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A brief description of Insurance sector In India.
LIC with over 40+ years of monoploly could see that only 1.5% of Indian Insurance population are insured. Government of India opened this sector for Private companies in 2001 after forming IRDA (Insurance Regulatory and Development Authority (like RBI for Financial bankers)In just another 10 years time the figure rose to 5% because of the advent of ULIP and even now (2010)95% of Indian population are not adequately insured...The Insurance Regulatory and Development Authority (IRDA) issued its new guide lines on Unit Linked Insurance plans (ULIP's) on June 28, 2010,forcing an overhaul of the product offerings. As of Oct 2013, all 24 insurers have closed down all old plans and come out with new preferably Traditional from then.ULIP which bundle insurance protection with investment, were initially heavily loaded with charges and NOW NOT THE CASE. Under the new norms, ULIP's are now clearly structured to CASE. favour the consumer. Critics have been silenced with new norms resulting in moderation of commissions and charges. Minimum insurance covers have been stipulated and caps places on penalties on premature surrender. During 2010-11, the new premium flowing into ULIP's were Rs. 52,600 crores compared to Rs.59,000 crores in the previous year, while the premium in non-linked policies were Rs.73,000 crores compared to Rs.50,000 crores in the previous year. Revamped ULIP' s could well be the right investment tool for you. The new ULIP plans stand out in terms of flexibility and cost. They provide better avenues for wealth creation along with adequate life cover. ULIP's could be good investments provided you are willing to take long-term call. What fares better? MF+TERM PLAN OR ULIP Mutual Fund FMC is 2.25%: Keeping everything else same, if the mutual fund FMC is 2.25%, the total corpus thro' MF+TERM PLAN combination drops to Rs.44.62 lac and ULIP corpus is Rs.45.15 lac. Any slight change in charges can shift the balance in favour of ULIP even now. ULIP's are suited to meet life cycle goals.
I go to people and introduce myself as 15+ years Adviser of Birla Sunlife Insurance and immediately they laughingly say - Oh Insurance-(smile). I have ample and I am sorry. Sir, I am sorry- statistics even to-day say only 10% of Indian population are adequately insured and this 10% also only after our MODI SAAB gave 1 crore people almost free insurance. Very few say -I have LIC and feel proud.GOOD. June 2017 LIC has introduced JEEVAN UMANG with half a page details in all newspapers... We at Birla introduced in 2013 VISION LIFE INCOME with better guaranteed returns and a lump sum at the end of premium paying years--Compare and start thinking...see how ignorant we pose in the name of security- how much money we lose in the name of safety- SAFETY, SECURITY, whether it is Birla and all other Private Insurers or LIC supposed to be said by public as Governmant (if LIC is going to default in payment will Governmant of India pay it- is my question- all are same since all governed by IRDA and if you feel Private Isnurers will cheat, LIC can also and if you feel LIC is safe, so also all other Insurers. Be smart, think, decide and call me. Few others say -Am going for house, car, bla,bla; Sir, you talk of investments in lacs and I talk of few thousand investments to protect those and your family only. When you can do in lac , just add this thousand also and you protect yourself- your so called expenses al-including your family. 50% people say -I call you back - Sir, nobody will call me or any Insurance Adviser and ask for Insurance and if at all they do I/we will suspect .These are all the realities and one thing you must all know- On any day I am not the loser if you are not going to listen to me since I have some who listen to me,and since I want to increase my client base I keep on calling getting numbers somehow. Telecalling helps but only when I call 100 people 20 people will listen to me and am supposed to be number one in this line.
|First year premium Rs Cr||1,26,381||1.09.894|
|Policies in lacs||652||532||No of Death claims settled in lacs||12.34||10.31|