Sachi tendulkar insured his new bungle for Rs 100 crore

Sachi  tendulkar insured his new bungle for Rs 100 crore

Sachin creating news not only in cricket but also in outside.  Sachi insured his Bandra new bungle for Rs100 crores . It is a record and very expensive deal in individual property insurance.  Total 4 PSU insurance companies (new india, oriental, United and national)and a privet institution insured this bungla.  Including 5 companes valued the bugla for 100 crores . This bungle inaugurated in September 2011, now sachin staying in this 4stored bungle.  Sachin want to pay  premium per year Rs40,00,000.     In this premium tow pints is there , one is fire 75 crore and other Rs25 crore for furniture, electrical equipments ,terrorists attack and earth quick etc covered .  This type of news not new  in the media previously Saruk khan insured his house for Rs110 crore,Mukhes ambani insured his house for 150 crores.

Insurance that should find a place in your portfolio in any year circle

2012 may see the launch of several innovative products in the life as well as non-life space. While they can be considered, here are covers that should find a place in your portfolio in any year Circle

Term Insurance: Circle of Life Term Insurance Health Insurance Personal Accident Cover Home Insurance Travel Insurance The cheapest, yet most under-sold, form of insurance, it is a must-have in the portfolio of any individual with dependents. Online versions of these covers are even cheaper. It does not offer a maturity benefit, but is in the best position to provide financial security to insured's family in the event of his or her demise.

Health Insurance: Irrespective of whether your employer provides group cover or not, you need to have an independent health policy covering your family. It will stand you in good stead in case of break in employment or upon retirement, when it will be difficult to buy a policy at a reasonable price.

Personal Accident Cover: Now, a term cover and health policy can protect your family and foot your hospital bills. But what if an accident leaves you disabled? That is when a personal accident policy can make good the loss of pay due to absence from work.

Home Insurance: A natural or manmade calamity can destroy your house built with your savings. With no (or damaged) house and a home loan to repay, only home insurance can come to your rescue. Hence, don't ignore your home loan contract.

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Pranab tells LIC to open branches in 18 districts in South India

Bangalore, Dec. 18:

Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a branch of the Life Insurance Corporation of India (LIC). Four districts do not have branches of non-life insurance companies, said the Union Finance Minister, Mr Pranab Mukherjee, at a press conference after chairing the meet with the chief ministers of south zone States/Union Territories and heads of public sector banks (PSBs) in Bangalore on Sunday.

Mr Mukherjee said he has instructed the LIC and non-life insurance companies to ensure that all districts have at least one branch or a satellite office in these districts in the coming year.

According to him, the southern region enjoys a healthy credit-deposit (CD) ratio. Tamil Nadu, Andhra Pradesh Karnataka and Kerala have shown an impressive growth of 177.2 per cent, 114.9 per cent, 74.6 per cent and 75.9 per cent. CD ratios of Pondicherry, Andaman and Nicobar, and Lakshadweep is, however, less than the 60 per cent benchmark.
Flow of credit

The overall flow of credit to the micro and small enterprises sector, which is next only to agriculture in terms of employment generation, is satisfactory, said Mr Mukherjee.

According to him, the outstanding MSE credit from PSBs by the end of March 2011 increased by 36.3 per cent against the target of 20 per cent growth.

He added that all southern States, except Andhra Pradesh, have attained the target of 20 per cent credit to the MSE sector. Except Andhra Pradesh and Tamil Nadu, all other States have achieved the target of 50 per cent credit flow to micro enterprises within the MSE sector.

He urged the State Governments to devise suitable schemes to improve credit flow.

On financial inclusion, the Finance Minister said nearly 11,114 villages, out of the 14,612 villages allotted to the southern States for provision of banking services, have been covered by the end of October 2011, which is 76 per cent of the target.

“For achieving the balance 24 per cent, we require a bit of effort on the part of the State Governments and banks,” he said.

Keywords: non-coverage districts, LIC, non-life insurance companies, Life Insurance Corporation,

LIC reaching out to AMRI Hospital deceased kin

Udit Prasanna Mukherji, TNN Dec 16, 2011, 02.47AM IST

KOLKATA: Archana Saha of Nadia is at a loss. She has two unmarried daughters
and a son who will take his HS exam next year. And after the death of her
husband Hiranmay in the AMRI hospital disaster, she has little money to run
the family. Archana is pinning hopes on the Rs 1.5lakh LIC policy left by
her husband. But she doesn't know what she will have to do to get the money.

Jayatri Banerjee of Durgapur lost her husband Tusar Kanti, an employee of
DSP, in the disaster. She is a homemaker with two unemployed sons. Subhankar
Banerjee, the elder son, said: "We badly need the insurance money, but do
not know how to get it."

These are not just two isolated cases. The story is the same for a large
number of family members of the AMRI fire victims. Keeping it in mind, the
Life Insurance Corporation (LIC) had opened a camp in front of the hospital
on December 10, a day after the fire, to help the victims' kin in settling
death claims. However, the insurance major had to wind up the camp the next
day following objection from police. The response at the camp, too, was
lukewarm. LIC could trace only two policy holders who had died in the
incident and settled one claim on Thursday.

Amal Chatterjee, the branch manager of Jadavpur office of LIC, alleged that
police forced them to close the camp. "We got enquiries from 35-40 people
that day but only one of them gave us a contact number," he added.

For reaching out to all the deceased policyholders' kin, LIC is now planning
to approach police and AMRI authorities for a database of people died in
fire to expedite their claims. Vijay Raghaban, regional manager ( Central
Regional Office) of LIC, said the corporation is trying to get the database
so that it can match it with its own records.

"Only after we get the names and the addresses of the victims, we can try to
locate the policy numbers and other details for speedy disposal of claims,"
he added.

Raghaban claimed that is has disposed the claim of a victim within 24 hours
on Thursday. "We got a claim from K Paria on Wednesday after-noon whose wife
Sandhya Paria (Biswas) died on Saturday. Paria got the money today
(Thursday). If we get the claim paper it will be settled," he added.
Kashinath Paria of B T Road also admitted that he has got the money in 24
hours.

"We shall clear the claim if one can produce the policy, death certificate
and paper cuttings only," Chatterjee said.

LIC makes Rs 6,542 crore profit from stock market: Minister

In 2010-2011, LIC invested Rs 43,213.60 crore in the stock market against Rs 61,398.13 crore in 2009-2010.
Country's largest insurer, Life Insurance Corporation, earned Rs 6,542.72 crore profit from investments in stock market in the first seven months of the current fiscal, Parliament was informed on Friday.
LIC had invested Rs 21,294.80 crore in the equity market during April-October period of 2011, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
In 2010-2011, LIC invested Rs 43,213.60 crore in the stock market against Rs 61,398.13 crore in 2009-2010.
The profit booked from the investments in equity market stood at Rs 17,055.36 crore in the last fiscal as compared to Rs 9,432.25 crore in 2009-10, Meena said.RBI: The Reserve Bank of India has reported that certain irregularities in the restructuring of loans have been observed in different categories of restructured loans such as agriculture loans, small borrowers and other category of borrowers in some public sector banks.
"In few cases, restructuring was done without conducting any viability study with regard to various financial and business aspects,” Meena said.
Repeated restructuring was undertaken in certain cases, he said, adding that irregular up gradation of restructured accounts were also done in some cases.
He also said that RBI, during the second quarter Review of Monetary Policy of 2011-12, on October 25, 2011, had proposed constituting a working group to review the existing prudential guidelines on restructuring of advances by banks or financial institutions.
It proposed the group suggest revisions taking into account the best international practices and accounting standards.
Credit Cards: Credit card related complaints are generally received from the customers on the grounds of non-adherence of banks or its subsidiaries to the instruction of Reserve Bank on credit card operations, Meena said.
During July-November 2011, as many as 5,554 complaints were received by the office of the Banking Ombudsman relating to credit card operations of scheduled commercial banks, he said.
During 2010-11, 11,800 complaints were received by the Banking Ombudsman relating to credit card operations of scheduled commercial banks.

Bill to increase paid up capital of LIC passed in LS

New Delhi, Dec 12 (PTI) A bill which seeks to increase the paid up capital of Life Insurance Corporation of India and make the insurer conform to the same regulatory requirements as other life insurers was passed in the Lok Sabha today. Ahead of the passage of the Life Insurance Corporation (Amendment) Bill, 2009, there were some tense moments for the government as a division was sought by the opposition on an amendment moved by an opposition member. The amendment moved by Bansa Gopal Chawdhary (CPI-M) was negated with 17 Ayes and 107 Noes. Members from the Left parties staged a walk out. Several members, including Raghuvansh Prasad Singh (RJD) and Ravindra Kumar Pandey (BJP) stressed the need to ensure that the interests of LIC employees and the customers are protected. Tarun Mandal (Ind) opposed the bill. Minister of State for Finance Namo Narain Meena said once the bill is enacted, it will not have any effect on the present policy holders. The amendments are in line with the recommendations of the Insurance Regulatory and Development Authority (IRDA), which had suggested that the LIC Act should be changed in order to bring it in consonance with the Insurance Act, 1938. The bill was introduced in the Lok Sabha in 1999 and referred to the Standing Committee on Finance. The Government, Meena clarified, will continue to provide sovereign guarantee to the policies sold by LIC. PTI NAB CS AKK

IRDA invites applications for Offline Agents Training Institutes

In view of the demand, it has been decided to open the window for new accreditation of ATIs for private players from 1st January 2012 to 29th February 2012.





IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders' interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significance for IRDA as the rural population is either totally illiterate or financially illiterate.

The role of the agent becomes crucial in educating the rural policyholders about the features of the product and the consequences of taking certain protection and not taking certain protections from the insurance. Further, the agents are supposed to educate the policyholders about the risks involved in complex products like ULIPs.

Hence, IRDA has been insisting upon suitably qualified and properly tested agents in the rural areas.

One of the main reasons cited by the researchers as well as the industry stakeholders is inadequate training as well as the testing of the agents who are selling the insurance products. To rectify the situation Authority has made available more than 220 online examination centres all over India. Further, the syllabus prescribed for life insurance agents was also revised to reflect the felt needs.

From 1st December, 2011 NSE-IT, on behalf of Insurance Institute of India, is conducting all the examinations under new syllabus only.

On 15.10.2007 Authority has stopped accreditation to ATIs for new private players. The insurer has increased their reach by opening offices in 'B' & 'C' class cities. IRDA has been receiving large number of request to open up accreditation process for private ATIs, In view of the demand, it has been decided to open the window for new accreditation of ATIs for private players from 1st January 2012 to 29th February 2012. New guidelines are available at IRDA website www.irda.gov.in.

All applications received will be put up to the committee constituted for this purpose which will recommend accreditation on the basis of need for ATIs and eligibility to the Authority.

Before applying, the applicants are advised to see the list of Offline ATIs on our website www.irda.gov.in since the fresh accreditation will be need based. The applicants can send their application on plain paper confirming their eligibility by providing documentary evidence, as per the guidelines. The existing ATIs can also apply for the shifting of ATIs and opening new branches up to 15th January, 2012.

The guidelines will also apply to In-house ATIs of insurers.

Applications received after 29th February, 2012 will not be considered. Any enquiry in this regard to the Authority will be entertained only through e-mail at skjain@irda.gov.in.

India's insurable population over 57 crore

The approximate total number of insurable Indians is over 57 crore, parliament was informed on 29th November.
"Based on the working population, as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944," Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.

He said that as on March 31, 2010, the total number of policies in force relating to private life insurers is 4,03,63,200 and the lives covered under group new business by them are 4,19,59,796.

IRDA has informed that the details of insured people belonging to Above the Poverty Line (APL) and Below the Poverty Line (BPL) category are not maintained, Meena said.

IRDA asks LIC to settle death claims within 6 months

To ensure prompt settlement of claims, IRDA has asked Life Insurance Corporation of India (LIC) to complete all claims-related investigations within the stipulated time-frame of six months.


“The Authority advises the LIC to expeditiously complete all the claim investigations within the stipulated time frame and also put in place effective systems to settle the claims promptly,” the IRDA said.

The Insurance Regulatory and Development Authority (IRDA) said that while examining the documents submitted by LIC it found there were 300 cases as on March 2010 where investigations were pending beyond six months.

“Despite huge number of death claims being handled by LIC, there is still scope for LIC to improve the claim settlement performance and adhere to provisions of regulations,” IRDA said.

The IRDA Regulations warrant an insurance company to complete investigation within of death claims in 6 months from the date of lodging of claims. Further, a life insurer has to pay or dispute the claim giving reasons for the same within 30 days of receipt of all relevant papers.

In September, IRDA had asked insurance companies not to mechanically reject claims on technical grounds, like delay in filing claim documents.

IRDA has issued these directives following complaints that claims are being rejected on grounds of delay in intimation and submission of documents to insurers.