LIC AAO Exam Insurance news

Hi Friends,This post is about LIC AAO Exam Insurance news.As the exam is very near so the insurance sector news is very important for the Insurance sector exam.One has to prepare very hard to get this job and insurance related GK will be asked in the exam so therefore this post will be very Crucial.

1. LIC offered a ‘New Year gift’ to the public in the form of a limited-premium, non-linked and with-profit endowment assurance plan ‘Jeevan Labh’. The highlight of the plan is

• Premium is payable for a limited period while risk is covered for the whole policy term.
• The plan is available from ages 8 to 59 years with a choice of policy term of 16, 21 and 25 years.
• premium-paying terms of 10,15 and 16 years.
• The maximum age at maturity is 75 years.
• Minimum basic sum assured is ₹2 lakh with maximum basic sum assured having no limit.

2. LICs New Plan Jeevan Pragati:This is a non-linked, with-profits Endowment Assurance plan. The main feature of this Jeevan Pragathi plan is:‘suassured on death’ (part of death benefit) automatically increases after every five years during the term of the policy.Key Features & Eligibility Conditions of LIC Jeevan Pragati Plan are:

• Minimum Basic Sum Assured (payable on maturity) : Rs. 1,50,000/-
• Maximum Basic Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 10,000/- only)
• Minimum Policy Term : 12 years
• Maximum Policy Term : 20 years
• Minimum Age at entry for Life Assured : 12 years (completed)
• Maximum Entry Age : 45 years (nearer birthday)
• Maximum Age at Maturity for Life Assured : 65 years
• Minimum Accident Benefit Sum Assured is Rs 10,000
• Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 cr.
• Minimum entry age for the rider is 18 years.

3. LICs JEEVAN SHIKHAR Plan

LIC’s Jeevan Shikhar is a participating, non-linked, saving cum protection single premium plan wherein the risk cover isten times of Tabular Single Premium.The proposer will have an option to choose the Maturity Sum Assured. The premium payable shall depend on the chosen amount of Maturity Sum Assured and age at entry of the life assured. The plan will be open for sale for a maximum period of 120 days from the date of launch.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

• Minimum Entry Age : 6 years (completed)
• Maximum Entry Age : 45 years (nearer birthday)
• Sum Assured on Death : 10 times of tabular single premium
• Minimum Maturity Sum Assured : Rs. 100,000/-
• Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 20,000/- only.)
• Policy Term : 15 years
• Premium payment mode : Single premium only
• Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan willcommence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.
• For those aged 8 years or more at entry, risk will commence immediately from the date of acceptance of risk.

4. Insurance sector is likely to attract FDI of over Rs 12,000 crore in 2016 as more than a dozen foreign companies plan to raise their stake in private sector insurance joint venture this year, industry body Assocham said. The investment pushhas come as a result of liberalisation of foreign investment ceiling from 26 per cent to 49 per cent last year through the passage of Insurance Laws (Amendment) Bill.

5. Private sector India First Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General ofthe UK, entered into pension sector with launch of a 9 percent guaranteed retirement plan. IndiaFirst Guaranteed Retirement Plan is a non-linked, participating, endowment, deferred pension plan. This plan is for customers who are conscious to plan for their retirement and want to remain financially young, IndiaFirst Life Insurance Managing Director and CEO R M Vishakha said.

6. Standalone health insurance company Apollo Munich announced its partnership with Axis Bank for offering bank customers customised insurance policies.

7. Dena Bankhas tied up with SBI Life Insurance Company to provide Group Life Insurance coverage to itshousing loan borrowers under the ‘Dena Grihaswami Suraksha Yojana’. Under the Memorandum of Understanding (MoU), insurance cover will be given to all housing loan borrowers at a very low premium, Dena Bank said.

11. French insurer AXA has raised its holdings in Indian insurance joint ventures with Bharti Enterprises to 49 per cent.
12. AIA group said it will raise stake in the life insurance venture with Tata group to 49 per cent from the existing 26 per cent.AIA will increase shareholding in Tata AIA Life Insurance Company, a joint venture company formed by Tata Sons and AIA, from the current level of 26 per cent to 49 per cent through the purchase of a 23 per cent stake in the company.
13. German reinsurer Munich Re would buy an additional 23.27 per cent stake in Apollo Munich Health Insurance Co from its joint venture partner Apollo Hospitals Group India for Rs 164 crore ($24.18 million). The deal increases Munich Re’s holding in Apollo Munich to nearly 48.75 per cent, with 51.1 per cent held by Apollo Hospitals, and the rest by employees.

12. Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM), thus becoming the first insurance broking company globally to achieve this international benchmark. MIBL joins the league of top companies practising People-CMM such as Accenture, Computer Sciences Corporation, Wipro, CMC, Mahindra Mahindra Financial Services Ltd., Tata Consultancy Services, LT Infotech, etc.

13. Government has extended RuPay card usage condition to 90 days for a claim under an in-built accident insurance cover in case of RuPay Classic cardholders with effect from November 25, 2015. Under Pradhan Mantri Jan Dhan Yojana (PMJDY),RuPay Debit Card, with an in-built accident insurance cover of Rs 1 lakh, is provided to account holders. About 16.54 crore RuPay cards have been issued so far under PMJDY.
14. Experian has launched fraud solution for Life Insurance sector.
15. The Insurance Regulatory and Development Authority of India (Irdai) announced that existing micro insurance products will continue to be on offer till March 31, 2016.

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