Bajaj Allianz launches new Life Insurance Plans
Bajaj Allianz Life Insurance has received approvals for its individual and group insurance plans under the new product guidelines.

Bajaj Allianz Life Insurance has plans to launch two individual plans and one while life plan. The individual life insurance plans are launched are named after Save Assure and Invest Assure and the whole life plan is named after Life Long Assure. These plans enable the customers to take care of the different types of needs that may arise at different life stages.

The customers have the flexibility to choose the policy term and the policy payment term. They also have the flexibility to opt the policy benefit in monthly instalments.

Bajaj Allianz Save Assure is a tradition endowment plan with guaranteed returns and Bajaj Allianz Invest Assure provides protection to the individual and his family by providing financial benefits that helps him save enough, so that his future is always safe. This plan has 2 life cover variants -Invest Assure Gold & Silver. Bajaj Allianz Life Long Assure is a non-linked whole life plan that provides both income and protection till the 100th birthday.

In addition to this, the company has launched 6 group insurance plans - Group Credit Protection Plus, Group Term Life, Group Term Care, Group Superannuation Secure, Group Employee Benefit and Group Term Care.

HDFC Life announces launch of 21 products
Compliant with new IRDA regulations, HDFC Life brings 21 products to the market out of which 10 plans are ULIPS and 11 plans are traditional. These plans are available to the customers effective 1st Jan 2014.  

Speaking on the launch, Sanjay Tiwari, Vice President, Products, HDFC Life said, “We have been a front-runner in adapting our products to the new regulations. In May 2013, we were the first ones to bring to the customers, industry's first product compliant with new IRDA guidelines. Keeping up with this trend, we are pleased to make available to customers 21 products that will meet their diverse needs such as Protection, Retirement, Savings, Investment, and Health. HDFC Life is committed to catering to various customer segments such as Proud Parents, Wisdom Investors, Young Aspirants and Urban Women. It is our constant endeavor to create insurance plans based on thorough need analysis of each segment. Further to these 21 products, we will also be launching new unique plans with specific focus on protection and long term savings." 

Two Participating Plans from Edelweiss Tokio Life insurance
Edelweiss Tokio Life Insurance Company Limited has introduced a non-linked participating money back plan under the name ‘Tokio Life-Milestones Plan’. This plan provides cash back at regular intervals. The company also has come out with another plan Tokio Life-Cash Income Plan, which is non participating, non-linked life insurance plan which offers a combination of savings and protection.

Both these plans address the Wealth Accumulation needs of a customer and protect the family against any eventuality.

In line with the new IRDA product regulations, the company has designed products that meet the various needs - Wealth Accumulation, Wealth Enhancement, Education Funding, Income Replacement, Impaired Health and Retirement Funding. The company aims to understand the needs of the customer first before offering any advice or an insurance solution. The needs, based on the customer’s priorities are first understood, then evaluated against future goals to ensure that the customer is offered the best solution suited to the needs.

Edelweiss Tokio Life – Milestones Plan (WA) is designed for customers who need regular cash back at pre- determined policy years to take care of their short term needs or milestones. Edelweiss Tokio Life – Cash Income Plan is a comprehensive insurance solution, customized to meet the needs of customers who look for wealth accumulation.

Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said, “Our new offerings are in accordance with the new product regulations and have been specially designed to emphasize the basic purpose of life insurance - Protection and consistency in income flow. Both our products are structured in simplified manner for ease of understanding to the customers. Edelweiss Tokio Life – Milestones Plan (WA) is tailored for customers who need regular cash to meet their short term needs while Edelweiss Tokio Life – Cash Income Plan is for the customers who want to pay save early and avail the benefit till 100 years of the age.”

Aegon Religare Life Insurance wins Best Product Distribution Award’
AEGON Religare Life Insurance was awarded with the Best Product Distribution Award for its online distribution channel in the Indian Life Insurance Awards 2013. The award was presented by the Indian Insurance Congress 2013. This award was presented to Aegon with a view to recognise its excellence in market penetration and its leadership position in the competitive and challenging world of life insurance product distribution.

FM seeks support from the Opposition for Insurance Bill
The Insurance Bill seeks to hike foreign direct investment (FDI) in the insurance sector to 49% and this has been a key reform. Finance Minister has sought the support of the Opposition to get the Insurance Bill passed. The FM has reportedly said that Bharatiya Janata Party (BJP) has assured them that it will consider support for the Insurance Bill.

Online Insurance plan from Aegon Religare
The pioneers in online insurance, AEGON Religare Life Insurance (ARLI) announced the launch of India’s first online guaranteed insurance plan - AEGON Religare iGuarantee Insurance Plan. The plan is available exclusively online and is specially targeted at individuals looking for simple and guaranteed insurance solutions. This plan is aimed at customers who are looking at a steady return over the medium term while minimising risk.

On the launch of AEGON Religare iGuarantee Insurance Plan, Mr KS Gopalakrishnan, Executive Director of ARLI said, “We pioneered the online space in life insurance and we would like to maintain our leadership position by offering an expanded suite of products. The iGuarantee plan is part of our endeavour to provide simple and uncomplicated products to our customers at their convenience. The AEGON Religare iGuarantee Insurance Plan comes with a simplified 3-question proposal form, requires no medical examination and can be issued very quickly. It carries with it the benefit of providing a guaranteed return to customers for a period of six years, after the policy term. It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk. It is a short premium paying term plan that allows customers to enhance their savings.”

LIC starts customer campaign
According to reports, Life Insurance Corporation of India (LIC) has started customer campaign informing customers to buy their popular products before January 1, 2014.

From January 1 onwards, LIC will begin with a portfolio of 15 products.

Flexi Smart Plus from SBI Life
SBI Life Insurance launches the “SBI Life - Flexi Smart Plus” insurance plan which is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.

Flexi Smart Plus has two Protection options to choose from; A: Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and B: Platinum option which gives higher of policy account value plus sum assured, or 105% of total premium paid on death.

Flexi Smart Plus offers a Minimum Bonus Interest Rate of 1% p.a. which is guaranteed for the entire policy term. In addition to this, a non-zero positive Regular Bonus Interest Rate will be declared at the end of each financial year on 31st March, which will not be less than the Interim Bonus Interest Rate.

Another customer-friendly feature incorporated in Flexi Smart Plus, is the Partial Withdrawal facility which is available from the 6th policy year onwards. The life cover will continue to be available to the policyholder during this period.

Further, Flexi Smart Plus Insurance provides the policyholder with the option to increase or decrease the Sum Assured from the 6th policy year onwards, subject to two months prior notice.

The policy term is minimum 5 years and maximum 30 years with the flexibility to increase the chosen policy term, subject to two months notice, prior to the original date of maturity and within the product limits. The product is open for the age group of 18 to 60 years with the maximum age of maturity being 65 years

Max Life re-launches 20 new products in 2014
Max Life has plans to re-launch 20 customer-friendly products restructured in line with the regulatory compliance during the New Year. These plans aim at addressing the customers’ need of production, savings and growth, as per a statement released by the company. These plans are targeted at customers who opt for a safe and systematic financial planning solution.

According to reports, IRDA has already approved 18 plans and the balance two are in advance approval stage.

IRDA clears 500 plans
Following the approval of industry regulator IRDA as part of its new guidelines applicable from January 1, 2014, most insurers have already redesigned their products and also obtained approvals. As per the revised IRDA guidelines, the products have to be designed with more customer-friendly approach. The new guidelines have introduced three broad categories of products -- traditional insurance plans, variable insurance plans (VIPs) and unit-linked insurance plans (ULIPs).

While the State Insurance major, LIC has already decided to stop selling as many as 48 insurance plans, including Jeevan Anand, Jeevan Madhur and Jeevan Saral, to comply with new regulatory guidelines, and planned to unveil scores of new insurance schemes, the private insurer, Reliance Life Insurance has come out with two dozen new plans which will be launched in the first quarter of 2014. Aviva Life Insurance has already launched 13 products that are compliant with the new traditional product guidelines and Max Life Insurance has already launched 13 products.

Bajaj Allianz Life Insurance is launching three new insurance plans and HDFC Life will make available 21 products to consumers from 1st January 2014. Others including ICICI Prudential, Birla Sun Life, Tata AIA and SBI Life are also planning to launch their product suit next month

Three Life Plans from PNB Metlife
PNB Metlife India Insurance today launched three new life insurance products, two of which are endowment savings plan and money back plan and the third only is a monthly income plan. These plans are aimed at meeting the various needs of the individuals at different life stages such as protection, tax savings and wealth creation.

Reliance Life emulates LIC Model
While Life Insurance Corporation of India (LIC) is by far the biggest insurer of the country, Reliance Life is one of the leading private sector entities. Reliance expresses its desire to follow the distribution model of LIC by way of operating through a huge agent force. Thus, the company wants to penetrate into the Insurable Indian population where two-third of the populace is yet to benefit from life insurance.

According to Anup Rau, the CEO of the Company, "LIC enjoys incredible trust with its customers and is also deeply penetrated across the length and breadth of the country. In order to run a successful agency-driven business, we have a huge case study in LIC itself. We would like to emulate the LIC model for creating a highly productive agent base, infusing trust among people through sustenance of sales force and increasing our penetration”.

With over two thousand branch offices and more than 10 lakh agents, LIC has insured over 250 million lives in its 52 years of operations. On its part, RLIC says it plans to further strengthen its productive agent base, with a view to increasing insurance penetration in the country.

At present, the company has over 80,000 insurance advisors and 8,000 outlets across the country. In terms of new business premium, it commands a market share of 7 per cent of the private sector life insurance industry.

Advertisement violation – SBI warned by IRDA
IRDA, the Insurance Regulator has issued warning to SBI Life Insurance Company for violating the advertisement norms.

Irda said sales leaflets of the company were in violation of advertisement norms and were persistent in circulation for which it has issued a show cause notice earlier in August.

SBI Life has assured that it would stop circulation of such leaflets and it would take all measures to ensure compliance of the regulations.

Reliance Life to tighten anti-money laundering norms
Insurance regulator IRDA has asked Reliance Life Insurance Company (RLIC) to strengthen procedures for complying with the anti-money laundering norms.

"...Authority advises your company (RLIC) to strengthen the procedure for complying with the AML (Anti-Money Laundering) norms prescribed by the Authority from time to time," IRDA said in a communication to RLIC.

The Insurance Regulatory and Development Authority (IRDA) said, "The receipt of this letter be acknowledged and compliance submitted before December 31, 2013."

Citing instances of violation of anti-money laundering norms, the letter said it did not observe the regulation with regard to quoting of Permanent Account Number (PAN) for payment above Rs 50,000.

"The requirement of PAN above Rs 50,000 is examined at transaction level and not at the client level. This is in violation of clause 3 (I) of AML Master Circular (dated September 24, 2010)," the letter said.

Future Generali Life introduces two new products
Future Generali India Life Insurance has launched two new individual life Insurance products - Bima Gain and Pension Guarantee. While Future Generali Pension Guarantee helps ensure a worry free, comfortable post-retirement life for a person and his spouse, Future Generali Bima Gain is a unit linked, single premium life insurance plan that provides insurance cover up to 10 times the single premium to customers in (the age group of) 8 to 65 years.

Reliance Life Insurance lines up 25 new plans
Reliance Life Insurance Company has lined up 25 new products under the new regulatory guidelines for which the approval has already been obtained from the IRDA> Out of these, 80% of the plans will be in line with the traditional plans and 20% will be unit linked plans.

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