Life Insurance Roundup, April 8, 2016


Bharti AXA Life launches Super Series life insurance plan – Times of India

rivate insurer Bharti AXA Life Insurance Company has launched a non-market linked life insurance plan called Bharti AXA Life Super Series.

The money back plan offers guaranteed income which increases throughout the payout period and gives a guaranteed lump sum payment at the start and end of the payout period.

The plan also has two options – the Super 6 or Super 10. Under the Super 6 option, a policyholder pays premiums for six years and the duration of guaranteed money back benefits will also be six years, resulting in 270% of ‘sum assured on maturity’ as total guaranteed benefits. 


Simplify tax on life insurance, FPA says – ifa

The FPA has reiterated calls to make upfront financial planning fees tax deductible, while also urging the government to apply tax-free benefits to life insurance policies held within super.

In a submission regarding the 2016-17 federal budget, the FPA made recommendations that it says address the “anomalies and complexities” in life insurance tax treatment and, in turn, encourage more Australians to take out coverage.

One of those recommendations includes making insurance premiums for non-super policies tax deductible and applying the same tax-free status to policies paid inside superannuation. 


Financial advisers win suicide exemption in life policies

Changes to laws designed to crack down on hefty commissions in the life insurance sector mean financial advisers won’t miss out on future payments because a client commits suicide.

Financial advisers also won a change that means their commissions will not be docked if the policyholder’s premiums are discounted by the insurer because they quit smoking.

The government’s life insurance remuneration reform bill is in general designed to remove financial incentives that lead advisers to “churn” clients. Under the old regime, some advisers might move clients from one insurer to another to pocket thousands of dollars in extra commissions.

Under new rules. if advisers move a client to a new life policy they will have to pay back the commissions they received on the first one.  


8 tips for quick life insurance claim settlement

Life insurance is sold and purchased only on the basis of promises made by insurance companies. It is true that the death of a dear one in does take its toll on a family. However, financial security during crises can help a family deal with the aftermath of an event as serious as death of the breadwinner of the family. So, purchase a life insurance plan that best fits your’s and the family’s requirements and educate your family on how the claim process works. Well! The last part might sound difficult, but it is essential.


Max Life Insurance wins the Outlook Money Award 2015 | Business Line

Max Life Insurance, one of India’s leading non-bank promoted private life insurers, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd, has been conferred with the prestigious Outlook Money Award 2015 in the category ‘Life Insurance Provider of the Year’. The award was given by Mr. N K Singh, Former Parliamentarian and Senior Bureaucrat, at a function held in Mumbai on 1st April 2016. 


3 Life Insurance riders that broaden your life insurance coverage

Insurance is not a one-fix-all type of a solution. Nevertheless, this does not stop you from mitigating all possible risks. These days there are websites where you can compare the prices, and purchase a life insurance policy that best fits your pecking order of needs. You can make the product perfect and customize it as per your needs by buying suitable riders depending on your specific needs. The main purpose of insurance riders is to offer more than what a basic plan gives you. 


‘Life Settlements’ CFO Eyes Vast Potential Market

Have you heard of “death pools”? They’re games, of perhaps questionable taste, in which participants pick, say, 10 famous people they think might die within the next year. The contestant whose tally is the highest wins.

Of course, there is an entire, very large industry — life insurance — whose economics are based in large part on predicting when people will die. Unlike death pools, there is no hint of ghoulishness at play. Unless a policyholder ceases paying the premiums or surrenders the policy to the insurer in exchange for a cash payment (normally a tiny fraction of what the eventual death benefit would be), the longer the policyholder lives, the better the insurer’s return. 

Shopping Spree by Chinese Money: Korean Insurance Industry About to be Rearranged Following Anbang’s Acquisition of Alliance | BusinessKorea

nbang Insurance took over Allianz Life Insurance. Industry insiders pointed out this implies that more and more South Korean insurers can be acquired by Chinese companies over time. 

“This year’s shopping spree by Chinese firms is showing no sign of slowing down. Although the deal (Anbang buying Allianz’s South Korean operation) is much smaller than Anbang’s failed attempt to acquire Starwood, it does demonstrate the Chinese insurer’s continued appetite for international expansion through acquisitions,” said Kamel Mellahi, Professor of Strategic Management at UK-based Warwick Business School.

Mellahi, who is also researching business in China, went on to say, “The acquisition of Allianz’s South Korean operation will strengthen Anbang’s footprint in its core business outside China. This is Anbang’s second deal involving a South Korean insurance firm and therefore one expects significant synergies to be gained from managing the two entities.” 


PICIC Insurance up for merger with Crescent Star – The Express Tribune

PICIC Insurance is up for a merger with Crescent Star Insurance, the latter announced on Wednesday through a public notice.

“Our board of directors has authorised the CEO of the company to sign an MoU for due diligence of PICIC Insurance, which may lead to possible merger of PICIC Insurance with Crescent Star Insurance,” it said, adding that the deal, if approved, will be subject to regulatory approvals by the Securities and Exchange Commission of Pakistan (SECP) and Competition Commission of Pakistan (CCP). 


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