| Topic : life insurance |
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Retail & Supply Chain Professionals |
Bajaj Allianz |
Life Insurance Corporation of India |
5 more ...
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Source : http://www.domain-b.com
Activity:
13 comments
1432 views
last activity : 05 27 2011 15:58:03 +0000
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Microinsurance is not a new invention. The "industrial insurance" sold at factory gates in American cities in the early 1900s made the Metropolitan Life Insurance Company the largest company – not just insurance company – in the world at that time. Their industrial insurance was the forerunner of today’s commercial microinsurance. It was simply a response to a market demand managed in a manner that made the products appropriate for the market. The delivery channels - agents at the factory gates – were specific to this market. The premiums reflected the particular risks of the factory worker market. Coverage responded to the workers’ specific needs. Premium collection – on payday as the workers exited the factories – was efficient.
Keeping this concept in mind Aviva Life Insurance, the 74:26 joint venture between between Dabur and UK's largest insurance group, Aviva Plc, introduced Grameen Suraksha, a micro-insurance rural term insurance plan for BASIX customers.
It is designed such that it reduces the burden of the policyholder to pay premium year after year. Instead, under this plan, the policyholder pays premium for a period of just two years and then avails the term benefit for five or 10 years. In case the policyholder is unable to pay the second annual premium, the plan will still offer a full cover for 18 months or 48 months from the due date of unpaid premium for five or 10 year policy term respectively. In addition, tax benefits can be availed as per Section 80C of the Income Tax Act, 1961.
This is good move by Aviva, but what we have to see is how the other companies react to this move. They will definitely come with there own plans and will give stiff competition to Aviva. This time will how, how Aviva will respond to such competition. Well I will wait to see the results. Till then tell me something interesting about Micro-Insurance.
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Indeed it is a right move. Start-up company needs to get contacts in the markets since they lack it and it is not easy to do in today's competitive world. So, its very much necessary to get someone who can do preliminary help to them in getting market... |
Insurance industry is rising ahead rapidly.Its business cycle consists of expansions recession which are integral feature of market economy.A recession has a vicious phase of declining output,income,employment sales which eventually giving way to an... |
This is what I am learning trying to implement, my focus is on solving people's immediate financial problems. I am trying to become the financial advisor for people helping them to find money reduce their income taxes.... |