Thursday, November 10, 2011

Prajna Capital

Prajna Capital

L&T General Insurance - my:Health Medisure Prime Insurance

Posted: 10 Nov 2011 04:58 AM PST

L&T General Insurance has recently launched a health insurance plan called the my:Health Medisure Prime Insurance.

 
One of the key features of the plan is its zone-based differential pricing. Policyholders can opt to pay premiums applicable to three zones – I (Mumbai, Thane, Delhi, NCR, etc), II (Chennai, Hyderabad, Bangalore, Pune and so on) and III (Rest of India).

Policyholders in zone III will be charged a lower premium compared with those in zone II. Premium in zone II will be cheaper than in zone I. If a zone III policyholder opts for treatment in the other two zones, he/she will have to bear a part of the expenses, which ranges from 10-20% of the approved claim, depending on the zone of treatment. Those choosing zone I premium, however, can opt for treatment across India without making the co-payment.
The product also promises double the sum insured for listed critical illnesses, once-in-12-months replenishment of cover in the event of second hospitalisation in a year due to accident, maternity and new-born cover (subject to limits within the sum insured) and lumpsum hand-out in the case of hospitalisation exceeding 10 continuous days.

Also, barring maternity, there are no sub-limits for, say, operation theatre charges or room rent under the policy. The product also offers a two-year renewal period and no-claim bonus that increases your sum insured by 5% every year, subject to a maximum of 50% of your sum insured.
Available in both family floater and individual versions, the policy promises life-long renewal and medical check-ups after every two consecutive renewals once the policyholder turns 45. Those over 45 at entry need to undergo medical tests before buying the policy.

Unlike most health policies that come with sublimits on room rent, consultation fee, etc, this policy pays out the entire amount, subject to the overall sum assured. Differential zone-based pricing will mean lower premiums for policyholders in smaller cities

If the policyholder opting for a zone III (and, hence, lower) premium has to go for treatment in zone I or II, he/she will have to bear a part of the expenses. Those over 70 will have to share 25% of the claim, irrespective of the zone.
 

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Star Union Dai-ichi’s Suraksha Kavach Plan

Posted: 09 Nov 2011 10:55 PM PST



The Insurance Regulatory and Development Authority (Irda) recently released revised guidelines on reinstating lapsed unit-linked insurance plans (Ulips). Under this regime, which comes into effect from November 1, policyholders can revive their Ulips up to two years from the date of discontinuance. This extension could mean that individuals who miss a couple of premium payments need not fear that the policy would lapse. However, the norms for traditional endowment policies — which allow reinstatement only if it is done within six months from the date of the first unpaid premium — remain unchanged. And, only a handful of plans in the country offer the flexibility to policyholders finding themselves briefly unable to honour their premium commitments.

Star Union Dai-ichi's Suraksha Kavach, a participating endowment plan, aims to be one of them, going by its official product literature. Its feature promising continuation of the life cover even in the event of premiums not being paid for three years (from the date of the first unpaid premium) is listed as its unique selling point (USP). It allows you to take a break from premium payment any time after paying at least two full years' premiums. In case of the insured's death during this period, the sum assured along with the vested bonus, if any, is paid to the survivor(s).

Upon resumption of premium payment, however, the amount you pay will be set off against the unpaid premiums, starting with the first one. If all unpaid premiums are paid in full, the policyholder will be entitled to the policy benefits even if the premium is not paid for three years again.

A 35-year-old healthy individual opting for a Rs 10-lakh basic cover and a policy tenure of 20 years will have to shell out an annual premium of Rs 50,910. The minimum age at entry is 18 years, with 50 years being the upper limit. Similarly, the insured has to be at least 28 and cannot be older than 65 at maturity. The policy term varies between 10 and 25 years.
 

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Also, know how to buy mutual funds online:

 

Invest in DSP BlackRock Mutual Funds Online

 

Invest in Reliance Mutual Funds Online

 

Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in L&T Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

 

 

Do not answer to emails asking you to update Bank Account data

Posted: 09 Nov 2011 06:50 PM PST

PHISHING is on the rise in India. A large number of bank account holders continue to lose money due to phishing attacks. According to IBM-X Force Trend and Risk Report 2010, which is based on the study of global networks, India tops the list when it comes to origins of phishing emails and has a global share of 15.5 per cent.


Although, the number of phishing emails originating in India is high, phishing URLs are mostly hosted in other countries. Banks and financial institutions are the main targets of fraudsters.

There have been phishing attempts at top private and government banks. A large section of customers of these banks got emails asking them to update their account details. Several customers of these banks responded to the mails and lost money. If you lose your money due to phishing, banks are not liable to pay back your money.

If a fraud has occurred because a customer compromised his password and personal details, a bank will not bear the loss of the customer. It is the job of the customer to protect his bank details.

How can you recognise a phishing mail? You would see a message in your inbox from your bank with which you have an internet-enabled account asking you to update your account with your personal information, passwords, usernames /login ID, ATM PINS and credit card details on the pretext of upgradation of server of the bank. You will be asked to click on a link. By clicking, you would be linked to a website that is identical to your bank. If you are smart enough, you would realise that this is a trap to get your vital information to make fraudulent transactions.

A few months ago, fraudsters in garb as officials of the Reserve Bank of India (RBI) send emails to people asking them for their account details. The fraud came to light after people reported that they have received an email from the address update @rbi.org.in, which was suspicious.

The Cyber Emergency Response Team of India blocked the fake RBI website, while the RBI on its website alerted people not to fall prey to the phishing scam and alert the police and their bank if they have shared their bank details.


Simple steps to avoid falling prey to these scams: Most phishing emails come with a warning that if you don't give your personal information, your account will be deactivated. Always be suspicious of mails that ask for your personal information.

Do not click on the link provided in the email. If you closely observe, the link would be a fake URL with a fake email address for instance ICICI.bank@gmail.com, which is not the correct address of ICICI Bank, or sbicustomerservice @hotmail.com.

Do not give any confidential information such as password, customer identification number, credit/debit card number, personal identification number, date of birth to any email request, even if the request is from government authorities like the income tax department or any card association company such as Visa or MasterCard.

Do not open unexpected email attachments or instant message download links.

Always check the web address carefully before sharing any information.

For logging in, always type the website address of the bank on your web browser.

Ensure that you have installed the latest anti-virus or anti-spyware or personal firewall or security patches on your computer or high end mobile phones.

Do not access net banking or make payments using your credit/debit card from shared or unprotected computers in public places.

Do not call and leave any personal or account details on any telephone system, voice message, email or an SMS.

Do not transfer funds to or share your account details with unknown people.

If you smell something fishy, call the bank and the police.
 
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