Claims settlement ratios of Life Insurers

Claims settlement ratios of Life Insurers

(Latest available IRDA data for 2013-14)

 Claim Settlement Ratio

Simplify your investments!

On 18th June 2015,we conducted a Financial Well being Camp for Business people and Professionals of Raigad Chambers of Commerce and Industry at K star hotel, CBD Belapur.The sessions were addressed by the undersigned and Mr Amit Trivedi,expert trainer.The participants have provided very good feedback on the programme and we would like to share the deliberations on Investment Planning.

Asset Classes

There are four major asset classes;Gold,Real Estate,Debt and Equity.Gold and Real Estate are physical assets whereas Debt and Equity are financial assets.

 

The Government has announced simplified and shorter Income Tax Return (ITR) forms. However, the controversial issues with regard to details of foreign visits and expense as well as providing bank account details remain.

1. New Form Introduced: As majority of individuals/HUFs, who file ITR-2 Form, don’t have capital gains, the Government has introduced a new form ITR-2A to make the process simple for them. The proposed ITR-2A Form is to be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.

Let us encourage social security!

We always hear of social security system in the western countries and lack of it in our country. But the new central government's initiative on financial inclusion has now made it possible for each one of us to enable the simple earners e.g drivers, maids at our homes and many others belonging the poorer sections of the society around us to lead better lives.

What can we do?

 

Customers of Banks be aware!

We have to maintain Bank accounts, depend on Banks’ services and trust the Banks staff. But there is a caution; Trust but verify. Now a days, Banks services come loaded for the unsuspecting customers. Recently the service charges in many Banks been increased. If Banks charge for everything under your nose, you have every right to demand to be treated fairly. Caveat Emptor; Buyers be aware goes the maxim. Here are some specifics;

Home Loan

The home loan is a common experience for many customers. You are offered without a choice to take Life Insurance cover along with home loan. The cover gets gradually reduced with repayments. Banks may also lure you with an offer of a loan for the single premium. But remember that the EMIs get increased due to insurance premium and you have to pay interest on it.

What can you do?

We have been submitting declarations in form 15G(Indian residents below 60 years of age) or 15H (Indian residents above 60 years) to the Banks for not deducting Income Tax TDS on the interest income on deposits kept with the bank. Now TDS has to be deducted if the total interest income from savings bank(s),Recurring deposit(s) and Fixed deposit(s) exceed Rs10,000/- during the year. If your interest income exceeds Rs 10,000 a year, the bank will deduct 10% tax at source.If you do not furnish PAN details, the TDS rate will be higher at 20%. However, you can submit a Form 15G and 15H to avoid TDS on interest income. But the repercussions of wrong filing are stiff from this financial year. A false or wrong declaration in Form 15G/15H attracts penalty under Section 277 of the Income Tax Act. Prosecution includes imprisonment ranging from three months to two years, and a fine. The term can be extended to seven years and fine, where tax sought to be evaded exceeds Rs25 lakhs.

When can you submit 15G?

“Hindus are seekers, not believers ....” thus spoke Sadguru Jaggi Vasudev in an interview to The Ecomonic Times yesterday.He clarified that all those people living in this ancient land below the Himalayas have pursued “search of truth” from the vedic times.
But when it comes to buying of financial products, we have been doing the opposite.We believe our friends,agents, brokers and banks staff without bothering to find out what we are buying and whether it suits our need or not ?By the time we realise the products, be it  insurance or investments, are mismatch to our needs, it is already too late!

Women need Financial Planning

Traditionally women are better at managing family’s budget and are more concerned about children’s education and marriage. We find women groups take to streets when prices of vegetables and other essential items increase beyond tolerable levels. Nowadays increasing number of women are opting for career in regular jobs. It provides them opportunity for financial independence. It is high time for women to take control of their finance for the following reasons; 

 (1)   Increasing divorce rates – India is witnessing a surge in divorce rates and therefore entrusting the spouse with financial matters can create money crunch. It is prudent to keep a tab on your monthly investments and determine holdings in your name, so as to avoid financial complications later.

Budget and Financial Planning

The dream budget is finally announced and some important measures in personal finance area are;

  • Income Tax rate slabs unchanged
  • Health Insurance premium exemption under 80D increased to  Rs25,000/- and for senior citizens to Rs 30,000/-
  • Transport allowance exemption increased from Rs800/- to Rs 1,600/- per month
  • NPS contribution exemption under 80CCD Rs50,000/-
  • Option to employees for either EPF or NPS
  • Wealth Tax abolished

 

Best Health Insurance Plans

We furnish the best Health Insurance Plans based on the Mint Money ratings A,B and C. We extracts the A rated plans as follows; 

 

 Individual plans

(Sum Insured Rs 5 Lakh)

 
 

35 Years

       

Sl

Insurer

Product

Premium(Rs)*

Rating

Score (%)

1

ICICI Lombard

Health Protect 6,195 A 84

2

Religare Health

care 5,162 A 74

3

Oriental Insurance

Individual  Medi shield Policy 5,787 A 69

4

Apollomunich

Easy health Standard 6,137 A 68

5

HDFC Egro

Health surakhsa silver 5,582 A 66
           

Sl

45 years

       

1

ICICI Lombard

Health Protect 7,902 A 84

2

Apollomunich

Easy health Standard 6,945 A 75

3

Religare Health

Care 6,788 A 74

4

Oriental Insurance

Individual  Medishield Policy 6,918 A 69

5

Universal Sompo

Complete Health Care 7,285 A 68

6

Reliance General

Health Gain 8,161 A 68

7

Apollomunich

Optima Restore 8,258 A 68

8

HDFC Egro

Health surakhsa silver 6,718 A 66

9

Future Generali

Health Surakhsa Gold 8,660 A 66
           

Sl

65 years

       

1

ICICI Lombard

Health Protect 30,226 A 76

2

Iffco Tokio

Individual  Medishield Policy 18,528 A 70

3

Religare Health

Care 17,798 A 69

4

Apollomunich

Easy health standard 23,028 A 68

5

HDFC Egro

Health surakhsa silver 20,992 A 66
           

Sl

70 Years

(Sum Insured 10 Lakhs)

     

1

ICICI Lombard

Health Smart 43,773 A 91

2

Religare Health

Care 34,818 A 69
           

 

 

Family Floater Plans

(Sum Insured Rs 10 Lakh)

 

35 Years

(2 Adults+ 2  Children)

     

Sl

Insurer

Product

Premium(Rs)*

Rating

Score (%)

1

ICICI Lombard

I Health 16,735 A 91

2

Reliance General

Health Gain 17,543 A 75

3

Religare Health

care 17,339 A 74

4

Tata AIG

Medi Prime 17,773 A 71

5

New India Insurance

Floater mediclaim 11,551 A 69

6

Universal Sompo

Complete Health Care 17,212 A 68

7

Apollomunich

Optima Restore 19,184 A 68

Sl

45 years

       

1

ICICI Lombard

I Health 19,554 A 91

2

Reliance General

Health Gain 19,656 A 75

3

Religare Health

care 20,224 A 74

4

Tata AIG

Medi Prime 20,256 A 71

5

New India Insurance

Floater mediclaim 15,978 A 69

6

Apollomunich

Optima Restore 21,653 A 68

7

Universal  Sompo

Complete Health Care 21,436 A 68
           
           

Sl

65 years

(2 Adults)

     

1

ICICI Lombard

Health Smart plus 56,235 A 84

2

Reliance General

Health Gain 51,832 A 70

3

Religare Health

care 35,986 A 69

4

Apollomunich

Optima Restore 54,056 A 68

5

HDFC  Egro

Health surakhsa silver 50,382 A 66

   *Premiums are including service tax                     Source: Mint Money Dated 12th Jan 2015#

#Mint Money has published the mediclaim insurance ratings based on Pricing, Claims repudiation, Pre-existing exclusions, Co-pay, Disease waiting period, Disease wise capping, Sub limits on room rent and No claim bonus.

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