Insurance sector pins hope on new IRDA chief for turnaround

All eyes are now on the new IRDA chairman. With the insurance industry still coming to terms with its lacklustre performance in the past three years during which business fell steadily and pushed a majority of ULIPs and pension products almost off the radar. The hope rests on TS Vijayan’s ability to bring about a turnaround.

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Life Insurance Article: Can NRI purchase life insurance in India?

The Indian Insurance Industry has matured over the years and self-awareness for insurance and its important has slowly crept into the minds of the pro-active financial planners across the globe. This in fact has been triggered by the recent fall in premium for online Term Plans. The surge of interest of Non Resident Indians to purchase a Life Insurance Product in India has given a platform to many insurance companies to re-strategize and capitalize on the huge potential of tapping the NRI or the Person of Indian Origin, PIO.

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Insurance news: Every five minutes an online term plan is bought in India

Despite a slowdown in the life insurance sector, sales of online term plans are booming. Nearly 55,750 term policies were sold in the past six months, an average of one policy in every five minutes. Whereas in 2011-12, nearly 49,500 plans were sold.

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