Investment in Annuities

Annuities offer a monthly return of income after paying premium as a lump sum or for a certain number of years according to the policy terms. In addition, the policy can pay a lump sum amount and a regular monthly income thereafter to the beneficiary, on the death of the  insured.

• The plan is suitable for retirement, as there will be a monthly income assured, when the insured is not working.
• This plan is suitable for families where only one member of the family is working. The plan enables the non -working spouse to manage the loss of regular income of the insured.The plan fulfills loans and debts that are to be paid off and/or one-time large expenses like marriage or children's higher education.
• The term of the plan is set according to the premium paid and the payout terms. The policy provides dual benefits of insurance and monthly income throughout the policy term.

Some Annuity Plans 

• Jeevan Akshay- 6: Life Insurance Corporation
• SBI Life Immediate Annuity Plan
• HDFC Life New Immediate Annuity Plan
• Reliance Immediate Annuity Plan
• ICICI Pru Immediate Annuity
• Fidelity Personal Retirement Annuity
• Metlife Accumulation Annuities
• Deferred Fixed Annuities 

Basis of Rating for a Homeowners Policy

A homeowners policy is rated according to several factors that determine the base rate. In the first phase, the following factors determine the premium:

• The territory i.e. where the house/property is located.
• The construction of the building; whether the building is masonry or framed.
• The Sum Insured or the amount to be covered.
• The availability and quality of the fire department and water supply i.e. the public protection class.
• The policy required i.e. HO-2(named peril coverage), HO-3(special form coverage for dwelling and other structures and named peril coverage for personal property) , HO-4( content coverage for tenant in an apartment building or a house) , HO-5(The broadest and comprehensive coverage), HO-6( A unit owners form in the event the insured might own and occupy a condominium unit)or HO-8( a modified coverage for old and obsolete homes where the replacement cost value far exceeds its market value).
• The type of construction or superior construction
• The deductibles required or opted for
• The endorsements attached to the policy.

In the second phase, the rating is finally determined by

• The presence of unusual construction factors, 
• Increased deductibles applicable or opted for and 
• Other endorsements that increase or decrease the sum insured to be insured.  

The calculation of premium for different individual householders policies are bounded by these factors. Therefore, an underwriter should be familiar with these features to facilitate fair and accurate calculation of  premium.

The Health Insurance Portal of IRDAI

A health insurance portal has been launched by the Insurance Information Bureau (IIB). This portal which has been promoted by the Insurance Regulatory and Development Authority of India, has been called as the Registry of Hospitals in Network of Insurer (ROHINI).

• The information provided by the portal includes a list of all IRDAI registered hospitals and nursing homes with each one of them being provided a unique ID. Information about treatment facilities available for the insured has been incorporated. Another feature is that the portal has updated information about the current address, facilities and costs of these listed institutions. Information about the high risk diseases within geographical areas has been researched and provided in the portal. This information will be updated as and when required.
• The portal not only has health insurance information, but also provides a link between hospitals and insurance companies. As the connectivity between hospital records and insurance companies improves, the authenticity of claims is more easily established. This will be instrumental in improving the claim settlement procedures.
• The website https://rohini.iib.gov.in has a network of 35000 hospitals with more to be added. The insurance customer can conveniently find a list of hospitals connected with various health insurance plans and cost estimate of available treatment and facilities.
• The IIB will be able to oversee  health claims, hospital records and updated information from the network and the insurers.They will also be able to analyze data for the insurers and the insured. 
• The portal has relevant information that allows insurers to set the premium according to the geographical area. 

After setting up of ROHINI, it is expected that there is a portal for third party administrators (TPA) of health insurance claims also. This will enable improved communication between all parties in the insurance contract , improve efficiency and and also more transparency in settlement of claims

Growth of the Indian Economy

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It is well known that the global growth rate of the world economy has been sluggish. Amidst sluggish global growth, the engines of the world economy were fueled by the Indian and the US economy. The United States among the rich economies and India among emerging economies have been the pillars of the growth rate of the world economy.
India's growth rate however has been around 7%. The Indian economy is expected to the fastest growing country among the major economies in the world. According to a think tank Center for Economic Business and Research (CEBR), India has the potential to become the third largest economy in the world by 2030. The report has mentioned that,the Indian Economy's growth rate had become at par with China's growth rate during 2015 due to faster economic growth rate. This trend is likely to continue. 

The CEBR's World Economic League Table (WELT) has spelled out that the country has a long way to go and is likely to overtake China only at some time in the second half of the 21st century. The country will overtake the British economy and will become the largest economy in the Commonwealth by 2019.

Being the world's second populous nation, the growth rate of the Indian economy faces many obstacles due to a sluggish growth in its infrastructure, slowdown in global trade, and other global political and social unrest. 

http://www.ibtimes.co.uk/india-economic-growth-potential-higher-7-5-1507013