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EMPLOYEES STATE INSURANCE

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The Employees’ State
insurance Act came into a  force in 1948,
laying  the foundations  for a nationwide  comprehensive 
social insurance program  the
first of its kind in South East Asia. The scheme covers an integrated  system of social insurance wherein  the benefits include  cash payments 
in the event of sickness, maternity, employments  injury benefits and pension  to the dependants, and medical  benefits 
to the workers and their families 
. From January 1997, an employees 
is required  to contribute 4.75%
of the payable and the employee 1.75% of the receivable  as the Employee’s state insurance Scheme  (ESIS) 
contributions . Though offering  a
comprehensive  social security scheme to
all Indian citizens  from Kashmir to
Kanyakumari  may be a far-fetchedc one ,
the  Government  as the first major step, announced  the launch of a comprehensive social
security  scheme, under the Rajiv Gandhi
Shramik Kalyan Yojana to  employees
covered  under the ESIS. This scheme was
put  into 
operations  on April 1, 2005, .
The scheme offers invalidity arising  out
of the non-employees as a result of retrenchment  , closure or permanent members   of the
workers will be supported by the Employees 
state insurance Corporations (ESIC) 
without any burden on the employer or employee.  The scheme provides  an unemployment  dole of fifty per cent of the wage of the
unemployed  to receive medical care in
the dispensaries  and hospitals of the
ESIC. To be eligible  and to get benefits
under this scheme , the workers should have contributed for a period of five
years before the cessation of employments.  </div>
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ENGINEERING INSURANCE:  As the
indicates these are policies  designed to
cover various risks associated with engineering 
applications during various  
stages of productions  or
constructions  as the case may be. These
policies are process-specific. There are different types of plans to meet
specific  requirements.  The Contractors.’ All risks policy is one
that safeguard the interest of  contractors  and principals in respect of civil
engineering  projects. This is an
all-risk cover and cover can also be extended 
for third party and other liabilities. The sum insured under the policy
is equal to the estimated  final erected
value of the contract  on a full cost
basis. In the event of underestimation 
due to cost escalation, the insurer applies the doctrine of average to
the extent of under -insurance. Another variations  is the Erections all Risks Policy that is
concerned with the erection  of electrical
plants and installations  including
machinery,  equipments  and structures with little or negligible  civil works terms and conditions are similar
to the Contractors, “All Risk Policy” . Under the contractors’ All Risk
Policy”  and Erection All Risk Policy, </div>
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The option  is available for additionally
insuring the contractor’s plant and machinery. If the sum insured is within the
specified  percentage  of the main contract then the additional
cover will be conterminous  with the main
contract of insurance . Wherever the sum insured exceeds the specified
percentage, the  contract   could be an annual contract, for the
contractors  could be using the machinery
and equipments in connections   with
other works too. the additional cover indemnifies the contractors  against unforeseen  and sudden physical loss or damage to the
plant and machinery due to any of the specified 
causes like burglary theft, riots, malicious acts, terrorism  fire explosions, storms, accidental damages,
faulty  handling etc., </div>
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The various
locations where the plant and machinery will be stored should be   declared to the insurer.  The insurance are  also allowed to issue  the contingency policy on a “First Loss
Basis” where the contractors  find it
difficult  to provide  the value of individual Contractors’ Plant
and Machinery (CPM) particularly in the case of mega projects. The insurers are
allowed  to issue such covers under the
“File & Use’ procedure subject to adequate reinsurance support.  In the case of the collapse of the New Air Terminal
built in Paris at a cost of $ 925 million, as nearly 400 firms were
involved  in the constructions  of the terminal, it was expected  that the investigations  team headed by prof. Jean Berthier might find
it difficult  to pin down the  responsibility  to any one firm. It was opined that in the
event of any fault by a company, the claims have to be met by the police unique
chantier, an engineering  insurance
policy that covers  the liability  of any firm involved in the constructions of
the terminal for a period of ten years from the date of completions  . It is reported that the reinsurance is
shared by Swiss Re, Munich Re, General Re, and SCOR Group of France. </div>
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EMPLOYEES STATE INSURANCE

The Employees’ State insurance Act came into a force in 1948, laying the foundations for a nationwide comprehensive social insurance program the first of its kind in South East Asia. The scheme…

GIVE LIFE INSURANCE ITS DUE IMPORTANT

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 For all
those who have financial dependents , life insurance is a must. Life  insurance acts as a tool for income  replacement. The idea is to not make the
surviving  family members suffer
financially  due to the absence of bread
earner.  Its do not enough to keep the
family maintain their standard  of living
life  insurance ensures  much beyond it. There are a financial
liabilities  towards, children which one
needs to meet., Life  insurance  makes sure such goals are met
systematically  and dreams and
aspirations of children are not 
compromised . In addition if there are housing  and car loans , life  insurance serves  it role in managing  them as well. In simple  terms, life 
insurance company, ensures your family 
doesn’t  suffer financially and
all your  goals  are met for a small price by paying a premium,
that your pay to ensure it.   THE
PRODUCT  RANGE:  Life 
insurance products help in channelizing 
your savings  systematically into
various assets for generating returns over the 
along term. As wealth  gets
disciplined  savings are goes a long way
in meeting  the long term financial  goals. 
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On one  end of the
spectrum are the pure the term  insurance
plans. They solely  cover the risk of the
dying. Nothing is paid  on maturity I.e.
on surviving  the policy will replace the
income  that will cease  to accrue. Then there are a  traditional 
insurance plans including 
endowments  and money back plans
which are a  ideally suited  for conservative  individuals 
looking  to bundle savings with
protections . On the far end is </div>
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the market linked investments  cum protections plan called until linked  insurance plan ideally suited for a   those looking for a bundling  and exposure 
to equities as asset  class for a
higher that inflation  kind of returns.
Besides protection   insurance,
products  with savings elements  helps in meeting one’s  long term goals such as kids  education 
marriage  or even retirements .
Market linked  insurance products
having  equity  exposure 
comes handy in this as equities are said to work best over long term as
against  other asset classes in
delivering  higher than inflation
adjusted  returns. Link your savings in
these unit linked  insurance plans to
long term goals. Be exposed  to
equities  till about three years  away from goals  and </div>
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then start shifting funds from equity  fund options to less volatile debt funds.
This helps in protecting  the gains
made. </div>
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LIFE STAGE BUYING: Buying  insurance is not a one time affair.  The 
insurance need changes as per life stage and one should provide for each
one of them. Reviewing  requirements  at every life stage or after 5 years  helps. For those who are single or have
recently  started career, the
immediate  need might not be there unless
there are a financially dependents 
parents or siblings ,. However even for them buying   insurance early in life helps in keeping the
premiums  low because of age and medical
9issues  connected  with higher ages. As one move up the life
stage., gets married and have children, the 
insurance need rises. Keeping and adequate coverage not only helps
family maintaining  the same standard of
living but also helps in achieving 
certain  life goals such as kid’s
education or marriage.  Since education
is the prime concern for most Indian parents, investing  in a child plan will ensure that the
education of your kid goes unhindered 
whether or not you are a around. Its is a  very likely 
that during this  period, one
takes a home loan and adds on the exiting 
financial liabilities. Getting 
not just the home loan insured 
but also any other form of loan such as a car or personal loan is a
must.  The value of the human life is
unlimited. Still most of us consider  it
enough  to keep a life cover of Rs. 2
lakh- Rs. 5 lakhs  or Rs 10 lakh . Will
it suffice ? Will such amount be enough to replace one’s  income be enough to replace one’s income  for the next several years? No wonder we at
most times are under-insured during  our
life time.  GET REAL VALUE OF YOUR LIFE:
Human life value (HLV) approach to calculating 
the  insurance requirements  takes into a account  four factors annual income, annual
expenses  years to retirements and
inflation adjusted cost of  expenses.
From these  factors a reasonable accurate
assessment of the value of your income can be made. First  deduct all your personal expenses  such as a food, clothes, travel,
entertainments  from your annual income
after deducting personal expenses  is
what your family consumes. Second see how many years of earning  are left your retirements  age minus your current age.  Project 
family expenses up  to
retirements. Add non-recurring expenses , like your children’s  higher 
education  or their marriage. The
shortfall is   <br />
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what you should 
insure for. Third calculate  the
present value of the shortfall allowing for a reasonable  rate of inflation . You may deduct
existing  life coverage and account  for any debt such as a  big ticket 
home loan to arrive  at a more
reasonable  HLV figure.  CONCLUSION: Link your life  insurance to your goals. Choose between
traditional and Ulips based on your requirements and understanding  of the products. Do not invest in any of term
unless you have a basic understanding of how these products the  work. Once</div>
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 bought  run them will till maturity and refrain  exiting 
earlier  as a it would  turn costly 
in surrendering </div>
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before the term ends. 
As a thumb rule, keep life coverage of at least ten times, of your  annual income. Above all, ensure you are a
not under insured  as that would be the
biggest mistake in your life. ...</div>
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GIVE LIFE INSURANCE ITS DUE IMPORTANT

For all those who have financial dependents , life insurance is a must. Life insurance acts as a tool for income replacement. The idea is to not make the surviving family members suffer financial…

LIFE INSURANCE TERM AND CONDITIONS

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Life insurance in its  nascent 
is known term insurance . The every very name implies  that the coverage is for a  limited 
and specific  time. A term
insurance  contract could be structured  for any period. Generally from the point  of view of underwriting  , the term 
varies  from five years  to twenty 
years. However Assured Life Time, a 
term insurance product of TATA -AIG is a 
available  fro a term of one year
and has certain attractive  options like
conversations  of the plan to a savings
plan and renewal  of one and five year
plans without  any medical test etc.,
Under a term insurance  contract, the sum
assured  becomes  payable only if death occurs  during the selected  term, and nothing  becomes 
payable once the term expires. Wherever 
the contract  envisages a  renewal of the contractor  for a stipulated  period after the expiry  of the original contract  such a policy is called Renewable  Term insurance policy. </div>
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Some term
insurance  contractors  offer a 
conversion  clause by which the
assured  can experience  an option of the to convert the term into
a  permanent  assurance plan without plan any further
medical  examinations  . LIC, Max New York Life Tata AIG are a few
examples,.  Until  recently term insurance contractors  were not 
popular in India.  The first
branded  term insurance plan Bima sandesh
with return of premium  provision  had a 
slow death for want to of proper positioning , . With the opening up of
the industry, the concept of the term assurance plans received a shot in the
term arm and many companies  like ICICI
prudential  Life, Birla Sun Life, and LIC
market such term assurance  plans as a assurances  with Return of premium (ROP).  With the opening  up to the industry to private players, the
concept of the ‘Term’ is getting promoted . Now private companies  alongside, LIC, market such plans , and
the  price war is hotting up in this
product class. For the first time among private insurers in the Indian market ,
Max NEW YORK LIFE came out the with a 
LEVEL  Term Plan with  yearly 
and other mode options  with the
term extending  to 20 year and 25 years.
This was  positioned as an
attractive  low-cost plan.  Another innovative term insurance plan was a
the KOTAK Preferred  Term PLAN (KPTP),
introduced  by Kotak mahindra  Old Mutual Life insurance company. His term
assurance with a  minimum sum
assured  of  Rs. 10 lakhs is available for men  in the group 
of 18-60  years , provided  they do not 
tobacco in any form. If some 
one  takes  to smoking 
the after the conclusion  of the
contract  the company may view  it as a violation  of the terms of contract  and decide 
to decline the death  claim, it if
is  established  that the death has resulted as result of the
policy holder taken to the tobacco smoking. </div>
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Bajaj Allianz  Term Care
offers  life insurance  cover at a low cost and provides  for returns 
of premiums on maturity. The premium  
returned  at a maturity amount the
to the sum assured  of the premium paid
until  maturity sans the extras, if any .
In the event of the death of the assured, the sum promised  is paid to the nominee of the legal heir. The
plan has built  in Accidental  death Benefits  and Accidental  permanent Total/ Partial Disability  Benefits subject to conditions . </div>
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This plan is
marketed  under economy, protect health
the and total compacts  with graded
benefits. ING Vysya markets  a term
insurance plan with a critical  illness rider
and HDFC standard  Life markets a loan
protections  cover. Life shield  a term 
insurance plan  offered by Aviva  life insurance , LIC’s  Jeevan Anmol, Shield, the term insurance
plan  of SBI Life Tata -AIG’s  Life Plus, ICICI Pru’s  Life Guard 
are some of the well known term insurance brands. A number of the
variations  are offered  under these plans.  Though 
a term insurance  plan provides
very high protections at a minimum cost, it should be noted that it is only
temporary protection  and cannot  offer the type of the security  that a 
permanent  insurance cover can. It
should  also be noted  that if they 
a person aged 30 , considered  the
cost advantage  and takes only a term Assurance for a 
period  of 30 years and if he/she
survives the term on reaching  the
elderly  age of 60, he/she is left  high 
and dry without any insurance proceeds 
to fall back on. Even  in the US,
where the dictum buy term and invest the rest was once popular , public outlook
is changing in preference to comprehensive plans.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_hd3iQYCzn1PXq2lbkt0MOt6a0SIE20B3tqZhyphenhyphenjT-VjKvIGaCu5Y20JeYsb1N7GJ66EPlBBBBz9Kok0uFZ490zNBFNGrC9q98DUuOiEKY1b1_vsZzhyphenhyphenWoahXlVc1vTPUx2sAzfyRg3s/s1600/life+insurance+for+women.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_hd3iQYCzn1PXq2lbkt0MOt6a0SIE20B3tqZhyphenhyphenjT-VjKvIGaCu5Y20JeYsb1N7GJ66EPlBBBBz9Kok0uFZ490zNBFNGrC9q98DUuOiEKY1b1_vsZzhyphenhyphenWoahXlVc1vTPUx2sAzfyRg3s/s1600/life+insurance+for+women.png" /></a></div>
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LIFE INSURANCE TERM AND CONDITIONS

Life insurance in its nascent is known term insurance . The every very name implies that the coverage is for a limited and specific time. A term insurance contract could be structured for any…

RURAL LIFE INSURANCE AND PRIVATE SECTOR INITIATIVES

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Among  the private sector  insurers, who started  their activities during  2000-2001, aviva life insurance  . Co had launched  an exclusive 
plan for  rural  areas called Gram Suraksha. The test marketing  results of the Plan in Andhra  Pradesh 
were reportedly encouraging  and
the company  hopes to market the plan
through institutions. The law priced policy offers life cover and money back
benefits . For broad basing  its rural
portfolio , Aviva life  had opened  offices 
at Faridkot, Nagpur, Nashik and Udaipur, in September 2003, Aviva had
also launched  customized  products 
called  Amar Suraksha  and Jana Suraksha . </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdd7QagFgNsx_-04FYhDtdtn3FqN9j8Jw70oS5UwAvniBPdk8WGKvwye40IemgipyPI_ct9vc4kXCP-2g_3MplXmD7XvPH9URBrli4ynCPgpxjH20e91MmW8WEmJmb-x4QwsKavfaxlfw/s1600/businesswoman.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdd7QagFgNsx_-04FYhDtdtn3FqN9j8Jw70oS5UwAvniBPdk8WGKvwye40IemgipyPI_ct9vc4kXCP-2g_3MplXmD7XvPH9URBrli4ynCPgpxjH20e91MmW8WEmJmb-x4QwsKavfaxlfw/s400/businesswoman.gif" width="366" /></a></div>
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The term former  is a  term insurance cover the with return of the
premium provision  on  survival 
of the selected  term., The latter
is a  fixed term policy available  for terms 
of five years  and ten years  respectively 
for the sums assured of Rs. 25,000 or Rs. 50,000  as the case may be. Aviva is confident  of utilized 
the extensive rural network of its Indian partner , Dabur.  This was 
followed by the launch of the Sankat 
harn Policy by IFFCO-tokio , General insurance  Company 
for farmers, Gramin Bima Yojana, a plan of Kotak mahindra  Old Mutual insurance co.  Is a plan designed to suit  the needs 
of the rural populace. This single 
premium endowment  plan provides  for payments 
on death or maturity whichever  is
earlier  . The plan  has a fixed term of 15 years . </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGvp_oz2YyX8kHJFOtsoDfEZhkwGezJGyHZ8fvNWPOWBnW92GvdgLmnnQauBJW9QMBVdV5vKbHS60c43J9JNpmjjNHy1WdgG0nbgVlx4ZIb-kJEyJl6RKZN2R9HxbLwdJDr_tyehTqAgg/s1600/beautiful-girl-smile+%25281%2529.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGvp_oz2YyX8kHJFOtsoDfEZhkwGezJGyHZ8fvNWPOWBnW92GvdgLmnnQauBJW9QMBVdV5vKbHS60c43J9JNpmjjNHy1WdgG0nbgVlx4ZIb-kJEyJl6RKZN2R9HxbLwdJDr_tyehTqAgg/s400/beautiful-girl-smile+%25281%2529.jpg" width="400" /></a></div>
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The policy can
be surrendered by at any times  and the
surrender at any the time and the surrender value  varies 
from 90% tp 230% upon the period by for which  the policy has remained  in the books of the insurer. ICICI
Prudential  had also launched  different 
types of the  policies like
ICICI  Pru Mitra an endowment  type of the plan and ICICI plus Pru
Suraksha  a regular premium plan to meet
the varying  needs of the rural populace.
HDFC Standard  Life markets  certain 
specialized life insurance products for the rural market.
Development  insurance plan., A group
insurance product is being  offered by
the HDFC Standard life to the rural markets 
through NGO;s  and  Bima Bachat Yojana, is another  product meany by the  rural consumption .</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdLxvoLHQu8hQefgpKquL61W1anZRH1f_HwyfNyS5x6Uce4R_ZWF05rbIxM_jpkmpKUV77cC0ffYVv3wf5hM1UGfqN8gnePUNU1MhMTHoGv8Q1xbA0EBYD-kJ_RjDGvigwYdFmVLVlYfE/s1600/Business-Woman-Young-.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdLxvoLHQu8hQefgpKquL61W1anZRH1f_HwyfNyS5x6Uce4R_ZWF05rbIxM_jpkmpKUV77cC0ffYVv3wf5hM1UGfqN8gnePUNU1MhMTHoGv8Q1xbA0EBYD-kJ_RjDGvigwYdFmVLVlYfE/s400/Business-Woman-Young-.jpg" width="297" /></a></div>
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 The Birla  Sun Life , Bimla Kavach Yojana is a single
premium insurance policy specially designed 
for the rural under privileged. The private insurance companies until
the end of the fiscal 2002-2003 could not be make by any perceptible
penetration  into the rural areas and as
the end of the fiscal  200-03, the
combined  rural life insurance
coverage  by LIC  and private 
players was around 27% leaving  
behind a substantial 
populations  to be covered.  Both for the public sector and  the private insurance companies, distributing
products   in rural areas poses certain
problems  . As a  agricultural 
income is presently  tax-free in
India, in the rural areas tax sops  offer
no  attractions  and , as a 
such the marketing  is more   individual need -based. Many of the agents
for advisors, do not find it profitable 
to visit the rural areas or 
distributing  limited  products, .</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgq3rkXZpGK7zQP-mM8MQo14xh1jnOd0ubZrqliZzxTmrh8OFJpe8UXP2D9Rmg9N0nGpPEGlBsr-p7MNcN0On5wF4dSf0FXlW9XHDEG2AIhj1J_RyKZZeVwDphauGLeSxrKOnOcWZTFc9M/s1600/leadership-businesswoman-low-res.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgq3rkXZpGK7zQP-mM8MQo14xh1jnOd0ubZrqliZzxTmrh8OFJpe8UXP2D9Rmg9N0nGpPEGlBsr-p7MNcN0On5wF4dSf0FXlW9XHDEG2AIhj1J_RyKZZeVwDphauGLeSxrKOnOcWZTFc9M/s400/leadership-businesswoman-low-res.jpg" width="400" /></a></div>
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 To overcome this situations,
companies  are adopting  new strategies, . Some  companies resort to mass compaigns  by addressing the villagers  with the help of the local village head or
the Sarpanch  . Alternatively, some of
the companies  tie up  with banks 
having  wide  rural networks for distributing  insurance products, through  the Bancassurance  route. Some companies  enter into tie-up with NGO’s and social
organizations  facilities. Agencies  to offer product  in the rural 
areas. Some of the companies are also drawing are also drawing  on the concept of  Rural Career Agents or Advisors, which has
been pioneered by LIC, in spite of difficulties, unlike in the past
fiscals,  at the end of the financial  year 2003-04, all life insurers  had completed 
their rural and social sector obligations, In the connection  a suggestions,  of Apparao 
Machiraju  merits  examinations.....</div>
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RURAL LIFE INSURANCE AND PRIVATE SECTOR INITIATIVES

Among the private sector insurers, who started their activities during 2000-2001, aviva life insurance . Co had launched an exclusive plan for rural areas called Gram Suraksha. The test mark…

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