Sector Update: Insurance
Ø Most of the travel insurance do not cover adventure sports. Adventure
sports like river rafting, long distance biking, para-gliding etc are becoming
popular in India. These activities are part of the exclusions in most of the
travel insurer. Bajaj Allianz General Insurance offers cover for any injury
that occurs during adventure sports under a professional trainer / assistance.
ICICI Lombard General Insurance do not cover it in travel insurance but the
company offers it as add on cover. They insist that tour operators should be
recognized and should follow all safety precautions.
Ø Life insurance has emerged as the most preferred investment
option for Indians with an income up to Rs 25 lakh, according to a survey. 75%
of affluent population of the country, who hold investments other than cash,
have put their money in life insurance while only 33% invest in equity mutual
fund.
Ø The IRDA is likely to revamp the Indian Market Terrorism Insurance
Pool due to changing circumstances. It was formed in April 2002, after terrorism
cover was withdrawn by international reinsurers after 11 September, 2001 attack
on the US.
Ø The IRDA has raised the concerns over the high attrition rate of
of agent. In 2013-14, the total no. of agents appointed by life insurers was
7.25 lakh but those terminated was as high as 6.59 lakh. To tackle this issue,
the IRDA had earlier reduced the pass percentage from 50% to 35%.
Ø Crop insurance schemes are available now for farmers in Kerala.
The weather based crop insurance scheme (WBCIS) and the modified national
agriculture insurance scheme (MNAIS) are being extended to farmers in the state
for the ongoing crop season. Paddy, plantain, cashew, sugarcane, mango and
tapioca are covered under the schemes.
Ø Union government of India’s move to increase the foreign
investment cap in insurance sector will boost the finances and improve the
innovation in products.
If you have doubt about any investment
product and want more information regarding investment or you need investment
services, feel free to ask us. We also conduct the seminar on investment and
financial planning. If you are interested for seminar in your city just drop
the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
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