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Don’t get caught up in jargons, just call an insurance brokerage firm!

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy

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Representational Image. Image source: Pixabay

August 26, 2016: In the scenario where risk persists in everything that you do, you just cannot think of moving ahead in life without the right set of insurance policies as your real time savior.

Graph showing Insurance penetration in India and world. Image source: Swiss Re, Sigma

Source: CRISIL’s latest Report on Indian Insurance Industry (Oct 2015) – Details & Review

The table above clearly indicates that insurance penetration in India has not gained much momentum over the last many years. According to the CRISIL’s report on Indian insurance industry, India has an average of 3.1 percent in terms of the life insurance penetration in comparison to the global average penetration for life insurance as 3.5 percent. Further, India’s share of the global non-life insurance industry is just 0.7 percent.

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A major reason for the lesser penetration is the lack of awareness about the importance of different insurance policies. Insurance brokers in India can play a major role in taking India on the path of greater insurance penetration by making their clients aware of the importance of both – life insurance and non-life insurance. Holding expertise for different insurance policies, insurance brokerage firms assist you in taking the best policies for yourself with clarity about the hidden extra coverage and other insurance jargons.

How an insurance brokerage firm creates a difference for good?

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy. The five pillars on which an insurance brokerage firm relies upon while serving its clients are:

Expert advice

Insurance brokerage firms are those licensed setups, which can bring the experience and judgment of its expert brokers in getting the best coverage under any insurance policy. They are your personal advisors who first understand your insurance needs and then start hunting for the best policy that covers your individual requirements.

Trust building

Insurance brokerage firms work on the principle of building a relation of trust with its clients so that they can feel free to discuss their individual and business needs for insurance. A brokerage firm’s advice should be free from any biases towards the insurance company and focus completely on the benefits of the policy-holders by getting maximum coverage at best prices.

Representational Image. Image source: Pixabay
Representational Image. Image source: Pixabay

Transparency

Employees at a certified brokerage firm can help you in gaining more information about different insurance firms and the policies they provide. Also, when it comes to comparing policies from different insurance firms, insurance brokers can help in making things sorted by bringing more transparency into the process.

Advocacy for quick claim settlement

Disputed claims can prove detrimental for your peace of mind. So, why not leave the worries of claim settlement on your insurance brokerage firm? In most of the cases, its knowledge about different issues helps in prompt claim settlement. Moreover, an insurance brokerage firm gives you the assurance of not missing out on any coverage out of ignorance.

Making choices available

You need an insurance policy but that doesn’t necessarily mean that you know about every insurance firm and the options available. Here comes the insurance brokerage firm into the scene to help you in knowing and analyzing the various options available. As per your particular requirements, they bring to your notice the policy that provides optimum coverage.

What to look for in an insurance brokerage firm?

As per an article in The Economic Times, the number of insurance brokers in India has risen above 300 after the implementation of broking regulations in 2002. With so many options to choose from, it’s not easy to zero in on one. To make the choice easier, you should look for these two elements in an insurance brokerage firm:

The focus area

If you have individual needs for a policy and your insurance brokerage firm has the experience in dealing majorly with corporate issues, then you are least expected to get the best advice.

Years of experience

More the number of years an insurance brokerage firm has spent in the market, the safer it is to rely upon. Such firms have the experience of dealing with various clients with diverse personal and corporate needs, and their knowledge about different insurance firms is much more extensive.

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It’s good to have someone to advise you on insurance matters, and an insurance brokerage firm can best serve this purpose. All you need to do is to zero in on the firm that best fits your needs and is a trustworthy name in the markets.

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State Bank of India to initiate process for selling 10 percent of its shares in its life insurance arm through IPO

The bank also said it would explore the possibility of diluting 8 percent of its stake in SBI Life Insurance through IPO offer, out of total 10 per cent offer for sale

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State Bank of India, Chandni Chowk, Delhi. Wikimedia

Mumbai, March 24, 2017: India’s largest lender, the State Bank of India on Friday said it would initiate the process for selling 10 percent of its shares in its life insurance arm through an initial public offering (IPO).

According to a regulatory filing, the executive committee of the SBI’s central board has accorded in-principle approval to “initiate process for offer for sale of 10 percent of shares through initial public offer”.

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The bank also said it would explore the possibility of diluting 8 percent of its stake in SBI Life Insurance through IPO offer, out of total 10 per cent offer for sale.

SBI owns 70.1 per cent of the life insurer while BNP Paribas Cardif owns 26 percent. (IANS)

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A New Hindu community centre is likely to be built in Maidenhead riverside in London

This year in the beginning of August, the Hindu Society in Maidenhead celebrated its 11th anniversary

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Maidenhead in London. Image source: Wikimedia Commons

August 22, 2016: A Hindu community centre is likely to be set up in Maidenhead riverside, London and the plans will be on show for consultation on Wednesday so that the neighbours can put forward their opinion regarding the construction.

On land next to Boulter’s Lock car park in Lower Cookham Road, the Hindu Society of Maidenhead has expressed their wish to build a centre. As far as the plan goes, it will be one-storeyed building and will also have a kitchen and hall; so that the community can hold any cultural, social or education events without any hassle.

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President of Maidenhead Hindu Society, Chander Mohan Malhotra said, “The building will have all the facilities that the society needs, and there will be a partition wall in the hall,” mentioned maidenhead-advertiser.co.uk report.

He further added, that the community has been working on this project for a long time and that depending on the availability of the hall, there is also a possibility that the community will be able to rent it  to other people for events.

The area where a Hindu communmaidenhead-advertiser.co.uk
The area where a Hindu community centre is to be established. Image source: maidenhead-advertiser.co.uk

“The elderly members of the society currently have to go to Slough for big events, so it’s not easy for them to get to. “After the consultation, and if we get permission, we hope to start as soon as possible,” said Malhotra to the maidenhead-advertiser.co.uk.

He assured that the Hindu community will pay for the building with the fund-raising and donations.

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The consultation regarding the plan with other people of the neighbourhood will take place at the Thames Hotel on Ray Mead Road on August 24 from 5-7pm.

For the rituals, customs or any events, currently the Hindu Society gather at St Piran’s on the first Sunday of each month. This year in the beginning of August, it celebrated its 11th anniversary.

– prepared by NewsGram team

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Gulen Religious Group is officially designated as Terrorist by the Turkish Government

Erdogan accuses Gulen of conspiring to overthrow him by building a network of supporters in the media, judiciary and education

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2014 FILE - Turkish Islamic preacher Fethullah Gulen is pictured at his residence in Saylorsburg, Pennsylvania. Turkish President Tayyip Erdogan officially designated the religious movement of U.S.-based Islamic cleric Fethullah Gulen a terrorist group, May 31, 2016. Image source: AP

President Tayyip Erdogan officially designated the religious movement of U.S.-based Islamic cleric Fethullah Gulen a terrorist group and said he would pursue its members whom he accuses of trying to topple the government.

The move puts the organization built by his former ally legally on par with Kurdish militants currently fighting the army in Turkey’s southeast. Erdogan might use the designation in pressing Washington to extradite Gulen, a step U.S. authorities are nonetheless unlikely to take without concrete grounds.

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“We will not let those who divide the nation off the hook in this country,” Erdogan told flag-waving supporters upon arriving late on Monday in the coastal city of Izmir where he will observe military exercises.

Supporters of Gulen movement shout slogans during a protest outside the Kanalturk and Bugun TV building in Istanbul, Turkey, October 28, 2015. REUTERS/Osman Orsal/Files
Supporters of Gulen movement shout slogans during a protest outside the Kanalturk and Bugun TV building in Istanbul, Turkey, October 28, 2015. REUTERS/Osman Orsal/Files

“They will be brought to account. Some fled and some are in prison and are currently being tried. This process will continue.”

Erdogan said the cabinet had approved a decision to designate Gulen’s followers as the “Gulenist terror group”.

Erdogan, accused by his critics of an increasingly authoritarian style of rule, has long described Gulen as a terrorist. He seeks to break the cleric’s influence, built on a network of schools and companies in Turkey and abroad.

Worldwide operations

Affiliated media firms have been shut down or taken over, a bank seized, and hundreds of people detained. Thousands of the cleric’s followers in the police and judiciary have either lost their jobs or been reassigned.

Erdogan accuses Gulen of conspiring to overthrow him by building a network of supporters in the media, judiciary and education. Gulen denies the charges.

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The two were allies until police and prosecutors seen as sympathetic to Gulen opened a corruption investigation into Erdogan’s inner circle in 2013, 11 years after Erdogan’s AK Party was elected to power.

Gulen, who has lived in self-imposed exile in the United States for more than a decade, preaches Sunni Islam together with a message of interfaith dialogue. His movement, known as “Hizmet” or “Service” operates in Europe, the United States, Asia and Africa.

His followers say they are victims of an unfair crackdown. Last year, the Turkish government hired an international law firm to investigate the worldwide activities of the movement. (VOA)

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