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Customer Speaks
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I uploaded my medical, car and life insurance details o.....
Subhash Rane, Mumbai
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My Car Insurance had lapsed, thanks to insurance mantra.....
Avinash Mishra, Ggn
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Insurance News
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August 21 '2008
The general insurance industry is slated to touch Rs 50.....
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August 11 '2008
Prices of general insurance products in the detariff re.....
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Insurance News
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August 21 '2008
The general insurance industry is slated to touch Rs 50,000 crore premium income in the next five years against Rs 28,130 crore achieved in 2007-08. In 2008-09 — the first full year of the detariffed regime — state-owned general insurance companies are targeting a total premium income of about Rs 20,000 crore, a 23% growth, against Rs 16,259 crore achieved in 2007-08.
New India Assurance, the largest general insurer, expects a 10% growth to about Rs 5,800 crore in 2008-09, while United India Insurance has pegged it at Rs 4,200 crore against Rs 3,739 crore achieved in 2007-08. Both National Insurance and Oriental Insurance are hoping to garner a total premium income of Rs 4,500 crore each in 2008-09 against Rs 4,032 crore in the previous fiscal.
“However, in a bid to facilitate growth, a slew of measures need to be taken. These include tax breaks like removal of service tax on health insurance and personal accident policies, encouragement for growth of individual agents includin
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August 11 '2008
Prices of general insurance products in the detariff regime are slated to fall by over 60% with the onset of the second phase of reforms in the next couple of months.
Aggressive pricing is already beginning to trigger serious price wars in the market. This is set to intensify once the terms and conditions of policies or product formats begin to change over the next few months. With online websites like www.insurancemantra.com going agressive with customer aquisition, it is the right time for buyers.
The sense of aggression in the detariffed general insurance market is already palpable, with cash discounts of almost 20% being offered by some insurance companies over and above the maximum 51.25% discount on individually rated risks.
A possible trend of market segmentation is likely to emerge as well. Each segment in the general insurance business is expected to become competitive and a clear segmentation in terms of the insurer’s experience on various portfolios within motor, fi
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May 21 '2008
Buying a Life Insurance Risk cover versus investment returns
Insurance options range from policies with low premium that offer you almost no returns to those with high premium that effectively offer post-tax returns of around 8% to 9.5% p.a.
These returns are at the lower end of fixed-income returns available today and hence are relatively unattractive.
We recommend you buy an insurance policy skewed towards investment returns only if you are in the high-tax bracket, prefer to invest in low-risk, fixed-income options and have exhausted all the other such investment options available.
See Financial Investment Options and Government Schemes Directory for details of low-risk, fixed-income investment options available.
Whole life versus limited period
As you grow older, you may not have as many dependents (your children would become self-dependent) or your wealth may reach a level where it can support your dependents’ financial needs in the event of your death.
Thes
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May 20 '2008
How to Invest for your Child's Education
Honing a young mind in today's times is an expensive affair!
In fact, many parents start saving for their child’s education, very early. Mr Sharma did the same, but unfortunately for him, the money he was saving was being spent on provisions and household expenses! As soon as he discovered this, he changed his strategy.
Sharma’s game plan
First, he planned to buy a life insurance policy. He had two options: a Unit Linked Insurance Plan (ULIP) or a traditional moneyback policy.
A ULIP, which has maximum allocation in equities, is not a bad option. But a traditional moneyback policy may not be a good idea. Here's why.
i. Inadequate returns: The inflation rate for funding education is far higher than the rate of returns provided by traditional policies. Hence, investing in these makes no sense.
ii. High cost: Moneyback policies are expensive! This is because the company provides a risk cover AND a timely cash flow.
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May 20 '2008
Domestic Travel Insurance With jet-setting Indians on the rise, insurance companies are cashing in on the untapped market of domestic travel insurance. The domestic travel sector is growing rapidly at about 35-40% and consumers are not thinking twice before shelling out extra money to be insured. The reason for its spiralling growth is that it's cheap and it is easily accessible.
Keyur Joshi, COO, makemytrip.com, said, "Domestic insurance is Rs 100-150. Which is not much when you are buying a Rs 3,000-4,000 air ticket. There is a lot of opportunity here. If insurance companies better their pricing it could become one in every two consumers buying."
And the main growth for travel insurance is coming from online travel portals like makemytrip.com, spicejet.com and yatra.com.
Khalid Sohail, Head-Travel Insurance, Tata AIG, said, "We believe that if this product was to be promoted, it would have to be a very simple product put on the purchase path of Internet transaction,
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May 19 '2008
Insurance Mantra - One stop for all Insurance Needs. Insurance Mantra dot com provides car insurance, Insurance for new cars, Insurance for old cars, Travel Insurance for Asia, Travel Insurance for USA, Mediclaim Insurance, Cashless Insurance for Vehicles, Cashless insurance for Medical and health policies, Home Insurance, Property Insurance, Fire and theft Insurance, Group Insurance and many more such Insurance Needs. Our customers have saved over 2,00,000 in premium amount since march 2008. Its your chance to get the best insurance quote for new used car, Health Insurance for individual or family, Travel Insurance single or multi trip, Property Insurance for residential or commercial buildings. We provide insurance Pan India, with cheque collection facility in Gurgaon, Delhi, Noida, NCR, Faridabad, Ghaziabad.
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May 19 '2008
Bharti's Life Insurance business does not seem to be in the pink of health. a year into its joint venture with the world's largest insurer AXA, it has underwritten policies worth only Rs 20 crore.
Cash registers of Bharti AXA life insurance are not ringing hard enough. The company earned only Rs 20 crore from 17,000 policies it sold in a year. Sriram Life Insurance, which also started last year, did more than 6 times as much business. Reliance Life, which took over amp Sanmar life in October 2005 earned Rs 481 crore in its first year of operations.
But Bharti AXA is unperturbed. It says premium collection is in line with plans and expectations. It will open 77 branches this year. Bharti AXA also plans to tap airtel's customer base of more than 25 million customers through direct calling. But it's waiting for TRAI’s do-not-call registry to take shape.
"With the rate life insurance company is growing there is place for every one to grow" says Khushroo B Pantha
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April 06 '2008
TAX Benefits on Life Insurance Important Income Tax provisions applicable to LIC Policyholders are,
An individual can claim rebate on LIC premium paid on his/her life, his/her spouse, his/her children including adult children and married daughter.
Under section 88 of the Income Tax Act, certain percentage of rebate is allowed on investment in the form of insurance premium with any of the insurance company approved by IRDA. Percentage of rebate can be up to a maximum of 20% and varies depending upon the tax bracket one falls. This rebate is deductible from the tax payable by the individual. The total amount of investment in the form of insurance premium and other specified investments like PPF, NSC, etc. is restricted to Rs. 70,000 per annum.
Under Section 80 DDA a deduction up to Rs. 40,000 per annum is allowed from gross total income, when a contribution or deposit is made with the any of the insurance company approved by IRDA, for the maintenance of a handicapped dependent.
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April 06 '2008
The general insurance industry grew 12 per cent till February in 2007-08 with robust performance by private players including Reliance General, which continues to be the fastest growing insurer.
The 13 non-life insurers collected Rs 25,470 crore in premium till February in FY’08, against Rs 24,998 crore collected in the last fiscal, according to the industry data.
During the period, the four public sector non-life insurance Companies collected Rs 15,280 crore, as against Rs 14,686 crore in the same period last fiscal.
The private players increased their business from Rs 7,981 crore to Rs 10,190 crore during the period.
In percentage terms, while the public sector could increase their premiums by just 4 per cent, nine private sector players clocked premium growth of 28 per cent.
Private sector players’ market share has grown to about 40 per cent in FY’08 so far as compared to the public sector’s 60 per cent share.
Reliance General Insurance continues to be the fa
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March 13 '2008
Birla Sun adds Rs 125 crore to paid-up capital. A statement issued by the company said that this had been done to meet with the company’s plans on capital expenditure to support the expansion of infrastructure and to conform to the solvency margin requirements as stipulated by IRDA.
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March 10 '2008
MetLife ties up with retail chain to enter rural mkt
MetLife India, a subsidiary of the global insurance giant, on Monday entered into a strategic tie up with Viswas, a city based retail chain, to offer life insurance and other financial products in the rural areas.
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February 17 '2008
The insurance sector has demanded a hike in foreign direct investment (FDI) limit from the present 26 per cent to 49 per cent and exemption of service tax for health insurances.
"For the growth of the insurance sector, the FDI cap of 26 per cent should be increased to 49 per cent. This will help to further deepen the Indian insurance market," Unison Insurance Broking Services' Managing Director, B K Sinha, said on the sidelines of an insurance seminar on Sunday.
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January 01 '2008
Insurance Mantra launched their web site www.InsuranceMantra.com
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