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Volume 7, Issue 8, August 2011
 


IDBI Federal Life launches new ULIP
IDBI Federal Life came out with a new ULIP named Wealthsurance Dreambuilder Insurance Plan. Its special feature is lump-sum cash upto Rs.20 lakh to be paid if any of the 17 major deceases was diagnosed. The minimum premium amount is Rs.25000/- and the maximum is Rs.100000/-. Mr. G.V. Nageswara Rao, MD and CEO, IDBI Federal life said, “A key attribute of the plan is that it can be insured not only against the risk of death but also against 17 major diseases, hospitalisation, disability, and accidental injuries so that you can feel confident that your financial goals can be reached despite the surprises life may throw up”.

The plan is designed to help the customers to select the investment option based on their needs and risk appetite. Customers who are not willing to take risk can go for the guaranteed return options and others can select the capital protection options. It also offers maximum Rs.5000/- a day for hospital cash benefit , which will be paid for each day of hospitalisation . Other benefits are accidental death and disablement bendfitt and if death or disablement happens no need to pay future premiums. All major deceases are covered.

IndiaFirst Life aims quantum jump
IndiaFirst Life has focus on new premium this financial year with a goal of achieving Rs.1200 crore from this. Mr. P. Nandagopal, MD and CE of IndiaFirst Life Insurance said, "We have one group savings product, one unique offering for high networth individuals and a pension plan in the pipeline for this fiscal. The pension plan will be launched when the regulatory guidelines are out. We are already on track for achieving the Rs 1,200-crore new business premium target by the end of the fiscal”. To achieve the required result the company is planning to increase their agent’s size. At present it is 500. The aim is to increase the strength upto 5000. The company at present has number of products in both ULIPs and traditional portfolios. They are focusing on four more new products including 2 health products for the year 2013.

Max New York Life not in a hurry for IPO
Max New York Life announced that they are not in a hurry to go for intial public offer (IPO). Mr. Rajesh Sud, CEO and MD, max new York Life said that eventhough going for an IPO is important, they will go for it at a suitable time. IRDA has issued guidelines for insurance companies about IPO. It states that insurers who have all completed 10 years of operations are eligible. Max New York Life is one among the four companies who qualify on this ground. Mr. Rajesh Sud also said that their capital at present is Rs.1976 crore and they have sufficient funds to meet the future growth.

LIC’s high performance
Life Insurance Corporation of India increased its share in terms of number of policies to 76.92 percent from the previous year share of 73.02 percent. In 2010-11 LIC’s market share increased to 68.70 percent in terms of first year premium. LIC has shown growth for the second consecutive year in its market share even though no. of private players are entering the business.

Reliance Life sells 26% to Nippon Life
Government permitted Reliance Life Insurance to sell its 26% stake to Japan’s life insurer Nippon Life Insurance. It also told the IRDA to formulate a common policy before approving the same. The deal is worth $680 million. IRDA Chairman, Mr.J. Hari Narayan said, "We don't see any major hurdle and have almost cleared the deal for Nippon to buy 26% of Reliance Life Insurance. I cannot affix a definitive timeline for the deal to be cleared as it is contingent on the time taken by Japanese insurance regulator to certify Nippon's credentials and other procedural issues”.

Tata AIG Life ‘s declining trend
Tata AIG Life showed a decreasing trend in its premium collection in June 2011 by nearly 24%. The premium collection in the same period last year was Rs.98.72 crore but it was only Rs.75.46 crore this year. In the first quarter of this financial year the premium collection decreased by 8% at Rs.214.91 crore. Hoewever the lives covered at 41089 during June 2011 was nearly 300% more than 10329 lives covered in June 2010.

Complex trend in Insurance Sector
Life Insurance Council said that the asset under management (AUM) of life insurance companies crossed Rs.15 lakh crore in the first quarter of 2011-12. In the same quarter last year the AUM of these companies was Rs.1350850 crore. This is because the policy holders are renewing their policies. But the total premium income decreased by 5.18 percent. It declined from Rs.58559 crore to Rs.55523 crore. New business premium income of the industry reduced to Rs.18282 crore during the quarter compared to last year same quarter. The no.of life insurance agents reduced to 24.27 lakh from 28.16 lakh.

Star Union Dai-Ichi Life’s remarkable performance
Star Union Dai-Ichi Life has shown an impressive performance and is in the top amongst all the insurance companies on the basis of year on year growth ranking from July 2010 to July 2011. Even though the insurance industry was showing a negative growth rate the company registered a positive growth in that period.

DLF Pramerica Life Insurance Co. enters bancassurance
DLF Pramerica Life Insurance Co. Ltd. (DPLI), and Prudential International Insurance Holdings, Ltd. (PIIH) has signed a Memorandum of Understanding (MoU) with Mapusa Urban Cooperative Bank (Mapusa UCB), Goa subject to approval by IRDA for a corporate agency partnership. Mr. Dhamija said that the MOU would enable the insurer to cover all the customers of the bank for their insurance needs. Mr. Davinder Singh, Executive Vice President - Products and Third Party Distribution, DPLI, said, “Our company’s focus is on ‘life protection’, which is really the fundamental purpose of life insurance. All our products are designed to cater to this specific need.” He further said that their association with Mapusa would enable them a very good reach.


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