According to Manchanda, S.M. (2005), the basic purpose of buying insurance should be to protect the family from the loss of income due to an early death of the main income earner. The need to cover the risk of death should be predominant among all needs. Privatization has offered the customers the choice of selecting the quantum of death benefit as well as saving benefit. He has emphasized the need to educate the customers about the different products which would suit their special need.According to the author Venkateswara Rao (2005), the basic strength of Life Insurance Corporation is its huge agency force. They are the lifeline of Life Insurance Corporation He has observed that the productivity level of the agents varies from club to club …show more content…
There is a need for identification of products exclusively for the rural folk coupled with a relaxation in term of the size of the products, underwriting considerations etc. He has stated that there should be a greater thrust as regards group insurance and pension-related products.
Kaushlendra Maurya (2005), has analyzed the role of technology in implementing the business strategies in the vital business areas such as sales, distribution channel, customer service, product development, and claims. The author is of the opinion that, the insurers are found committing to invest more in technology to increase their process efficiency.
Krishna Kumar (2005), highlights Life Insurance Corporation's penetration in the rural market, the problems encountered and the schemes offered for the rural poor. He has stated that there is significant growth in the total premium income collected from rural areas. He has identified the hurdles faced by the Life Insurance Corporation as poor general awareness, lack of proper documents, inadequate market coverage, lapsing of policies and health care problems. However, he has expressed hope that Life Insurance Corporation with its huge network
One of the key benefits of universal whole life insurance happens to be this form of insurance allows an individual to adjust their coverage levels based upon their variables and conditions within their lives. This is a very important advantage of universal whole life insurance because an individual’s financial status and social economic conditions can vary throughout their lifetime. This can cause a need for variations in their life insurance coverage levels. Another important advantage is that the interest rate at which universal whole life insurance policies grow is established or guaranteed. A third advantage of universal whole life insurance is an individual can increase or reduce their death benefit when situations
Syed Maruf Reza and Mohammed Masum Iqbal (2007), in their paper “Life Insurance Marketing in Bangladesh”, shows the insurance marketing problems in Bangladesh such as low per capita income, poor knowledge of agents, poor service to policy holders, etc. It aimed at making some important recommendations to the problems of insurance marketing in Bangladesh. Therefore to cater to these problems and improve the performance of insurance marketing, some important steps were taken such as more training to sales force, diversified policies, more marketing research for improved strategies and so
For many years, the organizations had purchased life insurance for their employees, the key reason is that through some key personnel from the insurance company to maintain their own financial loss on their lives when events occur (Martin, 2010). On the other hand, the insurance company by emphasizing their tax advantages, to encourage corporations to purchase the corporate-owned life insurance. The goal of corporate-owned life insurance is corporations need to take large loans in order to pay for the insurance fee and make the maximize profits of tax. At the same time, the corporations can get a large amount of income tax from their interest payment. However, in 1986, the insurance organizations established new form which named Tax Reform
business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within
In the words of the erstwhile Finance Minister, Morarji Desai: Whereas Life Insurance Corporation will always bear in mind that its primary obligation is to its policy holders whose money it holds in trust, and will never lose sight of the fact that, as a single investor in India, it has to keep before it the investors of the community as a whole. It will, therefore, invest in ventures which further the social advancement of the country. Its funds will, as far as practicable, be invested for the entire good of the country. The following factors are essential for an ideal insurance policy:
Life insurance benefits everyone in many different ways. Life insurance is financial protection for dependents. This type of insurance provide financial protection for your dependents after your death. Cost and features play a big role when deciding what kind of life insurance to choose. The cost must be affordable for you to pay monthly and the features must fit you. Our hypothetical person has life insurance through the Army which is service group life insurance. A life insurance analysis should ensure that when a death occurs in your
U.S is the world’s largest nonlife market for decades. The market is highly competitive. Virtually any type of nonlife insurance is available. Some nonlife insurance policies are property insurance policies, liability insurances policies, and package insurance policies. Insurers use multiple distribution channels to reach their customers. Brokers also figure prominently in the market.
Do you think you needn't bother with life insurance since you're resigned, single, or for some other reason? Reconsider! In the event that somebody is going to endure fiscally when you kick the bucket, you certainly require life insurance. Life insurance will offer your family some assistance with coping with your demise, wade through the pained times, meet your memorial service costs, and be a substitution for your lost salary. Be that as it may, there is an excessive amount of disarray about insurance sneaking in the commercial center. How would you get the right data about insurance, the diverse sorts, the right strategy and premiums? It is through a life insurance online. Here are courses in which a web journal can help you.
Over the years, technology has become a major part for a business and for an individual as well. Technology has become so advance that it has made a major effect for the staff as well as for the customers. New technology has helped in many areas such as data and information storage, advertising, transportation and communication.
Members of life insurance are able to secure their families’ future even when they have passed on. It can cover expenses
Are you 100% confident that your Service Group Life Insurance (SGLI) and Designation of Beneficiaries forms are filled out correctly? The lack of a standard annual verification process creates confusion and potential for delayed or incorrect payment of life insurance and death gratuity. There are currently several different delivery/review methods used by Yeoman (YN) across the Coast Guard, the YN Staff are not adequately trained on these important legal forms, and the possible results of delayed updates or small errors can be detrimental to surviving loved ones. The first step in creating a new annual verification process is identifying the differences that exist across the Coast Guard.
(Sivaprasad & JangaJe, 2012): With the introduction of Information Technology in the business, every organization that comprises IT has started to take benefits of this technology. This is done by attaining the advantage over other competitors in the market, by providing new features to the customers after incorporating technology at the operational side specially, increasing the operational speed and reducing the probability for any error in operations. (Wen, 2012): IT also assists higher management in the process of decision making.
The reason for life insurance is to safeguard the most valued asset a young investor has, human capital. The investor is protecting his future earnings against lifetime uncertainty. In the event of passing away, the insured’s heirs or dependents will be given a sum of money to replace the wages he provided. Commonly, policies are bought to hedge against the mortality risk, “so human capital affects both optimal asset allocation and demand for life insurance.” Mortality risk is hedged by life insurance because the more human capital an investor has, the more life insurance he will need. This is perfect because of the negative 100 percent correlation the consumption (alive) and bequest (dead) state have with one another.
Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999. Insurance is defined as is a form of risk management primarily used to hedge against unforeseen risks of contingent losses. Another approach to Insurance is as the equitable transfer of risks, or the possibility of occurrence of losses, from one entity to another, by the method of diversification in exchange for a premium. An Insurer is a company designing, promoting and selling insurance products and services amongst the public. An insured or policyholder is the person or entity purchasing these products and services.
Information technology is of great importance in this century 21, where life depends on rapid technological development. In the business world, information technology has been a big difference since its emergence as it helps in the development of both domestic and international sectors. Before Information technology in companies was more hierarchical in the transmission of information (misinformation). With the advent of information technology, the transfer of information has become much easier than ever and it was one of the most important reasons for the emergence of competitive advantages (SHARIRO, RG 2016). Information technology is one of the reasons why business technology is helping to enter the new market better and more at the present