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LIFE COVER of Rs 1 Cr FOR JUST Rs. 15000


There is a quiet rate war raging among insurers that has brought down the cost of Rs 1 crore cover to Rs 15,000 from over Rs 50,000 per annum a decade ago. A big chunk of the reduction has happened in recent months. Without much publicity life insurance companies have drastically reduced premium rates on high-value term insurance policies of Rs 1cr and above.
As against a premium of over Rs 50,000 for a Rs 1 cr cover for a 30-year old woman charged by Life Insurance Corporation a decade ago, private life insurer Birla Sun Life are offering a similar cover for an annual premium of around Rs 15,000.
Other private life insurers, such as ICICI Prudential life and HDFC Standard Life, have also reduced their term insurance rates. The term rates for LIC policies, too, have come down drastically as compared to 10 years ago.
Today, one can avail of a LIC term policy with a sum assured of Rs 1cr for an annual premium of nearly Rs 25,700-32 ,000. But unlike LIC whose rates are available to most buyers, Birla Sun Life has stringent underwriting norms and the rates are available to only those in the best of health.
Term insurance is a cover where the only benefit is a payment if the insured dies during the term of the policy is the most basic form of life insurance. The cover is now almost a commodity with web-based aggregators offering quotes from all insurance for term protection.
ICICI Prudential Life appointed actuary Avijit Chatterjee said the decline can be attributed to better mortality experience in the recent past.
This is another factor, industry-watchers feel, that has worked in favour of the rich. Since such policyholders have access to quality healthcare and lead a relatively superior lifestyle, their life expectancy is high, and this translates into lower rates.
“Term insurance premium rates have started seeing a downward trend since the last three years. Over the last couple of years, they have dropped by nearly 30%," said Rahul Aggarwal, CEO, Optima Insurance Brokers. One of the reasons for this, he explained, is the increasing demand, mainly from the high net worth segment, which has inflated the volumes. "Increasing volumes are driving the rates down and lower rates, in turn, are stimulating the demand for term insurance," he added
"Over the last six months, some insurers have reduced the term insurance rates. The price reduction is limited mainly to high value policies targeted at the HNI segment, that is, people earning over Rs 1 lakh per month, who seek policies entailing a sum assured of more than Rs 25 lakh," said a senior executive with a private life insurance company.
HDFC Standard Life Insurance, for instance, has reduced the premium rates of its term plan by around 25% across different premium and age bands.

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PME Due Date

Master Circular No. 25

Copy of Railway Board’s letter No. 69/H/3/11 dated 06.12.1974

Subject: Implementation of the Recommendations of the Visual Sub-Committee.

6. Periodical re-examination of serving Railway Employees:

6.l. In order to ensure the continued ability of Railway employees in Classes A l, A 2, A 3, B l and B 2 to discharge their duties with safety, they will be required to appear for re-examination at the following stated intervals throughout their service as indicated below:

6.1.1. Classes A l, A 2 and A 3 —At the termination of every period of three years, calculated from the date of appointment until they attain the age of 45 years, and thereafter annually until the conclusion of their service.

Note: (l) The staff in categories A l, A 2 and A 3 should be sent for special medical examination in the interest of safety under the following circumstances unless they have been under the treatment of a Railway Medical Officer.

(a) Having undergone any treatment or operation for eye trouble irrespective of the duration of sickness.

(b) Absence from duty for a period in excess of 90 days.

(2) If any employee in medical category A has been periodically medically examined at any time within one year prior to his attaining the age of 45, his next medical examination should be held one year from the due date of the last medical examination and subsequent medical examination annually thereafter.

If, however, such an employee has been medically examined, at any time earlier, than one year prior to his attaining the age of 45, his next medical examination should be held on the date he attains the age of 45 and subsequent medical examination annually thereafter.

Ammendment: It was ammended in 1993 as below

Age Group PME Due

Age 00-45 every 4yrs

Age 45-55 every 2yrs

Age 55-60 every year
As per Rly Bd's Guideline of Medical Exam issued vide LNo. 88/H/5/12 dated 24-01-1993

a) PME would be done at the termination of every period of 4 years from date of appointment / Initial medical Exam till the date of attainment of age of 45 years, every 2 years upto 55 years & there after annual till retirement.
b) Employees who has been periodically examined at any time within 2years prior to his attaining the age of 45years would be examined after 2years from the date of last PME & subsequent PME for every 2years upto 55years age.Of

NRMU 4 you

6.1.2. Classes B-1 and B-2—On attaining the age of 45 years, and thereafter at the termination of every period of five years.