Happy Independence Day…



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This 15th August will mark the 72nd Independence Day in India. It is on this day way back in 1947 when India became free from British regime. Independence Day is one of the national festival celebrated across the country apart from Republic Day and Gandhi Jayanti which are observed on 26th January and 2nd October respectively.

Indian freedom struggle consists of sacrifice, martydom, motivation, learning and preserving the culture. There were several who sacrified their lives for the cause of nation. The first war of Independence was fought in 1857 which ignited the zeal to get rid of British regime and make India free from any colonial rule. The 90 years struggle and fight ultimately gave us independence on 15th August, 1947 which also came with massive communal riots across the country due to the bloodshed of partition which divided India into two separate nations; India and Pakistan. Many sons of mother India lost their lives to bring freedom and have our own way of living. This independent India which we see today is because their immense contribution and it is our duty to preserve it and pave the way for its betterment. What we do should do good to us and the nation as well. It should be in the national interest.

On this auspicious day, Prime Minister of India hoists the tricolor at Red Fort, New Delhi and addresses the nation. Since 2014, Mr. Narendra Modi is the Prime Minister and this will be his 6th Independence Day speech. It is also the first Independence Day celebration post scrapping Article 370 which gives special status to the state of Jammu & Kashmir. Remember, recently Article 370 of the Indian Constitution was scrapped by the President’s order and Parliament also passed the bill which got President’s consent to bifurcate Jammu & Kashmir into two Union Territories; Jammu & Kashmir (with Legislature) and Ladakh (without Legislature).

On this eve, I would like to wish all of you a very happy Independence Day. 🙂  Do good to yourself and make our country pride with your work and deeds. Stay united as there are many forces who are trying to disturb the situation post disruption of Article 370. So it’s up to us to keep calm and be patient enough in order to not to get carried away with fake news and rumours. Be united, a humble appeal to all of us. Once again, a very happy Independence day to all of you. Celebrate, enjoy the day and last but not the least, be happy always… 🙂 🙂

– Ashish Kumar

 

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Happy Republic Day…


Indian Constitution is one of the finest in the world which came into effect from 26th January 1950. India, being the largest democracy of the world is a sovereign state and it’s Constitution has been praised worldwide.

Popularly known as the Republic Day, 26th January is one of the National festivals apart from Independence Day and Gandhi Jayanti, both of which are celebrated on 15th August and 2nd October respectively. Independence Day marks the celebration of India becoming independent from British regime way back on 15th August, 1947 while Gandhi Jayanti is celebrated as to remember Mohandas Karamchand Gandhi, popularly known as Mahatma Gandhi to mark his birth anniversary. He is also known as the Father of Nation.

On the eve of Republic Day, the President of India hoist the national flag and addresses the nation at Rajpath, New Delhi. Also Governor of different states hoist the national flag in the State capital. This day is celebrated proudly across the nation.

So on the eve of the Republic Day, I wish you a very happy Republic Day. Do good to yourself and to our nation as well. Let’s keep up the good spirit with our deeds and work in order to take India to next level. 🙂 Let’s always work to make India better and better so that our National flag i.e The Tricolor should keep flying proudly at the top. Become a contributor in nation building. Happy Republic Day.. Be happy… Stay blessed… 🤗

Ashish Kumar

About IRDAI


The insurance industry in India is regulated by Insurance Regulatory and Development Authority of India (IRDAI), headquartered at Hyderabad. IRDAI was formed by an Act of Parliament in 1999. The IRDA Act, 1999 paved the way for the formation of IRDAI. The history goes back to the recommendations of Malhotra Committee where the need for a regulator for insurance sector was suggested. Being the regulator IRDAI carries various functions like:

  • Protecting policyholder’s interest.
  • Granting of license to insurers, brokers etc.
  • Renew, modify, suspend, and cancel the registration.
  • Promoting efficiency in the conduct of insurance business.
  • Regulating investment funds by insurance companies.
  • Regulating maintenance of margins of solvency etc.

Apart from Hyderabad where it is headquartered, the Authority also has office in New Delhi and Mumbai. The composition of Authority as defined in Section 4 of IRDA Act, 1999 consists of 10 members which comprise of the following:

  • A Chairman
  • Five whole time members
  • 4 part-time members.

All the members are appointed by Government of India.

IRDAI is the regulating all forms of insurance except pension funds and postal insurance. Pension fund is regulated by Pension Fund Regulatory and Development Authority (PFRDA). Postal insurance include Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI).

One of the reform measures initiated by IRDAI for general insurance industry came in 2007 when general insurers were allowed to price the premium accordingly. Prior to that, premium pricing was decided by Tariff Advisory Committee (TAC). Hence this is also known detariffing where general insurers are now allowed to decide the price of the premium. General insurers are allowed to decide the premium price to all forms of insurance except motor third party liability where the premium price is decided by IRDAI.

IRDAI is also the promoter of the following organizations:

  • Institute of Insurance and Risk Management (IIRM), Hyderabad: IIRM Hyderabad was established jointly by IRDAI and Government of Telangana in 2002. The institute provides quality education in insurance, risk management, Financial services, Acturial Science etc. The institute provides 1 year International Post Graduate Diploma (IPGD) and two year full time masters i.e Post Graduate Diploma in Management (PGDM). It is one of the rare institutes in the country providing MBA in insurance and related fields. The insurance course is accredited by Chartered Insurance Institute (CII), London and Insurance Institute of India (III), Mumbai. This is a good platform for those who wish to build their carrier in insurance.
  • Insurance Information Bureau of India (IIB): IIB was promoted by IRDAI in 2009 with the participation of stakeholders from insurance sector, with the objective of supporting the insurance industry with sector-level data to enable data based and scientific decision making including pricing and framing of business strategies.

This was a brief introduction about IRDAI and I hope it will be informative. I will be coming up with various other topics related to insurance from time to time. Stay tuned.

– Ashish Kumar

Insurance industry in India


 

Insurance is a part of financial services apart from banking, capital market, money market etc. Insurance is considered as a protection from events which results into financial loss. The insurance industry in India comprises of life insurance, general insurance, stand alone health insurance and reinsurance. The Indian insurance industry is guided by Insurance Act, 1938 which was amended from time to time, the latest amendment happened in 2015.

This post briefly gives an overview of insurance sector in India particularly discussing about the regulator, life insurance, general insurance, stand alone health insurance and reinsurance. The life insurance comprises of around 79% of the market, the rest 21% is occupied by general insurance. Of the general insurance, motor insurance has the highest market share of 44% followed by health insurance having market share of 29%, as per IRDAI Annual Report 2015-16. It is worth to mention that the insurance industry in India has showed a significant growth after it got opened for private sector in the year 2000. Since then, the industry is growing rapidly. In 2015, the reinsurance sector was allowed for foreign players which were solely dominated by General Insurance Corporation of India (GIC Re).  A small discussion about regulator, life insurance, stand alone health insurance and reinsurance is mentioned below.

Regulator:  Indian insurance industry is regulated by Insurance Regulatory and Development Authority of India (IRDAI) which was formed by an Act of Parliament in 1999. The Insurance Regulatory and Development Authority (IRDA) Act was passed in 1999 leading to the formation of IRDAI. IRDAI is headquartered in Hyderabad and has offices in New Delhi and Mumbai. The regulator is responsible for carrying various activities like granting license to insurance companies, framing regulations which the insurers need to follow, protecting policyholder’s interest etc. Breach of IRDAI regulations can have serious implications resulting from penalty to cancellation of license of the insurance company.

Life Insurance: At present, there are 24 life insurers in India, of which, Life Insurance Corporation of India (LIC) is wholly owned by the Government of India. LIC was formed in September 1956 by an Act of Parliament known as LIC Act, 1956.  Some of the private life insurers include ICICI Prudential Life Insurance, HDFC Standard Life Insurance, SBI Life Insurance etc.

General Insurance: Non-life or general insurance comprises of all kinds of insurance except life. It has various segments comprising of motor insurance, health insurance, fire insurance, marine insurance, engineering insurance, aviation insurance, satellite insurance etc. There are 33 non-life insurers operating in India consisting of public and private insurers. The public insurers include the following:

  • The New India Assurance Co Ltd. (NIACL), headquartered at Mumbai.
  • National Insurance Co Ltd. (NICL), headquartered at Kolkata.
  • Oriental Insurance Co Ltd (OIICL), headquartered at New Delhi.
  • United India Insurance Co Ltd (UIICL), headquartered at Chennai.
  • Export Credit Guarantee Corporation of India (ECGC)
  • Agriculture Insurance Company of India (AIC)

ECGC and AIC are known as specialized insurers. Apart from above mentioned public sector companies, some of the private non-life insurers include ICICI Lombard, HDFC Ergo General Insurance, SBI General Insurance, IFFCO Tokio General Insurance, Tata AIG General Insurance etc.

Standalone Health Insurance: These are those companies which are solely carrying their business on health insurance. There are six stand alone health insurers like Apollo Munich Health Insurance, Star and Allied Health Insurance, Max Bupa Health Insurance, Cigna TTK Health Insurance, Religare Health Insurance and Aditya Birla Health Insurance. One of the ways to recognize the stand alone health insurers is that the stand alone health insurers will have the word “health insurance” in the name of the company as in the above mentioned six stand alone health insurers.

Reinsurance: General Insurance Corporation of India (GIC Re) is owned by the Government of India and is the national reinsurer which is headquartered at Mumbai. The reinsurance industry in India is now opened for foreign players to open their branch offices in after the Insurance Act, 1938 was amended in 2015. At present there are 9 foreign reinsurers who have opened their branch offices in India. They are mentioned below:

  • Swiss Re
  • Munich Re
  • Llyod’s India
  • Reinsurance Group f America (RGA)
  • Hannover Re
  • SCOR
  • XL Insurance Company
  • Axa France Vie
  • General Reinsurance AG

It is important to note that apart from GIC Re and the above mentioned foreign reinsurers, ITI Re is the first private Indian reinsurance company which got licensed by IRDAI. Hence the Indian reinsurers include GIC Re and ITI Re.

 

Apart from the above players, the insurance industry also comprises of various intermediaries and distribution channels like agents, brokers, Insurance Marketing Firms (IMF), Web Aggregators etc. which I will discuss in separate post.

One thing to be noted is that the insurers in India can take part in either life insurance or general insurance business and not both. This means that a life insurer cannot start their business of motor insurance, fire insurance etc and vice versa. Health insurance is the only insurance product which can be offered by both non-life and life insurers. Non-life insurers can sell separate health insurance policy while life insurers offer health insurance in the form of riders. Riders are the extra benefits which are covered by paying some extra premium. Example of riders include Accidental Death Benefit (ADB) rider, critical illness rider etc. Life  insurers cannot offer separate health insurance products.

– Ashish Kumar

Collegedunia – The world of colleges


In India, one of the most difficult situation that students face is about the choice regarding college like which college is better, where to take admission, does the fee structure will be affordable or not etc.  The decision to choose better college based on their aspiration is not an easy task. There are times when wrong decision had been made by students because of lack of proper information. In this article I would like to share one website which I came across recently and found it worth to be visited for all those aspiring students who are in the dilemma because of lack of proper information.  The website is  Collegedunia.

collegedunia

Every aspiring student wants to get all the necessary information before taking admission in college. So he starts searching and collecting information and proceeds accordingly. But what if you get all the necessary information about colleges at one place? Yes, Collegedunia does that for you. This website contains information of around 15,000 colleges of our country. First I would like to share brief history and objective behind this website.

History

Collegedunia was founded by Sahil Chalana in May 2014. There are plenty of websites which provides tutorial and video lectures for the courses. But when it comes to getting information regarding colleges, it is difficult and time consuming task. So the objective behind formation of this website is clear –  ” to develop a one stop destination for students on a college/university hunt.”

“We go at great lengths to get our users the most detailed information which differentiates us from our competitors. One of the biggest learning I had from all this was that ventures fail but people who persist don’t,” says Sahil.

What you can get?

Collegedunia has information of about 20,000 colleges and almost all the competitive exams like CAT, MAT, GMAT, GATE etc. One can navigate to different sections like architecture, commerce, science, management, hotel management, design, medical, law, engineering, dental etc… You can browse to almost all the entrance examination like CAT, MAT, GATE, NIFT, JEE, IBSAT, NATA, NIFT etc…

Apart from these you can also look at different courses like B.Com, B.tech. Msc. Phd, M.Phil and many more to get information regarding colleges.  Not only this they have made available the information brochure of almost all the colleges. One can download that and can get the desired information. This serves as a great help for many students who face this difficulty in order to get the information.

yourstory_Collegedunia_InsideArticle1-1

One can also get the list of colleges present in a particular state and city and courses offered by them. It is a place where you have so many options to know about your college and decide accordingly.

Current status

Currently this website contains information close to 15,000 colleges across the country.  Collegedunia recently launched an exam feature where they notify aspirants about entrance exams deadlines, provide free sample papers, tips, counselling and result advice. Collegedunia is India’s most extensive listing portal – catering help to thousands of students.

Future Plan

Collegedunia is going to launch an app soon in order to make things easily available to the students. This will serve as a great boon too for many aspiring students.

This is a good initiative taken by Collegedunia to create a platform which will help thousands of students across the country. This is a complete package where you can get all the important information at one place and this is the thing which differentiates them. I would like to share few of the links which will be helpful in for you to gather information. Do have a look at them.

This website is surely going to serve the necessary requirement of having a single platform rather than to have individual one which is beneficial for thousands of students of our country.

The overall team of Collegedunia is increasing. It has increased from 5 to 50. Their office is situated in Prashant Vihar, New Delhi. Their target is to make available information of around 30,000 colleges by the end of this year. The company had announced a fund raise of INR 1 Crore form gaadi.com CEO Umang Kumar. The journey is good and steady and hope the journey continues.

I would like to appeal to all my readers to share this information regarding Collegedunia to their friends, relatives etc, so that they can benefit from this website and get the desired information.  The information provided by this website and the most important thing is, that too in one place is the reason which compelled me to write this article and share among you. I started collecting the information and here I am with this article so that those who are not aware of this can get to know and could benefit from this site.

 – Ashish Kumar