LIC Life Insurance Advisor

LIC Life Insurance Advisor LIC Life Insurance Advisor I am a Professional LIC Life Insurance Advisor. I will give you best suitable LIC policies as per your needs.

Life insurance is necesary to protect our family in our presence as well as in our absense from financial loss. And I will aslo give you best LIC agent service. Please give me your valuable time to meet you. I will explain you everything about Life Insurance........

09/01/2012

In view of the stable market scenario at present and sound economic conditions, LIC (Life Insurance Corporation) has planned to introduce at least four more products in the conventional and non-conventional category.

The insurance giant is planning to introduce a new pension system on pilot basis to encourage people from the un-organized sector to voluntarily save for their retirement. The insurance major will not enter banking business but its subsidiary is in process of obtaining banking license.

Speaking to Business Standard, LIC managing director AK Dasgupta said, “It is the right of every investor to enter the market, it is not going down further. The fundamentals of the market are very strong. Market conditions are very favourable for investors if they want to stay for long. They can invest in conventional and non-conventional products, provided they have a proper strategy.”

In view of the favourable conditions, he said, it was the right time for LIC to introduce new products. Without naming the products he said, “There will be at least four products in both the categories and at least one for women, though we have one of the best products for women, Jeevan Bharti, available in the insurance sector.”

When asked if it was a strategy to mitigate the lower premium figures, he said LIC’s premium income was down since investors entered the market when it had been touching as high as the 22,000 mark. “They (investors) wanted to make short term profits. The situation is not the same now. We want to ensure a significant market share to close the current financial year.” He ruled out LIC’s direct entry into banking business but said, “LIC Housing Finance will soon enter the banking sector.”

On a new initiative called ‘Swavalamban’, to be regulated by Interim Pension Fund Regulatory and Development Authority (PFRDA), he said, “We have chosen a few districts across the country and initiated the process for the product for people of the unorganised sector. If a subscriber invests Rs 1,000 in the product, the Central government will contribute an equal amount. The contribution by the government of India will be available for the current financial year and three years thereafter. Any citizen, who is not part of any statutory pension scheme of the government and contributes between Rs 1,000 and Rs 12,000 per annum, can join the Swavalamban Scheme.”

Expressing his dissatisfaction over the central zone, Dasgupta said, “There is enough scope for them to do business by any channel, be it direct marketing for any other alternate channel.

30/12/2011

MUMBAI: The Insurance Regulatory and Development Authority has said that the Life Insurance Corporation of India has performed better in terms of claim settlement ratios as compared to private life insurance companies.

"The claim settlement ratio of LIC was better than that of the private life insurers. Settlement ratio of LIC increased to 97.03 % during the year 2010-11 when compared to 96.54 % during the previous year" IRDA said in its annual report released this week.

The percentage of claims rejected by LIC stood at 0.01%. The ratio of repudiations to total reported claims declined from 1.21% in the previous year to 1.00% in 2010-11. Compared to LIC, private insurers rejected a large number of claims. Their ratio of repudiations increased to 8.90% in 2010-11 from 7.61 % in 2009-10. Overall, the industry's settlement ratio has improved slightly at 95.58 % in 2010-11 from 95.24 % in 2009-10 but the repudiation ratio has also gone up to 2.04 % in 2010-11 from 1.93 % in 2009-10.

Private insurers have improved their performance but their settlement ratio is much lower than LIC. For private companies, the improved claim settlement ratio stands at 86.04 % during the financial year 2010-11 when compared to 84.87 % during the previous year.

When it came to pending claims, LIC's numbers are again better. As compared to private companies which had 5.36% of total claims yet to be settled at the end of the year, LIC had only 0.33% claims pending. While over 75% of LIC's claims were outstanding for less than three months, in the case of private companies 54% of claims were pending between three to six months.

In the year 2010-11, the life insurance companies have settled 8.13 lakh claims on individual policies, with a total payout of Rs 7,595 crore. The number of claims repudiated was 17,350 for an amount of Rs 336 crore. The number of claims pending at the year-end was 16,415 and the amount involved was Rs 306 crore.

During 2010-11, private companies have been more successful than Life Insurance Corporation in managing operational costs. Operating expenses, as a per cent of gross premium, increased for LIC from 6.58% in 2009-10 to 8.34% in 2010-11. However, the same declined marginally for private insurers from 20.97% in 2009-10 to 18.11% in 2010-11. For the industry as a whole, the operating expenses ratio increased slightly from 10.88 % in 2009-10 to 11.30 % in 2010-11.

21/12/2011

As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

21/12/2011

LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC. We have gone in for relevant and appropriate technology over the years.

1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late 1950’s were phased out in 1980’s and replaced by Microprocessors based computers in Branch and Divisional Offices for Back Office Computerization. Standardization of Hardware and Software commenced in 1990’s. Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.

21/12/2011

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

21/12/2011

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

21/12/2011

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

21/12/2011

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

21/12/2011

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

21/12/2011

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

21/12/2011

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

21/12/2011

I am a Professional LIC Life Insurance Adviser. Life insurance is necesary to protect our family in our presence as well as in our absense from financial loss.
I will give you best suitable LIC policies as per your needs. And I will aslo give you best LIC agent service.
Please give me your valuable time to meet you. I will explain you everything about Life Insurance.

Address

Opera House
Mumbai

Telephone

0091 98330 21571

Website

Alerts

Be the first to know and let us send you an email when LIC Life Insurance Advisor posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to LIC Life Insurance Advisor:

Shortcuts

Share

Category