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Group Provident Fund Insurance Scheme provides life insurance coverage to the members of the provident fund scheme of an employer. The amount of coverage of each member depends upon his age and the amount of his provident fund balance at any time. What Need Does It Fulfill? Young employees normally have short service to their…

Sadabahar is an anticipated endowment type with-profit plan that provides lump sum benefit at certain stages during the premium-paying term or on earlier death. In addition, this plan has a built-in Accidental Death Benefit (ADB) rider so that the policyholder gets an additional sum assured in case of death due to an accident. This plan…

It is a unique combination of protection and savings at a very economical premium. Death at any time before age 85 years terminates payment of premiums and the sum insured and attached bonuses become payable. In the event the insured survives to the policy anniversary at age 85 years, the policy matures and the sum insured plus…

Employees are another constituency that will benefit from insurers’ societal impact strategies. As insurers continue to struggle to find the talent they need, a purposeful commitment to societal value can be a powerful tool to attract and retain talent. That’s especially true now that Gen Z and Millennials represent a large proportion of the workforce….

The impact on non-life carriers Non-life insurers are already adjusting strategies to offset higher claims costs and expanding climate risk. As inflation stabilizes, more predictable claims cycles and improved returns on interest-rate-sensitive investments are expected to enhance profitability. Higher premiums may provide some relief, but could result in lower customer satisfaction, loyalty and trust. The…

Importance of analysing exposure to natural catastrophes One of the main effects of climate change on insurers is through the expected increase in natural catastrophes (NatCat)-related claims. In order to assess this potential effect, as a first step, supervisors need to have the data and tools to understand and monitor insurers’ current exposure to NatCat….

Workers compensation insurance covers the cost of medical care and rehabilita- tion for workers injured on the job. It also compensates them for lost wages and provides death benefits for their dependents if they are killed in work-related accidents, including terrorist attacks. The workers compensation system is the “exclusive remedy” for on-the-job injuries suffered by…

Prior to September 11, 2001, insurers provided terrorism coverage to their com- mercial insurance customers essentially free of charge because the chance of property damage from terrorist acts was considered remote. After September 11, which costs insurers about $31.6 billion, insurers began to reassess the risk. For a while terrorism coverage was scarce. Reinsurers were…

In a normal competitive market, insurers are free to select from among people applying for insurance those drivers, property owners and commercial opera- tions they wish to insure. They do this by evaluating the risks involved through a process called underwriting. Applicants who are considered “high risk” may have difficulty obtaining insurance through the regular…

Types of Homeowners Insurance Policies There are several types of homeowners insurance policies that differ in the amount of insurance coverage they provide. The different types are fairly standard throughout the country. However, individual states and companies may offer policies that are slightly different or go by other names such as “standard” or “deluxe.” People…