INSURANCE AND INFORMATION TECHNOLOGY

About Beema Samiti (INSURANCE BOARD)

2010-03-24T05:52:00.000-07:00

Background

Beema Samiti (Insurance Board) is the Insurance Regulatory Authority of Nepal, The line ministry of the Finance Ministry, Nepal. The word 'Beema' means 'Insurance' and 'Samiti' connotes 'Board'. Hence, the Word 'Beema Samiti' is synonymous to Insurance Board which is constituted to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992. This Samiti (Board) looks after all the insurance related activities in the State of Nepal. As a regulatory body, the Board's main concern is to create a professional, healthy and developed insurance market in Nepal.Further more, after the restoration of democracy in 1990 AD, insurance environment began to change simultaneously along with other factors. Thus to meet the requirements of the changing situation, Insurance Act, 1968 was repelled by new Insurance Act, 1992 (Beema Ain, 2049). The preamble of the Act clearly states the purpose of the Act, thus "to establish an Insurance Board to systematize, regularize, develop and regulate the insurance business". To achieve the goal of the preamble, Beema Samiti (Insurance Board) is formed as an autonomous body the Insurance Act of 1992.

पृष्ठभूमि

बीमा समिति नेपाल अधिराज्यको बीमा क्षेत्रको नियामनकारी आधिकारिक निकाय हो, जो नेपाल सरकार, अर्थ मन्त्रालयको एउटा लाइन संगठन हो । बीमा ऐन, २०४९ अनूसार नेपाल अधिराज्य भित्र बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नका लागि बीमा समितिको स्थापना भएको हो । नेपाल अधिराज्य भित्रका बीमा तथा सो सम्बन्धि गतिविधिलाई यस समितिले नियमनकारी संस्थाको हैसियतले निगरानी राख्दछ । यस संस्थाको मूल उद्देश्य विकसित, स्वस्थ र पेशागत बीमा बजारको विकास गर्नु हो ।वि।सं.२०४६ सालमा प्रजातन्त्रको पुर्नस्थापना भए पश्चात अन्य क्षेत्रहरुमा जस्तै बीमा क्षेत्रमा पनि परिवर्तनहरु देखा परे । परिवर्तित सर्न्दर्भलाई मनन गरी वि.सं. २०४९ सालमा बीमा ऐन २०२५ लाई प्रतिस्थापन गर्दै नयां बीमा ऐन २०४९ जारी गरियो । ऐनको प्रस्तावनामा नै स्पष्ट रुपमा भनिएको छ "बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नको लागि बीमा समितिको स्थापना गरिएको हो ।" प्रस्तावनामा उल्लेखित लक्ष्य प्राप्त गर्नका लागि एक स्वायत्त संस्थाका रुपमा बीमा ऐन २०४९ अनुसार यस समितिको स्थापना भएको हो ।

LOCATION OF BEEMA SAMITI-Kathmandu(Capital City of Nepal)

CONSTITUTION OF BOARD

The Board is constituted under the Insurance Act, 1992, article 3. The form of the board is as under.
A person nominated or designated by Nepal Government
Chairman
Representative, Ministry of Law, Justice and Parlimentary Affairs
Member
Representative, Ministry of Finance
Member
A person nominated by Nepal Government from among the person having the special knowledge in the Insurance Business
Member
A person nominated by Nepal Government from among the insured
Member
Nepal Government may make alteration of the member of the Board by publishing a notification in the Nepal Gazette, if it deems necessary. The tenure of the nominated members of the Board shall be four years. They may be re-nominated up to twice after the expiry

समिति को गठन
बीमा समितिको गठन बीमा ऐन २०४९ को दफा ३ अन्तर्गत हुने गर्दछ । संचालक समितिको स्वरुप यस प्रकार छ ।
नेपाल सरकारले नियुक्त गरेको वा तोकेको व्यक्ति
अध्यक्ष
प्रतिनिधि, कानुन, न्याय तथा संसदीय व्यवस्था मन्त्रालय
सदस्य
प्रतिनिधि, अर्थ मन्त्रालय
सदस्य
बीमा व्यवसायमा विशेष ज्ञान भएका व्यक्तिहरु मध्येबाट नेपाल सरकारले मनोनित गरेको एक जना व्यक्ति
सदस्य
बीमितहरु मध्येबाट नेपाल सरकारले मनोनीत गरेको एकजना व्यक्ति
सदस्य
नेपाल सरकारले आवश्यक देखेमा नेपाल राजपत्रमा सूचना प्रकाशित गरी सदस्यहरुको हेरफेर गर्न सक्नेछ । मनोनितहरुको कार्यवधि चार वर्षको हुनेछ । सदस्यहरुलाई पुन: दुई पल्टसम्म मनोनित गर्न सकिनेछ ।

FUNCTIONS, DUTIES AND RESPONSIBILITIES
In order to systematize, regularize, develop and regulate the insurance business in the Kingdom, the following functions, duties and powers are conferred on Beema Samiti:
Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business,
Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment,
Register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration,
Arbitrate in the disputes, which arises between the insurer and insured,
Make decision on the complaints filed by the insurer regarding to the settlement of liability of the insurance,
Issue necessary directives to the insurer from time to time regarding insurance business,
Formulate necessary basis fo the protection of interest of the insured, and
Do or caused to do other necessary functions regarding insurance business.

काम कर्तब्य र उत्तर्दैत्वा

नेपाल अधिराज्यको बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नको लागि बीमा समितिको निम्न काम, कर्तब्य र अधिकार हुनेछ ।
बीमा व्यवसायलाई व्यवस्थित, नियमित, विकसित तथा नियन्त्रित गर्नको लागि नीति निर्धारण गर्न नेपाल सरकारलाई आवश्यक सूझाव दिने,
बीमाबाट प्राप्त हुन आएको रकम लगानी गर्नको लागि नीति निर्धारण गरी प्राथमिकता क्षेत्र तोक्ने,
बीमक, बीमा अभिकर्ता, सर्भेयर वा दलालको दर्ता र नवीकरण गर्ने तथा दर्ता खारेज गर्ने, गराउने,
बीमक तथा बीमित बीचको वाद विवादमा मध्यस्थता गर्ने,
बीमा दायित्व निर्धारणका सम्बन्धमा बीमक विरुद्ध बीमितले दिएको उजुरी उपर निर्णय गर्ने,
बीमा व्यवसायका सम्बन्धमा बीमकलाई समय समयमा आवश्यक निर्देशन दिने
बीमितको हित रक्षाको निम्ति आवश्यक आधार तर्जुमा गर्ने, र
बीमा व्यवसायसंग सम्बन्धित अन्य आवश्यक काम गर्ने

MISSION, GOAL & OBJECTIVE
Mission
To help to develop the Nepalese Economy and uplift the living standard of Nepalese people throgh fair, equitalble and sustainable development of whole insurance sector Nepal

Goal
To develop the insurance business of Nepal
To protect the interest of policyholders

Objective
To systematize, regularize. develop and regulate the insurance business of Nepal

मिसन ,लक्ष्य र उद्देश्य

मिसन
नेपालको समग्र बीमा क्षेत्रको स्वस्थ, समतामूलक तथा दीगो बिकास गरी नेपाली जनताको जीवनस्तर उकास्ने तथा नेपालको अर्थतन्त्रको विकासमा सहयोग पु-याउने

लक्ष्य
नेपालको बीमा ब्यवसायको बिकास गर्ने
बीमालेख लिनेहरुको हकिहतको रक्षा गर्ने

उद्देश्य
बीमा ब्यवसायलाई ब्यवस्थित, नियमित, बिकसित तथा नियन्त्रित गर्ने

POST BY BIJAY THAPA.

Beema Samiti- Insurance regalatory authority of Nepal

2010-03-24T05:45:00.000-07:00

Citizen Charter
Citizen charter is published for the general public in order to inform how Beema Samiti works as a regulatory authority. Who and which departments are responsible for which task in what cost and time is mentioned in Citizen Charter. The charter is a public commitment of Samiti to accomplish job timely and accountably.

नागरिक बडापत्र

बीमा नियमनकारी निकायको रुपमा समितिले कसरी कार्य गर्दछ भन्ने जानकारी सर्बसाधारणलाइ प्रदान गर्नको लागि नागरिक बडापत्र प्रकाशित गरिन्छ । कुन बिभाग र कुन ब्यक्ति के कामका लागि जिम्मेवार छन् र उक्त कार्यको लागि कति लागत र समय लाग्दछ भन्ने जानकारी नागरिक बडापत्रमा उल्लेख हुन्छ । बडापत्र समितिले समयमा र जिम्मेवारीपूर्वक कार्य गर्नका लागि गरिएको एउटा सार्वजनिक प्रतिवद्धता हो ।

BEEMA SAMITI-Insurance Regulatory Authority of Nepal

2010-03-24T05:26:00.000-07:00

Beema Samiti (Insurance Board) an autonomous body, established to develop, systemize, regularize and regulate the insurance business of Nepal under Insurance Act, 1992.

Initial Draft of the Prop.Ins. Act, 2009

We urge all general public, stakeholders, experts and professionals to comment, advise and suggest on the Initial Draft of the Proposed Insurance Act, 2009 to make it more approprate and addressive.
Note: Only Nepali version of the draft has been placed on the menu of Initial Draft of the Proposed Insurance Act, 2009,

Notice of Training of Agent

Notice of Training of Insurance Agent
Beema Samiti (Insurance Board) Provides training of Insurance Agents . If you are willing to work as a insurance agent , contact to Beema Samiti (Insurance Board). After taking training of life insurance agent or non life insurance training from Beema Samiti (Insruance Board), you can work as an agent of any one or more insurers of Nepal. But if you have taken insurer agent's training from insurance company, you can work as an insurance agent of the respective company only. To know the time and date of training, you can see the menu Training on the above horizontal bar and open the submenus Insurance Agents

Required Documents and fee for Agent's Training:

1. Transcript and Character Certificate of any level above SLC and their attested copies

2. Citizenship certificate and its attested copy3. Rs. 1000 per head.

(अभिकर्ताको तालिमको सूचना)

बीमा अभिकर्ताको तालिमको सूचना
बीमा समितिले जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम प्रदान गर्दछ । यदि बीमा अभिकर्ता र बीमा सर्भेयर भई काम गर्ने इच्छा छ भने बीमा समितिमा सम्पर्क राख्नुहोस् ।बीमा समितिबाट जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम लिएपछि कुनै पनि एक वा सो भद्ना बढी बीमा कम्पनीको अभिकर्ता भइ कार्य गर्न सकिन्छ । तर कुनै बीमा कम्पनीले प्रदान गरेको तलिम लिनु भएको छ भने सोही कम्पनीको अभिकर्ताको रुपमा मात्र कार्य गर्न सक्नु हुनेछ । जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम बीमा समितिमा कहिले कहिले हुन्छ भन्ने बारेमा जान्न यो पेजको माथिल्लो लहरमा देखिने तालिम मेनु भित्र रहेको बीमा अभिकर्ता शिर्षक हेर्नुहोस् ।
बीमा अभिकर्ताको तालिमको लागि आवश्यक काजगपत्र तथा

शुल्क

१. ट्रान्सकृप्ट र चारित्रिक प्रमाणपत्रको सक्कल र प्रमाणित नक्कल

२‌. नागरिकताको प्रमाणपत्र र र प्रमाणित नक्कल३. प्रति ब्यक्ति रु. १०००

Notice of Insurance Surveyors Training

Beema Samiti (Insurance Board) Provides training of Insurance Insurance Surveyors. If you are willing to work as a insurance surveyor, contact to Beema Samiti (Insurance Board).
To know the time and date of training, you can see the menu Training on the above horizontal bar and open the submenu Insurance Surveyor.

Required Documents and fee for Surveyor's Training:

1. Certificates and attested copies of being Bachelor in Engineering or Chartered Accountant or Bachelor in Insurance or having experience of being officer in any insurance company with Bachelor's Degree in any discipline

2. Citizenship certificate and its attested copy3. Rs. 2000 per head

(बीमा सर्भेयरको तालिमको सूचना)

बीमा समितिले बीमा सर्भेयरको तालिम प्रदान गर्दछ । यदि बीमा सर्भेयर भई काम गर्ने इच्छा छ भने बीमा समितिमा सम्पर्क राख्नुहोस् ।
सर्भेयरको तालिम बीमा समितिमा कहिले कहिले हुन्छ भन्ने बारेमा जान्न यो पेजको माथिल्लो लहरमा देखिने तालिम मेनु भित्र रहेको बीमा सर्भेयर शिर्षक हेर्नुहोस् ।
बीमा सर्भेयरको तालिमको लागि आवश्यक काजगपत्र तथा शुल्कः:

१. इन्जिनियरिङ वा बीमा ब्यवस्थापनमा स्नातक गरेको वा चार्टड एकाउण्टेन्सी उत्तिर्ण गरेको प्रमाणपत्रको सक्कल र प्रमाणित नक्कल वा स्नातक उत्तिर्ण गरी कमसेकम दश बर्ष कुनै बीमा कम्पनीमा अधिकृत स्तरमा कार्य गरेको प्रमाणपत्रको सक्कल र प्रमाणित नक्कल

२‌. नागरिकताको प्रमाणपत्र र र प्रमाणित

नक्कल३. प्रति ब्यक्ति रु. २०००

POST by Bijay Thapa.

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA.

2010-03-20T23:01:00.000-07:00

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA
FOREIGN EMPLOYMENT POLICY

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA IS DESIGNED TO COVER NATURAL AS WELL AS ACCIDENTAL INSURANCE FOR PEOPLE LIVING AND WORKING OUT OF NEPAL.

Key Features
Low premium rate as it does not carry any saving factor In the event of death of the person living abroad, a sum of Rs. 500,000 will be paid to the beneficiary

Policy Requirements
Minimum Entry Age: 18 Years
Maximum Entry Age: 55 Years
Maximum Minimum Policy Term: 1 Year
Maximum Policy Term: 5 years
Premiums Payment Mode: Single Premium
Benefits
Maturity Benefits- None
Death Benefits – NPR. 500,000 and body carrying cost of NPR. 50,000
Total Partial Disability Benefits
Two hands or two legs or two eye sight: 100% of Face Value
One hand and one leg: 100% of Face Value
One hand or one leg and one eye sight: 100% of Face Value
Hearing power of two ears: 50% of Face Value
Any one hand or leg: 50% of Face Value
Any one hand or leg: 50% of Face Value
Sample Premium ratesFollowing is the sample premium rate for PrimeLife Baideshek Rozgar insurance policy for Face Value NPR 500,000 on Single Premium payment mode .

PRIME LIFE KARJA SURAKSHYA JIVAN BIMA

2010-03-20T22:47:00.000-07:00

PRIME LIFE KARJA SURAKSHYA JIVAN BIMA
Mortgage Redemption Insurance plan.

Mortgage Redemption Insurance product is designed to protect a repayment of mortgage debt.

Key Features
It is a special policy for financial institution’s loan customers Low premium rate as it does not carry any Saving factor Reducing coverage of the insurance corresponding to customer’s reducing outstanding loan balance In the event of death of the borrower, the proceeds of the policy will be paid to the Financial Institution to cover the current outstanding loan

Policy Requirements

Banks or Financial Institution will act as an administrator for collection and remittance of premiums and submission of loan customers’ application form to Prime Life Insurance Company Ltd.
Minimum Entry Age: 20 Years
Maximum Entry Age 55 Years
Maximum Maturity Age: 60 Years
Minimum Policy Term: 5 Years
Maximum Policy Term: 20 years
Premiums Payment Mode: Yearly

Benefits
Maturity Benefits- None
Death Benefits – Outstanding loans due to financial institutions will be paid by PrimeLife.

Supplementary Riders
None

Additional Disclosure

Policies on which premiums are paid will not carry any surrender value or loan facility.

Sample Premium rates

Following is the sample premium rate for PrimeLife Karja Surakshan Single Premium per NPR. 1000/- for Interest rate over 10% & upto 15% P.A.

THE TERM 'JIVAN BINA'=LIFE INSURANCE

POST By Bijay Thapa.

PRIME LIFE JIVAN SURAKSHAYA

2010-03-20T22:26:00.001-07:00

PRIME LIFE JIVAN SURAKSHYA
(Whole life endowment with profits)
This product provides sum assured plus bonus at the end of the insurance period. Additional death risk cover for the entire life after the insurance period without any additional premium is provided.

Key Features
Insurance term can be determined as per requirement
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum age of Entry 16 Years
Maximum age of Entry 65 Years
Minimum Sum 100,000
Maximum Sum Assured No limit
Minimum Policy Term 5 years
Maximum Policy Term 54 Years
Maximum Maturity Age 70 Years
Mode of Premium Payment Yearly, Half Yearly & Quarterly
Benefits
Maturity Benefits- Full sum assured plus bonus
Death Benefits - Full sum assured plus bonus

Supplementary Riders
Accidental Death Benefit (maximum up to NPR 500,000)

Sample Premium ratesFollowing is the sample premium rate for Whole Life Endowment per NPR. 1000/-

PRIME LIFE SWARNIM BEEMA

2010-03-20T22:02:00.000-07:00

PRIME LIFE SWARNIM BEEMA
(Child Endowment with Profits)

This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. At PrimeLife, we understand the value of securing child’s future and offer a plan “PrimeLife Swarnim” to help secure a bright future for children.

Key Features
Insurance term can be determined as per requirement
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum Sum assured 50,000
Maximum Sum Assured 1,000,000
Minimum age of Child 0 Years
Maximum age of Child 15 Years nearest birthday
Minimum age of Proposer 18 Years
Maximum age of Proposer 60 Years
Maximum maturity age of Proposer 65 Years
Minimum policy term 10 Years
Maximum policy term 30 Years
Mode of Premium payment Yearly, Half Yearly & Quarterly

Benefits
Maturity Benefits- Full sum assured plus bonus
Death Benefits – Full sum assured plus bonus

Supplementary Riders
Monthly Income Benefit
Premium Waiver Benefit

Sample Premium ratesFollowing is the sample premium rate for PrimeLife Dhan Sagar (Money back policy) per NPR 1000/-

POST BY Bijay Thapa.

PRIME LIFE DHAN SAGAR POLICY

2010-03-20T21:44:00.000-07:00

PRIME LIFE DHAN SAGAR
(Money Back Policy with profits)
Customers require funds for different requirements at different stages in life. Be it for child’s education, wedding or for old age. PrimeLife Dhan Sagar is structured to meet requirements at periodical intervals.

Key Features
Insurance term can be either 15 or 20 years
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum Sum Assured: NPR 50,000
Maximum Sum Assured: No limit
Minimum Entry Age: 16 Years
Maximum Entry Age: 50 Years for 15 Years Term and 45 Years for 20 Years
Policy Term: 15 or 20 Years
Maximum Policy Term: 49 years
Maximum Maturity Age: 65 Years
Premium Payment Frequency: Yearly, Half Yearly and Quarterly

Maturity Benefits

15 Years Term Benefits
5 years from commencement: 25% of basic sum assured
10 years from commencement: 25% of basic sum assured
At Maturity: 50% of basic sum assured plus Bonus

20 Years Term Benefits
5 years from commencement: 25% of basic sum assured
10 years from commencement: 25% of basic sum assured
15 years from commencement: 25% of basic sum assured
At Maturity: 40% of basic sum assured plus bonus.

DeathBenefit Sum Assured plus Bonus

Supplementary Riders
Accidental Death Benefit (maximum up to NPR 500,000)
Accidental Total Permanent Disability Benefit (maximum up to NPR 500,000)

Sample Premium rates

Following is the sample premium rate for PrimeLife Dhan Sagar (Money back policy) per NPR 1000/- NPR 1000/-

PRODUCTS-PRIME LIFE SARAL JIVAN

2010-03-20T21:25:00.000-07:00

PRIME LIFE SARAL JIWAN

PRIME LIFE SARAL JIWAN
Endowment Plan with profits

Regular saving is the best tool to protect family against unseen future uncertainties. We at PrimeLife understand the value of savings and present a regular Premium Endowment Plan which will help save regular amount for a safer tomorrow.

Key Features
Insurance term can be determined as per requirement
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum Sum Assured: NPR 25,000
Maximum Sum Assured: No limit
Minimum Entry Age: 16 Years
Maximum Entry Age: 60 Years
Minimum Policy Term: 5 Years
Maximum Policy Term: 49 years
Maximum Maturity Age: 65 Years
Premium Payment Frequency: Yearly, Half Yearly & Quarterly

Benefits
Maturity Benefit: Sum Assured plus Bonus
Death Benefit: Sum Assured plus Bonus

Supplementary Riders

Accidental Death Benefit (maximum up to NPR 500,000)
Accidental Total Permanent Disability Benefit (maximum up to NPR 500,000)

Sample Premium rates

Following is the sample premium rate for Endowment per NPR 1000/-

POST BY Bijay Thapa.

TECHNOLOGY- PRIME LIFE

2010-03-20T21:18:00.000-07:00

PrimeLife Technology

PrimeLife is powered by an international software called ‘SohamLife’, which is a central database system and can be accessed by all the branches at the same time for policy issuance and updates. With the help of this software, PrimeLife is able to deliver service to its customers efficiently

SMS Service

The company has introduced an SMS system, through which all the policyholders receive notification for payment of policies. This system helps the policyholders to continuously receive life insurance benefits.

POST BY BIJAY THAPA

CORPORATE GOVARENCE-PRIME LIFE NEPAL

2010-03-20T21:02:00.000-07:00

PRIME LIFE INSURANCE COMPANY NEPAL LIMITED.

GOOD PERSONNAL RELATIONSHIP

IMPROVING TECHNOLOGY

Corporate Governance

"At PrimeLife, we are committed to the highest standards of corporate governance and ethical conduct. To ensure our commitment, we have developed a framework within which we operate that enables us to be governed by laid down policies and procedures.

In order to monitor critical areas of business, following committees have been formed:

AUDIT COMMITEE

This committee consists of three Board of Directors, which continuously monitors governance of laid down policies. It also ensures compliance of the comments made by independent Internal Auditor in the day-to-day affairs of the company.

Investment Committee

This is a functional committee, consisting of 2 Board of Directors, 1 Advisor to the Board and CEO. The role of investment committee is to ensure right balance between returns and safety of the company’s investments.

Executive Committee

Executive Committee, which consists of CEO, GM, Head of Businesses, Head of Underwriting, Head of Finance, Head of IT, Head of Admin & HR,ensures effective management of the company.

Risk Management Committee

This committee is chaired by CEO. GM, Head of Underwriting, Head of Finance and Head of IT are the other members of the committee. It works within the purview of Audit Committee and ensures zero gaps between the laid down policies and activities of the company.

PrimeLife Technology

Re-insurer of PrimeLife is ScorGlobal Life, which is a top 5 Global Life Re-insurer based in Paris with an Assets value of USD 6.9 billion.

POST BY BIJAY THAPA.

BOARD OF DIRECTORS OF PRIME LIFE NEPAL

2010-03-20T20:37:00.000-07:00

Board Of Directors

MR. RAJENDRA KUMAR KHETAN
CHAIRMAN

MR. RATAN LAL SANGAHI

DIRECTOR

MR C.P. KHETAN

DIRECTOR

MR. GOPI KRISHNA SIKARIA

DIRECTOR

MR SUMAN JOSHI

DIRECTOR

MR PREM PRAKASH KHETAN

DIRECTOR

MR MADHU SUDAN AGRAWAL

DIRECTOR

Introduction of Prime life insurance Company Limited

2010-03-20T20:14:00.001-07:00

Introduction of Prime life insurance Company Limited

Company Overview

MR. RESTA JHA, -CEO

PRIME LIFE AT A GLANCE • Came into existence in June 2007 • The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interests and expertise • It reinsures with SCOR Global Life, which is a top 5 Life Re-Insurer of the world • It is powered by international operating software called 'SohamLife' • Introduced an SMS System, through which all the policy holders receive notification for payment of policies

INTRODUCTION Over the last decade, Nepalese insurance industry has undergone a substantial change, from being the domain of nationalized players to attracting private sector companies. Globalization and the consequent creation of new companies have sharply increased the competitive intensity and dynamism of the insurance business. This has fostered a need for greater flexibility in operations and processes to gain competitive advantage.

As the industry has changed, so too has the customer- provider relationship. In the modern context, insurance distribution is not only the old “Feet on Street” (FOS) agency model but has also become sophisticated and more effective with technology playing a greater role in enhancing services.

PrimeLife at a glance

Prime Life Insurance Co. Ltd. (PrimeLife) came into existence in June 2007. Promoted by eminent business groups, PrimeLife has carved a niche for itself in the insurance sector and has achieved the following:
Earned net profit of NPR 56.75 million in the first fullyear operation. This is an unprecedented achievement in the Nepalese Life Insurance Industry.
More than 165,000 policies in just 2 years of operation.
Collected premium amounting to NPR 330 million.
Increased its distribution network by opening 44 points of representations (including Branches and Sales Offices) all over Nepal.
Continues to be among the fastest growing life insurance company with incremental growth in premium, quality of business, customer service and assurance of good returns.
The share holding constitutes of the promoters holding 70 percent and 30 percent is to be offered to general public. The promoters represent Nepal’s leading and highly prominent business groups having widely diversified business interests and expertise. Laxmi Bank Limited, one of the leading commercial banks in Nepal, is one of the major promoters with 15 percent stake. We are expecting approval from Securities Exchange Board for Initial Public Offerings (IPO) amounting to NPR 108 million by the end of January 2010. After the completion of IPO, company’s capital base will increase to NPR 360 million from existing NPR 252 million.

Our Values

Our values are based on high standards of corporate governance, transparency and professionalism. Governed by our values, we are in the mission to:
Provide complete range of life insurance products bundled with innovation and superior customer services in order to achieve excellent business growth and provide superior value to all our stakeholders.
To make Prime Life appealing to the target consumer in terms of the following benefits earned:• Savings; • Life security; and • Tax benefits

We expect to achieve our overall vision through an excellent team work.

CEO's Perspective-Prime Life

2010-03-20T20:02:00.000-07:00

Prime Life Insurance Company Limited
CEO's Perspective
Mr. Resta Jha , CEO

CEO says: PrimeLife Insurance Company is on the move. Promoted by eminent business groups of Nepal, PrimeLife has been able to book a net profit of NPR 56.75 million in its first year itself. With a steady growth in ‘Life’ and significant market share in ‘Foreign Employment’ businesses, the future is looking even brighter. Through its various products, PrimeLife offers three important benefits to its valued customers: • Savings • Life Security • Tax Benefit

We have opened 42 points of representations (Branches and Sales Offices) so far and are planning to open 44 more offices in various parts of Nepal within next 18 months. A massive awareness and advertising campaign has begun and through increasing level of engagement between employees and agents, PrimeLife is going to achieve unprecedented milestones in the days to come.

Powered by sophisticated international software ‘SohamLife’, company has been able to put together an efficient system, thereby being able to issue policies and settle claims at a fastest speed going by the industry standards. Corporate governance is another area of focus for PrimeLife. We believe our approach to risk management practices is a strategic differentiator and a key driver for our sustained and quality growth.

With upcoming Initial Public Offerings (IPO), company’s capital is going to increase to NPR 360 million from existing NPR 252 million. This will provide us with new areas of investments and growth.

PrimeLife Team is all set to raise the bar of Insurance business in Nepal

"With a steady growth in ‘Life’ and significant market share in ‘Foreign Employment’ businesses, the future is looking even brighter."

Mr. Resta Jha
CEO PrimeLife Insurance Company Limited

Mobile Promotions and Location-Based Marketing

2010-03-19T19:47:00.000-07:00

Mobile Promotions and Location-Based Marketing

Cindy Krum explains mobile couponing, digital proximity and location-based marketing, and creating mobile loyalty programs.
One of the best opportunities in mobile marketing is the capability to build brand awareness and goodwill with your target market. Mobile promotions help customers feel appreciated and, thus, feel more loyal to your brand. With the appropriate customer-tracking systems, loyalty programs can be layered in to create an even closer connection between your customers and your brand. This kind of deep connection can help drive sales, but it will also help create brand evangelists who will endorse your brand to all their friends, which is quite powerful. Mobile promotion is also an ingenious way for companies to reach out to their customers and create a mobile presence without creating and maintaining a mobile website.
The most common mobile promotions begin with SMS, MMS, and proximity marketing messages. These can be followed by coupons, discounts, or promotions that are sent directly to the customers' mobile phones. The coupons or discounts can then be redeemed in a variety of ways. After customers have opted in to your mobile communication, loyalty programs can be developed to optimize your customer interaction at the most granular and personal level. This chapter focuses on using SMS, MMS, and location-based marketing to build a list of potential customers who are interested in receiving marketing messages from you. It then details how to drive sales with mobile coupons and promotions, and finally, how to leverage loyalty programs to create a custom communication strategy to reach your most loyal customers.

Introduction to Mobile Promotions
A 2008 study by Jupiter Research estimated that retailers send out nearly three billion mobile coupons per year worldwide. Mobile couponing, or mCoupons, have yet to be widely adopted in the United States, but they have seen much more success in Europe and Asia. In the United States, problems with delivery and redemption are still being worked out. Despite the complications, mobile couponing is a great way to drive foot traffic to brick-and-mortar stores.
The goal of mCoupons is basically the same as that of traditional coupons: They should drive revenue by encouraging higher volume and repeat sales. They can also help increase product awareness and move overstocked inventory to make room for new, more valuable products. Mobile couponing can be much more tailored to the needs of the specific consumer and less costly than traditional print coupons. For the user, they are also nice because mobile coupons don't have to be clipped and carried around to be redeemed.
The most important consideration when you are developing mobile couponing strategy is the ease of use for the consumers. If the process for sign-up, delivery, and redemption of a coupon is too complicated or time consuming, users will not participate. To develop an effective mobile couponing strategy you must understand the three elements of mobile couponing: coupon messaging, coupon targeting, and coupon delivery and redemption.

What Products Are Right for Mobile Couponing?
Before you get started with mobile couponing, you must assess your goals and expectations. Some products and services are more appropriate for mobile promotions than others. Mobile promotions provided by retailers are much more intuitive than promotions provided by manufacturers. This is because when you are working with a specific retailer, you can ensure that they will have the necessary equipment and training to redeem mobile coupons or discounts at their counters. Because coupons offered by manufacturers can be redeemed at any location that sells the product (for instance a 50¢ off coupon for Velveeta Cheese), there is no way of ensuring a problem-free redemption of the coupon.
Some companies have tried to surmount this obstacle, but their efforts have seen varying success. CellFire, Hothand Wireless, and SingleTouch Interactive have three different models whereby participants can interact with a database of manufacturer coupons (online or through a downloadable application), to choose the manufacturer coupons that they would like from their mobile phone. After coupons are selected, the information is sent to their loyalty account, and redemption happens automatically when the user scans his or her loyalty card at the register.
Mobile coupons from retailers are much simpler. Besides knowing that the retailer will be able to redeem the coupon, there is a lower likelihood that your customers will have more than one or two coupons to redeem during any one transaction. This makes the redemption of the coupon a simpler process and, thus, more rewarding for the consumer and the retailer.

Mobile Coupon Messaging
The most effective and easily redeemable mobile coupons are sent via SMS or MMS. Although it is not yet required by law, the Mobile Marketing Association stringently suggests that users must opt-in to this kind of marketing because their carrier may charge them for the receipt of your text or picture message. This charge must be taken into account when you are crafting your messaging, because the offer must provide enough value to justify the charge to their bill. In the case of text messages, the charge can be around 10¢–15¢ but for picture or multimedia messages (MMS), the charge can be as high as 50¢.
Most mobile coupons are sent via text message, which creates a number of constraints for the marketer. You have only 160 characters (or 70 non-Latin characters), including spaces, to convey your message. Coupons should always provide a clear offer and expiration date. Simple offers with quick expiration periods will promote a faster response, but longer expiration periods will provide a better rate of redemption. Ideally, you should also provide a mechanism for recipients to opt out of future coupons and messages from your company.

Mobile Coupon Targeting
One of the first challenges with mobile couponing in the United States is that there is no consensus regarding the best way to encourage potential customers to opt-in to your marketing messages, thereby ensuring that you are marketing to a targeted list of recipients. Many of the options are still too complicated or intrusive, but there is a clear incentive for companies to find the right balance, and that will probably happen soon. In general, companies can use numerous methods to encourage potential customers to opt-in to your mobile communications and mobile coupons, and a combination of all the methods is usually desirable.
· Text message opt-in—The consumer initiates the opt-in process by texting a keyword to a short code after being presented with the option through some other form of marketing.
· Invitation opt-in—If you already have a database of customer phone numbers, it is generally acceptable to send them one message, requesting that they opt-in to your mobile couponing program. This message should include your company name and instructions for responding to the text message to opt-in. If recipients do not explicitly opt-in they should not be sent further marketing messages. If they do opt-in, a follow-up message should be sent with an initial coupon thanking them for signing up. You should also be sure to include information about how they should respond if they want to stop receiving text communications, as well as a link to view your terms and conditions.
· Online opt-ins—With this method of targeting, people interested in your product or services simply sign up to receive your mobile marketing messages and coupons through your website. They submit their phone number, and then messages and coupons can be sent to them directly from your database. This is just like sending coupons by email, except that the coupons are sent to the user's phone via SMS or MMS. The best practice is to send a text message immediately after the online form has been submitted, thanking users for signing up, verifying that you have permission to send coupons, and including other marketing messages via text messages. If users are signing up for both email and text messages, you will need to send an email confirmation, to complete the opt-in for the email program, and a text message confirmation, to complete the opt-in for the text message program.
· Point of sale opt-in—Billboards and displays in stores can be used to encourage users to opt-in to a mobile couponing program. These messages usually have instructions that tell the shopper to text-message a specific word to a short code that is provided on the signage. Alternately, retailers can collect mobile phone numbers through a specialized device at the purchase counter, or a clerk can input them directly into the company's system at the register.
· Phone call opt-in—A quick and frequently overlooked method of building a targeted list of mobile coupon recipients is to integrate the opt-in process with your phone system. When potential customers call in and are put on hold, you can include a message that encourages them to opt-in to your mobile couponing program while they are on hold, simply by pushing a button on their phone. Although this works only if the caller is calling from a cellphone, it is quite easy to implement because the phone system can automatically detect the caller's mobile phone number and store it to a database. The hold message would simply say something like, "Press 1 to get mobile coupons sent directly to your cellphone." Again, the first message sent to the phone number should be a coupon thanking customers for opting in and giving instructions about how to opt out if they want to stop receiving the messages.
· Email opt-in—If you are doing email marketing, you should also include information about your mobile couponing program in each of the emails that you send, encouraging the recipients either to go to the website to opt-in (include a link to the opt-in page) or to opt-in via text message immediately.
· Microblogging opt-in—Microblogging platforms such as Twitter and Pounce are another way to send mobile coupons and promotions to your clients with minimal overhead or complications. Brands can simply create accounts with the microblogging platform of their choice (Twitter is the most popular in the United States). Users can then opt-in to messages from your company by "following" your brand on the platform. Short messages are then broadcast via the platform to all your followers, and they have opted in to your mobile marketing messages via their default agreement with the microblogging platform. Users can opt-in to receiving your messages via the Web or directly to their mobile phones as text messages. After a brand account has been set up, you can build your list of followers by searching for people who are interested in your product or service. When you friend someone on these networks, many follow you in turn. Automated responses can also be set up using programs such as Twitter-Hawk, and they can be tied to the use of specific key phrases or specific actions taken on the platform. It is advisable to include a personal appeal to your messaging instead of simply relying on automated responses or only including marketing messages in your Twitter feed.

Mobile Coupon Delivery
Mobile coupons can be sent using a variety of technologies. The most common method of mobile coupon delivery is through SMS or MMS based on a list of contracts you already have. Mobile coupons can also be delivered via location-based technology, described in more detail later in the chapter. Regardless of the method of delivery, any mobile couponing delivery should be directed through a database or preference center that identifies potential customers and whether they have opted in to mobile communication. This is also discussed later in this chapter.
Coupon Delivery via Text Messaging (SMS)
In 1991, a Finish company called Radiolinja (now known as Elisa) offered the first mobile data service; the first text message was sent in 1993. Text messaging, otherwise known as Short Message Service (SMS), wasn't used much for marketing in North America until after 2000.
SMS messages can be sent from phone to phone or from computer to phone, or they can be sent from a phone to a "common short code," usually abbreviated to simply "short code." See Figure 6.1 and 6.2. A short code is a five- or six-digit phone number that can be dialed as a destination for a text message. Text messages are then sent to a computer communication system instead of a phone. Short codes can be shared or owned privately by a company.

Figure 6.1 Short codes, such as the one shown here, are becoming more common in mobile marketing.

Figure 6.2 Another example of a short code used in advertising.
If a short code is shared, certain keywords are set up to trigger the parsing activity of the computer system for the short code. The computer communication system that controls the short code is tasked with sending and parsing all the information for the short code. Shared short codes are easy and cheap to get, but can be risky or complicated depending on the types of text responses you expect to get, and how well the computer system is able to parse them.
Dedicated short codes are ideal, especially for big bands, because they allow you to control the branding and capture all the information that is sent to the short code. The disadvantage is that they can be expensive, and the process to acquire them can be time consuming and cumbersome. Common short codes are generally registered or leased, for a period of time, much like a domain name. The body that controls common short codes in the United States is called the CSC Registry and they have a website at www.USShortcodes.com. Once a short code is leased, you must send applications to each of the carriers in the region that your text messaging campaigns targeted, so that your campaign can be reviewed, provisioned and approved by the carrier. Your application must also pass review from the CTIA Monitoring Agent, who evaluates the campaigns adherence to the Consumer Best Practices.
Initially, SMS was used as a way for carriers to communicate with their subscribers. Later, SMS began to take off as a means of person-to-person communication. It offered a significant cost savings over traditional voice calling and allowed recipients to view and respond to the text message at their discretion. In North America, the first cross-carrier SMS marketing campaign was run by Labatt Brewing Company in 2002. Now, in 2009, it is estimated that more than 74% of mobile subscribers are active users of SMS, and more than 90% of the mobile marketing revenue comes from SMS messaging.

Coupon Delivery via Picture Messaging (MMS)
The late 1990s also saw the development of picture messaging, otherwise known as Multimedia Message Service (MMS). MMS is an extension of the SMS messaging standard but uses the WAP coding language to display multimedia content. Picture messages are sent in much the same way as text messages, but they can contain images, timed slideshows, audio, video, and text. The first group to launch an MMS campaign was a carrier out of Europe called Telenor, in 2002.
Picture message marketing has not been widely adopted in North America, partly because mobile carriers charge for both sending and receiving picture messages. The cost is usually 5 to 10 times higher than it would be for a text message, which creates a substantial disincentive for people to remain opted in to that kind of messaging.
The lack of mass adoption of this type of marketing could also be because no sufficient platform can efficiently send bulk MMS messages. Complications caused by discrepancies in the different networks' MMS messaging standards, and different phone-rendering capabilities make deploying a successful picture messaging campaign time-consuming and difficult.
As with email, concerns arise about unwanted SMS and MMS marketing, otherwise known as spam. This is more prolific in countries where carriers are allowed to sell the phone numbers of their subscribers to third-party advertisers. Many mobile carriers in the United States and Europe now police their own networks, to prevent SMS and MMS SPAM from reaching their subscribers. In December 2005, the Mobile Marketing Association (MMA) outlined Consumer Best Practices Guidelines, which included instructions for SMS marketers. This document is updated twice a year, and is considered the best set of guidelines available in the United States. Be sure to review these guidelines before launching any SMS or MMS marketing campaign. You can find the guidelines here: http://mmaglobal.com/bestpractices.pdf
Mobile spam is covered in more depth in Chapter 13, "Mobile Marketing Privacy, Spam, and Viruses."

Location-Based Couponing
Mobile coupons can also be delivered directly to your device when you respond to a location-based prompt that is part of a Bluetooth or WiFi broadcast, or is embedded in a billboard or display as a QR code or infrared beam. LBS is discussed later in this chapter.
Mobile Coupon Redemption
Mobile coupon redemption is another aspect of mobile couponing for which there has yet to be a consensus. The two basic methods of mobile coupon redemption are through the use of alphanumeric redemption codes and barcode scanners.
· Alphanumeric codes—Redemption codes can be used for both manufacturer and retailer coupons. In this scenario, a redemption code is sent to potential customers via SMS. The message should include information about the coupon and when it expires. When the recipient goes to redeem the coupon, he simply gives the code to the clerk at the register. If your company has an online presence, the recipient should also be able to redeem the coupon when shopping online. The difficulty with this method of redemption is mostly seen if manufacturers have not worked directly with their retailers to ensure consumers' ability to redeem the coupon at their registers.
· Barcode scanners—In Asia, many retailers are equipped with scanners that can read barcodes, known as QR codes, directly from a mobile handset. These are not prevalent in the United States, but that may change as mobile marketing becomes a more powerful force in the industry (see Figure 6.3). In this scenario, coupons are sent as a text message, with a link to the mobile coupon and barcode that can be scanned at the register. Alternately, coupons can be sent as an MMS message that includes the barcode directly in the message.

Figure 6.3 QR codes are more common outside the United States, but that could change soon. Photos courtesy of Maly LOLek, Darko, Ajenbo and Brdall, via Wikimedia Creative Commons License 3.0, a freely licensed media repository and Share Alike 2.0, also a Wikipedia freely licensed media repository.
If you are a retailer and you can ensure that all your retail locations have the equipment required to scan barcodes off phones, then this can be a good strategy. However, if you are a manufacturer, ensuring quick redemption of these coupons becomes more difficult. Mobile marketers who are launching campaigns in a region where mobile barcode scanners are not ubiquitous should include an alphanumeric code with the barcode message, to ensure that recipients will be able to redeem the coupon.
In either redemption scenario, you can choose to send the same message to everyone or you can choose to segment your message to learn more about your customers. In some cases, you might want to run an A/B test to see what offers recipients find more compelling. To do that, you write two different promotional messages that are each linked to different redemption codes. When coupons are redeemed, you can quickly and easily see which marketing message was more compelling and then use that information to guide future marketing messages.
If you have a loyalty program in place, you can also use information from your loyalty program to send the same message to different types of customers. The catch is that messages sent to different customer types contain different redemption codes. This allows you to track the individual segment's response to the same marketing message. If you segment your customers based on their average annual spending, gender, or zip code, and give each group a different redemption code, you can learn which groups are more responsive to your marketing message.
You can also segment messages to determine which method of delivery is most effective for your customer base by sending one group an alphanumeric promotion code and the other a link to a mobile Web coupon or a scannable bar code.

Digital Proximity and Location-Based Marketing
Obviously, one of the most valuable aspects of mobile marketing is that the phone is with its owner all the time. Many brick-and-mortar stores may have had a hard time using the traditional Internet to drive foot traffic, but location-based marketing turns the tables and gives them an incredible opportunity to get people into stores (evaluated in the industry as cost per pair of feet, or CPPoF). Mobile promotions reach potential customers when they are most likely to make a purchase. Location-based services (LBS, sometimes also called near LBS, or NLBS) are digital systems that broadcast digital messages to enabled devices within a specific radius or proximity. According to Robert McCourtney, from Metamend, the following advantages can be seen from location and proximity marketing (paraphrased here):

A captured target—The consumer is already in or near your place of business. A customer is much more likely to come through your door if a competitor's store is a 20-minute drive away but your store happens to be right around the corner from where they are standing (and you have what they are looking for).
Increased impulse buying—Real-time delivery of advertising can prompt benefits of immediate response—for example, "Come in within the next 30 minutes and receive 20% off your meal."
Development of one-to-one relationship marketing—Consumer purchasing history can be examined, thereby enhancing future marketing messages.
Direct marketing spending effectiveness—True targeting of promotional materials, meaning materials are delivered electronically and on demand, as required. There's no hard copy waste or excess printing inventory.
Psychological nurturing—The consumer feels like a somebody, building brand recognition and loyalty.
Increased return on investment (ROI)—Repeat or additional consumer purchases during a visit. Time-based incentives or promotions can be sent to increase the total value of the sale.
Proximity and Location-Based Marketing Technology
For retailers, marketers, and independent advertisers, proximity and location-based marketing efforts generally leverage one of five technologies described in detail in upcoming sections of this chapter—Bluetooth, WiFi, infrared (IR), near field communication (NFC), and ultra-wide band signals (UWB).

NOTE

Location-based marketing can also be done in coordination with carriers. Mobile phone carriers can determine where their subscribers are based on GPS data from the phone, or based on the triangulation of radio signals sent to and from the phone. In this model, advertisers work directly with the carrier to determine what locations they want to target with location-based messages. The carrier then works with the advertiser to determine pricing, the duration of the campaign, and what the message will say. These types of campaigns generally use text or picture messaging, because the carrier has the ability to send their subscribers text messages, without the cost of the text message appearing on their subscribers' bills, which is very important to the subscribers.

Bluetooth
Bluetooth technology uses radio bands to transmit signals to Bluetooth-enabled devices, including mobile phones, handheld computers, and laptops. With this technology, a small server can be placed in any location and set to send out coupons, barcodes, applications, vCards, vCal, video, MP3, MP4, and text messages (also known as BlueCasting). It generally works in a circular 100m radius, but like all signals, it can be hindered by thick concrete walls or other obstacles. Bluetooth marketing is generally used to simultaneously target shoppers in a retail location, as well as passersby outside the retail location (see Figure 6.4).

Small Bluetooth beacons can be placed just about anywhere—signs, posters, or kiosks, for example—and can broadcast coupons, barcodes, and more.

Bluetooth broadcasting systems can also be set up in posters or worn by promoters, to encourage passersby to enable their Bluetooth devices and download promotional information about a product or event. Some brands are even placing Bluetooth broadcasting systems in bars and clubs, and even at the beach or at music festivals to engage the local audience with mobile media and promotions. When the server is set up, it can be programmed either to broadcast the same message throughout the day or to broadcast different messages at different times of day.

All Bluetooth devices have specific numbers associated with them that never change. When a Bluetooth-enabled handset enters the range of the server, the server captures that number and information about the handset. It then queries a database to ascertain what, if any, communications have been sent to that device previously. The server then sends back content that has been optimized for that particular handset or particular user. Specific protocols and dependencies can be programmed into the system to determine what communication should be sent, and different messages can automatically be sent based on those dependencies.

The European chapter of the Mobile Marketing Association (MMA) has set a list of Bluetooth marketing guidelines for the United States and Europe. These focus mostly on the opt-in process and how to ensure user privacy. The full set of guidelines is available here: http://bloo2.bluetooth-zone.info/files/Proximity-Marketing-Guidelines-V1.0_082808.pdf.

WiFi
WiFi technology basically broadcasts and receives a short-range radio signal to provide Internet access for Web-and WiFi-enabled devices. Companies can use WiFi marketing in a couple different ways to create brand awareness.

You can broadcast a signal to send a message to potential customers in a particular radius, as described earlier with Bluetooth marketing. You can also take a more passive approach and send marketing messages over the WiFi signal while your potential customers access the Internet on their mobile phones or laptops. The simplest of these methods involves including marketing messages in the name of your WiFi network so that when potential customers select your network from the list of available networks, they see your marketing message. This is especially valuable if you suspect that customers are coming to your establishment to take advantage of the WiFi but are not purchasing items or driving any revenue for your company.

CoffeeCompany, a Holland-based chain of coffee shops, used WiFi router names such as OrderAnotherCoffeeAlready, BuyAnotherCupYouCheapskate, BuyaLargeLatteGetBrownieForFree, or TodaysSpecialEspresso1.60Euro. Although they have not yet reported any statistics, they believe that it was a good way to ensure that patrons understood that the WiFi was really not free, and they were expected to buy something.

Another way to use WiFi for your marketing efforts is to create a sponsored WiFi system in which people who login are presented with an advertisement that they must watch before they are given full access to the Internet. The WiFi network operator can also set time limits on the use of the WiFi so that people who use the Internet are prompted to watch another advertisement after they have been online for a certain amount of time. This type of marketing is commonly used in airports and business parks, which have a captive audience of people who want to access the Web.

Radio Frequency Identification (RFID)
RFID technology allows items to be "tagged" to or tracked using radio waves. The tags are very small and require no batteries, so they are frequently used for product tracking and asset management. RFID chips can also be used to store and send information from static displays or posters to phones that are capable of reading an RFID signal. For marketing purposes, RFID is usually used with devices that send a radio frequency to the chip, activating it so that it may pass a message, much like in a Bluetooth transmission. The message can be a URL, phone number, email address or a promotion code.

Near Field Communication (NFC)
Near field communication relies on high-frequency messages to be sent and received from two enabled devices, each sending its own signal. Near field–enabled devices can be used like smart cards that are waved over a reader, but in a marketing scenario, the mobile device is waved over a poster or other off-line marketing material. This type of smart card technology is already widely used in cards that allow people to access locked buildings or garages, in many public transportation systems, and as a form of payment at some stores.

The main way mobile marketers are using this technology is by embedding chips into billboards and displays (see Figure 6.5). The range of NFC is much shorter than Bluetooth, reaching only about an inch and a half, so the person receiving the marketing message must swipe their phone over the sending technology to receive the message. NFC is already being used widely in Japan, where users can pay for goods by swiping their phones over a receiver at a register. Many anticipate that this technology will be widely used for mobile ticketing, mobile payment, personal identification and even used to turn a mobile phone into a building or garage access key.

An RFID tag used at Walmart. Image under the terms of the GNU Free Documentation License, Version 1.2.

Ultra-Wide Band (UWB)
Ultra-wide band communication uses a large portion of the radio spectrum to transmit broadband communication at a short range, requiring very little radio energy. Ultra-wide band transmissions can share a variety of different narrow band radio signals without interfering with those transmissions. Its uses are very similar to those of Bluetooth technology, but it is less widely adopted.

InfraRed (IR)
Infrared is one of the oldest and most limited forms of broadcasting mobile messages. It was tested in the early 1990s but has limited range, reaching only about a foot from the broadcasting beacon. Some laptops and phones are equipped with infrared technology, but it has not been universally adopted by handset manufacturers. These limitations make infrared less desirable than other more universally accepted technologies available.

Creating Mobile Loyalty Programs
Whenever a potential customer interacts with your company via cellphone, you can track those interactions. To do a really great job with mobile promotion, it is vital to create a robust back-end preference center that can be tied to a loyalty program.
Mobile couponing can help you gain a lot of insight about your customers' preferences, and those preferences should drive future messaging. You can track which promotions are most effective at driving purchases from each of your customers, but you can also track what kind of phone they are using, what method of delivery they prefer, where they are redeeming the coupons, and how long they waited before redeeming the coupon.
With a robust preference center and loyalty program, you can ascertain which coupons drove sales for that customer and which ones did not. Then you can begin to replace coupons that have never driven sales from that customer with coupons that he or she has historically redeemed. If a customer always redeems her coupons at one particular store, you can send her notifications when that store is having a sale. If she always shops when a particular sale is going on, you can send her reminders that "the sale is going on now and will end soon," encouraging her to make it into the store more quickly.
The information in your preference center should be used to send messages that are customized to the recipients' redemption and purchase history. When your mobile couponing strategy is tied to specific users, the users' purchase history can be backtracked. This kind of personalization will help you really understand your customers' needs and provide a higher level of service, which will improve the lifetime value of your customer base.

Case Studies
The following six case studies show how major brands have used mobile promotion and location based marketing to reach their target audience.
PSC "S‰" Political Initiative in Catalan, Spain
This was an ingenious and simple use of mobile marketing to bolster a political campaign within a region in Spain. The regional social-democratic party in Catalan, called the PSC, was forwarding an initiative that would give their government more autonomy from Spain. Before the referendum was voted on, the PSC hosted four political rallies where, among other things, they hosted a Bluetooth booth where party members could download videos, images, and ringtones to their mobile phones to help the cause. They could then share these downloads with others, creating a viral effect for the campaign. Whether because of the political beliefs of the voters or the mobile marketing, the initiative for more autonomy passed with 73.9% of the votes.
Whistler Ski Resort
In 2006, Whistler Ski Resort placed Bluetooth- and infrared-enabled posters throughout the London Tube to encourage London commuters to enter a sweepstakes to win a free ski trip to Whistler (see Figure 6.6). The posters did a great job of explaining how to take advantage of the offer using a Bluetooth- or IR-enabled mobile phone. After commuters opted in to receive messaging from the poster, they were sent an animated GIF telling them whether they had won the trip and encouraging them to visit the website. Although the program had some usability problems and probably was an immediate letdown for many participants, Whistler was an early adopter of location-based mobile marketing and did a good job getting visitors' attention and explaining how the technology should be used.

Figure 6.6 Bluetooth-enabled posters in the London Tube for Whistler Ski Resort in Canada.

Corona Beer
A company called HyperTag worked with Corona to help adjust the perception of the brand in Spain, to show that it was still "hip." Corona deployed a team of promoters to bars and clubs around the country, equipped with wearable Bluetooth transmitters that could send bar patrons cool, free branded images. They also were able to send reminders about the 5 p.m. happy hour ("It's Corona time!"). The effort helped shift the brand image, and the calendar reminder helped keep the brand top-of-mind when people were likely to be most receptive to the message.

CNN
In 2007, when CNN wanted to raise awareness for their mobile website, they created Bluetooth- and infrared-enabled posters to be distributed throughout the London City Airport and also the Barcelona 3GSM mobile phone trade fair. When passersby interacted with the poster, they were sent an SMS message that included a link to the mobile site. If passersby preferred, they were able to send a text message to a short code instead of using their Bluetooth technology to get the link sent to their phone. The effort was considered a success, driving much-needed international traffic to the mobile website and positioning CNN as a tech-savvy and mobiley engaged news service. This effort is also a good example of how companies should leverage multiple technologies and methods of digital communication to have the most effective reach with their marketing message.

Nike
In 2009, Nike used an MMS 2D bar-coding campaign to drive awareness for their sponsorship of the "Dew Tour," whose primary sponsor was the Mountain Dew soft drink. The target audience was extreme sports enthusiasts between the ages of 13 and 18, and Nike wanted to make attendees feel more connected with the athletes. To achieve that goal, event attendees were encouraged to take pictures of 2D barcodes and send them as an MMS to a short code that would respond by sending back videos and information about the athlete featured in the billboard or poster that hosted the 2D code. All the content was automatically optimized for the handset that had sent the MMS, which made it a very good user experience.
This strategy was similar to a QR coding strategy, but QR code readers are not common features of American mobile phones; instead, they processed the codes after they were sent in as an MMS. This method prevented attendees from having to download a QR code reader before interacting with the media. The campaign was so successful that Nike is looking at integrating similar initiatives into all aspects of the marketing mix in 2010.

Northwest Airlines
Northwest Airlines is the largest foreign airline in Japan. They wanted to reach out to their Japanese demographic to show them that they were tech-savvy and understood the Japanese culture, so they created a QR code campaign to collect email addresses of their passengers. Billboards with QR codes were positioned throughout urban Tokyo. The campaign did a lot to create the brand association that Northwest was looking for and also generated a lot of positive PR and buzz about the campaign. The mobile website visits were 35% above the target for the initiative, and the campaign was extended as a result.

POST by Bijay Thapa.

Information Technology:

2010-03-19T18:21:00.000-07:00

UPGRADING AND REPAIRING PCS

Upgrading and Repairing PCs is celebrating 20 years!

Upgrading and Repairing PCs has sold nearly 2.5 million copies in its long career, making it the number #1 hardware book of all time. Upgrading and Repairing PCs, 19th Edition marks the 20th year this book has been in print! This book is written by Scott Mueller, one of the most trusted authoritative hardware voices in the industry, who has taught hardware repair to thousands of computer professionals and enthusiasts. This book is always well researched, assembled, and put into context that only someone with Scott Mueller’s expertise can. Scott continues to surprise us with the breadth and depth of information added to every edition. It continues to stand alone as the de facto PC hardware reference.

Interview with Scott Mueller
Scott Mueller shares his thoughts with Linda Leung on the past 20 years of the PC industry, what lies ahead, and why he won't be buying a netbook.
Scott Mueller, author of Upgrading and Repairing PCs and CompTIA A+ 220-701 and 220-702 Cert Guide shares his thoughts with Linda Leung on the past 20 years of the PC industry, what lies ahead, and why he won't be buying a netbook.
For millions of computer users, Scott Mueller is the first name that springs to mind when they want to find out how to repair or upgrade their machines. More than two million copies of Mueller's book Upgrading and Repairing PCs have been sold since it first came out in 1988. The 19th edition of the book, which is coveted by PC technicians, enthusiasts and students worldwide, is now available.
Mueller is president of Mueller Technical Research, an international research and corporate training firm. Since 1982, MTR has specialized in the industry's longest running, most in-depth, accurate and effective corporate PC hardware and technical training seminars, maintaining a client list that includes Fortune 500 companies, the U.S. and foreign governments, major software and hardware corporations, as well as PC enthusiasts and entrepreneurs.
Mueller is also co-author of CompTIA A+ 220-701 and 220-702 Cert Guide, a start-to-finish A+ preparation guide.
Mueller kindly took some time out of his busy schedule to talk to me about his thoughts on the past 20 years of the PC industry, what lies ahead, and why he won't be buying a netbook.

Linda Leung: Congratulations for your 20th year of publishing Upgrading and Repairing PCs. The next edition — the 19th — is out (December 2009), a little more than two years after the 18th edition. What do you consider are the most important changes in the PC business over the past 20 years, and also the past two years?
Scott Mueller: Thanks for the kind words! The PC business has changed dramatically over the last 20 years. Perhaps the two most dramatic changes are in performance and price. As an example, due to my having to work while traveling and teaching seminars, I've almost always used some sort of relatively high-end portable as my main "work" system (no netbooks for me). In 1989 I purchased an IBM PS/2 P70, a high end briefcase-sized portable PC that had a 20MHz '386 processor, a 120MB HD, and 4MB of RAM. That system retailed for $8,295 new, which is over $14,400 in today's dollars! The operating system was Windows/386 2.11, which retailed for $195 back then, or about $340 in today's dollars. Compare this to the relatively high end ThinkPad laptop I purchased this year that has a 2.8GHz dual-core processor, a 500GB hard drive, 4GB of RAM, and which retailed for only $1,300. It is running Windows 7 Pro, which today retails for $300.
Looking at these numbers tells me several things. The price dropped by over 10 fold in the last 20 years, while the performance increased by more than 140 times! Another interesting observation: While today's hardware is 10-times cheaper, the price of Windows has remained nearly the same! Today one can build or buy a complete quad-core desktop PC for under $600, while the copy of Windows 7 Pro or XP Pro I would install on it costs anywhere from $140 (OEM version) to $300 (retail version). If Microsoft had dropped Windows pricing to keep pace with falling price of PC hardware, Windows would (or *should*) cost around $30 today.
The dramatic fall in PC hardware pricing over the last 20 years has obviously made PCs more accessible and much more popular worldwide. On the other hand, the incredibly high price of Microsoft software such as Windows and Office has undoubtedly promoted the development of incredibly high-quality free and open-source alternatives such as Linux, OpenOffice, and others.
In the last two years, the primary changes have been the move from single core to dual- and quad-core processors in the mainstream, as well as increases in speed for things such as video, hard drive, and memory interfaces.
LL: Why do you think the book has sustained its popularity over the years? Many loyal readers buy each new edition as a matter of course. Does that surprise you?
SM: I don't take much for granted, so while I am not necessarily surprised, I am most definitely grateful and honored that people have made it so popular. I think that has happened for many reasons, starting with the fact that it was the first book of its kind on the market, and that it actually started life as an unpublished text originally written to support the seminars I was teaching. As such it had gone through several private iterations before being officially published by Que. Using the book directly in the hundreds upon hundreds of seminars I have taught has helped refine the explanations, analogies and organization, which have gone a long way in helping to make things easier for readers to understand. Another reason is that I have always been accessible to my readers, originally via e-mail and now through my Upgrading and Repairing forum http://forum.scottmueller.com.
LL: You must get a lot of attention when you attend computer-related events. What feedback do you generally get from readers? Any memorable moments or particular stories from readers about how the book has changed their lives?
SM: I get quite a lot of feedback from both readers and the students in the seminars I teach. There have been many letters and e-mails from people saying that the book helped them to get a new job, start a new career, and several have literally said it has changed their lives! Those types of messages are incredibly inspiring to me, and are a great deal of the reason that I have been able to continue working on the book all these years. Perhaps the most memorable moment at an event was the very first book signing I did at the Spring Comdex show in 1992. There was virtually no advance notice; Que put out a few signs early in the day that I would be there signing books, and I was worried that nobody would show up. To my surprise, there was literally a line of hundreds of people anxious to get a signed copy, something I'll never forget.
LL: What's your relationship with the major companies in the PC industry?
SM: Since I mostly write in-depth technical content and rarely review specific products, my primary relationship with most companies in the industry is as a customer, just like everybody else! Sure, I have a few contacts here and there, but most of my research is done independently, which helps me keep an open mind and a clear unbiased perspective on things.
LL: Some book reviewers have said that you give too much attention to Wintel (the Windows-Intel combination), and not enough to AMD and Linux. What's your view on that?
SM: I have always considered Upgrading and Repairing PCs a hardware book; as such it really doesn't cover Windows or Linux. But I do agree that the coverage of Intel is proportionally greater than the coverage of AMD, but so is Intel's impact on the industry. While the specific numbers vary quarter to quarter, Intel and AMD generally have about 80% and 20% of the PC processor market share respectively. This means that roughly four out of five PCs have Intel processors.
Intel's dominance isn't limited to processors; it also has a roughly 50% share of the PC graphics market, compared to about 30% for NVIDIA and 20% for AMD.
But there are many reasons other than pure market share that Intel's name seems to come up more often than AMD. PCs are built from many more components than just processors and GPUs [graphics processing units], and Intel is responsible for creating and/or leading the development of many of the other technologies, interfaces, and standards used in modern PCs. This includes interfaces like PCI (Peripheral Component Interconnect), PCI Express, AGP (Accelerated Graphics Port), and USB (Universal Serial Bus), technologies such as the Serial ATA AHCI (Advanced Host Controller Interface), APM/ACPI (Advanced Power Management/Advanced Configuration and Power Interface), AC'97 (Audio Codec '97) and HDAudio, Plug&Play BIOS, motherboard formfactors like ATX, microATX, and many, many more. Not to mention that Intel created the original processors and the x86 instruction set they use, and upon which all PCs are based.
Even so, AMD has proven to be a worthy competitor, and has developed several innovations of its own, most importantly the 64-bit extensions to the x86 instruction set, which Intel adopted for its own processors.
LL: In November 2009, Intel and AMD settled all antitrust litigation and patent cross-license disputes. They also signed a five-year cross-license agreement. What does all this mean to the consumer?
SM: In the short term, probably not much. But in the long term, it means that both companies can focus more on technology and engineering than on fighting with each other, which will hopefully result in more and better products.
LL: Will you be turning your attention to Apple Macs?
SM: I won't have to, since Apple has turned its attention to me! What I mean by that is that while Macs were once "different" from PCs, starting in 2006 Apple converted its entire computer product line over to Intel processors and chipsets. Since then Macs have used all of the same internal hardware that PCs do, meaning they have essentially become PCs.
Because Macs are PCs on the inside, the only real difference (besides looking fancier and costing up to twice as much ) is that most Macs run OS X, while most PCs run Windows. However, since the internal hardware is essentially the same, if you want you can install Windows on a Mac, or you can install OS X on a PC.
So whenever I encounter a Mac user who wants to know more about the hardware in their system, I remind them that their Mac is really just a PC on the inside, and I encourage them to get a copy of Upgrading and Repairing PCs!
LL: That’s a good point about Apple Macs. Coming back to the book, even after the 19th edition is released, I'm sure fans will be wondering when the 20th edition will be published. So when will that be?
SM: While I can't give an exact date, it will most likely be out about a year from when the 19th comes out.
LL: When the 20th edition is released, how different do you think the PC industry will be? Will netbooks replace laptops? Will Google make a sizable dent in the Wintel market with Chrome on Linux machines, and with its free cloud-computing apps? Will smartphones replace netbooks for users who want to be able to do simple Web browsing and work on cloud-computing apps? Will we be using our HD-TVs to watch YouTube videos and run our business apps?
SM: Over the short term, the industry evolves more in terms of evolution than revolution, so while there will undoubtedly be some new hardware and software technology on the market, most of that has already been in development. For example we'll have systems with USB 3.0, which is about 10 times faster than USB 2.0, and which has been in development for the last few years.
Netbooks won't replace laptops, and smartphones won't replace netbooks, since each of those market niches are distinctly different. For example, somebody who truly needs a portable system with a full-sized screen and keyboard as well as a higher powered processor and large hard drive would not want to use a netbook, myself included. However, as an accessory computer for doing limited work or e-mail while traveling, a netbook would be perfect.
In the low-end desktop PC, laptop, netbook, and possibly smartphone market, where cloud-based computing makes the most sense, Google will very likely put a dent in Microsoft's OS and browser market share, especially since the Google Chrome OS and application software will be free, compared to Microsoft's ridiculous pricing for its software such as Windows and Office.
I do envision more and more DVR (Digital Video Recorder) and other types of set-top boxes using the Internet to download and/or stream video from YouTube and many other sources, however they won't be used for running applications. On the other hand, I also envision more people connecting full-size HD-TVs to media center PCs or laptops, and using the TV as a large screen display.
LL: Do you think component and machine manufacturers over the years have made their products harder to hack by people who want to improve their performance?
SM: If you are thinking about game consoles, they are locked down both to prevent the loss of revenue due to piracy, and especially to prevent cheating or exploits in on-line gaming environments. If you are thinking DVRs (Digital Video Recorders) and other types of set-top boxes, those are typically locked down to prevent the copying of downloaded digital content such as movies, TV shows, etc. This is more to comply with the licensing requirements of the networks and film studios than anything else. But for the PC market in general, I don't really see any overall conspiracy to prevent people from upgrading, repairing, modifying or otherwise "hacking" their systems.
LL: How has the profile of your readers changed over the years? I'm guessing when the series was first published, it was devoured by geeks who wanted to learn more about their machines. Now there are tech-savvy consumers, and small business owners who need to maintain their own networks. Have you had to change your writing/presentation style as your audiences change/expand?
SM: I think my core readers have largely remained the same. That is they are PC enthusiasts who want to upgrade, repair, or build their own systems from scratch, as well as those who want to better or more completely understand all of the technology that goes into them. Many of my readers are technicians either by profession or avocation, that is they are upgrading and repairing systems for other people in addition to themselves, whether it be for work, for friends, for family, or all of the above. Because of that, my style of in-depth writing and comprehensive coverage has actually changed very little. I've never liked to skimp on the details, and I've always thought that even novice enthusiasts could be made to understand complex technologies, as long as the explanation was clear, concise, organized, and most importantly complete. The key to my writing is knowing what questions will come into the readers mind as they are reading, and answering them along the way; something I've learned from many years of teaching live seminars.
LL: The PC industry appears to be still very U.S.-centric. Whatever happened to the expected Asian invasion?
SM: Oh, it happened, but mostly on a manufacturing level and not necessarily a design, engineering or OEM level. Few people know this because the names on the components or systems are rarely the same as the companies that actually make them. Most components, circuit boards, and even complete systems are manufactured by EMS (Electronic Manufacturing Services) or ODM (Original Design Manufacturer), companies in China, especially Taiwan.
In fact Foxconn (a.k.a. Hon Hai Precision Industry) is the single largest manufacturer of computer components and systems worldwide, and makes everything from connectors to complete systems for a number of well-known OEMs.
LL: You're also co-author of CompTIA A+ 220-701 and 220-702 Cert Guide. Was writing that part of your interest in helping computer novices expand their education?
SM: I've always been interested in expanding education, as manifested by the hundreds upon hundreds of seminars I've taught over the years, as well as the fact that Upgrading and Repairing PCs originated as the textbook for those seminars. My connection to A+ runs even deeper than that. Several years ago one of the members of the committee that writes the A+ test questions told me that my Upgrading and Repairing PCs book was used as the behind-the-scenes "master reference" for the hardware questions on the test. No wonder the test seemed so strangely familiar when I took it.
LL: What was the last PC that you upgraded?
SM: I'm constantly building, upgrading, and repairing systems. I've upgraded pretty much every system I've ever used, including the laptop I'm working on now. This one has only a larger hard drive and more memory (for now), but I had upgraded the processor, wireless network card, and even added internal Bluetooth to my previous laptop.
LL: Do your neighbors line up to ask you to fix their computers?
SM: I'll admit to doing a little bartering here and there, but in general I try to keep a low profile in that regard.
LL: Final question: When will you retire?
SM: Considering all the enjoyment I get out of working on computers, as well as teaching and writing about them, most likely when I'm dead!

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Asian Life: Corporate goal & Mission

2010-03-19T18:17:00.000-07:00

CORPORATE GOAL

OVERVIEW
Asian Life Insurance Company Ltd has got operating license as per Insurance Act 2049 from Beema samiti in 2064/11/15. After 5 years in Nepalese Life Insurance Business, Asian Life Insurance Company is the first Life Insurance Company to receive operating License from Beema Samiti. In line with its vision to be the No.1 Life Insurance Company in Nepal.
The Authorized Capital of the Company is Rs. 500 million. The Issued capital is Rs. 360 million on which seventy percent (70%) is fully paid by promoters and rest 30% will be issued to general public very soon
The company has 15 branch offices and 9 sales centers dedicated to emerging insurance markets throughout the country. Asian Life Insurance Company offers a suite of insurance products. It now has 9 products covering life insurance to enabling customers to choose the policy that best fits their need. Besides this, the company is planning to launch many plans in future.

MISSION
To develop and promote Asian Life Insurance Company as a brand leader in the Life Insurance Industry of Nepal by offering flawless product and services that exceed customer satisfaction.
VISION
1. We shall develop excellent human resources who can contribute to flawless service.
2. We shall endeavor to inform and educate every Nepali Citizen about the importance of Life Insurance for their future safety and security and the benefit to their Life and their offspring.
3. We shall promote equality and transparency in both customer service and company management

POST by Bijay Thapa. bijay-lifeinsurance.blogpsot.com

Asian insuranance plan

2010-03-19T17:55:00.000-07:00

ENDOWMENT AND WHOLE LIFE

Terms and Conditions

1. Minimum Age at Entry : 16 years2

2. Maximum Age at Entry : 65 years

3. Mininum Term : 5 years

4. Maximum Term : 54 years

5. Maximum Maturity Age : 70 years

6. Minimum Sum Assured : Rs.50000

7. Maximum Sum Assured : according to the financial condition of life to be assured

8. Premium Paying Modes : Yearly, Half-yearly, Quarterly

9. Large Sum Assured Rebate :

Rs. 201000 to 300000 : : Rs 1 on Premium

Rs. 301000 and above : Rs 2 on Premium

10. Mode Rebate :

Yearly : less 2%

Half-yearly : less 1%

Quarterly : No

11.Benefits :

a) Accident Benefits : Double Accident Benefits is available up to age 70. Irrespective of Premium paying term, by Payment of additional premium. Maximum ADB SumAssured is Rs.500000.

12. Death Benefits :

a) In case of LIfe Assured's death during the premium paying term, the basic sum assured plus vested bonus upto date of death is paid.

b) In case of Life Assured's death after the premium paying term then,an amount equal to sum Assured is Paid

13. Optional Benefits :

only ADB with additional Price

TERM ASSURANCE PLAN

Terms and Conditions

1. Minimum Age at Entry : 18 years

2. Maximum Age at Entry : 50 years

3. Minimum Term : 1 Year

4. Maximum Term : 5 Years

5. Fixed Sum Assured Rs : 500000+ Body Repartriation Expenses(Maximum Nrs.50000)

6. Premium Paying Mode : Single

7. Body Repatrition : Maximum of Rs.50000

8. Effective Date of Insurance : Date of Departure from Nepal.

9. Medical :

Compulsory at Proponents Cost 10. Benefits : * On Death Of Life Assured during the term of the Policy : FULL SUM ASSURED + BODY REPATRIATION CHARGES will be paid.

CHILD ASSURANCE PLAN

Terms and Conditions

1. Minimum Age at Entry : 0 years

2. Maximum Age at Entry : 15 years

3. Term : 30 minus age at entry

4. Minimum Sum Assured : Rs.50000

5. Maximum Sum Assured : Rs.2000000

6. Premium Paying Modes : Yearly, Half-yearly, Quarterly

7. Large Sum Assured Rebate :

NRs.250001 to 500000 : NRs.1

NRs.500001 and Above : NRs.2

8. Mode Rebate :

Yearly : less 2%

Half-yearly : less 1%

Quarterly : No

9.Commencement of Risk :

Risk of the Child will commence either 2 years after the date of commencement or from the policy anniversary falling immediately after the completion of age 6 of child, whichever is later. However, in case of child.s age at entry being 15 years risk will commence from one year after date of commencement.

10.Vesting of Policy

The Policy will vest in the Life Assured from the policy anniversary following his completing age of 16 years.

11. Maturity Benefit

The Sum Assured along with vested bonus is payable on Date of Maturity .

12. Death Benefit :

*In case the Life Assured (Child) dies any time after commencement of risk, full Sum assured with the vested bonuses will be paid.* In case of Life Assured (Child) dies before Commencement of Risk, all the premium paid excluding extra premiums will be refunded.

13. Optional Benefit:

Premium Waiver Benefit (PWB)By payment of an additional premium payable during the premium paying term or till the child attains age of 16 years or till the death or permanent and total disablement due to accident of the Proposer, if earlier, the proposer can secure the benefit of waiver of all future premiums from the date of death or disablement up to the Child attaining age of 16 years.b. Monthly Income Benefit (MIB)An amount equal 1% of the basic sum assured is payable from day of the month coinciding with the day of the date of commencement of policy, immediately following date of death of the proposer till the date of maturity of the policy or child attaining age of 16 years, whichever is earlier.Note : Monthly Income Benefit will be allowed only if Premium Waiver Benefit is opted.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Asian Insurance Plan-CHILD ENDOWMENT PLAN

2010-03-19T17:32:00.000-07:00

CHILD ENDOWMENT PLAN

Terms and Conditions

1. Minimum Age at Entry : 0 years

2. Maximum Age at Entry : 10 years

CHILD ENDOWMENT PLAN

3.Term : 18 minus age at entry

4. Maximum Maturity Age : 18 years

5. Minimum Sum Assured : Rs.50000

6. Maximum Sum Assured : Rs.1000000

7. Premium Paying Modes : Yearly, Half-yearly, Quarterly

8. Large Sum Assured Rebate :
Rs .251000 to 500000 : Rs.1 in Basic Premium
Rs. 501000 and above : Rs.2 in Basic Premium

9. Mode Rebate :
Yearly :less 2%

Half-yearly : less 1%

Quarterly : No

10.Commencement of Risk :
Risk of the Child will commence either 2 years after the date of commencement or from the policy anniversary falling immediately after the completion of age 6 of child, whichever is later.

11.Vesting of Policy
The Policy will vest in the Life Assured from the policy anniversary following his completing age of 16 years.

12. Maturity Benefit

The Sum Assured along with vested bonus is payable on Date of Maturity .

13. Death Benefit :
*In case the Life Assured (Child) dies any time after commencement of risk, full Sum assured with the vested bonuses will be paid.
* In case of Life Assured (Child) dies before Commencement of Risk, all the premium paid excluding extra premiums will be refunded.14. Optional Benefitsa. Premium Waiver Benefit (PWB)By payment of an additional premium, The proposer can take PWB benefit.If the proposer dies or permanent and total disablement due to accident in policy running period, the reamining premium will be waived.b. Monthly Educational Benefit (MEB)By payment of an additional premium, The proposer can take MEB benefit.If the policy is running,an amount equal 1% of the basic sum assured is payable after the death of the proposer till the date of maturity of the policy. Note : Monthly Educational Benefit will be allowed only if Premium Waiver Benefit is opted.

POST By Bijay Thapa. bijay-lifeinsurance.blogspot.com

Asian Insurance plan-Money back 20 years

2010-03-18T19:39:00.001-07:00

MONEY BACK 20 YEARS

Terms and Conditions

.1. Minimum Age at Entry : 16 years

2. Maximum Age at Entry : 50 years

3. Term : 20 years

4. Maximum Maturity Age : 65 years

5. Minimum Sum Assured : Rs.50000

6. Maximum Sum Assured : according to the financial condition of life to be assured

7. Premium Paying Modes : Yearly, Half-yearly, Quarterly8. Large Sum Assured

8.Rebate :

Rs. 10000 to 300000 : Rs 1 on Premium

Rs. 301000 and above : Rs 2 on Premium

9. Mode Rebate :

Yearly : less 2%

Half-yearly : less 1%

Quarterly : No

10.Benefits :

a) On Death of LIfe Assured before Maturity date of the Policy :

FULL SUM ASSURED+BONUSES(without deduction of Survival Benefits already paid)

b) On Survival to :

10 yrs.from commencement : 20% of Basic Sum Assured.

15 Yrs.from Commencement : 30% of Basic Sum Assured.

at Maturity : 50% of Basic Sum Assured PLUS Bonuses.

11. Optional Benefits:

ADB,ADB+PTD+PWB with additional price.

POST by bijay thapa. bijay-lifeinsurance.blogpsot.com

Asian Insurance Plan- Money Back 15 YRS

2010-03-18T19:26:00.000-07:00

MONEY BACK 15 YRS

Terms and Conditions

1. Minimum Age at Entry : 16 years

2. Maximum Age at Entry : 50 years

3. Term : 15 years

4. Maximum Maturity Age : 65 years

5. Minimum Sum Assured : Rs.50000

6. Maximum Sum Assured : according to the financial condition of life to be assured

7. Premium Paying Modes : Yearly, Half-yearly, Quarterly

8. Large Sum Assured Rebate :

Rs. 10000 to 300000 : Rs 1 on Premium

Rs. 301000 and above : Rs 2 on Premium

9. Mode Rebate :

Yearly : less 2%

Half-yearly : less 1%

Quarterly : No 10.

Benefits :

a) On Death of LIfe Assured before Maturity date of the Policy :FULL SUM ASSURED+BONUSES, (without deduction of Survival Benefits already paid)

b) On Survival to :

5 yrs. from commencement : 25% of Basic Sum Assured.

10 Yrs, from Commencement : 25% of Basic Sum Assured.

at Maturity : 50% of Basic Sum Assured PLUS Bonuses.

11. Optional Benefits: ADB,ADB+PTD+PWB with additional price.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

INSURANCE PLANS: Asian Endowment plan

2010-03-18T19:15:00.001-07:00

ASIAN ENDOWMENT PLAN

Terms and Conditions

1. Minimum Age at Entry : 16 years
2. Maximum Age at Entry : 60 years ASIAN ENDOWMENT INSURANCE
3. Minimum Term : 5 years
4. Maximum Term : 50 years
5. Maximum Maturity Age : 65 years
6. Minimum Sum Assured : Rs. 25000
7. Maximum Sum Assured: Rs. according to the financial condition of life to be assured
8. Premium Paying Modes : Yearly, Half-yearly, Quarterly
9. Large Sum Assured Rebate
Rs.51000 to 100000 : Rs.1 in Basic Premium
Rs.101000 and above : Rs. 2 in Basic Premium
10. Mode Rebate
Yearly : less 2%,
Half-yearly : less 1%
Quarterly : No Discount
11.Maturity and Death Benefits :
* The Sum Assured along with bonus is payable on Date of Maturity.
* In case the Life Assured dies any time after commencement of risk, full Sum Assured with the bonuses will be paid.
12. Optional Benefits: ADB,ADB+PTD+PWB with additional price.

post BY BIJAY THAPA. bijay-lifeinsurance.blogspot.com

Management Team of Asian life Insurance Co.

2010-03-18T19:07:00.001-07:00

Management Team

Mr.Ramesh Kumar Bhattarai Managing Director

Mr.Kamal Raj Gautam General Manager

Mr.Hom B. Shrestha Senior Manager (Marketing)

Mr.Murari Raj Humagai Manager (Underwriting)

Mr.Kishor Dahal Manager (I.T.)

Mr.Kamal Dhungana Deputy Manager (Account)

Mr.Ramesh Kumar Bhattarai

Managing Director
M.B.A. and B.L. degree holder from T.U. is a dashing and successful insurance and banking icon of Nepal.A number of responsibilities he has taken in various senior positions in Nepal Bank Ltd., and as Vice President of Birgunj Chamber of Commerce and Industries, Chief Executive Officer of Nepal Life Insurance Company Limited, Advisor of Birgunj Sub-Metropolitan City, Founder Managing Director of Mahalaxmi Finance Limited, Founder Managing Director of AMC Hospital and Research Institute Limited, Founder Chairman and Executive Chief of Radio Birgunj(Parsa F.M.Pvt.Ltd.),and Founder Chairman of Radio Narayani (Race Nepal-NGO) will prove a faultless guidance to steer the company successfully. Prior to joining this Company, he was Chief Executive Officer in Nepal Life Insurance Company Ltd. where he successfully managed. During his tenure, every company with his involvement has proved itself a number one in Nepalese banking and insurance sectors. His loaded past experiences in banking and insurance companies will prove abundant to provide further guidance and perfect leadership to this company.

Mr.Kamal Raj Gautam

General Manager
Bachelor degree in Economics from T.U. is an iconic figure of Nepalese Insurance Companies, with enriched experiences gathered from various insurance companies of Nepal and international trainings from Wills fabor Co.Ltd. London, U.K.,Life Insurance Corporation India, National Insurance Academy Pune,India and Indian Institute of Management, Bangalore,India. After serving Nepal Rastra Bank competently for 10 years then he switched himself to Rastriya Beema Sansthan. After gathering 3 years`` experience in beema Sansthan, he left the company to become a insurance agent and proving himself a number one for most of his tenure. He was President of Nepal Professional Insurance Agent Association of Nepal. He has also been imparting his rich experience to new comers as trainers of Beema Samitee. Prior to joining this company, he held the position of Deputy General Manager in Nepal Life Insurance Company Ltd., there he played a key role in developing over all aspects of the company. With an experience of over 30 years in insurance sectors of Nepal he brings a wealth of expertise to the challenges of building a life insurance company. Enriched with these national and international experiences of more than 30 years, Mr.Gautam is appropriately steering this company as a General Manager and Company Secretary.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Board of Directors

2010-03-18T18:56:00.000-07:00

Chairman of Asian Life Insurance
Mr. Bijay Kumar Sarawagi

Board of Directors
Mr. Bijay Kumar Sarawagi Chairman

Mr. Ramesh Kumar Bhattarai Managing Director

Mr. Babu Lal Agrawal Director

Mr. Dinesh Lal Shrestha Director

Mr.Dina Nath Khandelwal Director

Mr.Kamal Raj Gautam General Manager / Company Secretary

Chairman

B.Com degree holder and a young industrialist has been steering the Asian Life Insurance Company under his competent chairmanship. He has the rich experience of leadership as he is the Chairman of Birgunj Finance Limited, Chairman of Radio Narayani, Birgunj and Ex-President of Birgunj Chamber of Commerce & Industries.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Introduction of Asian life Insurance Company

2010-03-18T18:42:00.000-07:00

Asian Life Insurance Company Ltd has got operating license as per Insurance Act 2049 from Beema samiti in 2064/11/15. After 5 years in Nepalese Life Insurance Business, Asian Life Insurance Company is the first Life Insurance Company to receive operating License from Beema Samiti. In line with its vision to be the No.1 Life Insurance Company in Nepal.

The Authorized Capital of the Company is Rs. 500 million. The Issued capital is Rs. 360 million on which seventy percent (70%) is fully paid by promoters and rest 30% has been issued to general public.
Corporate office of Asian Life

Product/policy: Gurans Life Insurance Company ltd.

2010-03-15T08:44:00.003-07:00

Product/Policy:GuransLife Insurance Company

Gurans Endowment with Profit Policy
The most popular form of life assurance since it makes provision for the family of the Assured in the event of early death, as also assures a lump sum amount at a desired age. The amount assured, if not paid by reason of earlier death becomes payable at the end of the endowment term.
Premiums are payable for a term of years equal to the endowment term or until death if it occurs within this period.
If payment of premiums is discontinued after at least two years premiums have been paid, a paid up policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid bears to the number stipulated for in the policy, will be automatically secured. Such reduced paid up policy will not be entitled to participate in the profits declared thereafter.
Key Feature

:: Minimum Entry Age : 16 Years

:: Maximum Entry Age : 65 Years

:: Minimum Policy Term: 5 Years

:: Maximum Policy Term: 59 Years

:: Maximum Maturity Age : 70 Years

:: Minimum Sum Assured: Rs. 25 Thousand

:: Premium Payment Frequency : Yearly/Half Yearly/QuarterlyBenefits

:: Sum assured plus bonus in case of the maturity

:: Sum assured plus bonus will be paid to nominated person in case of death of the assured.

:: Loan facility

:: Tax benefitsAdditional Benefits

:: Premium Waiver

:: Double Accident Benefit:: Money Back

:: Monthly Income Benefit

:: Permanent Total Disability Benefit

:: Rider Benefit

Gurans Money Back Endowment with Profit Policy
This policy is of special interest to persons who, besides desiring to provide for their own old age and family, feel the need for lump sum benefits at periodical intervals. Unlike ordinary Endowment Assurance, where the full Sum Assured in the event of survivance is payable only at the end of the endowment period, under this scheme:
a. 15 Years Gurans Money Back 25% of Sum Assured at the end of 5 years25% of Sum Assured at the end of 10 years25% of Sum Assured at the end of 15 years with Bonus

b. 20 Years Gurans Money Back 25% of Sum Assured at the end of 5 years25% of Sum Assured at the end of 10 years25% of Sum Assured at the end of 15 years25% of Sum Assured at the end of 20 years with Bonus
However, in the event of death at any time within the selected term, the full sum assured is payable without any deduction or adjustment for the amount that may have been paid earlier by way of survival benefit.
Premiums are payable for the second term years or till death if it occurs within this period.
The bonus additions to the policy will be reckoned on the full sum assured and are payable at the end of the selected term or at the life assured's death, if previous.
In the event of cessation of the premium under this policy, paid-up assurance, payable at the end of the selected term of years or at the life assured's death if previous, is automatically secured provided premiums have been paid under the policy for not less than two years and a minimum paid-up assurance of Rs.1000/- exclusive of any attached bonus secured.
Key Feature

:: Minimum Entry Age : 16 Years

:: Maximum Entry Age : 55 Years

:: Policy Term: 20 Years :: Maximum Maturity Age : 70 Years

:: Minimum Sum Assured: Rs. 50 Thousand Additional Benefits:: Premium Waiver

:: Double Accident Benefit:: Money Back

:: Monthly Income Benefit:: Permanent Total Disability Benefit

:: Rider Benefit

Temporary Term Assurance Plan for Expatriates
This policy is for people going abroad to work.
Key Feature

:: Minimum Entry Age : 18 Years

:: Maximum Entry Age : 55 Years

:: Minimum Policy Term: 1 Years

:: Maximum Policy Term: 5 Years

:: Maximum Maturity Age : 60 Years
Benefits

a) On Death of Life Assured during the term of the policy: Full Sum Assured + Body Repatriation Charges(Maximum upto Rs. 50, 000)

b) On Survival to Maturity Date : NIL
c) Benefit payable in the event of accident and sickness resulting in loss of
i. Both hands or both feet or loss of sight of both eyes : 100% of full Sum Assuredii. One hand and one foot : 100% of full Sum Assurediii. Either hand or one foot and sight of one eye : 100% of full Sum Assurediv. Hearing of both ears : 50% of full Sum Assuredv. Either hand or foot : 50% of full Sum Assuredvi. Sight of one eye : 50% of full Sum Assured
d) Premium payable : Single Premium

Gurans Jiwan Shri Life Insurance Policy
Key Feature

:: Minimum Entry Age : 16 Years

:: Maximum Entry Age : 65 Years :: Minimum Policy Term: 5 Years

:: Maximum Policy Term: 54 Years

:: Maximum Maturity Age : 70 Years:: Minimum Sum Assured: Rs. 1 Lac

:: Premium Payment Frequency : Yearly/Half Yearly/QuarterlyBenefits

:: Sum assured plus bonus in case of the maturity

:: Sum assured plus bonus will be paid to nominated person in case of death of the assured.

:: Loan facility

:: Tax benefitsAdditional BenefitsDouble accident benefit is available with nominal extra premium. In case of the death of the assured, a nominee will receive assured amount, bonus plus Rs. 5 lac (maximum).

Gurans Bal Surakchya Life Insurance Policy
The policy is designed specially to ensure planned cash flow for your child's education, marriage etc. with options to provide Premium Waiver and Monthly Income Benefit. Commencement of Risk Risk of the child will commence either 2 years after the date of commencement or from the policy anniversary falling immediately after the completion of age 6 of child, whichever is later. However, in case of child's age at entry being 15 years risk will commence from one year after date of commencement.Vesting of Policy The Policy will vest in the Life Assured from the policy anniversary following his completion age of 16 years.
BonusThe Policy will participate in the profits (Bonuses) during the premium paying term subject to the policy being in full force on the date of valuation. However, the bonus will vest only from the date of commencement of risk.
Maturity Benefit The Sum Assured along with vested bonus is payable on Date of Maturity.Should the prosper opt for Premium Waiver Benefit and/or Monthly Income Benefit (as explained herein below), it will not in any way reduce the maturity benefit.
Death of Benefit In case of Life Assured (Child) dies any time after commencement of risk, full Sum Assured with the vested bonuses will be paid immediately in entire cancellation of the policy contract.
Refund of Premiums In case of Life Assured (Child) dies before commencement of risk, all the premiums paid excluding extra premiums, if any (heath extra and premium for optional benefits viz. premium waiver and Monthly Income benefit) will be refunded.Medical RequirementsFor the purpose of deciding the medical examination requirements on the life of the prosper (parent) for optional benefits the "total risk cover" will be taken as:
i. (Annual premium for basic cover on child's life) X (total number of annual premiums payable) for "Premium Waiver" benefit. And / orii. 1% of Sum Assured x 12 x Term of the policy as Sum Assured payable under "Monthly Income" benefit.
Medical Examination is compulsory for granting PWB and/or MIB benefit/s.No medical for Child (Life Assured) ages 0 to 10 years of age.Compulsory Medical examination for Child ages 11 to 15 years.
Key Feature

:: Minimum Entry Age : 0 Years

:: Maximum Entry Age : 15 Years

:: Minimum Policy Term: 5 Years

:: Maximum Policy Term: 16 or 20 years

:: Maximum Maturity Age : Completion of 20 Years

:: Minimum Maturity Age : Completion of 16 Years

:: Minimum Sum Assured: Rs. 50 Thousand

:: Maximum Sum Assured: Rs. 20 Lac

:: Premium Payment Frequency : Yearly/Half Yearly/Quarterly
Benefits

:: For child's education:: Assist in starting up business

:: To insure child's future in case of untimely death or physical disability of the parents

:: Encashment at the time of wedding and other such rituals

:: Bonus

:: Tax benefitsAdditional Benefits

:: Premium Waiver

:: Monthly Education Facility

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

About Gurans Life Insurance Company ltd.

2010-03-15T07:54:00.000-07:00

गुरांस लाइफ इन्सुरेन्स कंपनी लिमिटेड

Gurans Life Insurance Company Limited

A leading Life Insurance Company of Nepal

Introduction
Gurans Life Insurance Co .Ltd. has been established and registered under Company Act 2063 B.s.(Regd. No. 1005/063-64) and Insurance Act 2049 as a public Limited Co. and was issued a license operate Life Insurance Business on 2064/12/18.

Gurans Life Insurance Co .Ltd. is promoted by a Commerical Bank, T.M Dugar Group along with group of diverse and renowned Businessmen, Industrialist and Legal professionals

Capital
Gurans Life Insurance Co .Ltd. have total authorized capital of 50 crore and Issued capital of 36 crore. Out of the issued capital, 70% amounting to 25 crore 20 lakh has been contributed by the promoters and the remaining 30% amounting to NRS. 10 Crore 80 lakh will be issued publicly within a year of operation of the company.

Re-Insurance
The Company has made reinsurance arrangement with SCOR GLOBAL LIFE SE, SINGAPORE .

Vision
To develop the company as an important entity in contributing to social as well as financial sector towards making New Nepal.

To invest and expand business in international market for providing maximum benefit to policyholders.

Mission
Create resources and generate employment opportunities and promote saving habits of individuals for their financial stability and improvement of their living standard.

Life insurance is not just a business, it is a social service as well.

LIC: Services to Policyholders

2010-03-13T08:06:00.000-08:00

Services
Acceptance of Premium
Modes of Premium Payment Direct Remittance Modes:
Policyholders can avail of any of the direct premium payment modes like Yearly, Half-yearly, Quarterly, and Monthly. Premiums can be remitted as follows:1. Direct remittance of cheques or cash at our office cash counters .2. Remittance through a cheque/banker’s draft or cheque or money order to the office servicing your policy.Grace Period for Premium Payment: A grace period of one month but not less than 30 days (from the due date of the first unpaid premium) is available for payment of instalment premiums for all modes of premium payment.Accounting records are maintained for individual policies and are made available upon request. Certificates of Premium Payment for Income Tax purposes are provided upon request.

Revival of Lapsed Policy
If premiums are not paid within the days of grace the policy lapses. Life risk cover may not be available unless the policy is revived (unless claim concessions apply to the policy) by paying the unpaid premium and interest with other requirements (such as health declaration, medical report, special reports, etc – as may be sought by the underwriter) depending upon the period for which premiums have not been paid, age of the policyholder and the sum to be revived under the policy.Life assured is subject to fresh health assessment when a revival is underwritten. Hence, there is no guarantee that the policy will be revived on the same terms as originally accepted.Policyholders can avail of the following schemes for reviving their lapsed policies:
Simple revival scheme
Policy Loan-cum-revival scheme
Survival Benefit-cum-revival scheme
Instalment revival scheme
Special revival scheme
Revival quotations are available upon request

Policy Loans
Policy Loans are granted under Endowment, Money back and Whole life polices 2 years from the commencement of the policy,provided at least 2 years premium are paid. The rate of interest charged may vary from time to time. Policy loan can be repaid at the policy holder's convenience,during the term of the policy. Loan interest must be paid an half yearly basis.Requirements: 1. Loan application form. 2. The Original Policy Document.3. Tamasuk

Nominations
Policy holders must nominate a beneficiary at the time of the proposal for life insurance itself. The Nomination can be changed any number of times during the term of the policy LIC Nepal recommends that only the people having insurable interest in the life of the assured can be nominated as beneficiaries under the policy – parents, wife, children, siblings, employer, etc. The Nominee has no right on the policy or the policy monies during the lifetime of the assured.APPOINTEE: Where the nominee is a minor, the policyholder is advised to appoint another elder person as an ‘Appointee’ who will not only receive the money on the minor’s behalf but also will undertake to spend for the minor’s welfare. Hence care should to be taken to appoint only a highly responsible and closely related person as an “appointee”.Requirements: Form of Notice-cum-Change of Nomination (in Duplicate).

Change of Address
The policyholder must keep LIC Nepal constantly informed of any changes in his address for communication. The address can be changed any number of times at no additional cost to the policyholder.

Change of Mode of Payment
The mode or frequency of payment of premiums can be altered to higher or lower frequency during the term of the policy. Changes between Salary savings modes to direct payment modes are also allowed. This change is done in such a way as to coincide with the date of Policy anniversary or the corresponding Monthly, Quarterly or Half Yearly dates. As a rule, no alterations are entertained during the first policy anniversary.Requirements: Requisition for change of Mode. Money can be remitted after getting the quote from the Office.

Surrenders and Cancellations

All LIC policies can be surrendered for cash after at least 2 years’ premiums have been paid. However, we advise our valued policyholders not to surrender or cancel their life insurance policies for the following reasons:1. You will be devoid of the precious life insurance cover. The purpose of insuring yourself was to secure your family members’ financial future. Don’t you think you are endangering their future by surrendering/cancelling your policy?2. If you have to seek the same insurance cover again tomorrow, you will end up paying more premiums for the same benefit, because your age has increased and consequently has the risk in covering your life. Your current policy is cheaper and generally offers more value for your money invested. Remember the proverb, “the bird in hand is worth two in the bush”.3. When you surrender your policy, you are breaking your contract. LIC Nepal also has covered your risk so far, as well as incurred management expenses in maintaining your policy. Thus you may receive only a portion of what you have paid as premiums – depending upon the policy term contracted and the duration elapsed so far.4. No surrender value is available if the polices are cancelled before at least 2 years’ premiums are paid.5. Vested bonuses are added only after at least 5 years’ premiums are paid and the five year period has elapsed from the commencement date of the policy. So no bonuses would accrue in respect of policies surrendered within 5 years from the commencement date.Guaranteed Surrender Value: Provided that eligibility to receive surrender value is met by a policy, LIC Nepal guarantees that the surrender value payable shall not fall below 30% of all the premiums paid under the policy, excluding the first year premiums.Requirements:

1. Requisition for a quotation of surrender value

2. Request for Surrender value Payment

3. Original Policy bond

4. Discharge Voucher

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

LIC(Nepal)ltd: Introductions and Products

2010-03-13T06:02:00.000-08:00

About LIC(Nepal)ltd

LIC (Nepal) Ltd. is one of the largest capitalized public limited insurance companies of Nepal. A joint venture between Life Insurance Corporation of India(55%) and Vishal Group of Nepal (25%), the insurance company has public participation to the extent of 20%. Life insurance corporation (Nepal) Ltd. is instituted under the Companies Act 2053 , 27.12.2000 and has Registration No: 765-057/58 The Company Started its Operations on 1.09.2001.

Products of LIC (Nepal) ltd

Endowment
Plan Number - 333

Description
To maintain the standard of living to which you and your family are accustomed, you need sufficient money. Therefore, it's better for you and your beloved family to be protected from financial burden of an uncertain future. Regular saving through the insurance can protect you and your family for safe future.

Benefits
Under this plan the Sum Assured with vested bonuses is payable either on the date of maturity or on earlier death.

Features
This is a with profit policy. Mininum Sum Assured is 10,000 and no limit for maximum Sum Assured The policy becomes paid up if at least two full Years premium is paid. The policy can be surrendered after completion of two full Years with payment of all due premiums. Loan is payable under the policy after two years to the extent of 90% of Surrender value. If at least two full Years premium have been paid and if death occurs within next one year from first unpaid premium full sum assured is payable subject to rules and regulation. Term Rider upto twice the basis S.A. for policies with age at entry & maturity between 18 Years and 60 Years is available to policy holder for adult. Sum Assured not more than two lakhs. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 Years.

Money Back
Plan Number: 334,335,336,337,339

Description
Under this plan, provided the policy is inforce for full Sum Assured for the term mentioned in the table below, the Sum Assured will be paid in installments at periodic intervals However in the event of death the full Sum Assured is payable without any deduction or adjustment for the amount that may have been paid earlier by way of Survival benefits. The bonus additions to the policy will be reckoned on the full SA and are payable at the end of the selected term of years or at the Life Assured's death, if previous.

Plan No Term Survival Benefits

5 year 10 year 15 year 20 year 25 year
334 15 years 15% 25% 60% - -
335 20 years - 25% 25% 50% -
336 25 years - 10% 15% 25% 50%
337 20 years - 15% 25% 60% -
339 15 years 25% 25% 50% - -

Features
This is a with profit policy. The policy becomes paid up if at least two full years premium is paid. The policy can be surrendered after completion of two full years with payment of all due premiums. Loan is payable under the policy after two years to the extent of 90% of Surrender value. If at least two full years premium have been paid and if death occurs within next one year from first unpaid premium full Sum Assured is payable subject to rules and regulations. Term Rider upto twice the basis S.A. for policies with age at entry & maturity between 18 years and 60 years is available to policy holder for adult. Sum Assured not more than two lakhs. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 years.

Child Plan
Bal Mamata (Plan No. 340)
Bal Saneha (Plan No. 341)

Description
This plan has guaranteed additions of Rs. 65/- per thousand Sum Assured per annum for the first 5-year and reversionary bonuses thereafter. The accrued guaranteed additions and vested reversionary bonuses would be payable either on maturity or immediately on death after the commencement of risk. The option is available under the plans to pay the premiums up to the age of 16 Years [340] or 20 Years [341].
The benefit available under this plan is as follows

In the age of 16 years 25% of Sum Assured
In the age of 18 Years 25% of Sum Assured
In The age of 20 Years 50% of Sum Assured+ Bonus Amount

Jeevan Anand
Plan Number: 342

Description
This plan is a combination of endowment with profit plan and deferred whole life without profit plan. It provides the pre-decided SA along with vested bonuses at the end of the premium paying term, but the risk cover on the life continues till death of the Life Assured.

Features
This is a with profit policy. Sum Assured along with the vested bonus, if any, are payable at the end of the Premum Paying Term; maturity value. Sum Assured along with vested bonus are payable on death of the Life Assured during the Premum Paying Term. An amount equal to the Sum Assured is payable on death after the Premium Paying Term, free insurance cover after maturity. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 Years.

Griha Laxmi
Plan Number: 343

Description
An amount equals to Basic Sum Assured along with vested guaranteed additions and vested bonus will be paid if Life Assured dies.4% of the Sum Assured every year after the end of 3rd year till the end of 14th year will be paid. [12 installments and balance Sum Assured at the time of maturity]
During the first 5 year of policy, guaranteed additions @ of Rs. 65/- per thousand Sum Assured will accrue at the end of each completed year. These will be paid on earlier death of the Life Assured during the term of the policy or at maturity. Policy will participate in bonus after 5 Years.Policy Loans are not available under this plan

Bima Kiran
Plan Number: 344

Description
It is a low premium term assurance plan. This provides the pre-decided SA during PPT and 50% of Pre-decided SA within 10 years after maturity if LA dies. Else premiums paid excluding extra premium will be refunded at maturity. Policy loans and surrender value are not available under this plan.

Jeevan Tarang
Plan Number: 345

Description
This plan provides annual survival benefit @5% of the SA every year after the chosen accumulation period. The vested bonuses in a lump-sum are payable on survival to the end of the accumulation period or on death, if earlier. Further the SA is payable on survival to age 100 years or on death, if earlier. Policy Loans and surrender value are not available under this plan

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

NLIC Premium Collection Centre & guidelines

2010-03-10T07:04:00.000-08:00

a View of NLIC's Ninth Annual general Meeting
NLIC
Security and Prosperity
PREMIUM COLLECTION CENTERS
Dea Customers you can pay your premium at NLIC Branches as well as following Banks and Finance companies

Bank Asia, Bhaktapur, Chhetrapati, Kalanki, Lalitpur, New Road, Tripureswor, Boudha, Smakhushi, Mahargunj, Bagbazar, Kausaltar Birgunj Finance Ltd., Kamaladi Central Finance Ltd., Kupondel, ChabahilGuheshwori Merchant Banking & Finance Ltd., Lalitpur, ChabahilMahalaxmi Finance Ltd., Putali SadakN.D.E.P. Bank Limited, Kamaladi, Koteshwor National Finance Ltd., New RoadSurya Darshan Finance Ltd., New-BaneshworSwastik Merchant Finance Ltd., New Road

The Corporate Office and branch offices
Whom to approach for insurance
Insurance proposals are accepted by 'Branch Offices', 'Sales centres' and 'Corporate office' of the company. One can, therefore, always approach these offices for purchasing insurance on one's life. The marketing officials of the corporate office, 'Branch Manager' and 'Agency Manager' will be ever ready to help.
Basic requirements for insurance
For buying insurance on any one's life the proposer should have insurable interest on the life of the assured. Insurable interest cannot be determined in terms of moral responsibility of one person for the other. It is determined by the monetary loss one will have to bear in case of death of the other. Some example of insurable interest are given below.
One's on his own life।
Husband and Wife on the life of each other।
Parents and Children on the life of each other.
Employer on the life of employees.
A lender on the life of a debtor.
Business partners on the life of each other equal to the partner's investments in business.
Apart from the insurable interest the proposer should be Legally competent to enter into a contract.
Financially capable to pay premium for the "Sum Assured Proposed". And there should not be any thing adverse in his 'Health', 'Habit', 'Occupation' However, insurance can be given by charging extra-premium if there is anything adverse in health, habits and occupation within the permissible parameters.
On fulfilling the above eligibility conditions one has to submit the following requirements for obtaining insurance
+Proposal form, Personal statement of health +Age proof +Medical report and special medical and pathological reports depending on the sum proposed +personal history and family history + Proof of income if the sum proposed is large + Deposit amount equal to first premium +Previous insurance particulars +Particulars of insurance on the life of husband if the life to be assured happens to be of wife does not have earned income and of parents if he/she is a minor.
Basic requirements for insurance
1. Premium should be paid within grace period of 30 days. It is however, accepted up to 6 months by charging interest. Thereafter premium is accepted only after evidence of good health and medical reports are submitted and found in order. Within first two years of policy it is necessary to pay the premium within grace period of 30 days for risk cover.
2. It is advisable that nomination is made at proposal stage itself. If it is not made then it can be made subsequently also. If the nominee is a minor, appointment of appointee should be made. Nomination can be changed or cancelled anytime.
3. Duplicate policy can be issued on payment of policy preparation charges and fulfilling the legal requirements. It is advisable that Policy Bond is kept in safe custody.
4. Age admission is necessary as premium is based on age. If age has not been admitted at proposal stage it should be got admitted at the earliest, so that there is no delay in claim payment.
5. Policy bond, discharge form and last premium receipt have to be submitted for maturity claim payment.
6. For surrender value and loan payments also policy bond is necessary. Application of the policy holder, discharge form and last premium receipts also are required. In case of loan, loan agreement also has to be executed.
7. For death claim payment we require an intimation of death by the nominee/legal heir, death certificate, certificate of cremation, death claim form and discharge voucher. In case of early death within two years of commencement of policy or revival of policy, some additional requirements also are called for, such as attending Doctor's report, hospital report, employer's certificate etc. 8. Succession particulars and/or certificate is required if there is no nomination or the nominee has expired. If there are rival claimants the company will go by the judgment of a court of competent jurisdiction.

POST by Bijay Thapa. बिजयlifeinsurance.blogspot.com

PLANS of NLIC

2010-03-09T08:57:00.001-08:00

सूख समृद्धि को लागी एन. यल. आई. सी. माँ जीवन बिमा गरौं

एन. यल. आई. सी. सबैको बिश्वाश

NLIC Insurance plan

Surakshit Jeevan Beema Yojana
It is an endowment plan. It can be taken by anyone in the age group between the age of 11 years to 60 years. The maximum age on maturity is 65 years. Under this plan the policy money with bonus is payable at the end of the specified period or on death of the life assured before expiry of the term. This is the most popular insurance plan. By selecting the term judiciously , one can provide for old age and get risk cover for the selected term. Under this plan one can get loan upto 90% of the surrender value after the policy has run for a minimum Two Years. Minimum Sum Assured under this plan is Rs. 25,000. The premium under this plan can be paid Yearly, Half-Yearly and Quarterly basis.
For example a person aged 30 years going in for insurance under this plan for 20 years for Sum Assured 1 lakh will have to pay annual premium of Rs. 4,896/-. He will get Rs.1 lakh plus bonus at the end of the term. In case of earlier death his nominee will get Rs. 1 lakh plus bonus thereon subject to all premiums having been paid.

Dhan Varsha Beema Yojana
This is an innovation on endowment policy. The proposer can select term of 15 or 20 years. Under the 15 years plan, periodical payments are made as under- 25% of S.A. at the end of 5 years. 25% of S.A. at the end of 10 years. 50% of S.A. and bonus on Full Sum Assured at the end of the term. Under 20 years plan, the periodical payments at the same rate are made at the end of 10 years, 15 years and 20 years. In case of death "Full Sum Assured" and "Bonus on Full Sum Assured" is paid under both the plans and the periodical payments made prior to the date of death are not deducted from death claim. It means that the actual risk coverage under the plan is 150% of the Sum Assured. Minimum Sum Assured under this plan is 50,000.
Giving the example of proposer aged 30 years again he will have to pay annual premium of Rs. 4,131 under table no. 21 (15 year anticipated plan) and Rs. 3,014 under table no. 22 (20 years anticipated plan). The premium under this plan can be paid yearly, half yearly, quarterly and mothly basis.

Group Insurance Plan
This plan enables employers to provide life insurance benefit to their employees at low rate of premium. It is a hassle free plan wherein risk coverage is given up to the normal retirement date without any health requirements up to age 45 and with only declaration of good health thereafter. The savings made through the simple scheme of administration is passed on to the employees by substantial reduction in premium.
The minimum age at entry is 18 years and maximum age at entry is 55 years. The S.A. allowed varies from Rs. 50,000 to Rs. 3,50,000 depending upon the category. The group size of 50 employees, contribution of minimum of 50% of premium by the employer, joining of the scheme by a minimum of 75% of confirmed employees on introduction and compulsory joining by employees recruited thereafter are some of the binding features of the scheme. Variations in the scheme and its benefits are possible depending on the size and composition of the group and participation of the employer.
The company is trying to sell the above products in large scale so as to fulfill its mission of providing social security to every eligible citizen and also for spreading and creating awareness about the need of insurance. With increase in insurance awareness among the general public and specific target groups the company plans to bring in new products having greater risk/term insurance components. It also plans to bring in products providing pensions, health care and plans with multiple add on/optional advantages and risk covers.

Keta-Keti Jeevan Bima (Shiksha and Vivah)
Every parent spuns dreams for better education marriage and successful life for their offsprings. In this context, Nepal Life Insurance Company for the first time in the Insurance Industry of the country, launched a product with the sole aim of providing a tool of having risk coverage of life of child and making future provision for the education, marriage and financial support for the wards of aspiring parents. The salient features of plan are:
Policy can be issued on the life of just-born child till age of eleven, proposed by either of the parent. The risk on the life of child to start after comletion of 7 years of age of child,if his her age is below 7. In case of child who has completed his age 8 or 9 the risk shall commence from age 10.
Minimum Sum Assured Rs. 100000 and maximum Rs. 1000000.
The term of this policy is 19 minus age of child at commencement of policy.
Maturty age 19 year of child(fixed)
The policy vests in the child at 18 years of age.
Policy premium frequency:Either yearly, Half Yearly or quarterly with certain conditions.
Premium waiver Benefit available on the life of proposer(either of parent only)with extra payment.
Surrender as per condition but no loan available.
No accident benefit available on the life of child.
Policy participates in profits.

Jeevan Laxmi - Triple Benefit Scheme with Bonus
The plan is the Triple Benefit Endowment Plan with Bonus payable on the following terms:
Basic Sum Assured with bonus payable on maturity
Two times of Basic Sum Assured with proportionate final bonus payable on normal death under inforce policy within policy term.
Three times of Basic Sum Assured with proportionate bonus payable in case of accidental death under inforce policy within policy term.
Minimum Sum Assured is Rs. 50,000 and maximum Rs. 100,000
Minimum entry age is 16 yrs and maxmimum entry age is 50 yrs
Minimum term is 7 yrs and maxium term is 25 yrs or maximum age of 60 yrs which ever is earlier.
The mode of payment is either yearly or half yearly.

Jeevan Sahara
The plan is specially designed Endowment product to cover the wide range of risk for our social communities of Nepal:
The sum assured together with bonus is payable on maturity date and full sum assured again payable on death of life assured after maturity.
In case of death before maturity date under inforce policy, the sum assured and whatever bonus declared is payable.
Basic Sum Assured is payable in case of death of the policy holder after maturity of policy term.
Minimum Sum Assured is Rs. 100,000 and no limit for Maximum Sum Assured depending upon the income source of the proposer.
Minimum entry age is 16 yrs and maximum entry age is 65 yrs.
Minimum term is 5 yrs and maximum term is 54 yrs or maximum age of 70 yrs which ever is earlier.
The mode of payment is either yearly, half yearly or quarterly.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Tips for Insurance Agents

2010-03-08T07:02:00.007-08:00

Learning From Failure

Introduction: it is mostly found in the society that candidates draft their success resume and submit and circulate them and even post them to identify potential employers and achieve gainful employment by alluring the recruiters through the glitz and shine of their achievements, capabilities, leadership, success stories and others. But in reality one has to taste and feel the bitterness of failures too, which we fail to mention or avoid a careful mention of them because we think that readdressing the failure may give a bad omen and shall tar our image in the eye of the person who may be assessing us if we share our failures with them.

This is the general reason why we shy away from sharing our failed adventures and initiatives which in actually might have helped us derive
New strategies which in effect have had helped us learn and wade through the rough wasters by gaining insight more fruitfully achieved by the failures rather than successes that have came our way to teach us and make us rich by experience, this is the reason behind acknowledging and sharing failure so that we learn from the mistakes and change our attitude and strategies more carefully and analytically without compromising our creative ability to seek opportunity in the face of difficulty.

What is failure: One may easily define failure as non fulfillment or non achievement of goals and targets, people often chase their benchmarks and if they fail to achieve them then call the phenomenon as failure, some failure arise not out of individual attempts being non perfect, but some cause of failure are beyond a mans control and capacity, for example failure of crop due to scant rain or external environment being unfriendly may ruin the farmers plan even though he had tilled the soil and kept his ranch ready. Then there are other failures that arise out of ineffective strategy, poor planning, weak networking and myopic analyzing of potential problems can also lead to failure and disaster, disaster management has then evolved as a distinct faculty of learning, but the biggest failure is to not to learn from the failure and repeat them at a heavy cost, for e.g. a student ignoring his syllabus even after failing in the examination attempt and not doing any corrective action over the failed attempt.
Failure is often mentioned and defined in negativity to success, failure has a negative definition but actually a failed attempt teaches how the further attempts should take care the course, failure is a guide and sign post that directs us to take the right turns on the goose bumps and swirl, curl and curves through the cross country of hectic benchmarks. Failure may arise even when enough investment of effort has been made. One should apply his cognitive thinking which is the crest jewel of analytical thinking and impartially judge himself if he really wants to derive positive result of correctly dissecting the failure. This analysis shall serve as the real benefit arising from the investments done in attempts.

Failure, its significance: From the individual point of view failure has its own significance, today’s innovation and scientific progress was in reality a long and arduous stretch of failed attempts but scientist and innovators didn’t gave up and still pursued the defined goals with double and renewed vigor after each failure and finally tasted success. Even most organizations bend over backward to avoid failure. They shouldn’t says economist paul Ormerod. History shows that failure and success are inherently random, so firms should innovate and adapt. Failure to admit a mistake can be a biggest failure there should be free forums and seminars to talk on a failure and free exchange of thoughts and ideas should come to the fore if we really don’s want failure to be repeated and reap some cost from the same.

Employing Failure as a process for continues learning: This could be best done by bringing innovation in practice; one should raise his credibility through learining from past failures and addressing the issues in a positive and challenging environment. Failure is useless unless we learn from it. Many innovations were notable from the need of humanity and were failed attempts in their nascent stage but the inventors although men from humble background paid back to society through their persistent effort and preservance for e.g.. ATM was invented by Luther Simijan a midecine dropout and cash register was invented by james ritty a saloon keeper.

A leader should know how to manage failure: there is an important story how to learn and face failure In the Indian context when ISROs attempt to launch a satellite failed, it was a big failure. That day in 1979, the chairman ISRO, prof satish dhawan, the leader of the organization, conducted the press conference himself. He took responsibility for the failure- - he said that the team had worked very hard, but that it needed more technological support. He assured the media that in another year, the team would definitely succeed. He took responsibility for the failure as chairman of the organization
The next year, in july 1980, ISRO again attempted to launch the satellite - - and this time they succeeded, the whole nation was jubilant. Again there was a press conference. Prof Dhawan called APJ abdul kalam aside and told him,’you “you conduct the press conference today.” It was an important lesson that day, when failure occurred, the leader of the organization owned that failure. When success came , he gave it to his team. APJ Abdul kalam remarked that the best management lesson did not come from reading a book; it came from that experience.

Overcoming failure

Don’t be afraid to challenge the pros. Even in their own backyard. Sometimes you have to kill the sharks in their own waters

Never neglet details. When everyone’s mind is dulled or distracted the leader must be doubly vigilant.

You don’t know what you can get away with until you try.

Fit no stereotypes. Don’s chase the latest management fads. The situation dictates which approach best accomplishes the team’s mission.

Have fun in your command. Don’t always run at a breakneck pace. Spend time with your families.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com.

LIC of India plan Introduction

2010-03-08T04:17:00.003-08:00

Group Schemes of LIC of India

The concept of individual insurance is well known to all of us. The other wheel that drives along the organizations is the group Schemes. However, most of us do not have a very clear picture of the products portfolio under group shemes. Let us be familiar with the schemes offered by the p& GS wing and the associated benefits.

The pre-requisites for a group schemes
Target is a group of Individuals
The group should be formed for a purpose other than for taking insurance; e.g. Employer-Employee, Creditor- Debtor, etc.
There should be a nodal agency that will be the Master Policy Holder and will act on behalf of all insured members
The grop should not be a closed group i.e. there should be addition of new entrants in the group every year.
At least 75% of the group members must be covered under the scheme with all new entrants, necessarily to be members of the scheme.

Group Insurance vis-à-vis individual Insurance
There is no individual underwriting-the underwriting is for the group of lives.
Persons covered are not party to the contract as in individual insurance.
Individual policies are not issued- Single Master policy is issued for the group.
Benefits are not dependent on individual choice but are based on some formula generally depending on salary, service or catogarization.
Simple insurability condition of not being absent on health ground on the date of effecting insurance- no individual health declaration required except GMRA scheme.
No evidence limit (of free cover Limit) for each type of schemes or very little individual underwriting requirements.
Covers provided are generally One year Renewable Group Term Assurance as against equated Installment policies offered by Individual assurance.
Premiums may vary from year to year depending on the claim experience and age proof of the group
There is no standard premium table applicable to all groups. There are separate Premiums tables which are applicable depending on the group profile and risk propensity of the group.

Products offered

The products offered by the p&GS section can be divided into two groups namely schemes offered only to employer employee groups and schemes offered to all
groups.

A.Scheme offered only to employer employee groups:

Schemes offered to employer-employee groups are mostly rooted through the concept of employers’ responsibility for welfare of its employees. Some of these liabilities are statutory like Gratuity and some are voluntarily taken up liabilities like superannuation, leave encashment benefit to the employees.

For all these benefits, whether statutory or voluntary, The employee has only two options-

1. Pay the liability as and when it arises and claim this payment as deductible
expenses under P&L A/C of that year or

2. To provide for these liabilities on accrual basis by creating a trust and then
paying the amounts every year to these trust which is advisable as sound
financial management and mandatory as per Accounting Standard 15(AS 15).
The trust set up has to privately managed all the tasks related to investment of
fund, acturial valuation of the liability, making payments as and when they
become due. etc.

The following 3 Group Schemes of LIC are designed to suit need of the employee to relieve the task of management of trust fund and at the same time, to get the advantages of better returns on Investments in view of higher amount of fund available in matter of investments etc.

I-Group Gratuity Cash Accumulation scheme (GGCA)

Employer’s statutory liability- is to pay 15 days salary (15/26 of a month’s wages) for every completed years service to each of his employees on their exit, for any reason after 5 years of continues service, subject to maximum limit of 3.5 lacs under the payment of gratuity act 1972. The employer can account for this liability by taking LIC’s group Gratuity scheme. The employer will make contributions to LIC’s Scheme as prescribed by LIC every year through trustees and the job of investment is taken over by the corporation free of charge and in addition, interest is paid by the Corporation on the accumulated funds. All claims pertaining to gratuity are thereafter paid from the fund managed by the corporation.

A unique feature of our schemes is to provide, in the event of pre-mature unfortunate death, a sum equal to the gratuity payable in respect of the entire service (Actual and future). Future service gratuity i.e. life cover is restricted to limits depending on the group size.

On opting for the GGCA Scheme, the company absolves itself of the responsibility of managing the fund, which has to be done as per stringent laws. It also gets a very attractive return. The last declared return being from 8.7% to 9.3% depending on the fund size.

II- Group Superannuation Cash Accumulation (GSCA)

One of the Voluntary benefits given up by most of the Employees to their employees are the pension benefit. The benefit may either be defined in advance as either a fixed amount or a percentage of the last salary drawn or as a percentage for every year of service put in by the employee (i.e. Defined Benefit of DB) or alternatively the amount of contribution be decided as % of basic salary, pertaining to the employees for the creation of a fund, which would be used to purchase of an annuity at the time of retirement (i.e. Defined contribution or DC) In both options, The company has to create a superannuation fund to honor the benefits to the fund, which can either be self maintained, in which case the investment pattern is highly regulated and subject to regulatory security, or it can be passed on to LIC, in which case the responsibility of investment as also adherence to regulatory provisions of investment becomes the responsibility of the corporation. The fund also earns very attractive returns. The last declared returns being from 8.7% to 9.3% depending on the fund size.

An add- on life cover can also be opted for along with the scheme so as to provide death risk cover while in service, provided the minimum membership under the scheme is 10. The cover is generally equal to two months salary for every year of service remaining for an individual.

A company having both GGCA as well as GGCA can avail the benefit of clubbing both the funds to avail higher returns from the slab wise returns declared.

III- group leave Encashment Scheme

Many employers are providing Lease Encashment benefit in addition to other retirement benefits to their employees which are a lump of sum amount payable to the employees or their dependants on retirement, death, disablement, voluntary retirement etc.

As per the amended section 209(3) of the company’s Act 1956 and accounting Standard (AS-15) dated January, 1995, the employees have to account for the liability in respect of leave encashment facility, if any, available to the emplyees and to provide for the same in their Annual Accounts. It is therefore, necessary for the companies to ascertain liability in respect of leave Encashment facilities, if any, available to the employees and provide for the same in the books of accounts every year. It helps the employees in ascertaining the true cost of their products and services.

Group leave encashment Schemes(GLES) of LIC helps the employees in funding of their leave encashment liability. LIC quotes the funding requirements after acturial valuation of leave encashment liability based on the employees’ data and rules for leave encashment submitted by employer. The company can then contribute the amount as per the advice of LIC. A Running Account will be maintained under the scheme and the contributions (Excluding term assurance premium) will be credited to this account and all claims except term assurance cover will be settled out of the Running account. Interest at the rate declared by LIC from time to time will be created to the running account at the end of the financial year.

A uniform cover subject to minimum of Rs. 5000/- and maximum of Rs 100,000/- per employee or graded cover upto Rs 300000/- will be provided under one Year renewable group term Assurance plan of LIC. A small term insurance premium will be charged in addition to contribution for funding.

In addition to above 3 schemes which are related to retirement benefits of employees, two more schemes which are designed for only employer-employee group are as follows-

IV-Group Insurance in Lieu of EDLI.

Employee’s Deposit Linked Insurance Scheme, 1976- All employer to whom the Employers Provident Fund and Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to above Scheme, to provide for the future benefit of Life insurance to all their employees. This schemes provides for (as amended with effect from 24th june 2000), the insurance cover equal to the average balance to the credit of the deceased employee in the provident fund during the last 12 months, provided that where such balance exceeds Rs 35000, insurance cover would be equal to Rs 35000 subject to a maximum of Rs 60000 For this benefit the contribution @0.50 of each employees’ salary is payable by the Employer to the provident Fund Authorities.

However, Under section Sec. 17(2A) of the act, the employer may be exempted from taking this scheme. If he/she has provided for better insurance benefits through alternative scheme. LIC’s Group Insurance Scheme in lieu of EDLI has been accepted as one such better Alternative.

The advantage in the schemes are as follows:

1. The premium payable by the employer is usually less than the total contribution being paid by the employer to R.P.F.C. particularly when the salary level is high and average age of the group is low.
2. Settlement of claim is quicker ; LIC requires only the death certificate and the claim form from the employer.
3. Each employees is covered for a sum assured ranging between 5000 to 200000 and above depending upon the current salary and service put in from day one irrespective of the actual balance in the provident fund. Alternatively every employee worker can be covered for a uniform sum assured upto Rs 2 lacs. The benefit derieved shall be at least Rs 2000 more than the cover he would get from the RPFC.
4. Any member who is a member of the provident fund shall be covered under the scheme irrespective of age or health.

V- Group Savings Linked Insurance

LIC has come out with an attractive insurance scheme viz. Group Savings Linked insurance schemes at a very low cost. Central govt has a similar scheme with minor modifications. Semi-govt Organizations, Public sector Organizations and also Large private business houses and industrial enterprises have introduced this scheme, the salient features of which are as under.

Objectives of the scheme

a) Protection at low cost without individual evidence of health.
b) Attractive returns on savings to meet post retirement needs
c) Simple procedures for granting life cover to large groups under one umbrella

This is a saving linked insurance scheme in which the savings to premium ratio is generally 2:1. The premium can be paid by employees or by both employer and employees. A portion of premium is utilized for term insurance cover and the balance is accumulated from year to year. The accumulation is returned with interest as retirement, death or exit from service. In case of death during service, amount of term insurance cover with accumulated amount is paid to the nominee. The premium can be claimed for income tax relief and benefits when paid will be treated as insurance proceed and therefore exempted from tax. The scheme can be launched if at least 75% of the staff members of the organization join the scheme as also all new recruits must necessarily join the scheme.

The scheme has very attractive returns, which is currently 8%. The main benefit of the scheme is that it has an insurance cover so also a saving element which is paid back on the beneficiary’s retirement. The entry into the scheme depends on simple unsurability condition like not absent on health ground on entry date.

VI- Gratuity Plus(G+)

The latest plan to be launched under the P&GS fold is the Gratuity Plus. This is a unit linked Scheme. This scheme is the first unit linked Scheme. This Scheme is the first Unit linked Group Insurance Scheme. An employer funding for the Gratuity liability of his employees through LIC managed trust fund can opt to go in for this scheme in place of conventional GGCA, contributions received under the scheme will be allocated on the basis of Allocation Rate which constitutes Allocated fund. From the allocated fund, charges are deducted, and the balance is invested in one of the four funds as choosen by the policyholder. There are four types of funds which differ in risk profile. The Policyholder has the option to choose the type of fund where his funds are to be invested. The invested fund constitutes Unit fund and the various charges including the Allocation Charges constitute the Non-Unitised Fund.

Life cover to all employees either equal to a certain number of months salary subject to minimum of one month’s salary OR future service gratuity, as opted by the Policyholder, will be given. One of the special features of the scheme is auto cover. If the contributions are not received on a policy anniversary, an Auto cover is provided to the moments from the policy anniversary for which the contributions have not been received from the policyholder. The premium for the auto cover after being calculated is realized from the fund by canceling units equivalent value.

VII- Annuity

Companies who are having self managed superannuation funds can purchase annuities (pension benefits) from the corporation. This is similar to the Jeevan Akshay scheme which is there in the individual side. However the annuity rates are different. The options for annuity that are available are;- a)annuity for life, b) 5,10,15,20 years annuity Certain and life thereafter, c) Joitn life Annuity d) Life Annuity with Return of capital. On the exit of the employee other than by death, Accrued Gratuity will be paid out of Unit fund by canceling the required number of units. On death of the employee, along with the Accrued Gratuity the Term Insurance cover will also be paid. The term Insurance cover will be paid out of Unit Fund by canceling the required number of units. On death of the employee, along with the Accrued Gratuity the Term Insurance cover will also be paid. The term Insurance cover will be paid out of Non-unit fund.

The new asset Value (NAV) of each fund is computed daily. The NAV per unit is arrived at by dividing the next Assets under the fund by the number of units issued under the fund.

The master Policy Holder has the option to switch from one fund to another at any time. One such switch every year is free. Subsequent switches in that policy year shall be subject to a switching charge of 0.1% of the fund switched over subject to a minimum of Rs 1000 and maximum of Rs 50000 per switch.

The contributors allocated to purchase units are invested according to the investment pattern laid down for different types of funds. The policyholder has the option to choose any ONE of these funds.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Science or Art

2010-03-07T08:27:00.000-08:00

Selling Life Insurance: Science or art?
Life Insurance selling requires through knowledge of various plans of life insurance as well as its superiority over competitive products like bank deposits, mutual funds, stocks etc. In addition details of competitors’ should also be known. Hence it is considered as science. Selling life insurance involves prospecting , interviewing, counseling, and building relationship with the buyers. Therefore it is considered as an art.

Anyone can learn the science. But many insurance Agents fall in their job because they cannt master the art of prospecting, interviewing the prospects and building relationship with the prospects.
A through understanding of the selling and buying process will help the Agents achieve success in their job particularly in a competitive enviroment.

Understanding the Buying Cycle
The buying cycle is universal to all buying decisions. Everybody uses these steps when they buy something including life insurance. Hence an Agent should understand the following steps in the buying cycle.
1. Recognise the problem or need. The buyer must recognize that there is a problem, an unfulfiled need or want, and the nature and extent of it must be identified and understood.
2. Desire a solution. Buyer must have a strong desire to solve the recognized problem. There must be a compelling reason to act now rather than later if a sale is to be made.
3. Decide on the best available choice. Buyer must believe that the solution proposed is the most appropriate one for solving the problem now. This should not depend on price alone. An intelligent purchase should be based on value. Many factors affect the choice including price, product performance, expected service, the company’s ratings and the salesperson. In many cases the salesperson is the deciding factor in favour of the purchase. Personal interaction and the value the agent brings to the customer are very important.
4. Make The purchase. Buyer must be able to and willing to exchange money in order to solve the problem. People always like to buy; They don’t like to be ‘sold’.
5. Take Delivery. The purchase is completed when it is received in hand. This is a phychologically sensitive moment in the purchase. The buyermay experience regret because he or she may feel that for whatever reason, this is not the best solution to the problem. The product may be returned and the sale lost. At this point satisfaction with the purchase is critical. Customer satisfaction is the agent’s continuing challenge because retention of customer is important for long term success.

Selling process
The following selling process should be followed by Agents in order to fulfil the needs and wants of the prospective buyer with appropriate Life Insurance products service solution.
1. Identify the prospect: The first step of effective selling begins with identifying persons to whom a particular life insurance plan is to be sold. This requires detailed knowledge of various human needs and wants and the problem of life and living.
2. Approach the prospect: The second step of successful selling is that the Agent should contact the prospect and ask for appointment stating the reasons why you are interested in meeting. This can be done by telephone, post or email or face to face.
3. Meet the prospect: The third step is to meet the prospect and establish rapport and explain your business purpose. Agent should make positive statements about himself, about the organization which he represents and the various solutions it offers. Agent should impress upon the prospect by telling what makes our organization different from other new insurance companies. Also explain about the many added values you are offering.
4. Gather information and establish Prospect’s goals: Acting as fact finder is the fourth step in selling Learn more about the prospect’s situation. Collect information about the personal habits and financial position of the Prospects. Also gatherinformation about the objective, Attitudes, and priorities of wants of the prospect. Knowing about the current situation of the prospect as well as the desired future situation of the prospect as well as the desired future situation of the prospects is very important.
5. Analyze the information about the prospect: After collecting all the relevant information accurately about the prospect, agent should analyze the prospect’s present financial situation. This will help you to identify where the prospect is now as compared to his or her future goals. Monetary strengths and weakness of the prospect should be identified. The agent should help the prospect in establishing rights right goals after analyzing all these information.
6. Develop and present the appropriate plan of Life Insurance to the Prospect: The Agent should devise a good and realistic plan reflecting the prospect’s needs and goals. The Agent should get expert advise if required to devise such a plan. The presentation should provide an answer to the problems and needs of the prospects. The Agent must ask the prospects approve the plan.
7. Implement the plan: The seventh step in selling is to motivate the prospect to acquire the appropriate Life Insurance plans required to make the plan into action to achieve future goals. Complete the Proposal form and all other required forms, explain the process to the prospect and verify that everything that is being done is understood by the prospect. Finally First premium Collection is very important in implementing the plan.
8. Service the plan: This may be the most important step in preserving your hard work and expanding on it. Arrange for delivery of the Life Insurance Policy and reaffim the decision to buy and the problems that can be solved by having this policy from the customer. Provide periodical service and cement your relationship with the client. The relationship should be an ongoing one.
Thus life insurance selling is both an art and a science. Knowing the plans of Life Insurance inside out is essential. More essential is to identify the need, create the desire to fulfill the need, build acceptance of your solution as the best way to solve it and encourage the prospect to make the purchase of the life insurance policy immediately. Because, considering the possible deterioration of health or untimely death, the cost of waiting could be serious and detrimental to the dependents of the prospective buyer of a life insurance policy.

Each of the eight steps of selling process is critically important to the sale of Life Insurance policy. If a step is missed or not covered sufficiently, the sale will have a greater chance of failing. Therefore to be a successful Life Insurance Agent one should master the art of prospecting, Interviewing, and building relationship with the prospects by following the above selling process and understanding the buying cycle.

POST by Bijay Thapa. bijay-lifeinsurance.blogspotc.com

2010-03-06T18:45:00.001-08:00

Greece Plan to Buoys European Markets

European stocks rose Wednesday, boosted by a fresh set of austerity measures from Greece and better-than-expected U.S. private sector employment data. The Euro gained against the dollar while oil and gold prices edged higher.
Greece took center stage, announcing another round of austerity measures aimed at reducing its budget deficit. A combination of tax increases and spending cuts will reduce the budget about €4.8 billion ($6.53 billion), or roughly about 2% of Greece's gross domestic product. The program involves new taxes on a wide range of items, including tobacco and luxury cars, as well as reductions in civil-service pay.
European leaders praised the plan and ratings agencies said the government's actions indicate that Athens is serious about getting its fiscal situation under control. Financial markets responded positively, with the cost to insure against a Greek debt default declining. The Greek stock market began the day strong but ended down 0.4%. Even so, the benchmark ASE is still up 5.3% this week.
Greece is expected to soon test the market with a €3 billion to €5 billion bond issue. In addition, the Greek government said on Wednesday that it expected the European Union to demonstrate its "solidarity" with Greece. Thus far, the EU has resisted offering more than rhetorical support. German officials said no financial aid would be offered when German Chancellor Angela Merkel meets with Greece Prime Minister George Papandreou in Berlin Friday.
As the drama in Greece unfolded, European equity markets rose. The Stoxx Europe 600 ended up 0.8% at 252.60, U.K.'s FTSE 100 closed up 0.9% at 5533.21, Germany's DAX increased 0.7% at 5817.88 and France's CAC-40 gained 0.8% to 3842.52. Asian shares ended mostly higher while U.S. stocks rose in midday trading.
The main European equity markets received a boost from the release of U.S. ADP employment data, following a rather lackluster start to the day's trading. Private-sector firms in the U.S. shed 20,000 jobs in February, the best reading since 22,000 jobs were added in January 2008. The ADP data are seen as a precursor to the closely-watched nonfarm payrolls, which are due out this Friday.
At 1650 GMT, the Euro was up 0.9% at $1.3731. Sterling broke its one week losing streak, helped by strong data from the U.K.’s service sector. The pound was at $1.5108, up 1.0%.
Meanwhile, oil futures for April delivery rose 1.5% to $80.87 on the New York Mercantile Exchange. Gold futures climbed 0.4% to $1142.
Crude-oil prices edged higher as U.S. oil inventories data showed demand improving. At 1650 GMT, light, sweet crude for April delivery was up 1.5% at $80.87. And gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.4% to $1142.60.
In major market action: Shares of Xtrata rose 3.8% and Antofagasta climbed 3.7% as a broadly weaker dollar boosted metals futures.
German sports apparel maker Adidas declined 4.1% after its fourth-quarter profit decreased 64%, missing analyst forecasts.
Adecco shares were up 4% after the Zurich provider of human-resources services swung to a fourth-quarter profit of €42 million, compared with a loss of €22 million last year.
After what Chief Executive Patrick De Maeseneire called an "exceptionally tough" 2009, the company said that the "positive development of the revenue trend observed during the fourth quarter ... continued into the new year."
Emerging markets-focused bank Standard Chartered shares rose 5.3% after the lender also said it has started the year well. The bank made the comments as it reported a 4.7% rise in its 2009 net profit to $3.28 billion as it continued to increase its market share.
NicOx shares jumped 5.9%. The French drug developer licensed the world-wide rights to NCX 116, a treatment for glaucoma and ocular hypertension, to Bausch & Lomb. Bausch & Lomb will pay NicOx $10 million upfront plus milestone payments of as much as $169.5 million. NicOx is also eligible for tiered double-digit royalties on sales.
POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

2010-03-04T08:00:00.003-08:00

Life Insurance: A necessity, guidelines and profitability, U.S lawmakers’ view upon life Insurance and (NAMIC)’s Ranking on Insurance Rate.

A Necessity
Nowadays, life insurance is one of the securities of people. No matter what your work is, what your age is, what your physical condition is, you must understand the importance of being insured.
Unfortunately, In America, approximately 46.6M out of 301.1M people don’t have health insurance. Why is it so? Everyone must know the value of insurance. If you love your family and yourself, get your own life insurance no matter how costly it is. I tell you, it is worth it.
Visit .bijay-lifeinsurance.blogspot.com for detailed discussion regarding the need to secure life insurance And for more news.

Guidelines and Profitability

Having a life insurance is a critical decision. So we must be extra careful in choosing life insurance for us. It is a good thing that we do not need insurance consultant anymore because we can already find guidelines about insurance in the internet. In fact, quotes are available online.
Of course, we all know that insurance is expensive. We somehow need to analyze and consider the capacity of our pockets.
I would like to share with you erate.com and exinearticles.com for you to widen your knowledge about getting life insurance. To be guided in choosing practical yet reliable life insurance, visit this site: bijay-lifeinsurance.blogspot.com

Darwin says the policy is the first of its kind; it offers coverage for the wide scope of professional services that managed care organizations provide. Examples of the policy’s features include supplemental coverage for privacy breach notification and credit monitoring costs, no exclusions for regulatory claims, antitrust, bankruptcy, or electronic data processing, and coverage for loss of medical and non-medical personally identifiable information, including Health Insurance Portability and Accountability Act (HIPAA) fines, fees, and penalties.
The policy offers duty-to-defend coverage on an excess and surplus lines basis, with standard terms that include punitive damages coverage (most favorable venue), third-party liability, final adjudication coverage, and a range of other distinctive features.

U.S lawmakers’ view upon life Insurance

Stiil from insurancejournal.com site, a group of insurers says it hopes U.S. lawmakers will continue to focus on the need for affordable property insurance, an optional federal charter for the insurance regulatory system in America, and comprehensive flood insurance reform in 2008.
“2008 is shaping up to be another active year for the property/casualty industry,” said the American Insurance Association President, Gov. Mark Racicot. “AIA and its member companies look forward to engaging in a constructive dialogue and debate with policy makers on issues that affect our industry, which has provided protection and been our nation’s financial safety net for over 150 years.”

(NAMIC)’s Ranking on Insurance Rate.
The National Association of Mutual Insurance Companies (NAMIC), homebased in Indianapolis, said that Wisconsin’s ranking as one of the lowest-paying states for auto and homeowners’ insurance will be threatened with the passage of this bill.
“Supporters of this legislation have clearly ignored the multitude of studies showing that credit-based insurance scoring is an objective and actuarially valid tool that enables insurers to better predict the likelihood of future claims and the cost of those claims,” said Robert Detlefsen, NAMIC’s vice president of public policy. “The practice is a major factor in holding down insurance rates for the great majority of Wisconsinites who have good credit histories.”

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Useful Tip for Insurance Agent

2010-03-03T08:18:00.000-08:00

Add passion and perseverance to talent

Most of us tend to believe that our talents will lead us to success, but the truth is success requires a combination of passion and perseverance. The various studies have revealed that people even if naturally talented, success will not to come to them, unless they consistently practice. Rarely does success happen overnight, experts point out that it may take at least ten years to reap the success of one’s efforts (usually called ‘ten year rule’) and stories of successful people are testimony to this fact.

The ability to inspire people to reach great heights of performance and success is a skill that leaders need. Passion, purpose. Listening and helping others makes an inspirational and purpose shall estabilish the inspirational culture in an organization. The under mentione characteristics will inspire and motivate you and the people you lead:

1. Focused Practice: The focused practice is directed not only on improving performance but also aims at prepearing the same set actions again and again till one attains perfection. Constant practice is important because as Ericsson says “Elite performers in many domains have been found to practice every day including weekends.” Regular practice leads to better performance and eventually to great performance. Winston Churchill practiced his famous speeches before addressing the public. In facr childhood prodigies could reap success from innates talents only through constant practice. Unfortunately today, such perseverance has lost its meaning because talent is more celebrated that doggedness. One needs the courage to stick to one’s beliefs and be committed to hard work in order to succeed. Research shows such grit is required if one has to get over set-backs that are inevitable when pursuing long-term goals. Even if one does not posses exceptional talents, the tenacity to stick to one’s goals along with the commitment can help to get one ahead. Perseverance is as important as intelligence for success. Such perseverance can be incorporated even in work. Focused practice in improving on areas like making presentations, handling negotiations and discussions can make one better at work. The key is to approach work with a new perspective and the belief that can do better that the present level of achievement.

2. Improving Performance: One has to aim at improving performance ; this will change the approach to work and also change the ability to process and to retain information. One has to make efforts to seek more information. One has to make efforts to seek more information and new perspectives, so that one can perform better Some more pointers are:

a) Think out of the box, be creative and think differently.

b) When doing critical tasks, have an aim to do it better , find efficient alternate ways.

c) After finishing the task, get feedback from superiors/peers. make necessary changes.

d) Consistently build a mental model of the organization and keep on modifying the model to adapt changes.

e) Constantly practice these steps to get better.

Along with this the mindest with which one approaches one’s task is also important. Though others may be doing the same tasks, one’s attempt to explicitly get better as it, using concentration and focus will consequently lead to better performance.

3. Motivation: To infuse the winning edge in one’s work performance, motivation is important For most of us hard work is enough and we dispense with extra efforts to better it. But remember success hinges on the efforts to go extra mile. Motivation is critical factor here, the grit and determination to pursue one’s goal and preserving at with constant practice, is what sets apart th successful people. Unforfunately most of us are happy with the idea that we can success with talents we posses and are not willing to make the extea effort, We are just not willing to push harder.

4. Professional Image- Professional image is defined as, “set of qualities and characteristics- such as trustworthiness, carring, humanity, and capability that represent perceptions of one’s competence and character as judged by the key constituents (i.e. clients, superiors, subordinates, and collegues).” People draw, conclusions about persons character, and abilities taking cue from one’s appereance , the way one represents himself, what and how one says, it one’s body language, how one behaves and his values. These conclusions guide their interactions and behavior with the person. Careful analysis of there interactions and behavior gives the person an understanding of how the people perceive him. Asking them about what they think of him can also give him an insight. These constitute the perceived professional image of the person- the image he thinks people currently have of him.

5. Impression Management - perceived professionals image may not be in line with person’s desired professional image- how he wants other to perceive him. And this is cause of misunderstanding, unmet expectations and several other work place issues. So employee should be clear on what kind of image they want to project it right. This is called Impressions management.

Impression management is nothing but a person controlling his self presentation, so that he creates the desired impression on others. And first step in this is discovering what kind of impression he is creating or has created on others. Then he has to define his ‘desired image’. This formulation should take into account his current image, goals, strengths weakness, and culture of the organization. Creating the right professional image is not living a different character all together. So the desired personal image cannot be far from the original character of the person. It should demonstrate his existing strengths and positive traits and help him build some more, which help him achieve his professional goals. People manage impression through their non verbal behavior (Appearance demeanor), verbal cues (vocal pitch, tone, and rate of speech, grammar and diction, disclosure) and demonstrative acts(job performance). So the person aiming to improve his professional image can start with inculcating these elements in him and should asses as to what message they are conveying to others about him. The next step is to identify factors that led to the perceived image. For example a person’s perceived image is ‘Lacks confidence’ though his desired image is ‘confident’. This Conclusion would have been derived because of his behavior which was not assertive but defense or because he had not used the right tone. This image may or may not be right but is definitely not the desired image. So, he has to work towards correcting it.

6. Ensure one’s contribution being noticed by top people-

Recognition is not something to be left to chance. One must put-in honest efforts to make people sit up and notice one’s special skills and abilities. If one feels too shy to talk about achievements, it is time that one puts these inhibitions behind him. In this fiercely competitive world it is very important that one makes himself more visible to taste the career success one desires. It is not suggested that one should start bragging about oneself but atleast make modest attempts to project his talents in the best light before people who matter. There is no denying the fact that we are all recognition hungry. We crave for appreciation and want world to recognize talents. Recognition motivates us to progress in our career. But it also happens that many a times our best efforts go almost unnoticed. Why does fame embrace only a select few while many other talented people remain in obscurity?
This is because talen alone is not enough to get recognized and a subtle of promotion of oneself is necessary too. While one puts one’s best \effort forward at work, take a little time to asses how much upper levels of management know about him and also about his talent. Don’t be surprised if they know little or nothing about one’s talent. Therefore, to start building one’s image, one must come out of one’s shell and start participating in seminars and all other important public forms to showcase one’s skills. Use these events to cultivate friendships within and outside the organization. Remember without a little PR one is bound to stagnate. Focus on professional appearance and good manners to make a favorable first impression. Walk, talk and work with an air of self-assurance that compels other to pay attention.

7. Creative Diversity. Diversity in thought processes, opinions, skills and even solutions, makes for more creativity and innovation. One must feel a sense of ownership and purpose towards one’s job and organization. Introduce an element of fun and excitement into process and be generous with praise and recognition to your peers/ subordinates. Encourage people from different backgrounds to participate in creative process.

These are some of the important characteristics that are desired in each one of us. To succeed in one’s carreer, employees should try to project an image that has as many characteristics as possible that much with those required in his role. For instance, the Ideal professional image of a sales person is pleasant, sociable, confident, friendly, trust worthy and goal oriented. If he succeeds in projecting this image, it will be easy for him to attract his audience, hold their attention, and make them believe that he has a point, convince them and negotiate to win.

Developing the commitment and tenacity to pursue higher goals, not giving up and developing the passion to get better at work, are key factors to move from good to great. Passion and preservance added to talent gives the person self-control, self-confidence, good relations and fulfilling work experience and career development. On the organizational front, it leads to client satisfaction, pleasant work environment, strong work culture and team building. People are the most valuable assests of all organizations. Organizations that acknowledge this fact and continue investing in their people and their development will reap the benefits of enhanced engagements now and in future when things take a turn for better. To sustain competitive advantage when resource are scare. It is essential that one delivers more value, for which his skills and knowledge need to be continually updated to stand out from the crowd so as to become an expert in niche area. Instead of focusing on being being well rounded, shrpen and area of strength to such levels of finesse that you come to be known as genius in the field.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Funny Jokes

2010-03-03T06:46:00.000-08:00

Let’s Take Some Rest with Jokes

History Speakar!
The teacher asked savitha,”tell me, when was Rome built?”
Savitha: “It was built during the night.”
Teacher: “what? Where on earth did you get such an Idea?”
Savitha: “well, everybody knows that Rome wasn’t built in a
day.”

Unfair Justice!
Two students sitting at the last row of the class continued talking.
The teacher called them over and asked them to write their names 200 times.
After a While one of the students came up to the teacher and complained.
“This is just not fair.”
“What is not fair?”
His name is Roy (short) and my name is Venkataraghavan (long)

Nothing but the truth!
Prisoner: Judge, I just don’t know what to do?
Judge: Why, what is the problem?
Prisoner: I took an oath to tell the truth. But every time I try, some lawyer
objects?

Linguist Indeed!
Overhead on the train:
First man: “can you understand Tamil?”
Second man: “Yes, if it is spoken in English.”

Upkept Vows
An anonymous tax payer sent a letter to the oncome tax department, saying that he had cheated on his income tax returns ten years back, and had not been able to get a good night’s sleep since then.
He enclosed a thousand rupees, and added,”If I still can’nt sleep . I’ll send the balance

2010-02-28T21:01:00.000-08:00

Indian Life Insurance Industry- Challenges and Opportunities

The Strategic Information bijay-lifeinsurance.blogspot.com
The strategic future of life insurance will be guided by demographic transition and next practice technology.The demographic transition has economic significance. For example after the birth rate drops and before the elderly population rises significantly, there is a time when the working-age share of the population peaks. People of working age have fewer children to support but do nor yet have many elderly. At this peak, the population reaches its maximum of productivity.
Other Technology functions can be harnessed for modeling, data collection, data analysis and specialized insurance applications. A country’s age structure affects its economy. Increasing integration of the global economy makes it possible for one region’s age structure affect economic activity in other region’s age atructure to affect economic activity in other regions. As with all surveys, the estimates may differ from the actual values because of sampling variation or other factors but the direction is known with reasonable certainty and the magnitude is indicated through a graphic smoothing. Although the future is unknownable, demographic projections have a degree of validity that many other types of forecasts lack. The present situation supplies useful information about the future. It is certain that everyone who is now alive will age and eventually die. The distribution of the current population by age offers useful information about the age structure of the future population. Historical changes in the fertility rates of the developed world have had considerable predictive value regarding the fertility rates in the developing world.
bijay-lifeinsurance.blogspot.com

Demographic Dynamics
The world’s population will grow to about 9.1 billion in 2050. It will raise to 6.8 billion in 2010 and 7.8 billion in 2025. The overall rate of population growth is slowing. The vast majority of the growth is likely to occur in developing countries, which has four times the population of developed countries with one-fourth gross domestic product. The population of developing countries will increase 61% by 2050 as their birth rate is twice as much as developed countries at almost 24 births per thousand population. China and India together have only half of the total population of the developing world. People aged 15-64 are considered of working age . This working age population of developing countries will become seven times the working population of developed countries. This multiplier is the greatest future strength of developing countries. Another adversity waiting for developed country is elderly population,who are above 65 years age. The elderly will increase from 6.9% to 16.3% of the world’s total population. Almost four out of five (78.6%) of the world’s elderly in 2050 will live in developing countries.
The number of children (Ages0-14) in the world will rise only 2.2%. The 4.4% increase for developing countries will be counteracted by a 12% decline in developed countries. A dependency ratio is the ratio between workers and non workers. In developed countries, increase in elderly dependences will exceed increase in elderly ones.
China will reach peak working-age population- share in 2010. compared to Brazil, Indonesia, India, Mexico and a host of other developing countries will have younger work forces on average than china and much younger work forces than current developed countries will have the opportunity to play this role in the period leading up to 2025 when their younger population may give them labor cost advantages compared to China and much better advantage compared to current developed countries. An increasing share of the world’s health will move to economically successful developing countries and be controlled by them. Skilled developing countries will use their production advantage to build wealth. There will be more ads proclaiming “let us plan to be wealthy”.
bijay-lifeinsurance.blogspot.com
Effects on The demographic Transition
Wise insurers of developed countries have already spotted this signal and they are consciously shifting their focus to china and India as also other developing countries. Instead of fighting the market share war, they are quietly winning the battles of regulatory buy-ins for a strategic assertion of their presence. Their conscious and implosive expansion is dedicated by the possibilities of assests bubbles in such countries surfacing intermittently. During growth phase all bubbles lay hid below the expanding membrance of growth. But a phase of growth is always accomplished by technical correction, which economists call consolidation . The bubbles surface, if the growth membrance was allowed to inflate in harmony with local companies. Usually strategic foreign insurers run for a sprint after weathering two three bursting of market bubbles.
The developed world is tending towards older and assest-rich households. They look for high returns and put their money at places to get high returns. Indirectly, They have helped fund growth in developing countries on this account. The developing world on the other hand start with low-wage, young-adult work forces migrate themselves or their output and become target for outsourcing services. The asian tigers for outsourcing Services. The asian tigers started but couldnot sustainably manage this phenomenon. Though South East Asian crisis halted their march, the residue stamped permanence in their standard of living. The experience silently entered into erstwhile population behemoths but here crisis may not be as threatening due to large domestic consumer market hedging any international adverse developments. Insurance paradise is in the making in such regions of the world.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Conversation: about India LIC's Health Protection Plus

2010-02-28T18:08:00.022-08:00

LIC’s Health Protection Plus: Conversation Between Advisor & Customer
bijay-lifeinsurance.blogspot.com/

Advisor : Good moning sir. I thank you for giving me this appointment and the
opportunity to talk about our new product- LIC’s Health Protection Plus
Customer: Tell me more about the plan
Advisor : This is a long term Unit linked Health Insurance Plan. All the
Members of Your family can be covered under one single policy. The person
taking the policy is called the Principal \Insured and the others are
the insured members.
Customer: Member of family means?
Advisor : Spouse and Children of the Principal Insured (PI). There is no limit
on the number of members that can be insured besides newly
eligible members can also be added when they become eligible for
the scheme. bijay-lifeinsurance.blogspot.com/
Customer : You said this is a long term policy? How long is the cover available?
Advisor : This is a long term plan because the premiums can be paid upto 65
years of age and the benefits for you and your spouse are available
upto 75 years of age i.e. even after you stop paying the premiums
the risks are covered and the benefits are available.
Childrens from 3 Months to 17 years can be covered under the plan
and they are entitled to the benefits upto 25 Years of age.
Customer : What are the benefits Available under This plan?
Advisor :There are three types of Benfits Under this plan i.e.
· Hospital Cash Benefit
· Major Surgical Benefit
· Domiciliary Treatment Benefit bijay-lifeinsurance.blogspot.com/
Customer : How can premiums be paid under this Policy?
Advisor : Premium can be paid Yearly, Half-Yearly Or through Monthly-ECS.
Minimum premium payable is Rs 5000/- and thereafter there is
increase as per number of persons covered and insurability of life.
Customer : What if I am not able to pay the premium?
Advisor : The charges for daily Hospital cash Benefit and Major Surgical
Benefit will be deducted till the policy fund has sufficient balance
to recover the charges. As for revival the policy can be revived by
payment at any time between the ‘Revival period’ which is two
years from the date of First Unpaid Premium. The policy can be
revived by payment of arrears without Interest and without
requirement of DGH or Medical provided fund is sufficient.
Customer : What if I cannot pay all the arrears of premiums but only one
Installment. bijay-lifeinsurance.blogspot.com/
Advisor : It is advisable to pay premiums regularly to prevent compulsory
termination of the policy. However if you are not able to pay
arrears of premium, we have provision of a premium Holiday. The
facility of premium Holiday can be availed only if premiums are
paid of 3 years and your fund has balance of atleast one
annualized premium, you can pay the least instalment without
interest.The policy continues as long as the fund is sufficient to
deduct health risk charge under the policy and the policy can be
kept in force only by
the Principal Insured. If funds are not sufficient the policy
terminates.
Customer: Will my premium increase with age?
Advisor : No, Whatever premium is fixed at the outset will remain the
same. However charges will increase according to age and not according
to the benefit. The same rate per benefit will be applicable.
Customer: You said charges will be deducted from my premium. What are
these charges? bijay-lifeinsurance.blogspot.com/
Advisor : Sir this is a unit linked policy. The charges are simply the portion
of the premiums utilized to provide Risk cover for yourself and
your family members, other charges are for Allocation, Policy
Administration, Service Tax and for management of funds. The
balance that remains after deduction of all these charges is used to
purchase units from the Health Plus Fund. This amount is invested
in Government Guaranteed Securities. Money Market Instruments
and to small extent in Equity Shares. The no. of units allocated will
depend on the NAV of the fund on the date of purchase. The
amount is invested prudently to maximize returns.
Customer: If any member is excluded, what will happen?
Advisor : The health charges recovery will stop automatically.
Customer: What about Income Tax Benefit?
Advisor : Your premium under this plan is eligible for IT rebate under section
80(D)
Customer: What is the risk cover and amount of benefit?
Advisor : We provide risk cover against two events : Hospitalization and
major Surgeries. The charges for these covers are deducted every
month from the premium you pay.
Customer: When is hospital benefit paid? bijay-lifeinsurance.blogspot.com/
Advisor : Hospital benefit is paid when a person is hospitalized on account of
sickness or accident for a period of more than 48 Hours i.e. 2 days.
The benefit is paid for the period of admission that exceeds 48
hours. The amount will be daily Hospital Cash benefit for ICU. For
the purpose of claim a continues perid of 24 hours is treated as 1
day. If the insured continues in hospital for only a part of the day
and then period more than 4 Hours over completed no. of day is
treated as 1 day for the purpose of payment.The minimum amount
of initial Daily benefit for Principal insured is in the range of Rs.
250 to 2500/- and for others IDB is Rs 250 to 1500.
Customer : Well, you say the product is a long term one.But Medical costs will
increase with inflation how does your product take care of that?
Advisor: Yes, The initial Daily Benefit increases @5% subject to maximum of
1.5 times Initial Daily Benefit.
Customer: How many times can I avail Hospital Cash Benefit?
Advisor : The hospital cash benefit can be availed fot 18 days in the first
Year which includes a stay of maximum 9 days in ICU. From the
second year onwards the HCB can be availed for 60 days
thereafter inclusive of 30 days in ICU. The maximum no. of days
for which HCB can be availed during the policy period is 365 days
in case of PI and Spouse whereas for child below 5 it is 90 days.
Customer: Tell me more about Major Surgical Benefits.
Advisor : Major Surgical Benefits payable fot 49 specified surgical
precedures. bijay-lifeinsurance.blogspot.com/
MSB Sum assured is 200 times the initial Daily Benefit payable for
the respective Insured.The maximum benefit that can be availed
during 1 year is equal to 100% of the Sum Assured and the
maximum benefit available during the lifetime is 3 times the Sum
Assured.
Customer: Do I get the benefits immediately on takin the policy.
Advisor : No, there is a wait period of 180 days after commencement of the
policy and 90 days from revival. There is however no wait period
for MSB and HCB in case of Accidents.
Customer: You are talking about only two benefits Hospital Cash Benefit and
Major Surgical benefit but you mentioned one more benefit at the
beginning of the talk what is this accident. Are you deducting
charges fot this benefit?
Advisor : The third benefit is Domiciliary Treatment Benefit. No Charges are
deducted for this benefit. It is purely Utilised from the fund that is
accrued to your credit. It can be used to pay your OPD bills. If
atleast three years premiums have been paid then you can avail
Domiciliary Treatment Benefit forwhenever amount spent is Rs.
2500 of more, subject to satisfaction of other eligibility conditions
fot the payment. bijay-lifeinsurance.blogspot.com/
Customer: But what will be the fate of the policy. If any thing happens to me
during the term of the policy, since the policy is such long term…….
Advisor : The premiums will cease and the policy will continue on the life of
T he other insureds till the time the fund is sufficient to recover the
charges. If the policy is on a single life or if there is no other
surviving insured then the fund value is paid to the nominee or legal
heirs.
Customer: But I am sufficiently covered through my Employers scheme….
Advisor : Sir, Through your employees Scheme you will be getting your
expenditure reimbursed. Through LIC’s policy you will get our fixed
Benefit that you are entitled to over and above the benefit you
receive from any other scheme. Aren’s these features
complementary to the scheme? Beside Health Protection plan HCB is
paid irrespective of the reason fot the hospitalization and we are
also offering benefits for Domiciliary Treatment Twice a year.
Customer: That’s OK.. You are covering my risk upto 75 Years of age so my
policy ends there for all of my family members.
Advisor: The policy doesnot come to an end on your attaining 75 years of age.
At 75 only your hospital Cash Benefit and major Surgical Benefit
ceases. But if you have Fund value in your policy you can utilize the
same even after 75 fot the payment of Domiciliary treatment
benefit. The amount you have accumulated in your younger ages
when you are healthy will take care of your medical benefits in your
advance ages.
Customer: Can my wife take out a policy in her name?
Advisor :Yes, why not, as long as she is eligible to take out this policy she can
opt this policy and include you and your children as beneficiaries.
When she takes the policy she will be the principal Insured.
Customer: Why should I choose the policy when I do not need Health Insurance
right now? bijay-lifeinsurance.blogspot.com/
Advisor : Sir at a younger age you are buying the same product at a cheaper
rate…. The health risk charges are less. So the balance of fund
accumulation will be more.
Customer: Fine, can you please give a quote for me and my family members.
My affordability for premium is Rs. 15000 as I would like to avail the
IT benefits in full through this \policy.
Advisor : Here is the proposal form and here is the quote.
Customer : OK and here is the Cheque.
Advisor : Thanks.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com/

Insurance Consideration: India Budget 2010

2010-02-27T16:51:00.003-08:00

Life insurers to save, policyholders to benefit

The Finance Minister, Pranab Mukherjee's Budget may have rejected major demands of life insurers, but the proposal to treat life insurers at par with the mutual fund sector in respect of service tax is expected to add around Rs.300 crore to their kitty.
'Earlier life insurers were paying service tax on all the charges collected from the policyholders under their unit linked insurance policies (ULIP). From next fiscal onwards they will be paying 10 per cent service tax on the fund management charges alone akin to the mutual fund industry,' S.B. Mathur, Secretary General of Life Insurance Council of India, told IANS.
Budget News Budget gallery Special: Budget 2010 Budget Contest
According to him, the saving for the industry as whole will be around Rs 300 crore.
V. Srinivasan, Chief Financial Officer of Bharti Axa Life, said: 'The policyholders will be immensely benefited by this move. The internal rate of return (IRR) on ULIPs will be up by 40 basis points.'
Railway Budget 2010 bijay-lifeinsurance.blogspot.com
The increase in the limit for tax deduction at source (TDS) from Rs.5,000 to Rs.20,000 saves lot of administrative work on the insurers who deduct the tax on the commission paid to the agents, he said.
Alternatively the insurance agents will see more money on their hands from next fiscal onwards.
A quick take on Budget 2010 bijay-lifeinsurance.blogspot.com
'The change in the income tax slabs will result in more disposable income in the hands of people. As a result there will more sales of life insurance policies,' P. Nandagopal, managing director of IndiaFirst Life Insurance, told IANS.
'Indians do not blow up their surplus money. They have the tendency to save their surplus money. With the change in income tax classification people will be able to buy better life insurance policies.'
How the Budget 2010 benefits you bijay-lifeinsurance.blogspot.com
The new slabs has income up to Rs.1.6 lakh per year exempted from income tax; up to Rs.5 lakh to be taxed at 10 per cent; income of Rs.5-8 lakh to be taxed at 20 per cent and income above Rs.8 lakh at 30 per cent.
Mathur does not grudge the Finance Minister's announcement of the government contribution of Rs.1,000 to those pension accounts opened under the New Pension Scheme (NPS).
No need to continue with concessions on fuel: FM
'It will enable people in the unorganised sector to get some pension scheme,' he said.
However, the Finance Minister has not answered the two prayers of life insurers for extension of carry forward losses to 10 years from the current eight and separate limit for deduction under Sec 80C of the Income Tax Act for long term saving instruments like life insurance policies.

'Once the direct tax code becomes applicable the issue of carry forward of losses will not be there,' said Srinivasan.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Exclusion of Prudential's Annual Report

2010-02-27T16:29:00.000-08:00

Annual Report of PRUDENTIAL FINANCIAL INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the Forward-Looking Statements included below the Table of Contents, "Risk Factors," "Selected Financial Data" and the Consolidated Financial Statements included in this Annual Report.
Overview http://bijay-lifeinsurance.blogspot.com/
Prudential Financial has two classes of common stock outstanding. The Common Stock, which is publicly traded (NYSE:PRU), reflects the performance of the Financial Services Businesses, while the Class B Stock, which was issued through a private placement and does not trade on any exchange, reflects the performance of the Closed Block Business. The Financial Services Businesses and the Closed Block Business are discussed below.
Financial Services Businesses
Our Financial Services Businesses consist of three operating divisions, which together encompass seven segments, and our corporate and other operations. The U.S. Retirement Solutions and Investment Management division consists of our Individual Annuities, Retirement and Asset Management segments. The U.S. Individual Life and Group Insurance division consists of our Individual Life and Group Insurance segments. The International Insurance and Investments division consists of our International Insurance and International Investments segments. Our Corporate and Other operations include our real estate and relocation services business, as well as corporate items and initiatives that are not allocated to business segments. Corporate and Other operations also include businesses that have been or will be divested, including our investment in the Wachovia Securities joint venture which we sold on December 31, 2009, and businesses that we have placed in wind-down status.
We attribute financing costs to each segment based on the amount of financing used by each segment, excluding financing costs associated with corporate debt which are reflected in Corporate and Other operations. The net investment income of each segment includes earnings on the amount of capital that management believes is necessary to support the risks of that segment.
Table of Contents http://bijay-lifeinsurance.blogspot.com/
We seek growth internally and through acquisitions, joint ventures or other forms of business combinations or investments. Our principal acquisition focus is in our current business lines, both domestic and international.

Closed Block Business
In connection with the demutualization, we ceased offering domestic participating products. The liabilities for our traditional domestic in force participating products were segregated, together with assets, in a regulatory mechanism referred to as the "Closed Block." The Closed Block is designed generally to provide for the reasonable expectations for future policy dividends after demutualization of holders of participating individual life insurance policies and annuities included in the Closed Block by allocating assets that will be used exclusively for payment of benefits, including policyholder dividends, expenses and taxes with respect to these products. See Note 12 to the Consolidated Financial Statements for more information on the Closed Block. At the time of demutualization, we determined the amount of Closed Block assets so that the Closed Block assets initially had a lower book value than the Closed Block liabilities. We expect that the Closed Block assets will generate sufficient cash flow, together with anticipated revenues from the Closed Block policies, over the life of the Closed Block to fund payments of all expenses, taxes, and policyholder benefits to be paid to, and the reasonable dividend expectations of, holders of the Closed Block policies. We also segregated for accounting purposes the assets that we need to hold outside the Closed Block to meet capital requirements related to the Closed Block policies. No policies sold after demutualization will be added to the Closed Block, and its in force business is expected to ultimately decline as we pay policyholder benefits in full. We also expect the proportion of our business represented by the Closed Block to decline as we grow

other businesses. http://bijay-lifeinsurance.blogspot.com/
Concurrently with our demutualization, Prudential Holdings, LLC, a wholly owned subsidiary of Prudential Financial that owns the capital stock of Prudential Insurance, issued $1.75 billion in senior secured notes, which we refer to as the IHC debt. The net proceeds from the issuances of the Class B Stock and IHC debt, except for $72 million used to purchase a guaranteed investment contract to fund a portion of the bond insurance cost associated with that debt, were allocated to the Financial Services Businesses. However, we expect that the IHC debt will be serviced by the net cash flows of the Closed Block Business over time, and we include interest expenses associated with the IHC debt when we report results of the Closed Block Business.
The Closed Block Business consists principally of the Closed Block, assets that we must hold outside the Closed Block to meet capital requirements related to the Closed Block policies, invested assets held outside the Closed Block that represent the difference between the Closed Block assets and Closed Block liabilities and the interest maintenance reserve, deferred policy acquisition costs related to Closed Block policies, the principal amount of the IHC debt and related hedging activities, and certain other related assets and liabilities.
The Closed Block Business is not a separate legal entity from the Financial Services Businesses; however, they are operated as separate entities and are separated for financial reporting purposes. The Financial Services Businesses are not obligated to pay dividends on Closed Block policies. Dividends on Closed Block policies reflect the experience of the Closed Block over time and are subject to adjustment by Prudential Insurance's Board of Directors. Further, our plan of demutualization provides that we are not required to pay dividends on policies within the Closed Block from assets that are not within the Closed Block and that the establishment of the Closed Block does not represent a guarantee that any certain level of dividends will be maintained.

Revenues and Expenses http://bijay-lifeinsurance.blogspot.com/
We earn our revenues principally from insurance premiums; mortality, expense, and asset management and administrative fees from insurance and investment products; and investment of general account and other funds. We earn premiums primarily from the sale of individual life insurance and group life and disability insurance. We earn mortality, expense, and asset management fees from the sale and servicing of separate account products including variable life insurance and variable annuities. We also earn asset management and administrative fees from the distribution, servicing and management of mutual funds, retirement products and other asset management products and services. Our operating expenses principally consist of insurance benefits provided, general business expenses, dividends to policyholders, commissions and other costs of selling and servicing the various products we sell and interest credited on general account liabilities.

Table of Contents http://bijay-lifeinsurance.blogspot.com/
Profitability
Our profitability depends principally on our ability to price and manage risk on insurance products, our ability to attract and retain customer assets and our ability to manage expenses. Specific drivers of our profitability include:
? our ability to manufacture and distribute products and services and to introduce new products that gain market acceptance on a timely basis;
? our ability to price our insurance products at a level that enables us to earn a margin over the cost of providing benefits and the expense of acquiring customers and administering those products;
? our mortality and morbidity experience on individual and group life insurance, annuity and group disability insurance products, which can fluctuate significantly from period to period;
? our persistency experience, which affects our ability to recover the cost of acquiring new business over the lives of the contracts;
? our cost of administering insurance contracts and providing asset management products and services;
? our ability to manage and control our operating expenses, including overhead expenses;
? our returns on invested assets, including the impact of credit losses, net of the amounts we credit to policyholders' accounts;
? the amount of our assets under management and changes in their fair value, which affect the amount of asset management fees we receive;
? our ability to generate favorable investment results through asset/liability management and strategic and tactical asset allocation;
? our credit and financial strength ratings;
? our ability to effectively utilize our tax capacity;
? our returns on proprietary investments we make; and
? our ability to manage risk and exposures, including the degree to which, and the effectiveness of, hedging these risks and exposures.
In addition, factors such as credit and real estate market conditions, regulation, competition, interest rates, taxes, foreign exchange rates, market fluctuations and general economic, market and political conditions affect our profitability. In some of our product lines, particularly those in the Closed Block Business, we share experience on mortality, morbidity, persistency and investment results with our customers, which can offset the impact of these factors on our profitability from those products.
Historically, the participating products included in the Closed Block have yielded lower returns on capital invested than many of our other businesses. As we have ceased offering domestic participating products, we expect that the proportion of the traditional participating products in our in force business will gradually diminish as these older policies age, and we grow other businesses. However, the relatively lower returns to us on this existing block of business will continue to affect our consolidated results of operations for many years. Our Common Stock reflects the performance of our Financial Services Businesses, but there can be no assurance that the market value of the Common Stock will reflect solely the performance of these businesses.
See "Risk Factors" for a discussion of risks that have affected and may affect in the future our business, results of operations or financial condition, cause the trading price of our Common Stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward looking statements made by or on behalf of the Company.
Executive Summary http://bijay-lifeinsurance.blogspot.com/
Prudential Financial, a financial services leader with approximately $667 billion of assets under management as of December 31, 2009, has operations in the United States, Asia, Europe and Latin America.
Table of Contents http://bijay-lifeinsurance.blogspot.com/
Through our subsidiaries and affiliates, we offer a wide array of financial products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. We offer these products and services to individual and institutional customers through one of the largest distribution networks in the financial services industry.
Current Developments http://bijay-lifeinsurance.blogspot.com/
The global financial markets have shown marked improvement after experiencing extreme stress since the second half of 2007 through the early portion of 2009. During this period, volatility and disruption in the global financial markets reached unprecedented levels for the post World War II period and the availability and cost of credit was materially affected. These factors, combined with recent economic conditions, including depressed home and commercial real estate prices and increasing foreclosures, depressed equity market values, declining business and consumer confidence, and rising unemployment, resulted in a severe economic recession.
Certain markets have shown marked improvement since mid-2009. Equity markets have appreciated, with less volatility, and bond spreads have tightened significantly. We took advantage of the improving market conditions, and raised approximately $4.4 billion in the capital markets during 2009 through the following:
? Issued 36.9 million shares of Prudential Financial Common Stock in a public offering (at a price of $39.00 per share) for net proceeds of $1.391 billion.
? Issued $2.5 billion of Prudential Financial medium-term notes. In January 2010, we issued an additional $1.250 billion of Prudential Financial medium-term notes.
? Issued $500 million of Prudential Insurance surplus notes, exchangeable for Prudential Financial Common Stock.
On December 31, 2009, we received $4.5 billion of proceeds in cash from Wells Fargo upon the completion of the sale of our minority joint venture interest in Wachovia Securities. In addition, we received $418 million in payment of the principal of and accrued interest on the subordinated promissory note in the principal amount of $417 million that had been issued by Wachovia Securities in connection with the establishment of the joint venture.
As the dislocation in the markets continued, we took certain other actions during 2009 to strengthen our liquidity and capital position, including the following:
? Made capital contributions and capital loans to our international insurance operations in Japan totaling $366 million.
? Borrowed $1.5 billion in the form of collateralized funding agreements from the Federal Home Loan Bank of New York, or FHLBNY, which was subsequently used to replace inter-company funding agreements between Prudential Insurance and Prudential Financial, previously funded through proceeds from the sale of Prudential Financial's retail medium-term notes, making the corresponding proceeds available for general corporate purposes.
? Reduced exposure to short-term financing markets, primarily through reduction in commercial paper borrowings.
? Undertook sales of assets held by some of our affiliates to reduce their borrowing needs.
While the above actions have strengthened our liquidity and capital position, certain of them, as well as our decision to maintain higher levels of cash and short-term investments than in prior periods, have had a negative impact on current earnings. For additional information on our liquidity and capital resources, and the actions we undertook in 2009, see "-Liquidity and Capital Resources."
We continue to monitor the liquidity and capital needs of Prudential Financial and its subsidiaries. If the recent improvements in the capital markets prove temporary and earlier disruptions in the capital markets were to resume, we may take additional capital management actions to maintain capital consistent with our rating objectives, which may include additional internal actions or, if internal resources are insufficient or market conditions deteriorate, further access to external sources of capital, if available.
Table of Contents http://bijay-lifeinsurance.blogspot.com/
During 2009, rating agencies downgraded certain ratings of Prudential Financial and its subsidiaries. Downgrades in our claims-paying or credit ratings could potentially, among other things, limit our ability to market products, reduce our competitiveness, increase the number or value of policy surrenders and withdrawals, increase our borrowing costs and potentially make it more difficult to borrow funds, adversely affect the availability of financial guarantees, such as letters of credit, cause additional collateral requirements or other required payments under certain agreements, allow counterparties to terminate derivative agreements and/or hurt our relationships with creditors, distributors, or trading counterparties thereby potentially negatively affecting our profitability, liquidity and/or capital. See "-Ratings" for more information.
Our financial condition and results of operations for the year ended December 31, 2009 reflect the following:
? Net income of our Financial Services Businesses attributable to Prudential Financial, Inc. for the year ended December 31, 2009 was $3.411 billion, reflecting a $1.457 billion after tax gain from the sale of our minority joint venture interest in Wachovia Securities, as well as the positive impact of improved financial market conditions beginning in late second quarter of 2009.
? Pre-tax net realized investment losses and related adjustments of the Financial Services Businesses in 2009 were $1.651 billion, primarily reflecting other-than-temporary impairments of fixed maturity and equity securities of $1.563 billion.
? Net unrealized gains on general account fixed maturity investments of the Financial Services Businesses amounted to $998 million as of December 31, 2009, compared to net unrealized losses of $6.567 billion as of December 31, 2008. Gross unrealized gains increased from $4.684 billion as of December 31, 2008 to $5.387 billion as of December 31, 2009 and gross unrealized losses decreased from $11.251 billion to $4.389 billion for the same periods as credit spreads tightened across most asset classes, partially offset by an increase in risk-free rates. Net unrealized gains on general account fixed maturity investments of the Closed Block Business amounted to $7 million as of December 31, 2009, compared to net unrealized losses of $4.035 billion as of December 31, 2008.
? Individual Annuity gross sales in 2009 reached a record high of $16.3 billion, an increase from $10.3 billion in the prior year. Individual Annuity net sales in 2009 were $10.3 billion, an increase from $2.1 billion in the prior year.
? Full Service Retirement gross deposits and sales were $23.2 billion and net additions were $8.8 billion in 2009, an increase from gross deposits and sales of $18.9 billion and net additions of $3.9 billion in the prior year.
? We also continued to have positive net flows in our asset management business, as well as solid sales in our domestic and international insurance businesses, in 2009.
? For 2009, our International Insurance segment had a record level of adjusted operating income.
? As of December 31, 2009, Prudential Financial, the parent holding company, had cash and short-term investments of $3.830 billion.
On November 10, 2009, Prudential Financial declared an annual dividend for 2009 of $0.70 per share of Common Stock, reflecting an increase of approximately 21% from the 2008 Common Stock dividend.
Outlook http://bijay-lifeinsurance.blogspot.com/
Management expects that the recovery of the economy and global markets will remain challenging in 2010 but that results will reflect the quality of our individual businesses and their prospects, as well as our overall business mix. In 2010, we continue to focus on long-term strategic positioning and growth opportunities, including the following:
? U.S. Retirement and Investment Management Market. We look to capitalize on the growing need of baby boomers for products that provide guaranteed income for longer retirement periods. In addition, we continue to focus on our clients' increasing needs for retirement income security given the recent volatility in the financial markets. We also look to provide products that respond to the needs of plan sponsors to manage risk and stretch their benefit dollars.
Table of Contents
? U.S. Insurance Market. We continue to focus on writing high-quality business and expect to continue to benefit from expansion of our distribution channels and deepening our relationships with third-party distributors. We also look to capitalize on opportunities for additional optional life purchases in the group insurance market, as institutional clients are focused on stretching their benefit dollars.
? International Markets. We continue to concentrate on deepening our presence in the markets in which we currently operate, such as Japan, and expanding our distribution channels. We look to capitalize on opportunities arising in international markets as changing demographics and public policy have resulted in a growing demand for retirement income products similar to those offered in the U.S.

POST by Bijay Thapa. http://bijay-lifeinsurance.blogspot.com/

Health Insurance

2010-02-26T18:15:00.001-08:00

Health Insurance

Top 10 ways to cut your medical Bills.

with health-care costs on the rise, you may be looking for ways to lower your medical expenses there are 10 Ideas

1. Practise Prevention
2. Shop around for Health Insurance
3. Cut the cost of prescription drugs
4.check your medical Bills.
5. Join your spouse's health plan
6. Keep track of your medical expenses
7. Negotiate a discount with your health care provider.
8. Contribute to a flexible spending account.
9. Take advantage of free helath screenings.
10. Get to know your health Insurance

Practise Prevention

As basis as it sounds, one of the most effective ways to lower your medical expenses over time is to maintain a healthy lifestyle. for example, you can;

# take advantage of wellness programs

# Manitain a healthy weight

#Exercise regularly

# kick unhealthy habits (e.g. smoking)

# Have regular Checkups.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Investors Trust upon AIG

2010-02-26T16:59:00.000-08:00

Investors Trust upon AIG

American International Group’s chief executive said the insurer would make a full recovery from its near-death experience, declaring the turnround was well under way even as the company posted a quarterly net loss of $8.9bn.
AIG is on its “way to regaining our stature as one of the world’s largest and most successful property-casualty insurance operations,” Robert Benmosche, the company’s chief executive said on Friday in a message to shareholders.
bijay-lifeinsurance.blogspot.com

EDITOR’S CHOICE
In depth: Global financial crisis - Sep-04
AIG drops derivatives portfolio sale plan - Feb-18
Geithner attacks level of bonuses at AIG - Feb-03
In depth: Obama and Wall Street - Feb-03
Analysis: AIG – The hindered haircut - Jan-26
AIG staff agree to bonus cuts - Feb-03
Some investors remained sceptical. AIG’s shares dropped 9 per cent to $25.09 in New York trading following the quarterly report. The stock is off 16 per cent since the start of the year.
“AIG’s core insurance units remain weak, and a high degree of execution risk remains in AIG’s turnaround strategy,” Catherine Seifert, an analyst with Standard & Poor’s, wrote on Friday.
The net loss, equivalent to $65.51 a share, narrowed sharply from a year earlier, when AIG lost $61.7bn, or $459.99 per share, a record shortfall for a US company. AIG’s operating loss narrowed to $7.4bn from $31.8bn.
The fourth quarter figures were depressed by an after-tax charge of $3.4bn to account for prepaying some of its government debt, which had reduced its remaining credit facility and prompted the amortisation of related assets.
The results were hit by Chartis, an insurance unit falling into a loss of $1.75bn after it set aside $2.3bn in additional reserves. bijay-lifeinsurance.blogspot.com
AIG’s collapse during the financial crisis led to an $85bn government bail-out and left investors sceptical it could sell enough assets to repay the debt.
Since then a number of moves, including the anticipated sale of its Alico division and the planned listing of an Asian unit, have helped foster some confidence in the turnround, though doubts remain. bijay-lifeinsurance.blogspot.com
The company continued to wind down exposures at its financial products business, whose credit derivatives brought AIG to the brink of insolvency.
The financial services division reported a $92m quarterly profit.
AIG also opted not to use its insurance cash flows to repay $8.5bn in debt to the New York Fed.
“We think the combination of strategic asset sales and reviving businesses will generate sufficient funds to repay the taxpayer, mooting the need to pursue the previously contemplated life insurance securitisation,” AIG said.
Its domestic life insurance unit earned $1bn, while its foreign life business reported a $1.1bn profit.
The company remains in talks to sell its Alico division to MetLife for $15bn. Earlier this month it chose Goldman Sachs and six other banks as bookrunners for the initial public offering of AIA.

POST by bijay Thapa. bijay-lifeinsurance.blogspot.com

About LNG

2010-02-26T16:36:00.000-08:00

LINCOLIN FINANCIAL STRENTH

Lincoln Financial Advisors announced today that Sean Powell has been named Managing Principal of the Southern Virginia Regional Planning Office, which is located in Virginia Beach, VA.

Powell will be responsible for recruiting, coaching and developing Lincoln-affiliated financial planners throughout the southern Virginia region, including Virginia Beach and Richmond. Powell, a 12-year industry veteran who joined Lincoln Financial in 2004, previously served as Regional 401(k) Sales Director-Employer Markets for Lincoln Financial Distributors.
"Since coming to Lincoln Financial, Sean has consistently displayed an aptitude for identifying and cultivating high quality producers, driving sales and building relationships," said Mike McFeeley, Managing Director of the Atlantic Regional Planning Group for Lincoln Financial Advisors.
Prior to joining Lincoln Financial, Powell served in a number of sales and training positions at firms in Philadelphia, New York and New Jersey.

About Lincoln Financial Network
Lincoln Financial Network is the marketing name for the retail sales and financial planning affiliates of Lincoln Financial Group and includes Lincoln Financial Advisors Corp. and Lincoln Financial Securities Corp., both members of FINRA and SIPC. Consisting of more than 7,600 representatives, career agents, and full-service financial planners throughout the United States, Lincoln Financial Network professionals can offer financial planning and advisory services, retirement services, life products, annuities, investments, and trust services to affluent individuals, business owners, and families.

About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC - News) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $141 billion as of December 31, 2009. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services.

Crisis in American Insurance

2010-02-26T08:28:00.001-08:00

Crisis in American Insurance Company

American International Group may be on the road to recovery 17 months after the company received a US$ 182.3 Billion bailout from the American government at the peak of the global financial crisis of 2008/2009. bijay-lifeinsurance.blogspot.com
AIG, whose failure threatened to collapse the USA’s economy, has improved its means to repay the bailout which it received through increased sales in the company’s property-casualty business. Property-Casualty contributed to a third of AIG’s revenue in the three quarters following the opening shots of the great recession. In conjunction with rising Life and Retirement product sales, the mainstay of AIG’s offerings, in the third quarter of 2009 the company looks well placed to pull out of what many industry analysts are referring to as a “death spiral”.
Managing Director of Nomura Securities International, David Havens, said “There are clear signs that AIG has pulled out of what could have been a death spiral.” Nomura Securities was a key player during the Global Financial Crisis, taking over the European and Asian business of defunct banking giant Lehman Brothers. bijay-lifeinsurance.blogspot.com
Industry observers are forecasting a positive outlook for AIG, and point to recently released third quarter results that see the company moving more in line with industry averages, rather than continuing poor performance. During the fourth quarter of 2008, the first full reporting period after they received their bailout, AIG posted Property-Casualty premiums sales of US$ 7.1 billion. This figure has risen during 2009 with the property-casualty arm posting sales of US$ 7.7 billion in the first quarter, US$ 7.9 billion in the second quarter, and US$ 8.1 billion in the third. bijay-lifeinsurance.blogspot.com
Life insurance however, may be slower to recover. During the fourth quarter of 2008, AIG posted Life insurance revenues of US$ 15.2 billion. The first quarter of 2009 saw British clients abandon the firm due to a perceived lack of confidence, and consequently saw Life insurance sales drop to US$ 14.5 billion. The life insurance arm of AIG continued to struggle in the second quarter of 2009 with sales down to US$ 13 billion, but a recent reversal of the downward trend, and an increase in Life insurance sales, up to US$13.7 billion in the third quarter, means that stability may be returning to this beleaguered company.
In other AIG news, AIG Star Life Insurance Co. Ltd, a life insurance subsidiary located in Japan, has formed a partnership with Orix Corp. to sell annuity products. Aiming to enhance AIG Star’s customer base, the two companies will pursue a venture which will see them jointly marketing annuity products to Orix Corp’s existing clients. bijay-lifeinsurance.blogspot.com

AIG to sell American Insurance Company
American International Group Inc. has confirmed on Tuesday that it is in talks with MetLife Inc. to sell the groups’ life insurance unit, the American Life Insurance Company. Rumors surfaced last month with regards to a potential MetLife deal for the AIG unit, and market analysts speculated that such a move would be incredibly beneficial to MetLife as the American Life Insurance Company has an extensive international health and life insurance business operating in more than 50 countries around the world. bijay-lifeinsurance.blogspot.com
Despite the discussions around the American Life Insurance Company, AIG has stipulated that it will not consider the sale of two Japanese life insurance companies which it took off the market in 2009. Star Life Insurance Co. and AIG Edison Life Insurance Co. were up for sale following the turning of AIG’s fortunes in 2008 at the peak of the global financial crisis, but had been removed from the market by the fourth quarter of 2009. bijay-lifeinsurance.blogspot.com
With a number of global insurance providers supposedly in position to increase their international reach through acquisitions, some analysts have speculated that AIG may be willing to play in a competitive market. However, AIG spokesman Mark Herr stated of both Star Life and AIG Edison that “they are good businesses and we are pleased to have them in the AIG family.” bijay-lifeinsurance.blogspot.com
The move for MetLife to buy the AIG unit may have its roots in the sharp loss of profits experienced by MetLife in the fourth quarter of 2009. MetLife has stated that the company’s profit dropped by approximately 70% as it paid out more benefits and claims.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

2010-02-25T18:27:00.000-08:00

2010-02-25T17:52:00.001-08:00

Protecting Economic loss in Life & Nonlife. Give Your Child A Bright Future

Save Your Vehicles

Brief Profile-2 (life & non Life)
Be Happy Like This With Insurance
NB Insurance Company Limited
Head office address: P.O. Box: 21746, Lal Durbar

Promoters
The prominent Bankers, enterpreneurs and leading industrialists- NB group, Nepal Credit and commerce Bank Ltd, Nepal Bangladesh Bank, Nepal Sri lanka Merchant Bank and vast experienced persons in life Insurance industry for more than 3 decades, have jointly promoted NB INSURANCE COMPANY LIMITED.
Objectives: The main objective of the company is to provide wide range of financial security due ro physical loss of the property caused by insured perils and the best and new area of insurance services required to the clients.

1) Reinsurance Agreement:

The company has arranged automatic reinsurance treaties with the companies of the first class securities. They are:
1) General Insurance Corporation of India
2) African Reinsurance Corporation
3) Kenya Re, Bimeh Iran

2) Management Team:

The company is professionaly managed by a team of highly experienced, trained, dedicated, staff and also represent the board of directors whom the company has been fortunate enough to obtain within the country itself.

3) We Provide Following Insurance Policies:

+ Motor Insurance +Fire Insurance +Marine Cargo Insurance + Engineering Insurance + Aviation Insurance
+ Miscellaneous Insurance

- Personal Accident Insurance - Group personal Accident Insurance - Medical Hospitalization Insurance - Overseas travel & Medical Insurance
- Burglary & Housebreaking Insurance - Cash in Transit/Safe/ Vault Insurance - fidelity guarantee Insurance - Plate glass Insurance - Professional Insurance
- Public Liability - Medical Estabilishment Insurance - Bankers Indemnity Insurance - All Risks Insurance - Poultry Insurance - Student Safety Insurance

Prime Life Insurance Company Ltd.
Head office: P.O.Box:25979, Hattisar, Kathmandu

INTRODUCTION

Prime Life Insurance Company was initiated by Khetan Group and was incorporated as a public limited company in june 2007. The company commenced its operation from 4th june 2008. The share holding constitutes of the promoters holding 70 percent and 30 percent is to be offered to general public. The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interest and expertise. Laxmi bank Limited, one of the leading commercial bank of Nepal , is one of the major promoters with 15 percent stake. We have recently offered equity shares to the public.
At prime we believe in innovation, superior customer services, transparency, and good geverence. Customer delight is our guiding principle and delivering Life Insurance products to meet the requrements of all segments of our customers base supported by the best technology is our business philosophy.

OUR MISSION

Our Mission is to provide complete range of Life Insurance products bundled with innovation and superior customer services in order to acieve excellent business growth and provide superior value to all our stakeholders.

OUR VISION
We envision becoming:
Providet of most innovative life insurance products, excellent services and strong financial security to our customers The preferred employer in the life Insurance Sector.
We expect to achieve our overall vision and become one of the leading life insurance in Nepal over a period of time through a professional management team, dynamic and progressive work Culture, good generence, innovative products and focus on customer services.

PRODUCTS
We have, at present, offered the following life Insurance products to our valued customers:
Endowment Insurance Plan: Prime Saral Jeevan Insurance Plan
Money Back Insurance Plan: Prime Dhan Sagar Insurance Plan(15 yrs & 20 Yrs)
Children Insurance Plan Prime Swarnim Insurance Plan
Expartiate Insurance Plan Prime Karmashil Insurance Plan

We expect to offer the following Products in the near future:
# Mortgage Redemtion Plan # Endowment with whole life cover
# Group term Insurance # Endowment With Guranteed Additions
# Micro Insurance Products.

2010-02-25T17:52:00.000-08:00

Brief Profile-2(life & non Life)

NB Insurance Company Limited
Head office address: P.O. Box: 21746, Lal Durbar

Promoters
The prominent Bankers, enterpreneurs and leading industrialists- NB group, Nepal Credit and commerce Bank Ltd, Nepal Bangladesh Bank, Nepal Sri lanka Merchant Bank and vast experienced persons in life Insurance industry for more than 3 decades, have jointly promoted NB INSURANCE COMPANY LIMITED.
Objectives: The main objective of the company is to provide wide range of financial security due ro physical loss of the property caused by insured perils and the best and new area of insurance services required to the clients.

1) Reinsurance Agreement:

The company has arranged automatic reinsurance treaties with the companies of the first class securities. They are:
1) General Insurance Corporation of India
2) African Reinsurance Corporation
3) Kenya Re, Bimeh Iran

2) Management Team:

The company is professionaly managed by a team of highly experienced, trained, dedicated, staff and also represent the board of directors whom the company has been fortunate enough to obtain within the country itself.

3) We Provide Following Insurance Policies:

+ Motor Insurance +Fire Insurance +Marine Cargo Insurance + Engineering Insurance + Aviation Insurance
+ Miscellaneous Insurance

- Personal Accident Insurance - Group personal Accident Insurance - Medical Hospitalization Insurance - Overseas travel & Medical Insurance
- Burglary & Housebreaking Insurance - Cash in Transit/Safe/ Vault Insurance - fidelity guarantee Insurance - Plate glass Insurance - Professional Insurance
- Public Liability - Medical Estabilishment Insurance - Bankers Indemnity Insurance - All Risks Insurance - Poultry Insurance - Student Safety Insurance

Prime Life Insurance Company Ltd.
Head office: P.O.Box:25979, Hattisar, Kathmandu

Introduction

Prime Life Insurance Company was initiated by Khetan Group and was incorporated as a public limited company in june 2007. The company commenced its operation from 4th june 2008. The share holding constitutes of the promoters holding 70 percent and 30 percent is to be offered to general public. The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interest and expertise. Laxmi bank Limited, one of the leading commercial bank of Nepal , is one of the major promoters with 15 percent stake. We have recently offered equity shares to the public.
At prime we believe in innovation, superior customer services, transparency, and good geverence. Customer delight is our guiding principle and delivering Life Insurance products to meet the requrements of all segments of our customers base supported by the best technology is our business philosophy.

OUR MISSION

Our Mission is to provide complete range of Life Insurance products bundled with innovation and superior customer services in order to acieve excellent business growth and provide superior value to all our stakeholders.

OUR VISION
We envision becoming:
Providet of most innovative life insurance products, excellent services and strong financial security to our customers The preferred employer in the life Insurance Sector.
We expect to achieve our overall vision and become one of the leading life insurance in Nepal over a period of time through a professional management team, dynamic and progressive work Culture, good generence, innovative products and focus on customer services.

PRODUCTS
We have, at present, offered the following life Insurance products to our valued customers:
Endowment Insurance Plan: Prime Saral Jeevan Insurance Plan
Money Back Insurance Plan: Prime Dhan Sagar Insurance Plan(15 yrs & 20 Yrs)
Children Insurance Plan Prime Swarnim Insurance Plan
Expartiate Insurance Plan Prime Karmashil Insurance Plan

We expect to offer the following Products in the near future:
# Mortgage Redemtion Plan # Endowment with whole life cover
# Group term Insurance # Endowment With Guranteed Additions
# Micro Insurance Products.

2010-02-25T16:57:00.000-08:00

Insurance is The Subject Matter of Protcting Unexpected Loss of Life, wealth and Properties.

Best Safeguard of Your Bikes-Insurance

Brief Profile-1

Alliance Insurance Company Limited
Head Office Addresses: p.o. box:10811, Durbar Marg (Tel: 4222836, 4253166, Fax: 4241411)
Protect Your Vehicles With Insurance

We are pleased to introduce ourselves as one

of the leading Non-life Insurance Companies founded in incorporated as Public Limited Company under Nepal Company Act, 2021(1964) with authorized capital of Rs. 15,00,00,000.00 and would inform you that M/s Beema Samiti (Insurance Board) has permitted us to underwrite all classes of Non-life Insurance Including Aviation Insurance Under Insurance Act 1992.

We would like to inform that we have established a close connection with Liod’s Brokers amongst Top Ten and other reinsurance brokers in London, sigapore, and India for placement of our reinsurance in International Insurance Markets. Besides, this company has entered into Reinsurance Treaties for automatic reinsurance placement with the following reinsurers:
http://bijay-lifeinsurance.blogspot.com/
a) J.B. Boda & Co.(UK) Ltd. b) Trust Re, Bahrain
c) General Corporation of India
d) Korean Re e) African Re

This company is promoted by the leading Industrial businessmen, financial institutions viz. Karmachari Sanchaya Kosh (Employee provident Fund) who alone owns 15% of the total share , and the team of personalities having experience in Insurance Industry more than 2 years who have undertaken all technical management. We are, therefore, confident that the policies are issued correctly and in time and the claims are expeditiously settled.
http://bijay-lifeinsurance.blogspot.com/
1 Aviation Insurance 2. vehicle Insurance
3.Fire Insurance and Allied Insurance 4. Loss of profit (Fire)Insurance.
5 Burglary & Housekeeing Insurance 6. Cash-In-Transit Insurance
7. Personal Accident Insurance 8. Medical Insurance
9. Electric Equipment Insurance 10 Marine cargi Insurance Policy
11. Public Liability Insurance 12 Workmen Compens. Insurance
13. Professional Liability Insurance 14 Engineering (CAR, CMP, EAR)
15 Travel Insurance

Meanwhile, we would also inform you that we have office in Birgunj, Narayanghat, Biratnagar, Butwal, Nepalgunj, Hetauda, Banepa, Pokhara, and manbhawan for helping our clients in their Insurance Needs.

Lumbini General Insurance Company Limited

A.) Profile of Lumbini Gen. Ins. Comp. ltd
Head office: Adress: P.O. Box 23100, Thamel, Kathmandu, Tel: 4411707, Fax: 977-1-4411692

Prominent Bankers, entrepreneurs, top dealers of automobiles and other products, tourism specialist, industrialists, finance companies and vast experienced persons in the insurance industry for more than three decades, have jointly promoted Lumbini General Insurance Company Limited (LGIC)
http://bijay-lifeinsurance.blogspot.com/
This company has an authorized Capital of Rs. 250 million and issued paid up capital of Rs. 125 million, Incorporated under Company act, 2006 and permitted to write business of all classes of general Insurance by Insurance Board Under Insurance Act. 1992 of the Issued/ paid up capital of Rs 125 million, 80% by promoters and 20% by general public has been fully paid

This company has arranged reinsurance treaties for automatic distribution of risks accepted by the company, with the Reinsurance of the best securities.

They are:

1) General Corporation of India
2) African Reinsurance Corporation, Mauritius
3) Milli Reassurance, T.A.S. Turkey
4) F.A.I.R. Non-Life Reinsurance Pool, Turkey
5) B.E.S.T. Reinsurance, Labuan Branch Malaysia
6) Trust International, Bahrain
7) Sirius International Insurance Corp., UK Branch, London.
http://bijay-lifeinsurance.blogspot.com/

(B) Board of Directors

Chairman : Mr Himalaya SJB Rana

Directors : (1) Mr suraj Vaidya 2) Mr. Chintamani Bhattarai
(3) Mr Durga bdr shrestha 4) Mr. Mingma Dorji Sherpa
(5) Mr. Manohar Das mool (6) Mr. Shankar Ghimire
(7) Mr. Suresh Prajapati (8) Mr. Pratap Kumar Acharya

(C) Management Team

General Manager : Mr R.B. Daha Manager Mkt. : Mr. B.K. shrestha
Dy. G. M.: Mr. Prakash M. Tuladhar Manager Mkt : Mr. Kumar Bdr Khatri
Sr. Man. Fin/ Adm: Mr Bijaendra M Joshi Dy. Man. Mkt. : Mr Anila Aryal
Manager U/W : Mr. Krishna p Dawadi Co. Secretary : Mr Dev. Koirala
Manager Claims : Mr Karuna Manandhar

(d) We provide following Insurance Policies

- Fire Insurance - Marine Cargo Insurance - Motor Insurance
- Engineering Insurance - Electronic Equipment – Machinery loss of Profit
- Deterioration of stock - Avaiation of Insurance – Hull Deductible
- Miccellaneous Insurance .

POST by Bijay Thapa. http://bijay-lifeinsurance.blogspot.com/

2010-02-24T08:05:00.002-08:00

THE IMPORTANCE OF INSURANCE

Insurance, legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits , property damage. Insurance provides a means for individual and socities to cope with some of the risks faced in everybody life. Prople purchase contracts of Insurance, called policies, from a variety of insurance organizations. bijay-lifeinsurance.blogspot.com/

Almost everyone living in modern, Industralized countries buys insurance. For instance, laws in most states require people who own a car to buy insurance before driving it on public roads. Lenders require anyone who finances the purchase of a home or car with borrowed money to insure that property. Business partners take out life insurance on each other to make sure the business will succeed even if one of the partners dies. bijay-lifeinsurance.blogspot.com/

Insurance benefits sociey by allowing individuals to share the risks faced by many people. But it also serves many other important economic and social functions. Because Insurance is available and affordable, banks can make loans with the assurance that the loan's collateral is covered against damage. This incresed avaibality of credit helps people buy homes and cars. Insurance also provides the capital that communities need to quickly rebuild and recover economically from natural disasters, such as tornadoes or hurricanes. bijay-lifeinsurance.blogspot.com/

Insurance itself has become a significant economic force in most industrialized countries. Employees buy insurance to cover their employees against work related injuries and health problems. Businesses also insure their property, Includint technology used in production, against damage and theft. Because it makes business operations safer, insurance encourages businesses to make economic transactions, which benefit the economies of countries.

Insurance companies peform a type of monetary redistribution- they collect premiums and eventually redistribute that money as payments. Depending on the type of Insurance , redistribution can take anywhere from a few months to many decades. Because of this delay between collecting and paying our funds, insurance companies invest their fund to bring in extra revenues. Such investment help businesses and government finance their operations, and profits from those investment support the operations of insurance companies. With these investment earnings, Insurance companies can keep rates much lower than would otherwise be possible.

Not all effects of Insurance are positive ones. The possibility of earning insurance payments motivates some people to attempt to cause damage or losses. Without the possibility of collecting insurance benefits, for instance, no one would think of arson, the willful destruction of property by fife, as a potential source of mone. bijay-lifeinsurance.blogspot.com/

TYPES OF INSURANCE

Most Insurance falls into four main categories, according to what it covers :

1) Property and casuality
2) Life
3) Health
4) Old-age and employment

Insurers commonly refer to insurance purchased by individuals as personal lines coverage and to Insurance purchased by businesses as commercial coverage.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com/

2010-02-24T08:05:00.001-08:00

LIC(Nepal) ltd Introduces New Plan (Amulya Jeevan)

LIC(Nepal) ltd Introduces New Term Insurance Plan, “Amulya Jeevan”. This is a Regular Premium Paying Term Assurance Plan. This Plan provides for a pre-decided Sum-Assured on death during Premium-Paying-Term.
Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.
Maturity Benefit: Nil. http://bijay-lifeinsurance.blogspot.com/

MODE OF PAYMENT OF PREMIUMS
Premiums may be paid Yearly and Half-yearly. Monthly premium under Salary Savings Scheme will be allowed under C.E.I.S Scheme only.
PREMIUM RATES.
The table enclosed as per Annexure (A) provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.

MODE REBATES:
Mode Rebate

Yearly 3.0 %
Half-Yearly 1.5 %
C.E.I.S 5 %

ELIGIBILITY CONDITIONS. bijay-lifeinsurance.blogspot.com/
Minimum age at entry - 16 Year (Completed)Maximum age at entry - 60 years (nearest birthday) *Maximum age at maturity - 70 yearsPolicy term - 10 to 44 yearsMinimum Sum Assured - Rs.100,000/-Maximum Sum Assured - Rs 2,500,000/- **(Sum Assured shall be in multiples of Rs.25000/-)
* Ages should be calculated as Nearest Birthday.
** Subject to underwriting in Special Cases, Sum Assured up to Rs 10,000,000/- can be given.
GRACE PERIOD: A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.

PAID UP VALUE:
The policy shall not acquire any paid-up value.

REVIVAL
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. bijay-lifeinsurance.blogspot.com/
SURRENDER VALUE: No Surrender Value will be available under this plan.

LOAN: No loan will be available under this plan.

EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of two years from the date of the policy.
POST By Bijay Thapa. bijay-lifeinsurance.blogspot.com/