SMART 5 Reasons
For Company

For Learner
  Download Zone
e-Brochure
 
 
Take me to :
Volume 7, Issue 12, December 2011
 


Kotak Mahindra Life’s new ULIP
Kotak Life Insurance launched a new ULIP, named Invest Maxima. This is an investment oriented plan and offers zero premium allocation charges. It has a tremendous flexibility in managing their portfolio. Customers have two options to choose, one offers a choice of five different fund options and other allows the customers to invest in equity market. Other than regular premium payment option, it offers single premium and limited premium payment options also. Minimum age slot 0 and maximum is 65 years. The plan matures in 10 years and it also provides tax benefits

India third largest Insurance market
In the year 2015 India may be the 3rd largest market for life insurance in the world. China and Japan in the first two places. The research report by BRIC data gives a broad analysis of the life insurance market in India from 2006 to 2010 and also predicts figures for 2011-2015. The report analyses the various parameters to come to the conclusion. Presently India is at 12th position.

Bajaj Allianz Life’s term plan for rural market
Bajaj Allianz life insurance co is introducing a low value term plan targeting customers living in tier II and III towns and villages. The minimum life cover offered is Rs.3 lakh. Bajaj used to focus on non-metro markets and 75% of its premium income comes from tier II and tier III and rural markets. Mr. Rituraj Bhattacharjee, head-market management, Bajaj Allianz Life Insurance said, "We have an advantage over other companies in these markets. Big and small are relative terms. In a small town or a village, even Rs 3 lakh cover is considered big. In smaller towns and villages, people barely have insurance worth Rs 25,000-50,000. So, even Rs 3 lakh is big for them". The plan will cost around Rs.1118/- per month for a 30 year old for a cover of Rs.3 lakh for 30 years.

LIC and Dhanlaxmi Bank allies for epayments
Dhanlaxmi Bank entered into an agreement with LIC of India to assist policyholders to receive policy payment through electronic fund transfer. The bank will give electronic payment services to LIC using NEFT mode to credit payments to the policy holders’ bank accounts. LIC policyholders having other banks accounts will also get this facility

IRDA allows Insurers to go public
IRDA issued guidelines for life insurers for raising capital through initial public offering or through equity markets later. IRDA said that the life insurance companies applying for the IPO must have been in the business for minimum 10 years. Before seeking the approval of the SEBI they should first get the nod of the regulator. The IRDA approval is valid for one year and the company should file initial papers for their IPO with SEBI within that period.

Bharti AXA Life’s Future Invest
Bharti AXA Life launched limited payments ULIP named ‘Future Invest’. The policy term is fixed at 10 years and premium paying term is five years. The customers have two options in this pan, one is higher of the fund value or sum assured and the other is sum assured plus fund value. The policy has double accident benefit. Minimum age is 18 and the maximum age is 80 years with minimum premium at Rs.18000 per annum.

Bajaj Allianz Life’s new ULIP ‘GMIP’
Bajaj Allianz Life Insurance introduced a new ULIP named Guaranteed Maturity Insurance Plan (GMIP). The product assures atleast 200% of the total sum invested including a secure life cover at maturity. Mr. Rituraj Bhattacharya, Head - Product Development and Market Management, Bajaj Allianz Life said, “people living in small towns and rural areas rarely get a chance to invest in ULIPs due to the high premium or the commitment to pay premiums year after year. Thus, to reach out to these segments, we have come up with GMIP, which provides a guaranteed maturity benefit of at least double the premium paid”. It also has a flexibility of partial withdrawal after five years and also eligible for tax benefits.

Aviva Life gone online for premium payments
Aviva Life Insurance facilitates their customers for making online payment of their premimum through 49 banks on Net banking. They have strengthened their relationship with Bill Desk (IndiaIdeas.com Limited) for the increased convenience to its customers. Customers can also use their Visa/Master debit cards and credit cards. They can use the facility for renewal payments, purchasing new policies etc. Mr. Snehil Gambhir, COO, Aviva India said, “In line with our strategy of a focused approach towards customer centricity, this service will help us provide additional convenience in making online and renewal premium payments. This will also help increase our reach and drive our online business, and further improve our persistency ensuring that the customers enjoy the long-term benefit of insurance products.”

LIC tops claims settlements
LIC is in the top rank in settling claims in 2010-11. They have cleared 97.03% claims during that period. The private sector achieved 86.04% claim settlement. LIC has around three-fourth of the market. The main factor that decides the customer satisfaction is the settlement of claims. Mr. AK Dasgupta, MD, LIC said, "Insurance is not what you sell, but deliver. People trust LIC because of our strong claims settlement record. They know we have the ability because of our balance sheet and intention. People need insurance for two reasons - uncertainty and good return”. Insurance companies settled 8.13 lakh claims on individual policies in 2010-11 with a payout of Rs.7595 crore.

DLF Pramerica Life Insurance’s Child Education plan
DLF Pramerica Life Insurance Company plans to enter the child insurance segment. They have launched the plan Shiksha Uday that focus on school education protection plan.
The plan is introduced with an aim to ensure secure and continuous schooling. DLF Pramerica Fee Protect, DLF Pramerica Fee Protect+ and DLF Pramerica Future Idols Gold are under Shiksha Uday category. The plan was first introduced in Delhi NCR and they want to expand to other cities like Ahmedabad, Kolkata and Lucknow etc.

Sujata Dutta, Executive VP & Head (Marketing & Affinity Sales), DLF Pramerica Life Insurance, said, “Most child plans available in the market are savings-oriented, where a parent invests money and the amount returned at the end of the policy term is utilised to fund the child’s college/higher education. However, what is more important is to first ensure that a child’s basic school education is taken care of in his/her formative years. Parents today spend a lot of time choosing a good school for their child. They would like their child to continue his/her studies in the school of their choice, irrespective of what happens to them.”

Archives | Top

Best viewed in Internet Explorer 6+ and at 1024 X 768 monitor resolution.
© Copyright 2004
C & K Management Limited.