems to have started claiming its first victims.
In a bid to make Life Insurance sales come closer to the transparency levels in Mutual Funds, IRDA has mandated all Life Insurers to clearly spell out the commission structure on their policies.

This means that any customer would henceforth know how much of his/her first year premium is being pocketed by the sales guy. This could give a lot of bargaining power in the hands of the consumers. As it is, the market is known to have numerous instances of agents passing back a part of their commission to customers to close sales. With this - one can only expect such dubious sales processes to increase.

Not surprisingly, most insurers are unhappy with the move & they feel that such disclosures on margin structures are not really required.

LIC of India is the oldest & largest Life insurer in our country. Its product portfolio boasts of multiple options and it can be a daunting task to choose the right fit from these.
Highlighted below are some of the most popular LIC products
LIC Jeevan Akshay
LIC Jeevan Suraksha
LIC Jeevan Varsha
LIC Jeevan Vishwas
LIC Jeevan Dhara
LIC Jeevan Saral
LIC Jeevan Bharati

The Insurance regulatory body- IRDA- is said to be exploring an option of paperless Life Insurance policies, with an aim to cut down on the distribution costs.

If this goes through, Life Insurance policies could follow the share routes into a demat format- which means that in future your Life Insurance policies could reside in a digital format with players like NSDL & CDSL.

The Insurance regulator (IRDA) has proposed a new consolidated Life & Health cover for the poor families in India.
The plan if approved would cover a total of 6 crore families with
- Rs 1.5 lakh of Life cover
- Rs 1 Lakh of medical cover
- annual premium cost of Rs 1500- half of which paid by centre, rest shared by state & the beneficiary family

Since the underwriting insurance provider will also get a profit, the scheme is being touted as commercially viable in the long run.
Also from an administrative perspective, it would be easier to roll out a single mass scheme rather than managing the multiple schemes that are currently running parallely.

The scheme is estimated to have a total outflow of Rs 12000 Crore.

Life Insurance Sep 09

The Indian life insurance industry grew by 12.85 % in new premium collected in 1st half of 2009-10. Most of the industry's growth can be attributed to the healthy 35% increase registered by LIC on its massive base.

Key highlights are:

ULIPs have been seeing a decline in their share of new policies issued, for the last two years. This is due to a gradual & steady increase in the volumes of traditional insurance products like - term plans, endownment policies, money back plans & retirement plans.

With new & rigourous IRDA guidelines on ULIPs, agents have also started re-focusing on the traditional plans as the incentives are not capped here.
For the insurance companies also, a higher share of traditional plans gives a healthier portfolio and a higher valuation.

In the past the buoyant economy & stock markets provided insurance companies an easy tool to ride the wave- in the form of ULIPs. But lately they have realised that long term predictability of premium inflow is a critical aspect of valuation.

Today's Economic Times had a nice article by Sarabjeet Singh (a partner at BMR Advisors) about how AML guidelines can be and need to be implemented in the Life

Rural insurance will see a fresh fillip with the introduction of a new policy which does away with the manadatory health checks for Life Insurance.

The initiative by Department of Posts will launch a Micro Life Insurance policy - no more require the insurees to disclose their present health condition or diseases at the time of buying the policy. This is clearly aimed at expanding the Life Insurance coverage in rural India.

The proposed insurance scheme, which can be availed by economically weaker sections (EWS) of the society and particularly women, will provide a risk cover up to Rs 25,000.

Life

IRDA has come up with some new guidelines to discourage agents from switching across companies, primarily to discourage & check policy lapsation.

Across India, most Life Insurance co's have been seeing almost 25% lapsation in their overall portfolio, and a big chunk of this is contributed by the agent channel. Most lapsation was observed to occur in orphaned policies (ie policies without an active agent in the system).

IRDA has now come up with the following guidelines:
- The agent has to submit details of all his policyholders including their contact details. The insurance company, in turn, has to ensure an alternative service arrangement for all those policyholders.

A life Insurance policy should be a part of every individuals life. It is an important tool for future security and also a financial benefit. People are now getting aware for the need of an insurance cover due to the uncertainties of life and providing for their family in the future. Not only as a security but an insurance cover meets the financial need of an individual like availing of tax rebates.

Nowadays , with various insurance companies springing up , there are many plans and covers which are being offered. Every individual has different needs hence one should avail of a cover only which benefits you.

Following are the most common needs of an individual to apply for an insurance cover.

Security Needs

An insurance policy provides for your needs incase of any disability due to any kind of accident or mishap. Also incase of death of the policyholder it provides an income for the family.

Savings Needs

There are insurance plans which help save up funds for future needs. Like children education, marriage and helps you save tax as well.

Investment Needs

Life Insurance Policies:

Annuities and Pension: There is an increased need for Retirement Plan due to Increase in Life Expectancy & Increase in the Cost of Living (Medical Expenditure). In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The main purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals.
There are two kinds of Pension policies-The Immediate Annuity and The Deferred Annuity. In the former, you have to invest a lump sum and start receiving pensions immediately. In the latter, you start building a corpus at a young age & on retirement; you receive annuities out of this corpus.

Jeevan Suraksha is a Deferred Annuity plans from LIC that allows the policyholder to make provision for regular income after the selected term.

Features
•Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions throughout the term of the policy or till earlier death.
•Single premium option is also there, i.e. premium can be paid in one lump sum
•The premiums paid under New Jeevan Suraksha qualify for tax relief under Section 88.
•These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business & policies get a share of the profits in the form of bonuses
•Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year & they form part of the guaranteed benefits of the plan.
•Additional Bonuses may also be payable provided policy has run for a certain minimum period.

Benefits

Death Benefit:

Aviva India

Highlights

Guaranteed Maturity Benefits.
Options to double or triple the Guaranteed Maturity Benefit by choosing 200% or 300% options.
100% premium allocation to optimise savings.
Sum Assured(Basic and Enhanced) plus the greater of fund value and Guaranteed fund value is paid as death benefit.
Enhanced Sum Assured - Choice to enhance life cover anytime during the policy term at minimal additional cost.

YOU AND YOUR DREAM…
As we go through life, we all have dreams, for ourselves and our loved ones. We endeavor to shape our dreams and bring our dreams to reality in the best possible way.

To make those dreams possible you need financial freedom and confidence. That's exactly where the Birla Sun Life Insurance Dream Plan comes in. It is a thoughtfully designed savings plan that enables you to achieve your dreams.

It helps you to save today … to Secure your and your loved ones future.

Birla Sun Life's SOLUTION

Life Stage Assure Plan
ICICI Pru Life Stage Assure a ULIP that offers you a clear advantage by giving you guaranteed returns (maturity additions) on your first year premium - which means that your investments get an unmatched start to long-term wealth creation. ICICI Pru Life Stage Assure also comes with an option of lifecycle-based portfolio strategy that re-distributes your money across various asset classes (Automatic Asset Allocation) based on your life stage and risk tolerance. Thus, with this policy you can look forward to a great start to realize all your aspirations.
Life Stage Assure at a glance
Minimum Premium Rs 12,000 P.a. for monthly modeRs. 10,000 p.a. for all other modes
Minimum Age at Maturity 18 years

ICICI Prudential Life Insurance has launched a new product wealth advantage. This is a unique single premium ULIP policy. Following are the key features of the policy:-

- Wealth Advantage allows consumers to stay invested in the plan for as long as they live, thereby ensuring long-term coverage.
-It offers the flexibility to increase or decrease the sum assured in accordance with the individual's protection needs.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. Our nation-wide team comprises of over 2000 branches (inclusive of 1,100 micro-offices), over 258,000 advisors.

ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

Lic Children Plans| Lic of India

It is designed to meet the increasing educational, marriage and other needs of growing children.

Features
· It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term).
· A number benefits can be availed on surviving by the life assured to the end of the specified durations
· You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit
· Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions over the term of policy and it can be paid either for 6 years or up to 5 years before the policy term

The Child Career Plan from LIC is specially designed to meet the increasing educational and other needs of growing children.

Features
· It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term).
· A number benefits can be availed on surviving by the life assured to the end of the specified durations.
· You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.
· Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions over the term of policy and it can be paid either for 6 years or up to 5 years before the policy term.

Benefits

Survival Benefits

On life assured surviving to the end of the specified durations an amount specified below is payable:
(1) 5yrs before the date of expiry of policy term: 30% of Sum assured along with vested Simple Reversionary Bonus.

How much Life Cover we want?
You have heard a lot about Life Insurance, but have you ever checked that how much life cover you really require?
Before taking a life insurance plan from a company, you might have searched a lot of plans for yourself. But have you checked that how much Life Insurance you want?

Here are certain points that can be consider before going for a Life Insurance
1)Your Personal Expenses(on per month)
2)Your Family Expenses(on per month)
3)Monthly income of other members of your family
4)The other income of your family members excluding the investments they have done
5)The current value of your family savings & investments
6)The average tax rate of your family for investments return

Lic of India Plans

It is an Endowment assurance plan specially designed for the handicapped persons.

Features
• The basic sum assured can be paid to beneficiary on the date of maturity or death, whichever is earlier.
• Premiums are payable yearly, half-yearly, quarterly, monthly.
• The premium can also be paid in one lump sum.
• Premium paying terms are Between 10 to 25 yrs
• Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
Handicapped dependent predeceases the life assured
• In the event of the handicapped dependent pre-deceasing the life assured, the life assured has the option to:
o Surrender the policy or continue it by paying premium.
o Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.

Benefits

Benefits on maturity or earlier death

About MetLife
Corporate Profile
MetLife, Inc. is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States.
Outside the U.S., MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe.

Affiliates
MetLife and its affiliates offer a full range of insurance and other financial products and services.

MetLife Foundation
The Foundation makes grants in health, education, civic affairs and culture.
MetLife’s program aimed at deterring, detecting, investigating and prosecuting insurance fraud.

Products
MetLife Term Plans

LifeGuard is a cost effective plan, act as a shield that protects your family from financial insecurity.

Features and Benefits:
Death Benefit: The sum assured will be paid to the beneficiary in case of death of the life assured
Extended Life Cover: It also offers a unique feature of extended life cover for 5 yrs after maturity of policy.
Additional Riders: Protect your family from accidents and disability by adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR).
• ADBR: The rider benefit amount will be paid to your family in the event of death or disability due to an accident.

LIC is the oldest and biggest Life Insurance player in India. With a huge network of agents LIC has been growing not just in its distribution but also the product breadth.

Find enclosed some of the key products from LIC:

LIC Jeevan Bharati

Introduction
LIC’s Jeevan Bharati – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date. If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:

Kotak Life Insurance has announced its tie-up with the Bangalore-based housing finance company, DHFL Vysya, which has tied up with the former as its corporate agent.DHFL had already tied up with the Kotak Life Insurance in 2008, where the Insurance company provided group insurance cover to DHFL’s Home Loan borrowers.

The current partnership will sell some of Kotak Life Insurance’s key products such as Kotak Smart Advantage Plan, Kotak Retirement Income Plan and Headstart Child Plans. DHFL Vysya currently has 18 branches spread across Karnataka, Tamil Nadu, Andhra Pradesh, Pune, Mumbai and Noida.

TERM AGE SUM
MINIMUM 5 25 0
MAXIMUM 35 65 NO LIMIT

Premium Ceasing Age : 70

Premium Ceasing Term : 0

Plan Highlights
FEATURES
* Tailor-made for professionals & businessmen.
* Multiple plan I pension options to choose from, such as
Plan Options:
* This plan is available with life cover, without life cover and is very much similar to an Endowment policy.

Pension Options:
* In case of a Joint life policy,it offers a guaranteed pension for the life of the policyholder or a pension for the last survivor or a pension fund that will also return the purchase price paid by the policyholder.
* Terminal bonus is available and there is no forfeiture in case the premiums are discontinued.
* The policyholder also has the option of a Single or One time premium payable, in case the life cover is not opted for.
* The policyholder also gains the option of a tax-free commuted value that amounts to nearly 25 percent.

Premiums up to Rs.10,000/- qualify for 100 percent deduction from taxable income in terms of Sections 80 (CCC) of the Income Tax Act.

Aviva Pension Plus

Regular Savings Personal Pension Plan

PensionPlus is a tax efficient, that is help you earn a regular income, even after you stop working. Through this plan, you build a fund till you retire which provides you financial security after retirement.

PensionPlus offers you 5 unit linked funds including a new Pension Protector Fund and a new Pension Index Fund which invests your premium in line with the stock market. It also gives you the flexibility of increasing your regular premiums when you need to and protect the real value of your investments through the Indexation option. With PensionPlus you can also revise the policy term as per your convenience.

AEGON Religare Life Insurance has launched , AEGON Religare Guaranteed Return Plan, a tax-free single premium policy.The scheme is an attractive long-term investment product, that provides the benefit of life cover-five times of the single premium paid.

At the highest tax bracket the guaranteed returns are equivalent to a pre-tax return of 10.9 per cent.The policy guarantees tax-free returns along with life cover.The policy is available from December 2008 to January 2009.
The company is on the verge of launching three more policies targeting rural sector, pension and health sector before March 2009, he said.They have already obtained approval for the rural sector product, and intend to introduce a pension product in January and health product in March 2009.