News & Events
New vehicle insurance to limit liability
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Life Insurance Corporation of India wants to strengthen its risk management
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Consumer court tells LIC to pay Rs 5 lakh to widow
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Some Health Insurance Tips
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10-year-old insurers must list within a year, says Irda
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Motor pool losses hit state-owned insurers the most
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India s insurable population over 57 crore
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Third-party motor pool may be done away with
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IRDA asks LIC to settle death claims within 6 months
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Awareness on insurance benefits needed
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Max Bupa, Apollo Munich & Star health to get a boost from bancassurance?
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Reliance calls off Bharti-AXA Insurance deal
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Companies Share Increasing Health Premium With Employees
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Online insurance platform will offer products customised for individuals
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Future Generali introduces new insurance product
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Why health insurance can’t be sold like life insurance
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Third-party premiums for motor insurance may go up
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15 Kinds of Insurance You May Not Need
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Pension plans to have guaranteed maturity benefit from Dec 1
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Do You Need Long-Term Care Insurance?
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Insurance rise warning for homes at risk of flooding
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Motor insurance may move to declined pool system
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Can insurance protect against a decline in your home value?
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Do not buy a fund only to get free life insurance
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Cost of motor insurance down 3% this year
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How to choose the right insurance policy for different stages of life
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Going for vacations? Do not forget to insure your travel
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Joint life insurance and disclosing medical conditions
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Bharti AXA General Insurance has been awarded the Risk Manager of the Year
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Make insurance understandable
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Argo Insurance Announces New Management Liability Policy for Private Companies
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Now gift your live-in partner a mediclaim
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Pension plan: Now, a person can draw annuities at 55 years of age
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my:Health Medisure Prime Insurance
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New health insurance co-op aims to cut costs for patients, doctors
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IndiaFirst Life Insurance launches IndiaFirst Money Balance Plan
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New drive to give labourers insurance, benefits
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What can building insurance cover?
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Health insurance portability gives power to policyholders
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Bharti AXA General Insurance: “Critical illness product helps to make health insurance comprehensive”
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Going to study abroad? Take student insurance policy to cover your travel or medical exigency
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Life insurers making room for themselves in health segment...
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New drivers face motor insurance shock
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L&T Insurance makes foray into health
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A health cover that reinstates the sum insured, for a price
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Swerve in car insurance costs
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Online insurance plans: Why they are a compelling option
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What you need to check before buying travel insurance
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Insurance portability: Follow a wait and watch strategy
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Things to check before making a claim
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Is Health Insurance Good for You?
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Art insurance yet to take off in a big way in India
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Five must-have insurance policies
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Step up Insurance for a healthy tommorow
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Home insurance News
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Life insurance sector likely to reach Rs 5,17,000 cr by 2015
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Vehicle owners drive in ‘zero dep’ policy cover
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Coming soon: Switching insurers
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National is 3rd-largest insurer
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Soon, your mediclaim could cover overseas hospitals too
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Cover for parents gets costly
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Mediclaim portability to become a reality soon
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CAT insurance could be mandatory: Irda New Delhi
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10 percent of global reinsurers close doors on Indian companies
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How much is enough? Life insurance Sum insured demystified!!!

In the event of any misfortune, well-planned life insurance can protect your loved ones from financial difficulties. However, in most cases, people find it difficult to estimate the correct value of insurance they need. Partly this is because life insurance needs change through different stages of life. 
Young people with no dependants may not have much need for life insurance. As one's family responsibility grows, life insurance needs to increase. Thus, a periodical review based on your family circumstances is required in order to ensure that the coverage is adequate. 

There are several simple methods available to broadly estimate your life insurance needs. Five simple rules are:
1. Income rule

The most basic rule of thumb is provided by the income rule which holds that individual insurance cover should be at least around eight to ten times one's gross annual income. For example, a person earning a gross annual income of Rs 1 lakh should have about Rs 8 to10 lakh in life insurance cover.

2. Income plus expenses rule

This rule suggests that an individual needs insurance equal to five times your gross annual income, plus the total of basic expenses like housing or car loans, personal debt, child's education, etc.

3. Premiums as percentage of income

By this rule, payment of insurance premium depends on disposable income. In other words, one should decide the quantum of insurance after meeting the regular outgo from salary.
From the first two rules, you can make a broad estimate of the minimum insurance you should have. The premium as percentage of income rule can help you fine-tune your cash flow by committing an appropriate percentage of your income for paying life insurance premium.

4. Capital fund rule

This rule suggests that if you need Rs 1 lakh p.a. for your family needs, and assuming you do not have any other income-generating assets, you may like to create a capital fund of Rs 12.5 lakh (Rs 1.25 million) which can yield Rs 1 lakh (Rs 100,000) annual income @ 8% p.a. You may therefore buy a life insurance policy of Rs 12.5 lakh.

5. Family needs approach

This rule holds that you purchase enough life insurance to enable your family to meet various expenses in the event of key earning person's death. Under the family needs approach, one has to divide his family's needs into two main categories: immediate needs at death (cash needs), and ongoing needs (net income needs).

 
Applying for Life Insurance ??? Prepare well for the Medical Exam..

Most companies require a routine medical exam when applying for life insurance. The insurance company will hire its own physician or medical technician to perform the exam. While it is impossible to hide certain medical conditions, there are steps you can take to get better test results, and perhaps lower premium rates.

  1. Restrict consumption of salt and high cholesterol foods for 24 hours before you are scheduled for the exam.
  2. Do not drink alcohol for at least eight hours before you see the doctor. Take a pass on caffeinated beverages for a couple of hours before the exam.
  3. Also, avoid strenuous exercise for a day or two before the exam in the event that the insurance company orders a stress treadmill test.
The person doing the exam will get your height and weight, check your pulse rate and blood pressure, as well as collect urine and blood samples. Depending on your age and the amount of the policy for which you are applying, the insurance company may request additional medical tests.

 
 
 
 
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