Bajaj’s New “Cash rich”

Bajaj Allianz introduced new traditional money-back policy called ‘Bajaj Allianz Cash Rich”. The product assures guaranteed cash back of 5% of the sum assured after completing the premium payment every year. It also gives cash benefits in different stages of the policy cycle. This is a limited premium participating plan. Mr. Akshay Mehrotra, Marketing Head, Bajaj Allianz Life said, “By paying a small amount for a few years, you can get returns year on year. The cash back at multiple stages of the policy term makes the plan ideal for all customer age groups – youngsters, salaried people, married couples or senior citizens nearing retirement – and help them meet various financial objectives with the additional annual income. The low annual premium of Rs. 8000 makes it affordable to a larger section of the population.”

The policy term is from 10 to 65 years and customer can select the options. The scheme also offers discount for premiums paid in advance.

IDBI Federal’s New Pension Plan

IDBI Federal Life Insurance has launched a new pension plan named IDBI Federal Retiresurance Guaranteed Pension Plan. This is a retirement plan with double benefits of guaranteed accumulation as well as attractive annuities. This is a non-participating traditional deferred pension plan aims to help customers for their secured lifestyle after retirement and also ensures continuous growth of investment. The policy terms can be 10 to 25 years and at the end of the term a loyalty addition also will be guaranteed. Mr. G V Nageswara Rao, said: “It is difficult to predict the future. But with the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement”. He also added that India with the largest young population and with increased life expectancy and growing diseases, this generation should plan to save for their life after retirement also. The customer have the option to receive part of the maturity benefit and invest the remaining in an annuity with regular income for life or he could purchase an annuity with the entire maturity benefit and aim for higher regular income.

Bharti Axa’s five new plans

Bharti AXA Life announced that to enhance the customer’s various needs they have came out with 5 new products. Three of them are traditional plans and the rest two are unit-linked products. The products are developed keeping in mind every category of customers from regular income to new child policy. The ULIPs are True Wealth and Bright Stars Edge and the traditional plans are Family Income Secure, Aajeevan Anand and Future Champs.

Life Insurance Council releases data for 2010

According to the Life Insurance Council the growth of insurance companies on the premium collected amounting to Rs.186285 crore for the year 2010. The previous year it was Rs.164399 crore. The growth is because of the regulatory changes happened in the insurance sector particularly of ULIPs in 2010. Some private insurance companies completed 10 years in the insurance sector in the same year. S.B. Mathur, Secretary General, Life Insurance Council said that the insurance industry is growing after the IRDA initiatives and now the companies are in the path of growth. The noticeable trend seen in the insurance companies is reduction in their agents’ strength thereby reducing cost

LIC’s new variable non-linked policies

LIC came out with two new non-linked products named Bima Account I and Bima Account II. They are the first variable insurance policies under the new IRDA guideline. Bima Account I has no medical examination. For each policyholder Account will be maintained individually. The premium paid by the customer after deduction of charges will be credited to the policyholder’s account. This amount will earn interest at the rate of 6% per annum. Payment options are monthly, quarterly, half-yearly and yearly. Entry age is from11 to 50 for Bima Account I and 8 to 60 for Bima Account II. The policy term is from 5 to 7 for Bima I and 10 to 15 for Bima account II.

Vijaya Bank signed MOU with Bajaj Life Insurance

Vijaya Bank entered into an MOU with Bajaj Alliance Life Insurance Co. The borrowers will be provided with cover under group Life Insurance Plan and this scheme will also cover education loans availed by the students. Mr. Albert Tauro, managing director and chairman of Vijaya Bank, said, “In as many as about a dozen cases it so happened that the students who had availed education loan had died and the parents had to bear the burden. Since the loan could not be waived off by the Bank, this Insurance Scheme helps Bank to lessen burden on parents.” Mr. A.S. Narayanan, Chief distribution officer, Bajaj Allianz Life said that this plan can be availed by both existing and new borrowers.

IDBI Federal Life excel in 2 years

IDBI Federal Life is in the growth path and expecting a 70% growth in the premium income in the financial year 2010-11. The company started in 2008 and sold 2.60 lakh policies till Dec. 2010. The sum assured totaling to more than Rs.13647 crore and their capital base at present is at Rs.450 crore. Mr. G. Nageshwara Rao, CEO, IDBI Federal Life said that the total premium income growth in 2009-10 is 70% and they are expecting the same growth in the current year also. The company launched Retiresurance Guaranteed Pension plan recently among many of pension plans. This product is specifically designed for customers for their secured lifestyle requirements after retirement. The company is also launching three more products in the health, child and retirement category in the next financial year 2011-12.

IPO’s for Life Insurance Companies

All Insurance companies are waiting for the IPO guidelines, which will be released in the near future. There are 22 private sector life insurance companies at present. IRDA is expected to release the guidelines for life insurance companies but non-life insurers guidelines are still in the proposal state. Companies who have completed 10 years can go for IPO without the Insurance bill passing. Individuals who are holding more than 10% will be treated as promoter and responsible for maintaining the solvency ratio. The companies have to declare profitability on all products in their balance sheet and get their IPO Draft cleared by IRDA before submission. HDFC Standard Life, SBI Life, Bajaj Allianz Life and ICICI Prulife are the companies who have completed 10 years of operations.

New ULIP from Aegon Religare

Aegon Religare launched a new ULIP with zero premium allocation charges named ‘iMaximize”. The product is designed to provide value for money by investing 100% premium amount. This is an attractive plan for the ULIP investors. Customer has the option of paying regular premium or a one time payment of single premium. The plan offer 2 types of options named Trigger portfolio and Self Managed portfolio. Lock-in period is 5 years and after which the customer can withdraw upto 20% of the fund value if necessary. In addition 2 death benefit options are also available. The plan is for the age group from 18 to 60. Children aged 7 and above may also be included.

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