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Other Insurance Issues
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To latikav
For your kind information about the news that flashed today--may be of some interest to you.
Japan`s Yamato Life Insurance goes bankrupt: Official
TOKYO: Japan`s Yamato Life Insurance will file for bankruptcy protection, becoming the first Japanese insurer to fail amid the global credit crisis,
the financial watchdog said on Friday. .
The Tokyo-based company will take necessary legal steps based on insurance law and will seek approval for rehabilitation, the news agency and other media said, quoting informed sources.
The medium-size insurer`s debts amount to 269.5 billion yen (2.73 billion dollars), Jiji said.
Telephone calls to Yamato went unanswered, but the company has scheduled a press conference later in the day, Dow Jones Newswires said
v.krishnamoorthy...
In reply to:
No payment, if kid at the wheel`
Posted by :
Leave it.
To latikav
Thank you very much. I am certain that I read the news in an Indian news paper in the net. As I was suddenly obliged to attend a call, I allowed my colleauge to use the PC and hence could not save it.
I am a retired LIC official and a student of actuary. Hence I am interested in the news item. As I am in US, I am unable to get the help from others.
Please try and I shall also post the news if I find it.
Thank you for your reply.
With my best wishes and Seasons Greetings,
V.Krishnamoorthy 
Tracked by: 0 Boarder
good morning,
ok,I will try to find out details regarding this news.
regds...
Vani.......
In reply to:
No payment, if kid at the wheel`
Posted by : Leave it.
TO latikav
Recently I read in a news paper either ET or B.std.that the general insurance companies should not insist for the copy of the FIR and its Number to make a claim in the case of M V accident. Would you please give me the details and your comments with the date of the newspaper. I am sure of the news from the indian court.
If I happen to trace it ,I shall also inform you.
thanks.
v.Krishnamoorthy
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TO latikav
Recently I read in a news paper either ET or B.std.that the general insurance companies should not insist for the copy of the FIR and its Number to make a claim in the case of M V accident. Would you please give me the details and your comments with the date of the newspaper. I am sure of the news from the indian court.
If I happen to trace it ,I shall also inform you.
thanks.
v.Krishnamoorthy...
In reply to:
No payment, if kid at the wheel'
Posted by : latikav
New Delhi, Oct 1 (PTI) An insurance company is not under an obligation to pay third party claim in an accident if the driver of the vehicle is a minor, the Supreme Court has ruled.
A bench of Justices S B Sinha and Cyriac Joseph, quashed the directions of a motor accidents tribunal to the United India Insurance company to pay Rs 10 lakh compensation to Balwant Singh whose son was killed by a speeding car driven by a 15-year-old boy Karan Arora.
The fatal accident had taken place on February 5, 1997 in which Balwant Singh's son Virender Singh alias Rinku was killed.
The motor accident tribunal ordered the insurer to pay Rs 10 lakh compensation to Balwant Singh following which the company filed a petition in the Punjab and Haryana High Court.
A single judge upheld the direction with the reasoning that there was no breach of contract as Karan Arora had taken out the car without the knowledge of his father and hence the latter cannot be accused of breaching the contract.
The insurance company appealed before a division bench which dismissed it, following which it filed the special leave petition in the apex court.
Interpreting various sections of the Motor Vehicle Act, the apex court said that Section 3 cast an obligation on a driver to hold an effective driving licence for the vehicle he/she intends to drive.
In the present case since the minor did not possess any licence to drive the vehicle it amounted to breach of contract, the apex court said citing certain earlier rulings.
But since the insurance company had already paid the compensation on the direction of the high court, the apex court said the insurer can now recover the amount from the owner of the vehicle.
OutLook..............
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New Delhi, Oct 1 (PTI) An insurance company is not under an obligation to pay third party claim in an accident if the driver of the vehicle is a minor, the Supreme Court has ruled.
A bench of Justices S B Sinha and Cyriac Joseph, quashed the directions of a motor accidents tribunal to the United India Insurance company to pay Rs 10 lakh compensation to Balwant Singh whose son was killed by a speeding car driven by a 15-year-old boy Karan Arora.
The fatal accident had taken place on February 5, 1997 in which Balwant Singh's son Virender Singh alias Rinku was killed.
The motor accident tribunal ordered the insurer to pay Rs 10 lakh compensation to Balwant Singh following which the company filed a petition in the Punjab and Haryana High Court.
A single judge upheld the direction with the reasoning that there was no breach of contract as Karan Arora had taken out the car without the knowledge of his father and hence the latter cannot be accused of breaching the contract.
The insurance company appealed before a division bench which dismissed it, following which it filed the special leave petition in the apex court.
Interpreting various sections of the Motor Vehicle Act, the apex court said that Section 3 cast an obligation on a driver to hold an effective driving licence for the vehicle he/she intends to drive.
In the present case since the minor did not possess any licence to drive the vehicle it amounted to breach of contract, the apex court said citing certain earlier rulings.
But since the insurance company had already paid the compensation on the direction of the high court, the apex court said the insurer can now recover the amount from the owner of the vehicle.
OutLook.................
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Dear feroz83,
All 3 Child Plans are Good. You should take Illustration from all 3 Insurance Companies for same Premium & same Insurance Cover & Compare the Fund Value(@10% Growth Rate) after 10 / 20 / 25 Years.
HDFC has Advantage of 24 Free Switches Per year with online Switching
Facility if you want to Exercise Fund SWITCHES to Maximise your Profits by minimising the Chances of DECLINES.
I have HDFC & KOTAK Plans.
Take Maximum Insurance Cover.
P.C.Sharma
...
In reply to:
Term insurance
Posted by :
feroz83
Thanks Mr.Sharma for your response.
Out of these 3 child plans which one would be appropriate for my self. I am currently 28 year old.
I have invested approx. 14 lacs till now in the mutual fund with ongoing SIP of 26,000/month and have already taken SIP for all the funds suggested by you. I have currently taken SIP for 26 funds for 2 years. ( already completed 19 months SIP left with only 5 months).
I am also want to apply for a term insurance for a 40lac cover. which would be best term insurance with low premium.
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Max New York charges a premium of Rs 11880 per annum till age 60 for Rs 40 lakhs. Have a look at other insurance companies also. Take 3-4 policies of different maturity dates. ...
In reply to:
Term insurance
Posted by : feroz83
Thanks Mr.Sharma for your response.
Out of these 3 child plans which one would be appropriate for my self. I am currently 28 year old.
I have invested approx. 14 lacs till now in the mutual fund with ongoing SIP of 26,000/month and have already taken SIP for all the funds suggested by you. I have currently taken SIP for 26 funds for 2 years. ( already completed 19 months SIP left with only 5 months).
I am also want to apply for a term insurance for a 40lac cover. which would be best term insurance with low premium.
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Here is an extract from value research. It will be useful for you. One does not need to invest in 26 funds for diversification.
At the most 6-8 funds will do a better job than what 26 funds can do for you. You should try and reduce your number of funds by switching to the best performing funds.
The Fund Glutton
By Dhirendra Kumar | Aug 28, 2008
I get a good quantity of email from people asking for investment advice. Most of the problems fall within a narrow set. There are perhaps five or six common issues and nine out of ten investment queries are variations of these. Only a small percentage of people have an unusual problem that they are trying to cope with.
Recently, I received an email that is an extreme example of a common problem. The sender is a young man in his early twenties who has just started an extremely high-paying job. He finds himself able to save almost a lakh of rupees a month. He has decided to invest this money through mutual funds, and since he is young and his time horizon is long, he would like to put all the money in equity funds. He has chosen a set of diversified equity funds and has started SIPs in all of them.
So far, so good. However, his list has 24 funds on it-many more than it should. This is an extremely large number of mutual funds for one person to invest in. There are many disadvantages to investing in such a huge number of funds. First and foremost, a major attraction of investing in mutual funds is the convenience. Keeping track of a large number of mutual funds completely negates this. With 24 SIP plans, one is filling up 288 cheques a year-an average of about one every working day. Even if you pay directly from your bank account instead of writing cheques leaves, the workload of tracking 288 investments a year is not inconsiderable.
And making the investments is just the start of the story. At least once a quarter, such an investor would have to look at each fund's performance, give some thought to how it's doing, whether it's living up to the purpose for which it was bought. This would make sense only if some great purpose was being served, but that's not the case either.
Admittedly, diversification is one of the fundamental principles of investments. The idea of diversification is straightforward. Stocks of different kinds of companies tend to do well or do badly at different times. By 'different types of companies' one could mean different sectors, different parts of the world or even some financial parameter like different levels of interest cost or forex exposure. Of course, there's many a time when there are broad-based declines when the diversification that works consists of being out of the stock markets altogether.
However, such diversification is taken care of by the fund managers who are running mutual funds. For the investor who is putting his money in funds, the only diversification that is needed is between different fund managers. At a given point of time one or the other fund manager may not make correct judgements, and having more than fund protects an investor against that.
In my experience, four or five funds are quite enough to provide this kind of diversification. No additional diversification is provided by investing in more funds. The reason is that the stocks held by these funds' tend to be a similar set. With a larger number of funds you are effectively adding more funds that are similar to some other fund that is already there with you. In effect, you end up adding a lot of paperwork and housekeeping without gaining any further diversification.
My friend with 24 SIPs is a rarity but at least he will end up with a defined number of funds. I know people who've made a series of small investments in more than 50 NFOs.
This kind of investing is impossible to manage and serves no purpose at all.
...
In reply to:
Term insurance
Posted by : feroz83
Thanks Mr.Sharma for your response.
Out of these 3 child plans which one would be appropriate for my self. I am currently 28 year old.
I have invested approx. 14 lacs till now in the mutual fund with ongoing SIP of 26,000/month and have already taken SIP for all the funds suggested by you. I have currently taken SIP for 26 funds for 2 years. ( already completed 19 months SIP left with only 5 months).
I am also want to apply for a term insurance for a 40lac cover. which would be best term insurance with low premium.
Tracked by: 0 Boarder
Thanks Mr.Sharma for your response.
Out of these 3 child plans which one would be appropriate for my self. I am currently 28 year old.
I have invested approx. 14 lacs till now in the mutual fund with ongoing SIP of 26,000/month and have already taken SIP for all the funds suggested by you. I have currently taken SIP for 26 funds for 2 years. ( already completed 19 months SIP left with only 5 months).
I am also want to apply for a term insurance for a 40lac cover. which would be best term insurance with low premium....
In reply to:
Term insurance
Posted by : pcspune
Dear feroz83,
If you want Child Plans of Insurance Companies,Following 3 Plans can be compared.
HDFC Youngstar
KOTAK Headstart
ICICI Smartkid
Pay Premium of Rs.1500 P.M.or more & Take Insurance Cover of Rs 6 Lacs or more.
Among Mutual Funds, Principal Child Benifit Scheme is Better.
However Investment in GOOD Equity Mutual Fund by SIP will be better option;
Birla Frontline Equity Fund
HDFC Growth Fund
DWS Alpha Equity Fund
KOTAK 30 Fund
IDFC Imperial / Premier Equity Fund
P.C.Sharma
Tracked by: 0 Boarder
Dear feroz83,
If you want Child Plans of Insurance Companies,Following 3 Plans can be compared.
HDFC Youngstar
KOTAK Headstart
ICICI Smartkid
Pay Premium of Rs.1500 P.M.or more & Take Insurance Cover of Rs 6 Lacs or more.
Among Mutual Funds, Principal Child Benifit Scheme is Better.
However Investment in GOOD Equity Mutual Fund by SIP will be better option;
Birla Frontline Equity Fund
HDFC Growth Fund
DWS Alpha Equity Fund
KOTAK 30 Fund
IDFC Imperial / Premier Equity Fund
P.C.Sharma
...
In reply to:
Term insurance
Posted by : feroz83
I am 28 year old and having 5 month daughter and want to know the what would be best term insurance and child plan available in the market.
Tracked by: 0 Boarder
Dear feroz83, As per ur annual income & other financial liabilities like Home loan, Car Loan etc. cover urself with split Term Plans. Say ur cover requirement is 50L as of now. select in the following manner.
1. 10L policy for 32Y
2. 10L policy for 27Y
3. 15L policy for 22Y
4. 15L policy for 18Y
For better & detailed benefits of split covers, plz. visit my prev. posts or check my blog.
ww w . asanideasforwealth . com
Plz. note the above split of 50L Rs. is only an indicative. Actual split \\`ll depend on ur cover requirement.
Thanks
Ashal...
In reply to:
Term insurance
Posted by : feroz83
I am 28 year old and having 5 month daughter and want to know the what would be best term insurance and child plan available in the market.
Tracked by: 0 Boarder
I am 28 year old and having 5 month daughter and want to know the what would be best term insurance and child plan available in the market....
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