Kamalji Sahay

Articles By Kamalji Sahay

75 Articles

EMBEDDED VALUE: Life insurance industry needs to look at its business in a different way

A few unfortunate children run the risk of losing either or both parents due to accident or disease, leaving them helpless and at the mercy of others.

Embedded Value: New areas of insurance unfold in Covid-19 pandemic

Health coverage during overseas trip due to flight cancellation, forced quarantine abroad at own cost, rent for house not in use, cost of vaccination are all opportunities for insurance companies

Embedded Value: New areas of insurance unfold in Covid-19 pandemic

Embedded Value: Life & health insurance more critical today

Death due to Covid is covered under any life insurance policy while Covid patients are fully covered by any standard health insurance policy

Embedded Value: Informed purchase easier on digital platform

Digital marketing offers full transparency helping the insurance buyer take an informed decision

The terms and conditions are enumerated in the policy bond which is subsequently issued as a proof of the contract between the insurer and the policyholder.

How insurance aggregators can convert enquiries into actual sales

The web aggregators offer price comparison, claim settlement ratio and broad features but are silent on issues which may call for one-to-one discussion or explanation.

Embedded Value: Buy insurance for long-term protection, not just to save tax

Exiting a policy contract, after the cooling off period as provided by the insurance regulator, is almost impossible though one can surrender the policy after keeping it in force for a certain number of years.

By investing in a life insurance policy one commits to a recurring payment for a fairly long time.

Embedded Value: A need for innovative insurance products

A policy with a wide range of benefits that could enable a policyholder to overcome challenges due to the Covid-19 pandemic is urgently required

Lockdown and the preventive precautions and measures at individual as well as at the organisational levels have transformed the whole social and economic ecosystem globally.

Embedded Value: What LIC’s proposed IPO means for investors

LIC has the potentiality to generate wealth for investors due to its consistent growth record, firm grip on market share and an enviable claims settlement record

The books of accounts of a life insurance company is necessarily moderated by the inputs provided by the actuary.

Embedded value: Align policy term with rising life expectancy

A life insurance policy has to fulfil the needs that arise not only due to premature death but also due to prolonged existence

The term of a policy is the duration for which a buyer of a policy seeks to obtain risk cover for protection of his or her loved ones or for meeting financial liabilities.

Embedded Value: When claim is rejected due to suicide clause

However, suicide after one year of taking a life insurance policy is considered as good as death from natural causes and claims are settled without any hassles

Some companies are more empathetic and they refund the premium paid partially or fully.

Embedded Value: Time for no-frills policies, online purchase

The pandemic has upset many age-old assumptions about financial security and has put the focus on preparedness to tackle the worst. Now all these need to be offered without massive paperwork that insurers generally heap upon

Embedded value: Know how life insurers make money

In almost all the predictable scenarios, the actual death claim experience is better than what is assumed for pricing each product.

Embedded value: When all else fails, life insurance works

Universalising life insurance can help citizens in case of a financial crisis, whether at individual or national level, during their lifetime as well as after death

Similarly, instead of knee-jerk announcements of lumpsum relief in case of death due to accident or any other cause, the PM’s Jeevan Jyoti Bima Yojana can be a wonderful support to the family in distress.

Embedded Value: Your life insurance policy can help you now

From offering financial protection against any eventuality in the time of Covid to raising a loan to meet your daily expenses, a life insurance plan can literally be a life-saver

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Embedded Value: Plan for the year with insurance as first step

Now is the time to assess where you are in relation to financial goals, tax planning & cash inflows.

Time is one of the inputs to the magic of compounding, the mechanism that makes investment or the savings grow rapidly

Embedded Value: Covid-19 not covered by accident insurance

Life insurance claims to the extent of basic sum assured if policyholder dies due to infection by the corona virus is admissible.

In this situation some people may have a feeling that the accident insurance cover taken by them either from life or non-life insurance companies will provide financial support to their families in case of coronavirus-related death.

Financial planning: Work on financial plan that utilises tax incentives

Good planning enables one to meet various challenges at different stages in life and also maximise growth of funds and minimise impact of inflation

Planning for making use of various financial tools is required because for everybody tomorrow’s responsibility is higher than what it is today.

Rushing to buy insurance now? Don’t end up with a wrong policy

Every year young people find employment and at least 15-20% of those who join the organised sector earn taxable income.

Rushing to buy insurance now? Don’t end up with a wrong policy

Understand the terms and conditions of each life insurance policy before you sign on the dotted line

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Insurance selling: Why new firms need to show they have better products and service standards

Credibility is a by-product of a very systematic and conscious effort to live up to the expectations of the customers, not once but almost every time.

Embedded value: Can an insurance company go bankrupt?

Following the PMC Bank scam, policyholders are also worried about their investments in insurance companies. However, the Insurance Act provides several safeguards for policyholders

All these have shattered the confidence of the public in the banking system of our country.(Illustration: Rohnit Phore)

Embedded value: Know the risks inherent in unit-linked insurance plans

Unit-linked insurance plans are stock market investments. Policyholders should understand when to switch funds to get good returns & highest safety

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Check how victims can be compensated at time of natural or man-made disasters

A group insurance cover funded jointly by the government and individuals can be used to compensate victims affected by natural or man-made disasters

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Embedded value: Life insurers need to be wary of Mutual Fund challenge

If mutual funds turn their focus on those states which have been traditional grazing ground for life insurance firms, the latter could be in trouble

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Why life insurers must focus on training agents

Rapid growth in new business requires agents to be trained and made productive irrespective of growth in the online or digital marketing.

life insurance, personal finance

Life insurance firms must take inputs from youngsters for customised products, here’s why

As the country's demography is changing fast, life insurance companies must take inputs from young people in designing customised products for them.

Providing adequate life insurance cover and annuity plans should be vision statement of insurers

The vision statement of a company describes where the organization or the company wants to be by fulfilling its mission.

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