Is overseas travel insurance policy issued by Insurance Companies of Ukraine and Belarus is Valid?

Is overseas travel insurance policy issued by health Insurance Companies of Ukraine and Belarus is Valid? Hindustan Times of Dec 25, 2008 has raised a very interesting question whether overseas travel health insurance policy issued by Insurance companies of Ukraine & Belarus is valid. IRDA has initiated information gathering exercise and we can expect some action in the coming weeks. We foresee this can be in the form of posing questions to the company which has been selling the products. We do not foresee any action against the Insurance co’s as these are not based in India. Points in favor of foreign insurance co are;

1.If Indians are permitted to buy air tickets worth any amount from Foreign airlines then why they should not have the freedom to buy Overseas Travel Insurance from a foreign company.
2.Many foreign insurance co’s (including a BUPA subsidiary )have been advertising in Indians press and selling Health Insurance for Indians living in India .According to information available to us no action was taken by IRDA against them.
3. Let the Indian Insurance co’s face the competition and come out with suitable products, pricing and service level. Point against foreign insurance co is;
Indian customers do not know about the financial strength of this co and it is the duty of IRDA to protect the interests of Indian Citizens. We will be pleased to have the comments from you.

Is overseas travel policy issued by Ukraine/Belarus insurance co's to indians valid

Hindustan Times of Dec 25,2008 has carried the news which raises the question whether Overseas Travel Policy issued by Ukraine & Belarus Insurance Companies to Indians valid.

IRDA has initiated information gathering exercise.

Points against the issue of such policies is;

1.Insurance co's not registered with IRDA.The co selling the products is not licenced by IRDA.

Points in favour of such policies are;

1.As Indians we are permitted to travel by any international airline

Portability of the Healthinsurance policy is coming

Yes,portability of the Healthinsurance policy is coming.It maens you can cahnge the insurance co when it comes to renewal.We feel this will be of help to those who are in the lower or younger age group.Even today this group has no difficulty.

The question arises -will it help those who are in 60+ age group.We doubt it will be so as the premium variation and different policies with respect to "No Claim Bonus" will be a stopping factor.

Indication that group health insurance rates will go up by 50%

We have been of the view that Individuals /families are neglected wherelse group health insurance policies are issued with better terms and lower rates.

The Economic Times od Dec 17,2008 has carried a news item according to which ratio of claims and servicing expenses to total premium figure of Group policies is 160%(Ref Mr Sandeep Bakhshi ,CEO, ICICI Lombard).

This news item also informs that where claims have been high the policies are being cancelled.

We are pleased to know that Insurance industry has started facing the truth and has started taking steps in the right direction.

Allianz AG

• Allianz AG was founded in Berlin in 1890.
• Its core business and focus is insurance. With €102.6 billion of revenue during 2007, Allianz is the second largest international insurance and financial services organization in the world.
• In India Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.
• Bajaj Allianz has made a profit before taxes of Rs. 167 crore and is the first company to cross the Rs.100 crores mark in profit after tax by generating Rs. 105 crores

BAJAJ Auto Ltd

• Bajaj Auto is a major Indian automobile manufacturer
• It is India's largest and the world's 4th largest two- and three-wheeler maker
• The company is headed by Rahul Bajaj who is worth more than US$1.5 billion

TLC

• Team Life Care Insurance India Pvt. Ltd is a partner company of Bajaj Allianz.
• Company is acting as a mediator between Bajaj Allianz and Agents of Bajaj Allianz.
• TLC is the No One Channel Partner of Bajaj Allianz among
• Take Policy of Rs.5000/- for half-yearly premium Along with Rs.500/- towards Business Sales Kit, E-commerce, Handling charges. DD favouring M/s TLC Insurance (India) Pvt. Ltd., payable at Salem or Bangalore
• Our group creates and strengthens the network of millions of dynamic sales force.
• TLC provides services and sell insurance through our Co-Ordinators.
• Ur interest towrads this nation is to get every citizen to be insured and ensure financial security.
• By offering unlimited earning potential regardless of background or experience.
• By providing one of the best earning plans in this profession.
• By helping every one of us work independently towards financial independence.

IRDA

• Any insurance company to start their business, they have to register under IRDA.
• Based on IRDA approval only they can start their insurance business. In this way, Both BajajAllianz and TLC Insurance India Pvt. Ltd are registeredcompanies under IRDA
• What is IRDA-IRDA is an independent authority like RBI. RBI isspecially meant for Banking Sector. Similarly IRDA is meant for Insurance Sector by Government of India

BAJAJ ALLIANZ

• Bajaj Allianz Life Insurance Co Ltd is a unique joint venture among the global giants Allianz Group (AG) and Bajaj Auto
• Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies
• Now it is the No. 1 in private life insurance

ULIF Policies

• The list of Life Insurance Product with Team Life Care are 5000, 10000, 125000, 25000 etc.
• Click on the below image to view actual Image

Referal Income

The Point Value (PV) is calculated based on the ULIP policy type. The following table explains
about the pv earned for each policy type.



N.F.G. - > Family Gain Policy

N.U.G. -> Unit Gain Policy

T.H.C. -> Team Health Care Policy
RI- Refferal Income (First Premium)
MI-I -> Marshal Income (Second Premium)

MI-II-> Marshal Income (Third Premium)

Product Incentives

Take One Policy and refer two persons. The following are summary table which explains the ways you can earn income.

• A TLC co-ordinator is responsible for sourcing and generating leads for and on behalf of TLC, thus getting entitled for incentives and start earning!
• Referral Incentive: 1st Premium Sponsor a pair and Tail and get Rs.600 for each pair Maximum payout is Rs.50,000/- for 15 days.
• Direct Referral Incentive: If you refer more than two co-ordinators you get Rs. 200/- for each person. The incentive is released only after the sponsorer(A) is eligigle to get first pair incentive. This incentive amount is deducted from the sponsorer(A)'s incentive.
• Marshal Incentive -I: 2nd Premium for renewal of every pair you get Rs.250 for each pair Maximum payout is Rs.25,000/- for 15 days.
• Marshal Incentive -II: 3rd Premium for renewal of every pair you get Rs.250 for each pair Maximum payout is Rs.25,000/- for 15 days
• Life Incentive: 4th Premium onwards for renewal of every pair you get Rs.100 for each pair Maximum payout is Rs.12,500/- for 15 days.
• Tour Package: Eligibility: 100 pairs Tour trip to Andhaman Islands 6days, 5nights or foreign tour
• Car Fund: Eligibility: 350 pairs Rs. 75,000/- Initial payment will be awarded Next month onwards you will get 2.5% incentive of your team premium.
• Pension Plan: Eligibility: After achieving car/house fund you should care two more car/house fund achivers by various two legs. You will get pension plan of Policy worth Rs. 1,00,000/-
• Royalty/Director Incentive: Eligibility: After achieving pension plan you should create two more pension achievers by various two legs. 10% of the net profit sharing of the company
  
  

Does Oriental insure someone who is 75+

We have received comments from some of our website surfers

Group Health Insurance Rates to go up in 2009

Many people wish to know whether the premium rates will go down in the year 2009.No indications are available as far as individuals /families are concerned.

It is becoming clear that Group Health Insurance policies have resulted in claims of over 130% and many Insurance co's are considering to increase the rates during 2009 by 30 to 40 %.