Did You Know

Re-Insurance

Reinsurance is an insurance that is purchased by an Insurance company from one or more other insurance companies to manage the risk. Reinsurance helps in transfer of risk from one insurance company to another. It is also called “insurance for insurers” or “stop-loss insurance”.

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Claim Settlement Ratio

Claim is the right to obtain money on occurrence of an event. It starts with formal payment requests that are made by the nominee to the insurer on occurrence of an event to the insured, based on the terms of the insurance policy that he/she had opted for. These payment requests are reviewed by the insurer based on their validity and then paid out to the nominee. This process is called Claim Settlement.

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What does Persistency mean in Life Insurance?

A company is only as successful as the number of customers it is able to retain. Persistency in life insurance, therefore, refers to the percentage of customers paying the policy premium out of the total number of clients that the company has over a defined period.

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Net Asset Value

NAV lets us know how a fund is performing i.e. by understanding the value or worth of a single unit in a fund we can discern the value of the fund, as a whole, on a given day.

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What is top-up premium?

Top Up is the additional amount over your regular premium that the policyholder can invest to get returns. This facility is only allowed in Unit Linked Insurance Plans (ULIP).    

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Who is an Insurance Broker?

Insurance brokers represent the policyholder (customer) and are licensed to give them policies from any insurance company. They can provide expert advice on insurance policies and are paid a brokerage by the insurance company whose policy the customer finally chooses.   

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Who is an insurance ombudsman?

The Insurance Ombudsman scheme was created by Government of India on 11th November, 1998 for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way.   

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What is a pension plan?

Pension plans or retirement plans are offered by Life Insurance Companies to help individuals build a retirement corpus.   

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What is the Life Insurance Council?

Life Insurance Council functions as an active forum to aid, advice and assist insurers in maintaining high standards of conduct and service to policyholders;   

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National Pension System India

National Pension System (NPS) was introduced by the Government of India with an objective to extend old age security coverage to all citizens. Launched in January 2004 the scheme is now more than 10 years old.   

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Who can be a nominee in life insurance?

Nominee is the person designated by the policyholder to receive the benefit of the insurance plan in case of death of the life insured. Any policyholder, who is a major and the life insured under a policy, can make a nomination.  

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What is a Life Insurance Rider?

Insurance companies offer riders (options) that can be appended to the insurance plan to enhance insurance coverage. These riders come with specific benefits such as additional coverage against accident, coverage against diagnosis of specific illness, disability etc.  

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A Guide To Understanding QROPS

A pension scheme which is administered outside the UK and is registered with HMRC. QROPS facilitates easy and convenient pension fund transfer from the United Kingdom.  

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What is Surrender Value in Insurance?

Surrender value is the amount that a policy holder receives from the insurer in case he plans to terminate the policy before its maturity. If a policyholder decides to end the policy before it matures, he is liable to receive a certain sum that has accrued as his saving.  

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Who is an Insurance Agent?

An insurance agent is licensed to conduct business on behalf of insurance companies. As an insurance professional, an agent has a good understanding of the insurance sector and offers a host of insurance products for you to consider.  

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What is an Annuity?

An annuity is a series of payments made at fixed intervals of time. It can help you avoid running out of money till you live. Let’s look at some of the facts you should know about annuity  

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Money Back Insurance Plans

A money back plan is an endowment plan that generates regular cash back at periodic intervals so that you can fulfil your dreams and aspirations. It is a plan where a percentage of the sum assured is given back to the insured at regular intervals, instead of a lump- sum at the end of the term.  

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PFRDA

PFRDA is the abbreviation for Pension Fund Regulatory and Development Authority that was established by the Government of India with the sole aim to regulate the pension sector. PFRDA aims at promotion of old-age income security by establishing, developing, and regulating funds. It protects the interests of subscribers to schemes of pension funds and for matters related to this sector.  

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Free Look Period

What do you do when you are sold a policy that is different from what you had actually applied for? Or what if you’ve already bought an insurance policy, but the terms and conditions do not match your requirements? There is definitely a way out! You can return the policy and also get a refund.  

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Know Your Customer (KYC)

KYC is an acronym for Know Your Customer and is required for client identification process of new and existing customers. The objective of this procedure is to ensure that no company is misused, intentionally or unintentionally for any criminal practices such as theft, identity fraud, money laundering, terrorist financing etc.  

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The Insurance Regulatory and Development Authority (IRDAI) - Roles & Functions

The Insurance Regulatory and Development Authority or IRDAI is an agency of the Government of India, formed to supervise the country’s insurance sector. The core mission of IRDAI is to protect the interest of policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith.  

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Five Common Insurance Myths

Five Common Myths about Insurance

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Difference between Participating and Non-Participating Life Insurance Policies

Insurance products become incomprehensive due to its terminology. In our effort of de-jargoning Insurance for you, we shall discuss the difference between participating and non-participating policies.

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Mortality Charge Definition in Life Insurance

‘Why do insurance policies come with so many charges?’ This is often asked by an individual who is trying to buy an insurance policy. Let us understand one of the most important charges levied by the company: Mortality charge.

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Types of bonuses in Life Insurance

Who doesn’t like getting something extra?

Insurance companies also offer you something beyond the guaranteed benefits promised to you in your policy. This extra amount is called bonus.

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What is Life Insurance?

Life insurance helps us to be prepared for various unforeseen situations. It is a concept that helps one fulfil his financial obligations at various stages of life and even after life.  

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Unit Linked Insurance Plan (ULIP)

Whenever we want to have high returns on our investment, we are always advised to invest in capital markets. But it becomes a problem to invest if one doesn’t have sufficient understanding about the markets.  

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Insurance Agents vs. Insurance Brokers

Insurance in itself tends to be a complex financial tool. It reaches to a new level of complication when you have to decide whom to contact for buying the policy: agent or a broker.  

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Critical Illness Policy

Heath insurance is the nowadays considered as integral part of individual’s insurance cover. But it becomes very complex to understand due to several exclusions. A basic health policy covers only hospital expenses, but what happens when you require a lump sum of money due to some medical emergency.

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Who is a Financial Consultant?

The consultant assists you in developing a systematic plan to fulfil your needs. He advices on what kind of savings plan, insurance plan, and retirement plan to purchase.

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What is Health Insurance?

Health insurance gives us the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired a completely new dimension, thus becoming more complex in nature. It becomes imperative to have a health insurance plan which will ensure that no illness impacts our financial independence.

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Regular Premium Policy

When you buy an insurance policy, it is important to note that the premium paying frequency varies from one policy to the other.

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Single Premium Policy

As the name suggests, in single premium policy, one has to pay premium just once. This amount is the premium amount. The policy benefits continue for the whole term of the policy.

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Did you know ?

Re-Insurance

Reinsurance is an insurance that is purchased by an Insurance company from one or more other insurance companies to manage the risk. Reinsurance helps in transfer of risk from one insurance company to another. It is also called “insurance for insurers” or “stop-loss insurance”.

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