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Life insurance products can be grouped under protection plans, education plans, wealth creation plans and retirement plans
THE formation of the Insurance Regulatory and Development Authority (IRDA) in 1999 followed by opening of the life insurance sector to private companies in 2000 went on to re-define the life insurance landscape in India.
For more than a decade now, Irda has managed the life insurance space proactively by protecting customer interests and making life insurance products more customer-friendly and easy to understand. Periodic changes have been made to keep pace with changing customer needs. The latest regulations introduced by the regulator, while requiring restructuring of products, will ensure that the ultimate proposition for the consumer becomes stronger and remains relevant.
Broadly speaking, life insurance products can be grouped under protection plans, education plans, wealth creation plans and retirement plans.
Traditional insurance plans are the oldest and have been the most commonly used means of saving towards long-term goals while protecting one's family in case of unforeseen events. The new regula tions make these plans more transparent enabling customers to make an informed buying decision. More importantly, these plans now offer a higher level of protection and the product design is likely to encourage disciplined long-term savings habit among customers and facilitate need-based selling by distribution intermediaries. Ultimately, a strong product proposition will enable the life insurance industry to significantly enhance penetration levels.
Irda has been constantly reviewing the regulatory framework with the core objectives of ensuring protection of customer interest and sustainable contribution of the sector to the economy. Since the entry of private players over a decade ago, the industry has embraced innovation to keep pace with changing customer needs. Private sector life insurers ushered in innovation in products, services as well as in distribution. Unit-linked insurance policies (Ulips) were one such innovation that provided customers protection as well the flexibility to manage their asset allocation in a transparent manner. This, in turn, enabled customers to develop well-rounded, goal-based plans and systematically build a corpus for their future financial obligations.
Life insurers today offer a bouquet of products that customers can choose from depending on their life-stage requirements. These products are designed to fulfill various long-term financial needs based on one's ability to save and their risk appetite. From a product or combination of products that can fund the dream home, finance a daughter's education or marriage to one that can take care of a person's financial requirements after retirement insurance products cover a wide spectrum.
In a country such as ours, due to lack of social security or benefit schemes post retirement for the larger working force, an emphasis on retirement or pension products will enable the country's population to plan for their retirement. The dual benefits of capital guarantee and access to the retirement kitty in the form of regular income or annuity now make pension products even more relevant.
Increasing longevity and hence a longer post-retirement life make health insurance plans more and more relevant. Health insurance policies now need to be renewable for life. Customers can buy policies till the age of 65 years enabling senior citizens to buy health insurance and to be covered at higher ages, when they are more likely to need a health cover. Renewal of policies cannot be denied due to claims made in earlier years ensuring that existing customers are not discriminated against based on their health at the time of renewal.
Overall life insurance, as a part of the financial services industry today, is actively competing with other financial services products for a share of the customer's savings basket. However, the ability to offer protection, long-term goal-based saving and retirement solutions in a tax-efficient and cost-effective manner lend life insurance products a distinct positioning.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
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