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Volume 10, Issue 7, July 2014
 


Religare Health Insurance launches Three New Health Products
Religare Health Insurance has launched three new products. They are: ‘Explore’ for international travel insurance, ‘Secure’ that offers personal accident coverage and Enhance, a high deductible health insurance plan.

Anuj Gulati, MD & CEO, Religare Health insurance, said in a release, “The three new products are aligned with our objective of providing comprehensive health insurance solutions that cater to the varied requirements of our customers. We stay committed to introducing more innovative products and shall continue to deliver quality service through technology-enabled processes.”

Religare has already launched two products viz. Care, Comprehensive Health Insurance and Assure, Critical Illness Insurance with a Personal Accident Coverage. With this new launch, Religare Health Insurance now has five products in its portfolio of health insurance.

Tata AIA Life strengthens its agency in Vidarbha  
Tata AIA Life Insurance Company Ltd. (Tata AIA Life announced its commitment to strengthen its Agency network in Vidarbha to address life protection needs of people of Vidarbha and to provide meaningful employment as advisors.

The Company has a network of 261 advisors in the Vidarbha region, including 166 advisors who belong to the district of Nagpur.

Tata AIA Life has a presence in more than 140 cities and towns in the country.

Care Plus Plan from Future Generali
Future Generali India Life Insurance Company has launched its new product Care Plus Plan which is a pure term plan. This plan offers protection by providing financial security to family at extremely affordable rates.

Care Plus comes with two options namely Future Generali Care Plus Classic Option for insurance cover up to Rs. 25 lakhs and Future Generali Care Plus Premier Option for insurance cover of Rs. 25 lakhs and above. Non-smokers get a preferential rate under the Future Generali Care Plus Premier option. There are tax deduction benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Future Generali India Life Insurance Company Limited (FGILI) is a joint venture between Future Group - the leading retailer of India, and Generali Group - a global insurance group.

IRDA Imposes Penalty on Sahara India Life Insurance
IRDA, the Insurance Regulator has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

According to the order issued by the IRDA, Sahara has procured only 31444 social sector lives as against its mandatory target of 35000 lives leading to a shortfall of 3556 lives. This is considered violation of the provisions of certain sections of the Irda Act.

Following the directives from the IRDA, Sahara India Life has admitted the non-compliance of obligations in the social sector for the financial year 2012-13 and also confirmed that they had been complying with the mandatory obligations in this regard in the prior periods. According to the company reports, the shortfall was due to the shortfall in the overall business trend in the social sector business.

The Company also had given an assurance that it is taking various initiatives to improve on the overall business with special focus on the rural and social sector business.

Arijit Basu takes charge as MD of SBI Life Insurance
Arijit Basu will take over as the Managing Director and Chief Executive Officer of SBI Life Insurance in August following the retirement of Mr. Atanu Sen who is retiring on 31ast July 2014. Mr. Basu is currently the Deputy Managing Director of State Bank of India since May 2014. He has handled many important assignments over two-and-a-half decades in the bank.

IDBI Federal Launches Claim Guarantee
IDBI Federal has launched a unique initiative towards claim settlements which gives a guarantee to settle death claims in eight working days under the initiative ‘8 Days Claim Settlement Guarantee’.

The initiative will be effective from July 8 onwards and will only be applicable for claims filed after this date. The company has announced that it will settle death claims in just eight working days. In case it fails to do so, the company will pay an interest of 8 per cent during the year, calculated on a daily basis, on the death benefit for each day of delay beyond eight working days. The nominees can also track their claims status through the company Web site, www.idbifederal.com, by simply entering the policy number and date of birth of the life insured.

The eight working day period is calculated from the date of receipt of all the necessary death claim documents requested by the company. The interest payment is applicable for death claims of the policies which have completed two years since policy inception to the date of death of the life insured. The payment of interest shall not be applicable where the death claim needs further investigation.

Tata AIA Life Announces Bonus for Policyholders
Tata AIA Life Insurance has announced bonus for its policyholders on all eligible products for the financial year 2014-15. Bonus will be given to the policyholders completing 10th, 11th, 12th, and 13th year. The rate of bonus will vary as per the plan and years of policy term completion.

Compounded Reversionary bonus, which is computed on the sum assured and all accumulated bonuses, ranges between 3.75 per cent and 5 per cent. Simple Reversionary bonus ranges between 2.75 per cent and 10 per cent and, cash dividend is 17.9 per cent and 34.7 per cent per Rs. 1,000 sum assured on the company’s most popular plans Tata AIA Life MahaLife & Tata AIA Life MahaLife Gold, respectively.

The company has also announced Terminal bonus as a percentage to Reversionary bonus, ranging between 3 per cent and 70 per cent. The Terminal bonus will be given on applicable products covering policy term completion from 10 to 13 years.

Source: Indiainfoline

Break-even in this fiscal year - Star Union Dai-ichi Life
Star Union Dai-ichi Life Insurance Company Ltd (SUDLIFE) expects to break even this fiscal, it’s Managing Director & Chief Executive Officer Girish Kulkarni has said. This milestone, according to Girish Kulkarni, is achieved in a short span of five years since its launch of operations in 2009.

SUDLIFE—a three-way joint venture between Bank of India, Union Bank of India and Dai-ichi Life.

SUDLIFE is predominantly focusing on the bancassurance play offered by the two public sector bank shareholders of the joint venture.

SUDLIFE had last year rolled out a pan-India agency network and currently has 6000 agents across 60 locations. This year, the company estimates to add another 4,000 agents taking their overall strength to 10,000.

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