PNB MetLife gets ISO 9001:2008 Certification
PNB MetLife has been accorded ISO 9001:2008 for excellence in quality systems management. The accreditation has been issued by the British Standards Institute (BSI). ISO 9001:2008 is an internationally recognised standard of quality systems management. ISO 9001:2008 is demonstrative of the company’s commitment to meeting globally recognised management system requirements. This certification drives home the success of the company’s efforts to maximise value to all stakeholders, especially customers who benefit directly from the company’s increasingly streamlined operations and processes.

Source: IndiaInfoline

IRDA introduces product planner rule
In view of the time taken for approval of the plans submitted by the insurers and to minimize the time taken for product approvals, the IRDA has initiated Product Planner Rule. According to this new initiative, an insurance company can file only five products for approval a year. The planner would give an indication of the number of products an insurer proposes to file each quarter. If the number of products exceeds five, the insurer should substantiate the same with appropriate market research along with product-wise persistency for the 13th month, 25th month and 37th month as on April 30 of the previous year. The Planner becomes effective from April 2014 and it should be filed 45 days before the beginning of the ensuing financial year, i.e. before February 15 of every year.  

Source: IndiaInfoline

Aegon Religare Life launches ‘Nominee Card’ for E-sales customers
Keeping the objective of simplifying the claims process for the nominees of the E sales customers, Aegon Religare Life has launched a new initiative in the form of “Nominee Card”. This card would be given to the nominee by the policyholders. This card would simplify the claim process for the nominees who otherwise would have to trace the insurance policy related papers and find out the claim processes. Sometimes, the nominees may not even be aware that they are the nominees. This Nominee Card helps the policyholders of the policies to inform the nominees by handing over this claims card which will facilitate the claims process in a simplified manner.

The nominees can use the toll-free number provided in the card and contact the Claim Centre at the time of claim of the policy which can be done in a hassle free fashion. It also contains a barcode that can take the nominee directly to the claims site where he/she can file the claims online. The barcode is significant as Smart phone users can scan it and directly visit the claims page to file a claim online. The special feature of this card is that during an emergency of filing a claim, the nominee does not need to remember login Id’s /passwords to log on to e-repository to withdraw policy details. He/she can pull out a smart phone and scan the QR code on the card and simply login the claim from the mobile itself. All the details required to file a claim are handy on the Nominee Card.

Source: IndiaInfoline

Federal Bank, Max Bupa tie up for bancassurance
Federal Bank has entered into an agreement with Max Bupa for a Bancassurance Corporate Agency for providing health insurance plans of Max Bupa to its 24 million customers across 1163 branches across the country.

Talking about Max Bupa’s commitment towards making quality Health Insurance more accessible for customers, Manasije Mishra, CEO, Max Bupa said, “Both Max Bupa and Federal Bank are recognized for innovation in product designing and quality service to customers. Reflecting the same commitment, we are offering need based products and services, fine-tuned to the needs of Federal Bank customers. I am confident that through this partnership, we will be able to enable the beneficiaries to live healthier and more successful lives”.

The initiative would help the HNI and Personal Banking customers of Federal Bank to have a score of health insurance products of Max Bupa such as Heartbeat, the most comprehensive health plan with coverage up to Rs. 50 lakhs, 24 x 7 customer service helpline, coverage for day care procedures, OPD benefits etc.,

Source: IndiaInfoline

Vishal Kumar Bandish – New CFO for Tata AIA Life
Tata AIA Life Insurance Company has appointed Mr. Vishal Kumar Bandish as its Chief Financial Officer (CFO) who will report to the CEO of the Company. Mr. Bandish will handle the financial operations of the company which is run by a team of professionally qualified individuals. Mr. Bandlish is a qualified Chartered Accountant and a Bachelor of Law (LLB). He also has a Fellow, Life Management Institute (FLMI-LOMA, USA) certification to his credit.

Source: IndiaInfoline

SBI Life Q4 net profit rises 19% to Rs. 740 crore
SBI Life Insurance has posted a record profit of Rs. 740 crore in the financial year 2013-14 recording an increase of 19% over the last financial year. The Company holds the Numero Uno status in the New Business Premium for the financial year 2013-14 amongst the private life insurers.

SBI Life’s regular new business premium increased by 14.5%, to Rs. 2,998 crore during the financial year 2013 - 14, from Rs. 2,618 crore in FY 2012-13. In line with its focus on improving strategic business mix, the Company’s market share through individual business has increased to 16.8%, for the financial year 2013 – 14, from 13.8% during the last financial year. The individual new business premium APE grew by 17.7% to Rs.2,809 crore during financial year 2013-14, from Rs. 2,387 crore during FY 2012 - 13. The AUM has grown by 12.7%, to Rs. 58,480 crore as on March 31, 2014 from Rs. 51,912 crore as on March 31, 2013. 

SBI Life has a low Expense Ratio of 11.4%. The Company has garnered a new business market share of 17.2% amongst private players for the financial year 2013-14. 

Leveraging wider reach achieved through its 762 branches network, SBI Life has systematically brought large rural areas under insurance umbrella. The Company has sold 23.4% of total policies in this segment during the financial year 2013-14. Additionally, 79,463 lives out of total of 966,866 group lives covered by the Company are from the underprivileged social sector. The Company has been substantially exceeding the minimum social and rural regulatory norms. 

In line with IRDA guidelines, SBI Life introduced new products during the last financial year to cater to diverse financial (Protection, Savings, Wealth Creation, Retirement Child etc.) needs of a family. These include: Pure Protection Plans – Smart Shield and Saral Shield; Online Product – eShield; Guaranteed Income Plans – Smart Wealth Builder and Flexi Smart Plus; Money Back Plan - Smart Money Back Gold; Retirement Plans – Retire Smart and Saral Pension; and Child Plan – Smart Scholar. 

SBI Life has won the prestigious 'Global Performance Excellence Award 2013'. Asia Pacific Quality Organisation (APQO) recognised SBI Life as an exemplary company of world class quality. Further, SBI Life was rated as the “Most Trusted Private Life Insurer, 2013” by ET – Brand Equity Nielsen Survey for third year in a row besides being adjudged the ‘Life Insurance Provider 2013’ Runner Up by Outlook Money. SBI Life won the 'Under-served Market Penetration Award 2013 (Private Sector)' and 'Claims Service Company of the Year Award 2013 (Private Sector)' by the Indian Insurance Awards 2013 and was also adjudged as the 'Most Admired Life Insurance Company in the Private Sector' and won the 'Best Life Insurance Company in the Private Sector' at the prestigious ‘BFSI Awards 2014’. These awards are a testimony to SBI Life’s quality and commitment towards customer centricity and professional excellence. 

Source: IndiaInfoline

Reliance Life launches Online Term Plans
Reliance Life Insurance Company (RLIC has announced the launch of ‘Reliance Online Term’, an online life cover plan at an affordable premium. The cover offer under this plan is Rs. 1 crore for a 25 year-old healthy male (non-smoker) for a period of 15 years which is the most competitive online life insurance plans available in the market today. The premium comes to as low as Rs. 450 per month.. The unique proposition of Reliance Online Term is that it offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical tests/check-ups, if any, at the customer’s residence.

The entry age is a minimum of 18 years and a maximum of 55 years with a minimum policy term of 10 years and a maximum of 35 years. The maximum maturity age is 75 years. The company offers home visits to do medical tests/examinations, if required, at the customer’s residence, providing him/her convenience and choice. The insured will also be entitled for tax benefits on premium payment, as applicable.

Source: IndiaInfoline

HDFC Life strengthens insurance portfolio for children
HDFC Life has launched HDFC Young Star Udaan, a children’s policy which is participating in nature along with money back options. This allows the parents to make use of the key formative years of their children to plan for their secure future in terms of their education, marriage, setting up of business etc.,

Speaking on the launch, Sanjay Tiwari, Vice President, Product Development, HDFC Life said, “ We have been front-runners in not just educating parents but also in offering  insurance solutions to them for planning financial future of their children. In our constant endeavour to offer customized and flexible insurance plans, we realized the need to add a money-back plan in the category of child insurance. Hence, the launch of Youngstar Udaan completes our suite of products required for all life stage needs of children. The plan focuses on the aspiration, academic and career aspects of the child’s growth with option to waive future premiums to ensure that various life-stage needs are fulfilled even when the insured parent is not around. By offering pro-active financial planning for children, we aim at helping parents make their children financially independent.”

This plan gives the flexibility to choose the payout options to match with the child’s key milestones. It boosts the pay-outs with Guaranteed Additions (GA)* accruing in the first 5 years of the policy, payable at maturity. The plan also provides insurance coverage for the policy term even if the premium payments are for a limited period thus protecting a child’s dreams.

Source: IndiaInfoline

Insurance Regulatory and Development Authority slaps Rs 1.77 crore fine on Reliance Life Insurance 
IRDA has imposed a fine of Rs 1.77 crore on Reliance Life Insurance for violation of various norms including obtaining business from unlicensed entities.  As per the IRDA’s order, Reliance Life has to remit the penalty by debiting the shareholders’ account within a period of 15 days from the date of the order. There were 47 charges leveled against the company such as violation of advertisement and product distribution norms. There were instances when the business was sourced from unlicensed entities through multi-level marketing and the same were logged into the code of licensed entities.

The other charges were that business was procured by forged signatures or without signatures at the space specified in the agents confidential report column. IRDA has also fined the company with a sum of Rs. 50 lakhs for violation of marketing and publicity norms. There were also issues with regard to payments to referral entities under various contests.

Source: IndiaInfoline

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