Morning Star India has brought out the analysis on the performance of ULIPS as on 31st Dec 2013. The analysis covers eight categories of Funds and has been assigned star ratings based on their historical performance. We furnish here One year, Three year and Five year comparative returns and Three year and Five year sharp ratios of 41 five star rated Funds which are serialized on 3 year return basis. 

We have received queries about what to do with insurance policies of Companies having high claim rejection ratios. We do not have any control over what the companies will do in future. But we suggest you the follow some dos’ and don’ts;

Second opinion on Insurance Policies

You may take second opinion on all your insurance policies from a professional Financial Planner who will provide his/her opinion in writing about the suitability of the policies to your needs.It may cover aspects of adequacy of cover,cashflow,return and tax exemptions.

Life Insurers claims paid, repudiated and pending(Amounts)

In % for the year 2012-13

Sr #

Insurer

Claims Paid (%)

Claims Repudiated (%)

Claims Pending (%)

1

Aegon Religare

57.60%

42.40%

Nil

2

Aviva

68.73%

30.23%

1.04%

3

Bajaj Allianz

78.74%

14.14%

7.11%

4

Bharati Axa

71.61%

23.20%

5.19%

5

Birla Sun Life

69.67%

20.11%

10.22%

6

Canara HSBC

87.23%

8.75%

4.01%

7

DLF Pramerica

22.91%

18.48%

58.52%

8

Edelweiss Tokio

15.73%

77.13%

7.14%

9

Future Generali

58.98%

31.08%

9.95%

10

HDFC Standard

87.80%

6.22%

5.98%

11

ICICI Prudential

90.71%

8.57%

0.73%

12

IDBI Federal

72.13%

21.82%

6.05%

13

India First

62.09%

30.79%

7.12%

14

ING Life

69.27%

19.05%

10.90%

15

Kotak Mahindra

79.28%

15.84%

4.88%

16

Max Life

88.43%

11.23%

0.33%

17

PNB Metlife

73.50%

18.85%

7.57%

18

Reliance

74.94%

15.74%

9.32%

19

Sahara

83.20%

8.57%

7.18%

20

SBI Life

92.30%

2.68%

5.02%

21

Shriram Life

50.87%

39.31%

9.82%

22

Star Union Daiichi

80.06%

2.15%

17.80%

23

Tata AIA

74.98%

18.24%

6.78%

24

LIC

95.66%

2.14%

1.96%

     

Source - IRDA Annual Report  2012-13

 

 

Life Insurers claims paid, repudiated and pending(Nos)

In %  for Year the 2012-13

Sr #

Insurer

Claims Paid (%)

Claims Repudiated (%)

Claims Pending (%)

1

Aegon Religare

66.82%

33.18%

Nil

2

Aviva

87.71%

11.96%

0.33%

3

Bajaj Allianz

88.67%

7.25%

4.07%

4

Bharati Axa

89.48%

9.66%

0.86%

5

Birla Sun Life

82.55%

12.95%

4.50%

6

Canara HSBC

88.44%

9.72%

1.84%

7

DLF Pramerica

27.04%

19.71%

52.93%

8

Edelweiss Tokio

45.45%

40.91%

13.64%

9

Future Generali

70.53%

25.86%

3.61%

10

HDFC Standard

95.76%

2.62%

1.62%

11

ICICI Prudential

96.29%

3.63%

0.08%

12

IDBI Federal

80.06%

16.16%

3.78%

13

India First

71.40%

26.31%

2.29%

14

ING Life

83.94%

10.05%

5.40%

15

Kotak Mahindra

92.04%

6.02%

1.94%

16

Max Life

94.25%

5.66%

0.09%

17

PNB Metlife

83.87%

13.18%

2.79%

18

Reliance

86.45%

7.22%

6.33%

19

Sahara

84.71%

6.70%

7.23%

20

SBI Life

94.41%

3.69%

1.89%

21

Shriram Life

67.35%

27.59%

5.06%

22

Star Union Daiichi

89.70%

2.71%

7.59%

23

Tata AIA

84.46%

12.12%

3.42%

24

LIC

97.73%

1.12%

1.04%

     

Source - IRDA Annual Report  2012-13

 

Have you done your Tax Planning?

Many salaried individuals are in the process of finalizing their investments for tax saving so that they can submit the proof by January’2014. If you fail to submit the details along with the proof, be prepared for huge cuts from the monthly salary. The company will deduct applicable tax (TDS) from your salary in the remaining three months of the financial year, although you have the option of claiming a refund later from the Income Tax department. We provide you the investment options and the additional new tax rules introduced this year. 

Are you prepared for your retirement?

According to a BBC study, only 4% of the Indians have adequate retirement savings. Most Indians get serious about retirement savings only in their 40s or 50s. Are you also facing a similar situation and not saved enough for retirement? 

The first step in retirement planning is estimating the retirement corpus. It will depend on your life style, monthly expenses, inflation, and investment modes. The next step is taking stock of your  retirement benefits from your employer i.e. gratuity, leave encashment, pension  and any other income /assets meant to be used post retirement .The balance of the corpus should be arranged by regular savings. You can make up for the lost time and put your retirement back on track by review of the strategies and start saving early. 

Is it beneficial to buy a second home?

Suyash, my neighbor heard about his colleagues discussing about tax benefit on buying a second home. He could not understand the implications and approached me. I explained him as follows,

Go for your Dream Home now!

I met Pratap yesterday, my ex-colleague. He is keen to buy a two bed room flat. He is searching for the right one since the last two years but has deferred it on being advised that the prices may get corrected in future. He came to know that I have helped few of our common friends in buying flats in Navi Mumbai and all of them are happy about it. He wanted my help and I provided the following tips:

Price correction:

It is a fact that real estate prices are correcting. Residex data published by National Housing Bank (Wholly owned subsidiary of Reserve Bank of India) every quarter provides index of real estate prices in different cities and different localities. The Quarterly Index is as follows:

Has the slowdown affected you?

Chitra is a home maker and finds it very difficult to manage the family budget now days and enquired from her husband Anil, who is employed as a Chartered Accountant in a MNC about when will the woes come to an end? Anil explained about the emerging scenario on depreciated rupee, high current account deficit, higher interest on Bank loans, higher consumption expenses and reduced savings. He even warned about either reduced salary or job loss. Both decided to take the help of a professional financial planner.The Financial Planner touched the ten areas which can help them to face the impact of slow down;

Maintain your documents online!

Mr. Suresh   is 52 years old and staying with his family in Navi Mumbai. He is working in an IT company in Mahape. He owns two apartments, one in Sanpada and another in Pune.He has also invested in   land at Karjat.  Mr Suresh has made a Will to avoid future litigation between his children. Initially he kept all his documents in bank lockers, for which he is paying locker charges of Rs 5,000/- pa. He finds it very inconvenient to visit the Bank every time to access to his documents. Further he has been told that he has to pay extra charge for each visit. Suresh was advised to safe keep his documents online. It’s also beneficial with respect to financial planning as every financial documents is easily accessible.

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