SriVTKalaiselvan now AIADMK TN MLA

Dear Liafians !!
Our veteran Leader Sri V T KALAI SELVAN--LIAFI Southern  Zone President, 

elected as  AIADMK MLA in Tamilnadu today.

Hearty Congratulations to him

yours
vinay mohanty

IRDA said that customers will be allowed part payment of health insurance premiums

In a move aimed at helping more people avail the benefits of health insurance, the Insurance Regulatory and Development Authority of India (IrdaI) has said that customers will be allowed part payment of health insurance premiums. At present, customers have to make a single annual premium payment for any health insurance scheme unlike life insurance products which allows Equated Monthly Installments (EMIs). However, for health insurance products, customers will only be allowed part payments and not EMIs.
The facility is likely to be extended to customers paying for car insurance premiums as well.
The absence of the part payment option is seen as the main reason for India’s poor medical insurance penetration.
However, the IrdaI has said that insurance companies need to apply for approval of schemes allowing the customers to pay premiums in part.
vkm

IRDA in final stages of finalizing rules for Over the Counter (OTC) insurance products

In a bid to increase insurance penetration in the country, the Insurance Regulatory and Development Authority of India (IrdaI) is in the final stages of finalizing rules for Over the Counter (OTC) insurance products. IrdaI is expected to issue guidelines in this respect in few weeks.
Once done, insurance companies will be able to sell simple insurance products without lengthy forms or documentation.
At present, the product is first designed, priced and than sent to the IrdaI for approval.  Once satisfied with broad contours, IrdaI approves it.
In the recent past, the IrdaI had said that commercial products in general insurance may be sold under use and file procedures, the term for an insurer being permitted to market a product without its prior noting.
This could soon be extended to life insurers. The segment has started to design products that are simple, so that these can be sold as OTC products. Complex products like Unit-Linked Insurance Plans (ULIPs) might not be allowed to be sold as OTC as they are difficult to understand. Pure term insurance or endowment insurance policies could be sold freely if the regulations permit.
It is expected that a number of smaller touchpoints will be activated like medical stores, grocery stores and petrol pumps from where OTC products can be purchased. This would not require any special training for the staff, except basic training in the concept of insurance.

should you opt for term insurance or whole life insurance ?

Purchasing life insurance is a good protection and could be a sound investment opportunity and especially when you are the sole or one of the earning members of your family and if your death is going to leave somebody in a financial lurch.
Life insurance is of two types – term insurance and whole life insurance. People are often are in a dilemma which one to opt. Here, are some basics of both types of life insurance so that you can make informed decision.
Term insurance
Term insurance purely consists of insurance protection, which pays a predetermined sum if the insured dies during a specified period of time. On the death of the insured, term insurance pays the face value of the policy to the named beneficiary. All premiums are used to cover the cost of insurance protection.
The term or the time period may be one, five, ten, twenty years or longer. But, unless renewed, the insurance coverage ends when the term of the policy expires and becomes worthless. Since this is temporary insurance coverage it is the least expensive to acquire.
Main features of life insurance include temporary insurance protection, low cost, low cash value, usually renewal and sometimes convertible to permanent life insurance.
One of the major advantages of term insurance plans is tax benefits it brings under section 80C and 10(10D).
There are numerous types of term insurance plans available in the market including standard term insurance plans, convertible term life insurance plans and group term life insurance plans.
Whole life insurance
Whole life insurance plan is a product that offers protection over the insured’s entire lifetime. It is aimed to create fund for the heirs of the policyholder as it provides for payment of sum assured plus bonuses on the death of the policyholder. In other words, whole life insurance provides not only protection cover to the policyholder but also an investment opportunity.
It charges fixed periodic premiums computed on the assumption that the policyholder can retain the policy for the life of the insured. The death benefit remains same throughout the lifetime of the contract.
Insurers invented the level premium concept to make the whole life contract affordable for as long as the policyholder decided to keep it. It is one of the reasons that whole life insurance is also called permanent life insurance.
The main features of whole life insurance plans include permanent insurance cover, build cash value, allows for loans to be drawn against the policy, level premiums.
Compare both on the following parameters:-
Longevity: Whole life insurance has a greater lifetime than term life insurance and is not required to be renewed.
Expense: Whole life generally is more expensive than a term insurance.
Dividends: Whole life provides continuous dividends unlike term insurance which can be claimed only once at the time of expiry of the policy. However, dividends of whole life insurance remain constant.
As both have there own benefits, so, depending on the person’s situation one should opt for term insurance or whole life. However, ideally a young person should opt for term insurance as they have little cash with them and it is cheaper. And if you are little older you can opt for whole life insurance, as it provides you the opportunity to invest and protect at the same time and it allows you to protect your beneficiaries by leaving behind a good sum of financial help  .....moneycontrol.com