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New Delhi, Apr 21 () The outbreak of COVID-19 pandemic has led to increase in demand for pure protection products like <keyword id="171063" type="PERSON" weightage="20" keywordseo="Term-insurance">term insurance</keyword> and this is expected to gain traction post lockdown, said <keyword id="6374257" type="UNKNOWN" weightage="20" keywordseo="max-life-insurance">Max Life Insurance</keyword> CEO Prashant Tripathy. There is pressure on growth due to the lockdown but the life insurance business would be back on its feet once it's lifted, he said. "Insurance is a very fundamental thing of life like food, clothing and shelter...We are finding that the demand for protection business has gone up. People are preferring term rather than saving products to secure the future of their loved ones in these uncertain times," he told . COVID-19 is expected to result in improved awareness and importance of life insurance as a risk cover rather than a mere investment product during the uncertain times, he said. Tripathy also emphasised that like any other business, insurance too is very much connected with economic growth and there will be impact on the industry if there is deceleration as has been projected by various agencies. "There has been an impact on new sales due to the lockdown. We are trying to cover it up with digital means. For the lockdown period, there would be pressure on growth," he said. Sharing details of sales through digital means, he said, "we quickly adapted to new reality and initiated sellers' online training for enabling digital engagement across distribution channels, as an outcome of which around 24,000 policies were issued in the last week of March 2020 since the announcement of lockdown." Within four days of work-from-home, customer-related operations were operating at about 80 per cent efficiency level with more than 1,000 employees engaged in customer facing activities, he said, adding, policy issuance for many medical pending cases was enabled via TeleMER protocol that ensured remote medical underwriting. The company has processed a total of 1,938 death claims in the second half of March 2020 even with the majority of employees operating from home and all supporting documents were accepted online, he added. Self-service options were made available through website, digital bots and AI driven Interactive Voice Response. In the last two weeks around 5,000 policyholders have utilized self-service options on the company's website, he said. DP ANUANU

Demand for term insurance could increase after lockdown as per Max Life CEO

Life is an uncertain journey wherein many factors can disrupt the flow of life. If you are a part of the growing middle class who is working for a company, you are dependent on a regular monthly income. This regular monthly salary ensures that one can take care of every need promptly and plan accordingly. Electricity, telephone, mobile and internet bills, the fortnightly or monthly dine outs with the family etc. are all dependent on the bread earner’s monthly salaries. What never strikes most professionals is how their families will manage these regular expenses if they are not around. Whether is it an untimely accident or a life-threatening disease, when a family loses their salaried member it can disrupt their lives in more ways than one. Not only do they have to deal with the emotional trauma of losing their loved one, they also have to deal with the consequences of financial instability. The solution to avoid such a dire situation is insurance which doesn’t make a huge dent in a worker’s monthly salary all the while ensuring that the entire family remains financially secure. <keyword id="171063" type="PERSON" weightage="20" keywordseo="Term-insurance">Term insurance</keyword> is a must-have product for anyone who has dependents in their family. It can be purchased online directly from the insurer's website in just 10 minutes. The monthly premium is very cheap and starts from about Rs. 380 per month. One added benefit is that these plans also give <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword> benefit under section 80C. Consider terms carefully However, there are some factors to consider before signing up for term insurance which is a time-bound policy. Before buying insurance, it is important to note the extended features or riders attached to the policy. In fact, you can even extend the protection element in the policy by paying a nominal fee to cover factors like personal accident cover, critical illness cover and waiver of the <keyword id="168318" type="PERSON" weightage="20" keywordseo="insurance-premium">insurance premium</keyword>. An important thing to note here is that if the insured professional survives the policy term, there will be no payout, at all. 
<iframe src="https://www.iciciprulife.com/term-insurance/term-insurance-monthly-income-times-50.html?UID=6027&amp;utm_source=TimesInternet&amp;utm_medium=BI&amp;utm_campaign=MonthlyIncomeArticle&amp;cid=Display:Article:TimesInternet:Calculator:DM-TI-Article:iPS:MonthlyIncomeArticle-BI:MonthlyIncomeArticle::Eng::6027:cpc:::" scrolling="no" width="100%" height="660" frameborder="0">
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Disclaimer: The quotes are indicative and TIL bears no legal liability for the calculation.

Here’s how you can ensure financial stability of your family

<keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>, one of India's leading insurers has collaborated with renowned cricketer, <keyword id="3142448" type="General" weightage="100" keywordseo="rishabh-pant" source="Orion">Rishabh Pant</keyword> to create a compelling campaign aimed at driving the need for term insurance. The objective of the campaign is to encourage individuals to financially secure their loved ones against unforeseen circumstances. The campaign serves as a powerful reminder of the fact that life is unpredictable and seldom gives second chances. This makes it necessary for one to prepare beforehand to enable their loved ones bounce back from any challenge that life throws their way. The film showcases the real-life story of Rishabh Pant and his journey of realisation. Through the film we see glimpses of his numerous accomplishments, moments of happiness and the experience that taught him the biggest lesson of his life. Speaking about his association with the campaign, Rishabh Pant said, "I am happy to be associated with HDFC Life for this campaign. Life is unpredictable, and HDFC Life has been at the forefront of encouraging people to financially secure themselves and their families against life's uncertainties. <keyword id="6406875" type="General" weightage="20" keywordseo="life-insurance" source="Orion">Life insurance</keyword> is a financial product that not only acts as a safety net but also enables us to continue the journey ahead with a sense of pride." Vishal Subharwal, Chief Marketing Officer and Group Head - Strategy, HDFC Life added, "The film captures the true essence of life while bringing the spotlight on the core benefit of term life insurance. We hope that the powerful real-life story of Rishabh Pant, a role model for many and a world-class athlete, serves as a pertinent example to make one realise the uncertainties of life and the need for financial protection. Most Indian households find it hard to sustain their living standards in the absence of adequate life insurance cover. We sincerely hope that this campaign will educate and inspire more individuals to secure their families with Term Insurance." Rajdeepak Das, CEO &amp; Chief Creative Officer, <keyword id="131262" type="General" weightage="20" keywordseo="leo-burnett" source="Orion">Leo Burnett</keyword>, South Asia said, "The pandemic has left us with a false sense of invincibility. With this campaign we wanted to reiterate that not everyone gets a second chance at life. The biggest mistake we can make is to not learn from our mistakes and to bring home the message of unpredictability. We drew inspiration from the real-life incident of cricketer Rishabh Pant where he survived a near-fatal road accident. Our campaign breaks the illusion of invincibility and reiterates the importance of financial planning." The campaign will be available across multi-media platforms - Television, Digital, Print, and Outdoor.

Rishabh Pant stars in HDFC Life's latest campaign on term insurance

A <keyword id="790532" type="UNKNOWN" weightage="20" keywordseo="term-insurance-plan">term insurance plan</keyword> is the most basic of all life insurance plans. It covers the insured for a fixed tenure and if he were to meet an untimely death during the tenure, his dependents are paid a sum assured that can take care of their long-term financial requirements. 
 
The best thing, or perhaps the USP, of a term insurance plan is that it comes cheap in comparison to other forms of life insurance. With this plan, you can opt for high levels of coverage at amazingly low premiums. A salaried, 30-year-old male with no tobacco habit and earning Rs. 500,000 annually can avail a 30-year term plan of Rs. 50 lakh for annual premiums starting at Rs. 4200. 
 
As the plan provides you the opportunity to choose a high sum assured affordably, it promises financial security for your family. 
 
A term plan should thus form an integral part of your financial portfolio. But when it comes to choosing the best term plan, with all their add-ons and riders and features, even the financially literates find themselves in a fix. 
 
If you’re looking for clarity on what to seek while buying a term plan, here are some instructions. 
 
Choose the right coverage level 
 
When it comes to buying a term insurance plan, don’t be stingy. An optimal level of coverage should be taken if you want your family’s financial security in the truest sense of the word. Experts recommend various methods for computing the ideal Sum Assured. These methods include: 
 
o Human Life Value (HLV) method: This method estimates the economic value of your life based on your age, income and expenses. The simplest way to calculate HLV is to discount the aggregate value of expected income throughout your working life. For instance, if you contribute Rs.10 lakhs annually and are expected to work for 10 more years, the HLV would be the discounted value of Rs.1 crore. 
o Income replacement method: this method simply seeks to replace your income. In the above example, the income replacement method would yield the optimal coverage amount to Rs.1 crore. 
o Income multiplier method – this is the simplest process wherein the optimal coverage is computed by multiplying the annual income by a factor which ranges from 5-20 depending on your age. 
 
Use the methods to ascertain the correct coverage required and opt for it. 
 
Choose a plan with the best riders – both optional and inbuilt 
Riders are additional coverage features which increase the scope of coverage under a life insurance plan. Term plans today allow you the option of attaching various riders for a comprehensive coverage. In fact, some riders are also inbuilt in the plan itself. Some popular riders are: 
o Accidental Death and Disability Rider – this rider pays an additional benefit if you face an accidental death or disability (weather temporary or permanent) during the plan term. 
o Critical illness rider – this rider pays an additional benefit if you are diagnosed with any critical illness covered by the rider 
o Premium waiver rider – this rider waives off the premiums required for the remaining duration of the plan in case you suffer an accidental disability or terminal illness 
o Terminal illness rider – if you suffer from a terminal illness during the policy period, this rider pays out part or whole of the sum assured 
o Monthly income add-on – This pays out a monthly income to the nominee over and above the sum assured. The monthly income is a small, fixed percentage of the sum assured and is provided for a fixed number of years. It also has an increasing income option where the income increases by a fixed percentage at the end of every year for which the income is offered. 
 
For comprehensive coverage, choose a plan with relevant riders and add-ons. 
 
Choose the highest allowable term 
Term plans pay the death benefit only if death occurs during the chosen term of the plan. As such, to ensure that you enjoy an extended coverage, choose a plan which covers you the longest. How long a coverage you get depends on two things: your age, and the tenure allowed under your policy. Typically, term plans are sold to individuals between the age of 18 and 65, and the maturity age of the typical term policy can be 75-80 years. For example, if you were a 55 year old, you may get a term plan for only 20 years. But if you were 35 years old, your coverage may go on for 40 years. If you have financial dependents, you must select a term that’s long enough to cover their long-term interests. For example, if you have a young child, you may want to cover yourself till at least your child becomes financially independent. 
 
Where to buy a term plan 
You can buy term plans through agents or insurance branches, or even through the websites of insurance providers. However, a smart way to buy your plan would be through online aggregators where you can compare products from multiple providers across several parameters such as premium costs, features, claim settlement ratios, riders, benefits and so on. This would help you make an informed decision about what you need to buy, and you can also complete your paperwork through the aggregators. 
 
Keeping these points in mind, you can choose the best term insurance plan for your family. Remember: your family is important and so you should ensure their financial security even when you won’t be around. A term plan lets you do this, and so it should be chosen wisely.

In the market for a term insurance plan? Here’s what to look for

This time of the year evokes mixed feelings about the previous year. While some look back with regrets and longing; others want to look forward to a great new year ahead. Whichever club you’re in, changing your life for the better in 2018 is on everyone’s mind. Amongst all the contemplations and celebrations, financial planning should be on your agenda for the next year. While many of you might have savings invested in SIPs (Systematic Investment Plans), an urgent need of funds can’t be fulfilled with these plans in case of an emergency. A single life threatening incident can leave your family vulnerable and death can make all your financial planning go for a toss. The solution to this problem can easily be solved with a <keyword id="790532" type="PERSON" weightage="20" keywordseo="term-insurance-plan">Term Insurance Plan</keyword> (TIP) and it is the one thing you shouldn’t miss out on for long-term financial security for you and your loved ones. How does it work A TIP will enable you to lead a worry-free life because it is the best income replacement tool and can help in the accomplishment of other financial goals even when the investor has expired. It is also a great way to save on your taxes. Here’s how TIP along with a SIP is the perfect combination to secure future financial goals: Affordable monthly premium A lot of people are unsure about buying a Term <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> Plan because the wrong assumption is that they will have to pay a heavy monthly premium. Actually a Term Insurance Plan comes at nominal costs and offers great risk coverage. In fact, if you buy a term insurance plan when you’re starting your career, your premium will remain much lower, throughout. The main reason why TIP along with a SIP is the best way to make the best out of your money is because both the plans yield great returns. You can easily invest a chunk of 10 percent of your SIP investment on a term insurance and ensure a fairly good insurance amount for your loved ones. A Reference can be this table below: Many TIPs are also beneficial to non-tobacco users and females and provide them with special premiums. A high life insurance amount Apart from securing the financial future of your loved ones, Term Insurance Plans also ensures that they do not suffer from the financial liabilities that you might have had. This is made possible due to the high insurance amount that they provide. Term plans help meet the regular expenses of all your dependents, and they also repay outstanding loans and debts in your absence. A good insurance amount also helps if you have many dependents in your family that will need financial protection. Enhanced protection Personal tragedies can come in many forms like death, terminal illness, and disability and a TIP can help in all these instances by allowing you to boost your insurance cover by choosing comprehensive additional benefits. A fool-proof protection for your family members can be ensured by powering up your term insurance and choosing protection over accidental death and critical illness. Flexibility to design the death benefit payout While you cannot experience the benefits of buying a TIP, your loved ones will be greatly secured and thankful because of it. While they will be combating the trauma of losing a loved one, it will at least comforting that they are financially protected. Term Insurance Plans also provide you with the flexibility to customize your death benefit in a way that meets your financial requirements. Your beneficiaries have the option to avail the death benefit amount either as a lump sum or yearly payments. Great Tax Benefits Under the Section 80C of the Income Tax Act 1961, term insurance plans offer tax benefits of up to Rs 1.5 Lakh annually. Buying a term insurance isn’t complicated at all and just like investing in an SIP, a term Insurance plan can be purchased online directly from the insurer's website. You can even make sure that you check on the premium rates available in the market to take the best decision for yourself, while enjoying the convenience online. This one wise step in the coming new year can be the safety financial belt for the rest of your life and even beyond. Calculate your premium here: 
<iframe src="https://www.iciciprulife.com/term-insurance/iprotect-smart-term-insurance-calculator-times.html?UID=6027&amp;utm_source=TimesInternet&amp;utm_medium=BI&amp;utm_campaign=TIP-SIP&amp;cid=Display:Article:TimesInternet:Calculator:DM-TI-Article:iPS:TIP-SIP-BI:::Eng::6027:cpc:::" scrolling="no" width="100%" height="400" frameborder="0">
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This is the only TIP you need while making your new year’s financial resolution

New Delhi, Mar 4 () Even as awareness for insurance has increased in the country over the last one year, urban India continues to feel financially insecure, according to a survey.Max Life Insurance Company (Max Life) on Wednesday unveiled the findings of the second edition of its flagship survey 'Max Life India Protection Quotient' 2.0 in association with KANTAR.The sample size of the survey conducted between December 2019 to Januayr 2020 was 7,014, wherein 25 cities were covered -- 6 metros, 9 tier I and 10 tier II cities.Of the other parameters, the survey asked questionnaire from people (between 25-55 years) having annual household income of Rs 2 lakh and above, as well as those who were decisions makers or influencers of financial products.India Protection Quotient moved up by 2 points to 37, as per the survey.The survey witnessed an increase in India's level of term insurance awareness, term insurance ownership and protection quotient over the last 12 months.However, with a movement of 2 points on the protection quotient scale from 35 to 37, it indicated that urban India continues to feel financially insecure.The knowledge Index at 48, rose 9 points and life insurance ownership surged 500 bps to 70 per cent from last year. Term insurance ownership increased 700 bps to 28 per cent, whereas term awareness jumped 1,000 bps to 57 per cent.Also, the knowledge index across cities moved up by at least 6 points and Delhi continues to lead with protection quotient of 47.The study said that while South India continued to outperform other regions with protection quotient of 40 and life insurance ownership of 77 per cent, Western India witnessed the most significant growth of 7 points in life insurance ownership at 64 per cent.Delhi and Hyderabad led with the Protection Quotient of 47 and 46, respectively, while Ludhiana despite witnessing the maximum growth from last year, continued to have the lowest level of 27 this year. Chennai is the only city to witness a decline from last year on the quotient.Term insurance products witnessed the highest rise in awareness (1,000 bps to 57 per cent) and ownership (700 bps to 28 per cent) among different product categories such as market linked insurance and endowment products.Over the year, millennials have grown more anxious about financial security with their top anxieties being day to day medical expenses and sustaining lifestyle.When compared, women remained more anxious about financial security than men across several parameters. The survey also revealed that Tier II cities focus more on savings than protection, and demonstrated a preference of endowment polices over term insurance, as per the findings of the survey."Outcomes of IPQ 2.0 gives me the confidence that Indian Life Insurance industry is moving in the right direction. Sharp increase in awareness and ownership of life insurance and term insurance can be seen as a precursor to higher protection quotient in the years to come," Max Life Managing Director &amp; CEO Prashant Tripathy said.The survey also gave the industry some deep insights for future such as the growing reception towards health apps in return for discounted premiums that young India is reflecting preference for, return of premium as the key feature, continued preference for human sellers and growing awareness about insufficiency of cover among other such findings, he said."It has been observed that Indians do not give much thought to this basic element of financial planning due to which awareness level about life insurance products for financial protection is low. Further to an insightful survey conducted last year... to uncover prevalent attitudes and behaviour that could help scale the overall adoption of life insurance, thereby building financial security of the nation," Soumya Mohanty, Managing Director and CCO, Kantar Insights, South Asia, said. KPM BAL

Urban India continues to feel financially insecure: Survey

With the world economy heading towards a possible slowdown and India being one of the major economies having any real chances of growing at a faster rate, everyone will be looking forward to how this year’s Budget will address the issue of stagnating private investment in India. With proper fiscal incentives in place, the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> industry (being one of the major sources of long-term funds for the economy) can play a bigger role in pushing up public and private-sector investment and thus, help in achieving government’s goal of putting Indian economy on a high-speed track. 
	 
	Following is my wish list for 2016 Union Budget. 
	 
	A uniform <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword> 
	 
	Unlike e-policy holders, offline insurance buyers have to undergo a lot of paperwork, as part of KYC procedures. In addition to this, insurers usually call for multiple KYCs for different policies and this act as deterrent for new investors to invest in insurance policies. Government must consider giving a strong push to uniform KYC and e-claims, irrespective of whether the policy is purchased online or offline. This would make the process of buying insurance policies and filing claims easier. 
	 
	Revise tax exemptions 
	 
	At present, premium of up to Rs.25000 paid for health insurance plans qualify for deduction under Section 80D. This limit rests at Rs.30000 in case of senior citizens. Tax exemption under health insurance plan should be revised as the current incentive is inadequate, taking into consideration the rising healthcare cost. Just to give you an example, a 55yr old sole earner in a family of 4 would easily spend upwards of Rs.30000 per annum for Rs.10lacs sum insured. Also, the current exemption does not provide incentives for those who buy long term health insurance plan. Increasing the income tax exemption limit in health insurance will encourage people to buy health policies with larger covers, and for longer tenure. 
	 
	Tax exemption for home insurance 
	 
	While catastrophic destruction caused by natural calamities such as Chennai floods and Nepal earthquake influenced people to think about getting their home and property insured, people continue to remain hesitant about getting their property insured and hence, end up procrastinating it. Home insurance enables people to deal with huge financial losses that they would otherwise incur in case of natural disasters. Introducing tax exemptions on house insurance premiums would encourage homeowners to insure their homes. 
	 
	Make term insurance attractive 
	 
	At present, term insurance products constitute just 0.4% of the total insurance products sold in India. Distributors find term insurance products unattractive as their payouts, as per current regulation, is just above zero percent. The cap on the payouts needs to be relaxed to make selling term insurance attractive for the distributors. This would go a long way in increasing the average life insurance coverage of Indians. 
	 
	To sum up, as low insurance penetration is a problem area, the FM should increase tax incentives to encourage people to buy adequate insurance cover. This will also help the insurance industry to raise more resources for financing government’s physical and social infrastructure programs. 
	 
	The article is authored by Alok Bansal, Co-founder and CFO of online insurance comparision portal <keyword id="696009" type="UNKNOWN" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword>.com.

Mr FM! This is what the insurance industry want from Budget 2016

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Getty Images/PoolPresident Donald Trump</div></div></div>President Donald Trump on Tuesday tweeted he that he would "use the power of the pen" to make unilateral changes to the Affordable Care Act.<a href="https://www.wsj.com/articles/trump-to-sign-order-to-expand-health-insurance-options-for-self-insured-1507410483?tesla=y&amp;mod=e2tw&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=sendto_newslettertest&amp;stream=top-stories">According to The Wall Street Journal's</a> Louise Radnofsky, Stephanie Armour, and Anna Wilde Mathews, Trump is expected to sign an order allowing the use of association health plans and short-term insurance plans. The order is expected to include broad language instructing various departments to look at ways to reduce insurance costs.Association health plans <a href="https://khn.org/news/association-health-plans-a-favorite-gop-approach-to-coverage-poised-for-comeback/">allow people in the individual or small group markets to pool together</a> to purchase insurance at a more favorable rate. According the the report, these plans will also not be subject to certain Obamacare regulations, helping make them even cheaper for people participating.In addition, the order is expected to instruct the Labor Department to look into allowing the sale of these insurance plans across state lines. Trump has long espoused the idea of selling insurance across state lines, but there are <a href="http://www.businessinsider.com/selling-across-state-lines-gop-obamacare-replacement-tried-and-failed-2016-12">doubts about how effective it would be</a> in actually bringing down costs.Short-term insurance plans are cheap but cover little. The Affordable Care Act prevents people from buying these plans for more than 90 days, but the new order could allow people to purchase them for up to a year.Both executive orders appear to be targeted at allowing healthier, younger people to obtain lower-cost options than what is currently available in the Obamacare exchanges.But experts say the order could leave behind older and sicker people currently are getting insurance through the Obamacare markets."Loosely regulated association plans could charge lower premiums to healthy people, effectively leaving ACA marketplaces as high-risk pools," tweeted Larry Levitt, senior vice president at the Kaiser Family Foundation, a nonpartisan health policy think tank.<a href="https://twitter.com/larry_levitt/status/916800651459362816">Levitt continued</a>: "With this executive order healthy people could pay less for insurance, but middle-income people with pre-existing conditions pay more."That means healthier people would rely on the cheaper, deregulated plans allowed under the new rules. Since sicker people would need more generous plans, they would likely remain in the more regulated Obamacare exchanges.As the percentage of sick people in the exchanges increases, it would be more costly for insurers in that market. And as costs increase, so too would the prices insurers charge in the exchanges.With the collapse of the Republican attempts to repeal and replace Obamacare, Trump <a href="http://www.businessinsider.com/trump-healthcare-state-lines-obamacare-ahp-2017-9">signaled over the last few weeks</a> that he would consider executive actions to reshape the insurance market as well as potential bipartisan deals.The president held a call with Senate Minority Leader Chuck Schumer last week, tweeted about the call and a possible healthcare deal on Saturday morning, and then reiterated the possibility of a deal to reporters as he departed the White House for an event in North Carolina on Sunday. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-threatens-totally-destroy-north-korea-united-nations-general-assembly-2017-9">'Rocket man is on a suicide mission': Trump threatens to 'totally destroy North Korea' in major UN speech</a></h3> <div> </div> </div>

Trump has a new plan to try to undercut Obamacare

New Delhi, Dec 16 () Financial sector players on Monday demanded reduction of GST on term insurance for increasing its penetration and streamlining KYC norms to expand financial inclusion.
 In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, representatives of financial sector and capital markets also highlighted the need for governance changes in public sector banks (PSBs) with special focus on recommendations of the P J Nayak Committee.
 Speaking to reporters after the meeting, Finance Secretary Rajiv Kumar said a number of suggestions came from various financial sectors including banks, insurance companies, non-banking financial companies (NBFCs) and housing finance companies.
 "There were taxation suggestions. We have taken note of it. Taxation concern would be addressed in given fiscal space. Inflation is still benign, credit growth is also happening. All these factors will be kept in mind," he said.
 To give a boost to Indian markets, the representatives from financial sector and capital markets submitted several suggestions concerning enhancing credit offtake from banks, governance, risk capital issues, improving functioning and alleviating stress among NBFCs, an official statement said.
 Besides, they made a case for promoting leasing by reducing GST, reduction of GST rates on term insurance for increasing its penetration and to provide easier credit to digitally active users by streamlining KYC norms, it said.
 Demand for GST reduction comes days ahead of the GST Council meeting to be scheduled on December 18.
 Suggestions were also received for enhancing support from private banks to the Stand-Up India scheme, it added.
 SBI Chairman Rajnish Kumar said suggestion with regard to taxation and improvement in credit growth were made.
 "We have made a suggestion to raise tax break on NPS (New Pension Scheme) from Rs 50,000 to Rs 1 lakh and increasing the age limit for the Atal Pension Yojana to 50 years," Pension Fund Regulatory and Development Authority member (finance) Supratim Bandyopadhyay said.
 Finance Industry Development Council Chairman Raman Aggarwal said overdependence of NBFC to banks needs to be rectified and funding sources need to be diversified.
 The industry has requested that a re-finance window for NBFC needs to be created under NABARD or SIDBI, he said.
 Along with the finance minister, the meeting was attended by Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, and Revenue Secretary Ajay Bhushan Pandey, and other senior officials of the finance ministry.
 Major stakeholders of financial sector and capital markets participated in the meeting including RBI Deputy Governor N S Vishwanathan, Sebi whole-time member Madhabi Puri Buch, LIC Chairman M R Kumar, Kotak Mahindra Bank Managing Director Uday Kotak, Max Life Insurance Managing Director Prashant Tripathy, among others. DP HRS

Financial sector firms pitch for tax break, GST reduction at pre-Budget meeting with FM

Klaus Vedfelt/Getty ImagesA lot is changing during the COVID-19 outbreak. Life insurance isn't one of them. <ul class="summary-list"><li>While <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-reaction-fed-rate-cut-coronavirus-economy-2020-3-1029001363">markets are in flux</a>, there's one thing that shouldn't be changing: the cost of <a href="https://www.businessinsider.com/personal-finance/recommend-term-life-insurance-to-anyone-reasons">term life insurance</a>.</li><li>Insurance companies depend on high interest rates and market performance for profitability, but term insurance generally isn't as affected as whole life insurance.</li><li>Experts generally recommend <a href="https://www.businessinsider.com/personal-finance/what-is-term-life-insurance">term life insurance</a> for most people, mainly because it's much cheaper to have. That won't be changing anytime soon, experts predict.</li><li><a href="https://policygenius.go2cloud.org/aff_c?offer_id=110&amp;aff_id=1592&amp;redirect_slug=businessinsider-life" target="_blank" rel="nofollow noopener">Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »</a></li></ul>In the wake of the new coronavirus, the Federal Reserve has made several <a href="https://www.businessinsider.com/fed-interest-rate-cut-zero-bond-holdings-coronavirus-pandemic-economy-2020-3">major cuts to interest rates</a>, and the stock market has fallen in ways <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-reaction-fed-rate-cut-coronavirus-economy-2020-3-1029001363">not seen since the 1980s</a>. Stocks are cheap, and <a href="https://www.reuters.com/article/us-usa-economy-inflation/rising-food-costs-lift-u-s-consumer-prices-coronavirus-to-weigh-on-inflation-idUSKBN20Y1U7">prices are rising on some household basics</a>, but there's one price expected to stay constant no matter what happens in the market: the cost of term life insurance.There are <a href="https://www.businessinsider.com/personal-finance/what-is-the-difference-between-term-and-whole-life-insurance">two types of life insurance</a>: Term life insurance, a favorite among experts for its relatively low prices, offers coverage that only lasts for a set number of years, ranging from 30 years to <a href="https://www.businessinsider.com/personal-finance/bestow-life-insurance-review" target="_blank" rel="noopener">as little as two</a>.The other type, whole or permanent life insurance coverage, is guaranteed to pay out eventually whenever the covered person dies, without the term limit, and can be tapped early for a cash payout. But, it can cost six to 10 times as much as term life coverage, so is generally recommended only for specific situations.Since whole life policies work in part as an investment - meaning that values depend largely on events happening in the stock market - policyholders could see some changes. But for <a href="https://www.businessinsider.com/personal-finance/why-consider-term-life-insurance-in-30s-40s-2019-6" target="_blank" rel="noopener">term insurance</a>, experts expect the cost should stay the same.<h2>Life insurance prices depend on a variety of factors</h2>There are many factors that influence the premium you'll see on your life insurance policy. <ul><li>Interest rates: Companies invest the money you spend on premiums to make money. For whole life policies, which work somewhat like a forced savings account, insurance companies use the money you spend on premiums to grow your policy's value. </li><li>The company's expenses: Companies have overhead expenses, like employees, building costs, and more. These expenses can add up and cost money. </li><li>Mortality tables: These tables look at risk, and help the company determine how likely it is that a benefit will have to be paid out. "Life insurance is based off of actuarial tables, which judge your mortality. And, there's an influence on it based off of claims history and what's going on," says Nicholas Mancuso, a life insurance expert and senior operations manager at insurance comparison site <a href="https://policygenius.go2cloud.org/aff_c?offer_id=110&amp;aff_id=1592&amp;redirect_slug=businessinsider-life" target="_blank" rel="nofollow noopener">Policygenius</a>.</li><li>Your individual circumstances: Each person's health history is different, and it can change the policy's prices quite a bit. Things like smoking habits; your age, height, and weight; and your personal health history can play a role in your pricing. </li></ul><h2>Prices shouldn't change for term life insurance policyholders</h2>While experts agree that it's too early to tell for sure what will happen with life insurance coverage, they don't expect to see big changes for term policies.Mark Sayre, head of risk solutions at online life insurance agency <a href="https://havenlife.sjv.io/c/196318/319957/4902?subId1=bipfi_031920_how-stock-market-affects-price-term-life-insurance&amp;u=https%3A%2F%2Fhavenlife.com%2Fget-started-eligibility" target="_blank" rel="nofollow nofollow noopener">Haven Life</a>, tells Business Insider that term insurance policies may be less affected by a falling stock market. "Term life insurance is much less interest rate-sensitive," he says. "I think where you may see price increases or price changes is more on the permanent insurance side where interest rates are a much bigger part of pricing."With term life pricing, current events play a much smaller role. "We take a much longer-term view, and therefore the product is less susceptible to short-term events like this," Sayre says. Haven Life offers only term life policies issued through Mass Mutual.The fact that the cost of term life remains constant means there's no downside to applying now. "If you're a healthy young person and you're applying for life insurance, your rates shouldn't be changed due to this coronavirus," says Allison Kade, the editorial director at <a href="https://shareasale.com/r.cfm?b=999&amp;u=1088116&amp;m=77846&amp;afftrack=bipfi_031920_how-stock-market-affects-price-term-life-insurance&amp;urllink=meetfabric.com%2F" target="_blank" rel="nofollow noopener">Fabric</a>, an online life insurance agency. "On the back end, the underwriting process is the same if you were to apply today as if you were to apply two months ago."<ul class="read-more-links"><li>Still shopping for life insurance? Get quotes from these Business Insider partners:</li><li><a href="https://policygenius.go2cloud.org/aff_c?offer_id=114&amp;aff_id=1592&amp;redirect_slug=more-life-insurance-coverage">Get quotes from Policygenius »</a></li><li><a href="https://shareasale.com/r.cfm?b=1404301&amp;u=1088116&amp;m=77846&amp;urllink=&amp;afftrack=more-life-insurance-coverage">Get quotes from Fabric »</a></li><li><a href="https://havenlife.sjv.io/MqyQo">Get quotes from Haven Life »</a></li><li><a href="https://bestow.sjv.io/K64x9">Get quotes from Bestow »</a></li></ul>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. <h3>NOW WATCH: <a href="https://www.businessinsider.com/student-loan-debt-strategies-save-money-2020-3">6 creative strategies to deal with student loan debt</a></h3>

As the market drops and prices fluctuate, one cost is expected to stay the same no matter what: term life insurance

New Delhi, Jan 19 () Telecom major Airtel on Sunday announced Rs 179 prepaid bundle that packs in a term life cover of Rs 2 lakh from Bharti AXA Life Insurance.
"Priced at... Rs 179, Airtel's new prepaid bundle offers unlimited calling to any network, 2 GB data, 300 SMS along with a term life cover of Rs 2 lakh from Bharti AXA Life Insurance," the company said in a statement. 
The pack has a validity of 28 days and is targeted at entry-level smartphone users and feature phone users in semi-urban and rural markets. 
"It will give these customers a simple and highly convenient channel to secure themselves and their families financially every time they recharge their Airtel mobile numbers," the statement added.
The insurance cover is available to customer aged 18-54 years and requires no paperwork or medical test, it said.
The policy or Certificate of Insurance will be instantaneously delivered digitally and a physical copy of the insurance can be provided on request, it added.
Shashwat Sharma, Chief Marketing Officer, Bharti Airtel, said that the company's prepaid bundles with built-in term insurance plans have got positive response from customers and this has encouraged it to take the solution even deeper to the masses. MBI MKJ

Airtel announces Rs 179 prepaid bundle with built-in life insurance cover

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Tasos Katopodis/Getty ImagesPresident Donald Trump</div></div></div><ul><li>The Department of Health and Human Services debuted a new rule expanding the use of short-term health insurance plans.</li><li>The rule would allow people to use short-term plans that do no comply with Obamacare regulations for up to 12 months. </li><li>People are currently only allowed to use such plans for three months.</li><li>Health policy experts say the plan will increase costs for the government and many sick people in the middle class who get their insurance through the Obamacare exchanges.</li></ul> The Trump administration on Tuesday <a href="https://www.cms.gov/Newsroom/MediaReleaseDatabase/Fact-sheets/2018-Fact-sheets-items/2018-02-20.html">debuted a new rule</a> that would allow Americans more access to short-term health insurance plans, in a move that some experts warn could have serious consequences for the Affordable Care Act, or Obamacare.The new rule would permit people with individual health insurance to purchase short-term coverage for up to one year.Currently, these short-term plans - which are designed to fill gaps in coverages in case someone loses their job or experiences a major life change - can't be used for more than three months.The Trump administration says the expanded use of short-term health plans will allow people greater flexibility and lower prices for healthy people."The status quo is failing too many Americans who face skyrocketing costs and fewer and fewer choices," Alex Azar, the secretary of the Department of Health and Human Services, said in a statement announcing the move. "The Trump Administration is taking action so individuals and families have access to quality, affordable healthcare that works for them."These short-term plans offer skinnier sets of benefits and do not have to abide by all regulations under the Obama-era health law. For instance, the plans can charge people more based on their health history, cap the amount of benefits a person can receive, and do not have to cover what are known as <a href="http://www.businessinsider.com/ahca-essential-health-benefits-ehb-2017-3">essential health benefits</a> - 10 baseline types of care.Given the "skinny" nature of the plans, they typically cost less up front and can save healthier people money.But many health policy experts warn that shifting more healthy people from Obamacare markets to these short-term plans could drive up costs for sicker people who remain in the individual ACA marketplaces.According to the administration's memo on the new rule, between 100,000 and 200,000 people are expected to take advantage of the new plans and shift out of the Obamacare marketplaces.Larry Levitt, a senior vice president at the Kaiser Family Foundation, a health policy think tank, said lower-income people in the ACA marketplace will be protected since they receive subsidies to offset the cost of insurance. But he predicted middle-class people would get hit hard."Short-term insurance plans will cherry pick healthy people, leaving ACA-compliant plans to cover a sicker pool with higher premiums," Levitt tweeted. "With the expansion in short-term insurance plans, low-income people will be protected from higher premiums by subsidies. Middle-class people with pre-existing conditions will feel the full brunt of higher premiums."He said the expansion would force the federal government to offset cost increases for some people by hiking tax credits they get on their premiums. The administration's memo said the need for increased premium assistance would cost the federal government between $96 million and $168 million per year."Keep in mind that HHS projects this change will cost the government $96-$168 million more every year," Rachel Sachs, an associate professor of law at Washington University in St. Louis, <a href="https://twitter.com/RESachs/status/965973655640559618">tweeted</a> after the rule's release. "So the government will spend millions more to provide fewer people with comprehensive insurance."Loren Adler, associate director at the University of Southern California and Brookings Institutions' Schaeffer Initiative for Health Policy, similarly pointed to the large cost."This is a VERY expensive rule for taxpayers," Adler <a href="https://twitter.com/LorenAdler/status/965970808102322177">tweeted</a>.The new rule is another in <a href="http://www.businessinsider.com/trump-plan-to-repeal-obamacare-affordable-care-act-2018-1">a series of major changes</a> to the nation's healthcare system from the Trump administration over the past year, including allowing new work requirement for Medicaid recipients and <a href="http://www.businessinsider.com/trump-gop-tax-reform-bill-obamacare-individual-mandate-impact-2017-12">the repeal of the ACA's individual mandate.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-a-politicians-character-is-more-important-than-their-capability-2018-2">Why a politician's character is more important than their capability, according to a reputation expert</a></h3> <div> </div> </div>

The Trump administration just made another big move to reshape the healthcare system

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jonathan Ernst/ReutersPresident Donald Trump</div></div></div><ul><li>The Trump administration rolled out a new proposal this week that would allow expanded access to short-term health insurance plans.</li><li>While the plans may bring down monthly costs for some healthy consumers, experts say they could cause serious trouble for sicker Americans.</li></ul> The Department of Health and Human Services this week announced a new proposal that would expand the use of short-term health insurance plans, opening the door for more people to use the "skinny" coverage products while taking another swipe at the law known as Obamacare.<a href="http://www.businessinsider.com/trump-hhs-rule-short-term-insurance-obamacare-change-2018-2">Under the proposed rule</a>, people could enroll in low-cost plans with skimpier benefits for up to 12 months, an increase from the current three-month limit imposed by the Affordable Care Act, or Obamacare. The rule would also attempt to make it easier for people to reenroll in the short-term plans, which are generally designed for people between jobs or close to retirement.The change, the Trump administration says, is meant to give more low-cost options to healthy people who do not get their coverage from an employer or government program. But many experts say the new plans could also open the door to problems that could result in sicker people paying much more.Dania Palanker, Kevin Lucia, and Emily Curran, health policy researchers at Georgetown University, <a href="http://www.commonwealthfund.org/publications/blog/2017/aug/short-term-health-plans">pointed to a series of potential trouble spots</a> that could arise under the plans.One potential problem they identified would come if an individual falls sick during the short-term plan period. For instance, if an individual enrolls in a 12-month short-term health plan in March and discovers a health problem in July, an insurer could determine the issue predated the person's enrollment. The insurer could then treat the sickness as a preexisting condition and deny some coverage - even if the person had no knowledge of the illness before enrolling."Even if they are offered coverage, people with preexisting health conditions may never have claims paid under short-term coverage," said a <a href="http://www.commonwealthfund.org/publications/blog/2017/aug/short-term-health-plans">report from the trio</a>. "Insurers may comb through members' medical histories to determine if a service was for a preexisting condition in order to deny a claim."The Trump administration recognized this possible pitfall in a report on the proposed rule."Depending on plan design, consumers who purchase short-term, limited-duration insurance policies and then develop chronic conditions could face financial hardship as a result, until they are able to enroll in PPACA-compliant plans that would provide coverage for such conditions," the administration's report said.<h2>A questionable history</h2>Additionally, many of the short-term plans have a pattern of past misuse. Bloomberg's Erik Larson and Zach Tracer <a href="https://www.bloomberg.com/news/articles/2017-10-16/trump-s-insurance-directive-renews-preexisting-conditions-fight">laid out how</a> some short-term plan providers have a history of overcharging consumers and not delivering on promised care.Issues have also arisen when a person is even able to sign up for the plans in the first place. May short-term insurers use rigorous questionnaires to determine whether a person had a pre-existing condition.For instance, some short-term plans ask if someone weighs more than a certain amount, has ever been pregnant, or experienced symptoms related to a slew of health problems over the five previous years. An answer of "yes" to any of those questions could make a price's plan increase dramatically.The Georgetown researchers noted that currently offered short-term plans have out-of-pocket payment maximums well above the current limits under Obamacare. That could lead to people signing up for the short-term plans because of cheap monthly premiums and paying much higher amounts when they need care.Obamacare, and the restrictions on short-term plans, were designed to prevent these sorts of problems for people with preexisting conditions. But it came at a cost, said Larry Levitt, a vice president at the Kaiser Family Foundation, a nonpartisan health policy think tank."The ACA provided protections for people with pre-existing conditions, but raised premiums for middle-class healthy people who don't qualify for subsidies," he tweeted. "An expansion in short-term insurance plans rolls that back some." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-a-politicians-character-is-more-important-than-their-capability-2018-2">Why a politician's character is more important than their capability, according to a reputation expert</a></h3> <div> </div> </div>

Trump's newest plan to undercut Obamacare could cause a disaster for many Americans

<a href="https://www.businessinsider.com/master-your-money"></a><div type="image" title="Young man at home, paying bills online" height="1155" width="2309" msid="77070900" hostid="261"></div><ul class="summary-list"><li>Being young comes with advantages such as early investing which can potentially lead to more wealth down the line.</li><li>And, achieving the level of wealth you want for your future is dependent on what you do while you're young. </li><li>These are five things Chuck Cavanaugh, head of wealth planning for Citi Personal Wealth Management, wishes he knew when he was 25. </li></ul>As wealth planners, my team and I provide guidance to our clients about how to create financial plans and strategies to help build and sustain wealth throughout their lifetimes. Over the last 30 years, I've been fortunate enough to listen to their challenges and help build solutions for them. When I think over what I've learned throughout my career, there are choices along the way that I wish I had been more aware of when I was younger. Here are the top five things I would tell my 25-year-old self:<h2>Start investing early</h2>The earlier you start investing, the easier it is to build wealth.When you invest early, you are able to benefit from growth over a longer period of time. Younger investors have the gift of having decades ahead of them, making now an opportune time to take risks. Young people have a greater capacity to weather market volatility, unlike older investors. Generally, they have the time to rebuild from any market losses they may experience. <h2>Max out your 401(k) and take advantage of the tax breaks</h2>An easy way to start investing is to contribute to your employer's 401(k) <keyword id="6354308" type="UNKNOWN" weightage="60" keywordseo="plan">plan</keyword> and take advantage of their matching offers when available. If you contribute the amount needed to obtain the full match, you are already earning a 100% return on your investment.Your contributions come out of your paycheck pre-taxed, so you don't even know it's missing. Plus they grow tax-deferred until you take out the money for retirement.If you don't have a 401(k) plan, consider contributing to a tax-deferred plan, such as a traditional or Roth IRA. <h2>Focus on long-term goals</h2>When you're young, you're not thinking about retirement. There are so many other major expenses coming your way, making it easy to focus on short-term goals, such as saving for a vacation or buying a new car. But you also need to focus on longer-term goals.Breaking your longer-term goals into multiple shorter-term goals can help prevent you from becoming overwhelmed. Since long-term goals, like buying a house or achieving financial independence, may take many years to achieve, saving today will get you closer to making those goals a reality. <h2>Create a budget</h2>No one likes <keyword id="124303" type="PERSON" weightage="60" keywordseo="Budgeting">budgeting</keyword> — and it can be a struggle even among my wealthiest clients — but it's the foundation for acquiring wealth.Creating a budget forces you to look at your cash flow to determine how much money you need to "keep the lights on" versus how much you earn. A budget keeps spending in check and makes sure your saving is on track to meet your future goals. When you get into the habit of automatically allocating a portion of your budget to put into an emergency fund, you are protecting yourself from financial turmoil should unexpected events occur. The current coronavirus pandemic clearly highlights the importance of having an emergency savings account. <h2>Buy life insurance when you are young</h2>Buying life insurance when you're younger can save you thousands of dollars in the long run. As you get older, the cost of life insurance gets more expensive because the premiums are correlated to age and health. If you wait until you have a partner and children, premiums will be much more expensive.There are two types of insurance — term and permanent. Term lasts for a period of time and then ends; whereas, permanent is designed not expire if premiums are paid.If you like the idea of permanent insurance but can't afford it right now, you may want to consider buying a level-term insurance product with a conversion option. With term insurance, you're essentially renting life insurance each year. The conversion option allows you to convert to a permanent policy later when you can afford it without being required to go through the medical underwriting process. I think everyone eventually regrets not having bought more insurance when they were younger - I know I do!This article was contributed by Charles Cavanaugh, head of wealth planning for Citi Personal Wealth Management, and a member of BI's Money Council.

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