FLAME Newsletter – March 20, 2013


QUOTE OF THE WEEK:

“It is common understanding that no product that does not match with the expectations of the consumers will withstand in the market even in the short run, leave alone a life insurance product which is a product that is meant for the long term” - J. Hari Narayan, former Chairman, IRDA

YOUR FINANCE DEMYSTIFIED:

Salient features of IRDA guidelines for insurance plans

The Insurance Regulatory and Development Authority (IRDA) has notified changes made to the guidelines on design of life insurance products in the gazette in February 2013. All existing group products will stand withdrawn from 1 July 2013 and all individual products from 1 October 2013.

These guidelines, effective October 2013, aim to make insurance policies friendlier. Listed below are some salient features of these guidelines.

The new guidelines have introduced three broad categories of products—Traditional insurance plans, variable insurance plans (VIPs) and unit-linked insurance plans (ULIPs)… Read more

Manage your insurance policy effectively to make it work better for you

Planning for lives while we are alive: Importance of life insurance

All of us would have heard it a hundred times that life is unpredictable, but very few of us understand this. Just like our life, death is also unpredictable and we never know what will happen in the future. Therefore, it is important to be prepared for unseen events of the future and taking up a good life insurance is one of the sure fire ways to make our and our family’s future secure.

Life insurance is an agreement between the insurer and policyholder that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the policyholder. Life insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities… Read more

Do homemakers need insurance?

Advantages of life insurance

Debunking 5 life insurance misconceptions

Life insurance is almost a basic need. It’s the first step in personal financial planning. It fulfills various purposes for different people and can provide valuable benefits if you make your choices carefully.

Like many think mistakenly, it is not just for financial protection in the event of untimely death of a family breadwinner. Life insurance can also be a comprehensive wealth accumulation solution that benefits almost all. Whether you are young or old, rich or poor, employed or a business person—you can get a plan tailor made for you.

But while everyone may need life insurance, they do not ask for it. Many believe life insurance is difficult to understand, the selling process is pushy or cumbersome and most importantly the life insurance industry is not regulated… Read more

How much insurance coverage one should have?

Have you found the right insurer?

DID YOU KNOW?

MWP Act: Make sure your dependents get insurance policy proceeds

Married Women’s Property Act 1874 (MWP Act) was created to protect the properties owned by women from relatives, creditors and even from their own husbands. The Section 6 of the MWP Act covers life insurance plans. Any married man can take a life insurance policy under MWP Act. This includes divorced persons and widowers… Read more

TERM OF THE WEEK

Critical illness policy 

A critical illness is a serious possibly terminal disease, which is strictly defined by the insurer. Conditions such as cancer, multiple sclerosis, major organ transplants are deemed as critical illness. Most critical illness policies provide for the payment of a lump sum benefit if the policyholder is diagnosed as suffering from one of a number of specified terminal conditions.

IN THE NEWS THIS WEEK

All fund houses should ‘label’ their schemes: SEBI

Non-CTS cheques valid till 31 July: RBI

SEBI introduces automated system for selecting arbitrators

SEBI permits debenture trustees to seek credit rating details

MF AUM falls from Jan all-time highs

Life insurers to adopt standard proposal form for policyholders

IRDA forms committee to review insurance broker regulations

IRDA re-introduces ‘File and Use’ procedure for life products

ABOUT FLAME

FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.



Best Viewed in - 1024 x 768 and above resolution, IE7 & above, & other popular browsers
Copyright © 2011 Flame. All rights Reserved