Happy dewali to All of you!

1st September 2010, A new Biginning for Indian Life Insurance Industry

Life is going to be different for all insurance sellers from 1st September 2010. Following new guidelines of IRDA, many new life insurance products ( specially ULIPs) will be launched. The focus of sellers will shift from ULIPs to traditional plans.

Commission structure will change. There will be huge cut in income of advisors and agents.
Only serious and dedicated insurance sellers will be left, rest will look for different carrier options.

All this will definitely be good for customers. There will be better products. Customers are going to get better service. There will be higher level of transparency. Customers will find it easier to compare products. ULIPs will be more suitable investment options.

Here, we will keep you updated about all new changes coming from 1st September in Indian Life Insurance Industry.

Road Insured!

Timmasagar Temple main road at Vidyanagar in the Hubli-Dharwad Municipal Corporation (HDMC), Karnataka was insured by the residents of the area for an amount of Rs 2,00,000 in August 2007. After obtaining permission from HDMC the residents of the area, led by Dr Mrityunjay C Sindhur, approached the Oriental Insurance Co Ltd and got the 385 m-asphalted road insured for a period of one year from August 2, 2007 - August 1, 2008 at an annual premium of Rs 303. As per the policy, the insurance company would pay HDMC for the repair in case of any damage to the road, barring man-made ones.



Hubli Dharwad Municipal Corporation(HDMC) (An ISO 9001:2008 Corporation) Has Become First ever city corporation in India to have Its Road Insured By Residents Citizens in the Country.

How Much Money Does life Insurance Agents/Advisors make?

A life insurance agent's commission depends upon two main factors, which are
- the company where he/she is working, as each company has different products thus different commission structure
- the amount of business done by agent.

Basically, there are two types of plan sold in the insurance market, which are -
1) Traditional - Pure insurance products
2) ULIP- Insurance come investment

In traditional plan there is higher commission as customers commit to pay for longer period and there is hardly any significant return to be paid by insurance company. Company makes good money. Commission may range between 30-50%.

ULIP hsa been more popular and sold more easily in this decade. But, now it has come under hammer of the regulatory body i.e. IRDA(Insurance Regulatory & Development Authority). Commission percentage has gone down and there is ample number of indications that it may go down further. It is going to be much harder to sell ULIPs as several rules and regulations are undergoing changes. At present, ULIP's commission range between 2-25%.

So, life insurance agent/advisor earns about 20% commission on the total amount of premium collected. It is obviously a very good moneymaking profession.

If an agent/advisor who is selling 10 polices/month with average ticket size of Rs 20,000. He/she can easily earn Rs 40,000/month.

There are also some contests which are launched by companies for "Reward & Recognitions" which add more to the kitty of insurance agent/advisor.

COT & TOT

Court of the Table

Court of the Table members distinguish themselves within the industry through their superior performance by producing at a level three times that of MDRT membership requirements. Achieving membership in MDRT's Court of the Table is a career milestone attained only by those who have demonstrated exceptional professional knowledge, client service and ethical conduct. Each year, more than 3,500 MDRT members qualify for the Court of the Table.

Top of the Table

Million Dollar Round Table's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals. These MDRT members are committed to providing exemplary client service while displaying the highest standards of ethics and professional knowledge.

Top of the Table members exchange advanced sales and productivity ideas and develop interpersonal relationships among an international network of leading insurance and investment financial services producers/advisors. All are members of MDRT, The Premier Association of Financial Professionals, and have distinguished themselves by producing at a level six times that of MDRT membership requirements.

Top of the Table members with a minimum of 10 years of Top of the Table membership may apply without production under the Top of the Table waiver provision, but must submit required Top of the Table dues.

MDRT - A brief Introduction

About MDRT

The Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of more than 31,500 members, or less than 1 percent, of the world's life insurance and financial services professionals from 464 companies in more than 80 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of sales excellence in the life insurance and financial services business.

Mission

To be a valued, member-driven, international network of leading insurance and investment financial services professionals/advisors who serve their clients by exemplary performance and the highest standards of ethics, knowledge, service and productivity.

History

In 1927, 32 extraordinary life insurance producers, each of whom had sold at least $1 million of life insurance, dreamed of a forum dedicated to fostering a high-standard, professional approach to life insurance sales and service. Founded on the belief that growth is a result of exchanging ideas, the concept was: "To receive, individuals must give."

Out of this dream emerged MDRT – an international, independent association that represents the world's best sales professionals in the life insurance-based, financial services industry.

MDRT, a positive influence in the life insurance industry, has developed a rich tradition of sharing knowledge for the benefit of clients, prospects, producers and companies.

Annual Meeting

The MDRT Annual Meeting has been described as a one-of-a-kind event, unrivaled in the world of business. Every year, approximately 4,000 of the world's top producers gather in a spirit of camaraderie for one of the greatest gatherings of financial services professionals in the world.

Annual Meeting attendees are exposed to some of the finest and most innovative sales ideas in the life insurance-based, financial services business. The meeting offers about 100 speakers during its motivational Main Platform presentations, educational Focus Sessions and insightful breakfast and evening sessions. And, perhaps most importantly, members can network with other top financial services professionals from around the world, building friendships that last a lifetime.

Top of the Table Annual Meeting

The purpose of the Top of the Table Annual Meeting is to provide an annual educational meeting for the exchange of advanced sales ideas and for the development of interpersonal relationships among leading financial producers who are Top of the Table members. During the four-day meeting, about 40 professional, nonmember and Top of the Table member speakers discuss subjects of vital concern to those in the life insurance and financial services industry.

MDRT Experience

The purpose of this event is to bring MDRT's Annual Meeting experience to producers in other countries. This event, modeled after MDRT's prestigious Annual Meeting, delivers cutting-edge sales techniques and ideas, technical information and motivational concepts for those in the life insurance and financial services business. The MDRT Experience is open to both MDRT members and nonmembers.

Retirement is not THE END! It's just the beginning!

Yes, Mr Srinivasan from Chennai has started his career in insurance after retirement, that is what his profile states on www.ApnaAdvisor.com. He is a real example of a person who may be in 60's but still young enough to start a new career. At the same time, without doubt he seems to be quite dedicated to his profession. He has been using his knowledge about the equity market to suggest the best fund suitable in ULIP plans to his clients.

Age should never be a factor to judge whether the person will be able to deliver or not. Everything is all about confidence, dedication and will power. One just needs to be motivated enough to try new things. One who tries never fails.

To be frank, when i started this website, i thought this website is going to attract only young people. I was also thinking, as this website is based on a new concept, so experienced people from LIC will hardly accept this website.

But, i can happily say that i was wrong.

Most of the insurance professionals who have registered their profile on this website are having many years of experience. Many are MDRT and there are few COT and TOT also.

It is good to see that experienced and dedicated insurance professionals are joining ApnaAdvisor.

Thanks to all of you who have registered here.

Insurance of Leg!

Michael Ryan Flatley (born 16 July 1958) is an American-Irish step dancer, choreographer, musician and occasional television presenter. He became internationally known for creating Irish dance shows Riverdance, Lord of the Dance, Feet of Flames, and Celtic Tiger.

The dancer also received Guinness Book recognition in both 1999 and 2000 for being the highest paid dancer, earning $1,600,000 per week and for having the highest insurance premium placed on a dancer's legs at $40,000,000.

Chat - useful for 1st time visitor of ApnaAdvisor.com who is selling insurance

Guest has joined.
me: hi
Guest: hello
me: welcome to ApnaAdvisor
any query?
Guest: i'm an insuanc agnt
me: Manish here from www.ApnaAdvisor.com
ok
which city?
Guest: bth lf as ell as general
me: may i know ur name and email id?
ok
Guest: mayank luthra
licofindiaXXX@gmail.com (email changed for the privacy of the owner)
gurgaon
me: So, u r welcome to register your profile here, so that we can generate leads for you
thanks for information
Guest: how much would a lead cost to me?
me: pls go through "why join" section
we don't sell leads
we don't charge for leads
we have developed this site
which acts as a common platform for buyers and sellers
we will display ur profile here
so that buyers who visit this site can give an appointment to you
we only charge for keeping your profile on this site dedicated to insurance sector
which is just Rs 600 /year
Sent at 10:55 AM on Friday
me: any other query?
pls ask
Sent at 10:56 AM on Friday
me: Yes Mayank sir
Guest: thank s for the information
me: thanks
have a nice day
Guest has left.

Term Life Insurance

Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Term life insurance is the original form of life insurance and can be contrasted to permanent life insurance such as whole life, universal life and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual. Many permanent life insurance products also build a predetermined cash value over the life of the contract, available for later withdrawal by the client under specific conditions. However, on most cash value policies like Whole Life insurance, the only way to receive the "savings" is to cash out the policy. The beneficiaries receive the face value of the insurance but NEVER the cash value with Whole Life policies. Financial advisers generally advise buying term life insurance and investing the difference elsewhere.