FLAME Newsletter - September 25, 2013


"I made a promise that I will do a full-fledged interview in Hindi a year from now. Given where market conditions are, I wouldn't trust my Hindi" - Raghuram Rajan, Governor, Reserve Bank of India


Basic things to know about insurance repositories

Till now insurance policies were in paper form, whether we submit our proposal application in physical form or through online mode. The Insurance Regulatory and Development Authority (IRDA) launched the insurance repository system on 16 September 2013 to provide better services to policyholders and enhance insurance penetration.

Now, our insurance policies including the existing ones can be converted in an electronic form and held with an ‘insurance repository’. E-policies will eliminate paper and associated risks of storage and loss and provide convenience and safety to the customer.

At present, only life insurance policies and pension plans are being allowed to be held in e-insurance accounts. However, the facility will eventually be extended to health, car, home and other types of general insurance... Read more

What should I expect from my life insurance agent?

Are you ‘minding’ your ‘gap’?

The phrase ‘Mind the Gap’ was first introduced in late sixties on London Underground to warn train passengers to exercise caution while crossing the gap between the train door and the station platform. Having originated as a utilitarian safety warning, over the years ‘Mind the Gap’ has turned into a stock phrase and today used in many other contexts having nothing to do with transport safety. Here, we are discussing it in the context of one’s family’s financial protection against the ‘IF’s’ of life.

A report published in September 2011 by the leading global reinsurer Swiss Re, highlighted the huge  ‘mortality protection gap’ in the Asia Pacific. The ‘mortality protection gap’ here refers to the difference between the life insurance cover people have and what they should have...Read more

Buy insurance online for easy claim settlement

What to look for in your insurance contract

Life insurance is the only financial tool which offers the triple advantage of risk coverage, long term savings and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, consumers need to develop a better understanding of the life insurance products that they buy.

There are a number of things that you must understand regarding your life insurance policy and this document is a guide to help you check the same. Mentioned below are major key parameters to weigh once you receive the policy document.

Personal data provided to the life insurance company forms a very important part for policy servicing and settlement of all claims. Please make sure that all personal details such as your name, age, address, etc. are mentioned correctly... Read more

Duties, powers and functions of IRDA


How to transfer shares from demat account

Most of us know what is dematerialisation of securities, advantages of holding shares in demat form and how to manage your investment in demat mode.

The below write-up will elaborate more on how to transfer shares from demat account to another demat account. The article also provides details on how to transfer securities from the demat account of a deceased holder to the account of a surviving joint holder(s), nominee or legal heir... Read more


Securities lending and borrowing

The securities lending and borrowing (SLB) allows long-term investors to loan out their securities to those who may wish to borrow securities to cover a short-position or hedge their exposure in the derivatives segment. It allows those lending the securities to increase the yield on their long term holdings.


RBI cracks whip on 0% EMI schemes for consumer goods

Aadhaar card is not mandatory for availing benefits: SC

Single KYC required for e-insurance account holders

FM launches IRDA's Insurance Repository System


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.

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