How traditional life insurance plans tend to weigh you down

SHRIKRISHNA PATKAR | May 25, 2019 | 211 views

Time and again, traditional life insurance products have been viewed as a push productThe long tenure, combined with strict lock-in periods of traditional products and inadequate cover do not fall in line with the demographics of our country and tend to weigh us downTraditional plans have the largest share in product mix of life insurance industry, said Aalok Bhan, director and chief marketing officer, Max Life Insurance. The life insurance behemoth, Life Insurance Corporation Ltd., has a product portfolio that is tilted towards traditional products. Around 86% of LIC plans are traditional products (excluding riders).

Spotlight

Canada Protection Plan

Canada Protection Plan is a leading name in No Medical & Simplified Issue Life Insurance in the country. We provide experienced, professional and compassionate service, along with reliable support. Whether you are in good health or not, our goal is simple – we want to make buying life insurance straightforward and easy to purchase. Ages 18 to 80 years can apply for affordable coverage fast. With up to $500,000 on our No Medical & Simplified Issue Life Insurance plans, this means no needles or medical exams and being able to get protected quickly.

OTHER ARTICLES
AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | December 19, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | July 14, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More
INSURANCE TECHNOLOGY

5 Deep Learning Use Cases for the Insurance Industry

Article | July 20, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

Read More

Spotlight

Canada Protection Plan

Canada Protection Plan is a leading name in No Medical & Simplified Issue Life Insurance in the country. We provide experienced, professional and compassionate service, along with reliable support. Whether you are in good health or not, our goal is simple – we want to make buying life insurance straightforward and easy to purchase. Ages 18 to 80 years can apply for affordable coverage fast. With up to $500,000 on our No Medical & Simplified Issue Life Insurance plans, this means no needles or medical exams and being able to get protected quickly.

Related News

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

Read More

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

Read More

Events