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Volume 6, Issue 2, February 2010
 


Pick Yr Advisor from INGLife

ING Life India has come up with new initiative named ‘Pick Yr Advisor’ to help customers to select a financial advisor according to their choice. Customers can select the advisor from the website www.pickyradvisor.com based on location, language and qualifications.

Amit Gupta, Director - Marketing & Communications, ING Life India, said, “I am delighted at the launch of this new initiative. Most often, customers seek comfort in an advisor who gives them the right advice to manage their investments and who they can rely on. Instead of being allotted a random advisor, Pick Ur Advisor shifts control right back into the hands of customers, allowing them to choose an expert they would like to seek advice from”.

Presently the customer wants to choose their advisor also. Understanding the need of the customer this facility was introduced by ING Life. Now customers can contact their preferred customers in a very short time. The facility is available now in Mumbai, Delhi, Bangalore, Chennai and some of the other major cities.

ING Life entered into the insurance business in September 2001 and now it is one of the strong players. They are operating throughout India.

Three new savings/retirement plans from Kotak

Kotak Life Insurance launched three new products. They are Kotak Super Advantage, Kotak Guaranteed Pension Builder and Kotak Platinum Edge.

Kotak Super Advantage is focusing on the financial needs of the investors and also aiming long-term savings. Investor can choose from well-defined fund options that help the investor to expect maximum long-term savings according to their risk taking ability.

Kotak Guaranteed Pension Builder is a retirement plan, which help systematic savings for retirement. It offers Capital Guarantee meaning 280% of first year premium paid by the investor is guaranteed at maturity plus 3% of average fund value for last 3 years of the policy. Limited period payment option is also available to choose payment periods of 3 and 5 with longer policy terms.

Kotak Platinum Edge is a plan that helps investors to customize the plan according to their needs. The plan gives the choice to the customer to select their level of protection. It has limited premium payment option and a choice of nine funds to choose.

AEGON Religare adds to capital base

AEGON Religare Life Insurance has increased their capital by investing 850millions in to the capital base of the company, enhancing the company’s total capital to Rs.5.5bn as on Feb.12010. This is done as per the present IRDA guidelines. Now the company has 50000 customers since starting. AEGON Religare Life has a collection of best products competitively priced in the Industry

Customized insurance solution from Bajaj Allianz

Bajaj Allianz Life Insurance for the first time offers the group insurance product to Milkfed members of milk co-operative federation, Punjab that has 3.65 lakh members. The group insurance named Sarva Shakti Suraksha is specifically intended for micro finance institutions, district co-operative banks, farmer association, diary boards etc. focusing on financially excluded individuals. The premium is Rs.45 at the lowest level per month or yearly Rs.500 that also offers risk coverage with a saving option.

Mr. H.S. Grewal, General Manager, Ludhiana Milk Union said, “This is the first time that an insurance company has offered a customized insurance solution for the masses. We are glad to be associated with Bajaj Allianz, as this will encourage the rural population of Punjab to better mobilize their savings, giving them an opportunity to participate in investments and secure their future financial requirements.”

Mr. Yogesh Gupta, Head – Micro Insurance & Business Procurement, Bajaj Allianz said that this is only the beginning and this relationship will expand to non-financial sector

Metlife’s expansion plan

Metlife India Insurance is focusing at pan-India branch expansion and is aiming at 275 strong branch network. Mr. Rajesh Relan, MD, MetLife India Insurance said, "The insurance market continues to be severely under-penetrated in India and we need to leverage this opportunity.

We plan to increase our number of branches from the present 195 to 275 by March 2010," The company invested Rs.370 crore additional capital which is expected to be sufficient for the requirements presently. He also added that the current capital base if Rs.1950 crore. They aim at having more than 1,00,000 financial advisors by end Dec 2010. MetLife is a JV between MetLife International Holdings Inc, the Jammu and Kashmir Bank, M Pallonji and Co Private Limited and other private investors.

Wealth Plus from LIC

LIC, is confident of collecting Rs.25000 crore from its unit-linked Wealth Plus scheme. It is a close ended scheme launched recently. The scheme gives protection to the investment from market fluctuations so that the investor can be protected in the volatile times.

LIC’s new premium business in Jan 2010 has reduced to 46.55% compared to the same period last year. Last year its new business premium was Rs.10401.13 crore whereas this year it is Rs.4841.42 crore only in Jan 2010. But the private sector insurance companies have increased their fresh premium up 12% in January compared to last year the same period.

This is fresh premium totaling to Rs.2948.29 crore compared to last year of Rs.2642.58 crore

Unique plan from Reliance

A new ULIP product was launched by Reliance Life Insurance named ‘Reliance Highest Net Asset Value Guarantee Plan’. It is aiming on good returns to the policyholder. In this scheme the NAV is calculated on a daily basis throughout the policy term not on a fixed date basis.

The customer will get the highest NAV during the policy term protecting his money from any downside in the Market. The premium is invested in the 'Highest NAV Guarantee Fund' and units are allocated based on the fund NAV. On maturity the policy holder will get number of units multiplied by highest NAV.

SEBI questions some ULIPS. Life Insurers approach IRDA

SEBI had sent show cause notices to different insurance companies about their ULIP products. SEBI had picked some of the individual plans that were named in its letter sent to insurance companies. They have not blamed ULIPs as a category. Life insurers had a discussion with IRDA about the notice received from SEBI. They have decided to reply Sebi’s notice that the unit-linked insurance plans are approved by the insurance regulator and are sold to customers for many years.

Bharti AXA aim 100 crore from their child plan

BhartiAXA that launched a child insurance product two months ago is expecting a premium of around Rs.100 crore by end of this financial year. Mr. V. Srinivasan, Bharti AXA Life Insurance’s Chief Financial Officer, said "We are aiming at a premium collection of Rs 100-crore from our first child insurance product -Bright Star Plus Life- in the last quarter of this fiscal," He also said that the child insurance segment is extensively growing because of the increase attention given by parents to education. The company so far sold more than 20000 policies. This growth is possible due to various options available for education.

Aviva’s new mode of premium payment

Now Aviva Life Insurance customer can use their credit card to make their premium payment. Aviva has launched this facility with the help of Atom Technologies IVR payment system. The payment confirmation is conveyed through verbal and through SMS to the mobile no.of the customer. Speaking on the occasion, Mr. Abhay Johorey, COO, Aviva India, said “The increasing telephone and credit card penetration allows us to provide increased convenience to our customers. Our IVR based payment services provide a safe, secure and fast payment option for our customers. Customer Centricity is the cornerstone for all initiatives that we take at Aviva and this is a step towards further strengthening our services. This will also play an important role towards further improving the persistency”.

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