Max New York Life’s ‘Platinum protect’

To add product in the risk protection solutions Max New York Life Insurance has introduced a term plan named “Platinum protect’. It has also introduced ‘Reduced Insurance Cover’ in the market. Policyholders of 20 year plus policy term could avail themselves of continuous protection from the 16th year onwards even if they do not pay further premiums. Mr. Rajesh Sud, Chief Executive Officer and Managing Director, Max New York Life Insurance Company, "With Platinum Protect, we will not only be able to bring the benefits of life insurance to a larger segment of the market but also ensure adequate protection at an affordable price”.

New plan from ING Life for Child

ING Life has introduced a new product called ING Asshirvad a child insurance product. The product allows the parents to plan for the future of their child and afterwards with no additional cost. The life protection also is available.

It is a traditional plan with four types of guarantees. The maturity value guarantee is according to the option of the parent, additional guarantee of death benefit in any eventuality, policy guarantee for continuing if any eventuality of the parent and guaranteed coverage for child after the maturity. Mr. Rahul Agarwal, Chief Distribution Office, ING Life India said, ‘Our new child product helps them fulfill this responsibility of providing their child with the required funds for education, marriage or any other milestone. In addition, after the payout of the maturity, the product protects the child at no additional cost. I am sure our customers will find this a truly beneficial product, and a way to gift for generations’.

MetLife’s consistency

According to the April June 2010 IRDA report, MetLife has maintained a persistence ratio of 84% compared with other private insurance companies which have the average of 68% and an 70% industry average. This ratio is the main factor of the financial strength of the Life Insurance companies. This shows the faith of the customers in MetLife products. Mr. Rajesh Relan, Managing Director, MetLife India Insurance Company Limited, said, “In an industry that is going through a significant upheaval, we are very pleased to see customers repose high levels of trust in MetLife’s brand and products. This is yet another reflection of our commitment to provide our customers with the best-in-class products and services that is
un-matched in the industry. Additionally, we believe, this indicates that MetLife is ready to meet the challenges based on new ULIP guidelines”. The company feels that to reach customers across the country a multi-distribution approach is a must. MetLife has more than 55000 well-trained financial advisors.

Insurance for rural poor

Mr. J. Hari Narayanan, Chairman, IRDA said that it is high time that the insurance companies think of the rural poor and bring out products which will fulfill their needs. He also mentioned that that there is hardly any product at present. Both life and non-life companies should jointly bring such products for the growth of the industry. He launched India’s first health plus life Insurance combi product, introduced by Start Health and Allied Insurance Company and Shriram Life Insurance Company.

Online products from Aegon Religare Life Insurance

Encouraged by the response for its products on online, Aegon Religare Life Insurance target to increase its online sales by introducing more products on this platform. At present, iTerm is the online product, which was launched in last Nov 2009. It contributes to 6% of business amounting to Rs.3 crore upto 31st March 31, 2010. Mr. Yatheesh Srivatsava, Chief Marketing Officer, Aegon Religare Life said, . “The average ticket size (of iTerm) at Rs 10,000 has been two times the size of our offline business,”. The company with its expansion of online channel expects 10% growth in its online sales in the next 12 months. The company also aims a three times increase in the overall premium income during this financial year at Rs.500 crore. As the iTterm customers are in the age group of 25-30 years, the company wanted to launch more online products targeting the youngsters. Only through online advertising these products would be marketed. The company also plans to increase its branches from present 57 to 115-120 in the year.

New online product from ICICI Prudential Life

A new fully online product was launched by ICICI Prudential Life named “iProtect”. This is a pure term insurance plan targeting the age group of 20-65 years with 10 year minimum and 30 year maximum term. Using credit cards or Internet banking customers can apply and pay the premium. Mr. Madhivanan Balakrishnan, Executive Vice-President of the company said, “It is a completely paperless process. We have tried to keep costs at a minimum to make this product attractive”. 14% of the total life insured is from pure term plans but their total premium collections is only 0.4% of the total premium collections.

HDFC Standard Life’s views and plans

Mr. Amitabh Chaudhry, CEO, HDFC Standard Life, said that the new IRDA guidelines will help customers to gain but the Insurance companies have to take care of the cost cut to maintain the overall capital requirements does not to raise. Even though the capital requirements will not go up now but mostly depend on the products. The companies have to find ways to conserve capital and retain revenues, the cost cut is unavoidable. Also the insurers have to focus on higher sales. HDFC is focusing a 25% growth in terms of new business income. The company attained Rs.2560 crore last year from the new business which would reach about Rs.3200 crore this year.

About the expansion plans Mr. Chaudhry also said “We want to focus on the long-term story. We would continue to invest in the right areas such as new business channels, customer service and making our channels more productive. We will be rationalising our investment to ensure that we retain our strengths of distribution, reach and a strong sales force”.

SBI Life insurance is No.1 again

SBI Life insurance becomes the No.1 life insurer across the world in 2010. It was announced by the Million Dollar Round Table (MDRT) members. It has also ranked No.1 last year. It has 2904 MDRT members compared to last year with 2677 members. US’ New York Life and Korea’s Samsung Life Insurance are next in the rankings. LIC of India is ranked fourth with 1218 members. MDRT members are acknowledged as the highest standard of sales excellence in the life insurance. Only less than one percent of the financial services advisors become MDRT members.

Birla Sunlife’s Bachat Plans

Birla Sun Life has introduced new plans named BSLI bachat (Moneyback) plan and BSLI Bachat (Child) Plan. The plan allow customers to develop a corpus through systematic savings for different life needs. The child plan helps the parents to plan for the child’s future through regular savings.

Bajaj Allianz trusts traditional products

Bajaj Allianz Life Insurance is now focussing more on traditional plans as these are favoured by the customers. Their product “Invest Plus Premier” has been sold more than one lakh policies which is a traditional product. Mr. Akshay Mehrotra, Head, Marketing said that now the customers are interested in simplified solutions with a guarantee element. Mr. Mehrotra said. “Invest Plus Premier is available in a kit form that offers guaranteed investment returns that is declared at the beginning of each financial year. For the current financial year, it is 7.05 per cent”. Their another product was InvestGain which is designed to help a family to plan for a good financial portfolio. With little extra amount the product gives four times life cover with additional benefits such as accidental death benefit, disability benefit, critical illness and hospital cash benefit etc.

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