Insurance sector in India
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Insurance sector in India
Indian insurance sector is booming like never before
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Advantages of saving in India

Advantages of saving in India | Insurance sector in India | Scoop.it
The advantages of saving money are priceless. As they say, “The art is not making money but in keeping it!” Having said that, saving money has never been in vogue for the youth including me! We’re always charmed by extravagant spending and lavish shopping sprees! I kid you not but if you want to continue doing the same, then you need to start saving money! Saving is not an outdated or conventional idea but a great thing to do.

I agree that saving is not an easy habit to form but once you get used to it, you will definitely enjoy it and start reaping its rewards! I am stating this from my personal experience! You need to start with baby steps that take you a long way on the path of saving money. You can easily enjoy the tremendous benefits of saving money with help of smart saving!

- Future planning:

Future is the biggest reason why you need to save money! No matter how much you deny, you are going to need money for numerous reasons in future. Starting for your own higher studies, abroad trips, holidays, weddings, shopping, medical emergencies, education of your children and many more things! Starting off with saving when you don’t have all these responsibilities really helps.

- Emergencies:

If you don’t believe in future and prefer living in today (the clichéd motto of life) even then you will need money for emergencies, for they always catch you off-guard. So saving for the rainy day is always important. Emergencies like accidents, illnesses and financial crises are the uninvited guests who prefer barging in without your permission!

- Debts:

Early savings can save you from future debts and other such financial responsibilities that may come with credit card debts, loans or mortgage costs, etc. Saving always comes in handy.

http://njaes.rutgers.edu/sshw/message/message.asp?p=Finance&m=122

http://voices.yahoo.com/benefits-saving-money-future-4991756.html

http://lifestyle.iloveindia.com/lounge/how-to-save-money-3107.html

Tips to save money:

- Make budget:

Set specified financial goals and monthly limits on all sorts of expenses. You can easily do this by calculating your average monthly expenditure on essentials like groceries, utility bills and medicines. Keep a check on exceeding expenditure if you feel you are crossing the set limits.

- Create saving account

Create a separate saving account other than your regular or current salary account. Choose from various types of accounts like high yielding accounts, online saving, money market, etc. and transfer the money that you aim to save in that account.

- Smart investments

Invest your money in some of the high yielding investment plans like insurance, ULIPs or mutual funds. A lot of insurance companies provide inexpensive and beneficial money saving policies.

References:

http://www.sify.com/finance/seven-tips-to-save-money-news-personal-finance-ke0khnjfejh.html

http://www.buzzparas.com/2011/04/how-to-save-money-from-salary-each-month-1432

http://businesstoday.intoday.in/story/tips-to-best-manage-your-money-spending-and-investment/1/184722.html

http://www.aegonreligare.com/savings-plans/savings-plan.php
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Private insurance companies versus public insurance companies in India

Indian insurance company has continuously witnessed a flourishing growth since the past 20 years. A 2011 study shows that insurance sector in India has recorded growth rate of 34%, which ranks it at number 5 amongst emerging economies in the world. More and more insurance companies and market players are introducing attractive insurance product to Indian customers. Insurance Regulatory and Development Authority (IRDA) has permitted 26% foreign investments in insurance sector, which need to be done through licenses issued by IRDA.

 

Even after the liberalization and FDI, there’s a significant competition between private and public insurers in India. Public sector companies in India seem to rule Indian market with more than 90% of market trade. Study about life insurance in India states that Life Insurance Corporation (LIC) is the only public sector life insurance company in India. However, it rules more than 98% of market trade in this sector. Not all public sector companies have less market trades, but those who excel don’t have a single foreign equity! This is an astonishing fact!

 

A report published in 2011 by financial services in India puts the spotlight on the number of public sector and private sector insurance companies in India. According to the same, 41 out of 49 Indian insurance companies belong to private sector.

Following are the finding of this report:

Life insurance: 24 companies (23 private, 1 public)

General insurance: 22 companies (18 private, 4 public)

Specialized: 2 (both public)Reinsurers: 1 (public)

 

India ranks at 78th position on global list of insurance density and 54th on the list of countries with insurance penetration. It shows that India has a lot to achieve, which is possible with help of FDI and special efforts for private sector companies. Developed countries like US are taking more efforts to introduce insurance to all the developing countries. Loosened FDI laws will definitely help developing countries to grow and gain financial stability through exploring their potential.

 

References:

 

http://www.oxbridgegraduates.com/essays/international-studies/insurance-sector-in-india.php

http://www.oxbridgegraduates.com/essays/international-studies/insurance-sector-in-india.php

http://blogs.reuters.com/india-expertzone/2012/09/12/private-life-insurance-companies-still-struggling/

http://www.aegonreligare.com/

http://financialservices.gov.in/insurance/InsuranceStatistics/note%20on%20insurance%20sector.pdf

http://www.oxbridgegraduates.com/essays/international-studies/insurance-sector-in-india.php

http://www.aegonreligare.com/

http://financialservices.gov.in/insurance/InsuranceStatistics/note%20on%20insurance%20sector.pdf

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Savings | Best Saving Plans | Savings Plan - AEGON Religare

Savings | Best Saving Plans | Savings Plan - AEGON Religare | Insurance sector in India | Scoop.it
AEGON Religare savings plan help you save and grow your money. Our different saving plans are designed to cater your family’s needs and fulfill a comfortable lifestyle.
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