Aviva Life’s New Protection Plan

Aviva Life Insurance introduced two new products named Life Shield Platinum and Aviva Dhan Varsha. Life Shield Platinum offers various options to customers to choose the protection need such as life protection, loan protection or income replacement. Aviva Dhan varsha is a traditional product with protection plan and also offers guaranteed 6 to 9 percent of life cover in addition to life protections and riders to secure one’s future. Mr. T R Ramachandran, MD., Aviva Life said, "We believe that term insurance products like Life Shield Platinum will act as a catalyst in providing protection to many more Indians at affordable rates".

SBI Life’s impressive growth

SBI Life declared that they have achieved 6% growth amounting to Rs.4699 crore till the end of December 2010. Their new business premium income was Rs.4448 crore last year in the same period. SBI Life CEO and MD Mr. M R Rao said, "We have seen a good growth in new business. Their new business premium increased by 6 per cent on a year on year basis.

Mostly the new business premium growth was seen in the ULIP and group insurance product segment during December". Twofold rise is seen in the group insurance products on month-on-month to Rs.228 crore. Business premium of Traditional products increased to Rs.59 crore from Rs.36 crore and individual products from Rs.297 crore to Rs.545 crore at end November 2010. SBI Life for the third quarter posted 2% per cent growth in net profit.

MaxNewyork Life’s ‘Flexi Fortune’

MAX New York Life launched a new ULIP named FLEXI Fortune. Company’s CEO and MD Mr. Rajesh Sud said that this product is designed based on various needs of people. The product offers the customer to choose policy tenure and multiple protections according to their plan. This product offers customers seven different fund options, which will help them to manage good returns without taking much risk

A new ‘child future’ from Canara HSBC OBC Life

Child future ULIP came with tax benefit from Canara HSBC OBC Life.
Canara HSBC OBC Life insurance launched a new ULIP. This product aims at fulfilling the financial needs of a child’s future and also providing cover, named as Canara HSBC OBC Life Insurance Future Smart Plan The premium paid is entitled to Tax benefit. The plan offers long-term investment opportunity for the child’s future. There are two more products offered by the company both are ULIPs, - Canara HSBC OBC Life Grow Smart Plan and Canara HSBC OBC Life Dream Smart Plan.

Insurance companies going to primary markets

New guidelines are expected from the Insurance regulator for equity issues. Life Insurance companies, not completed 10 years, could not approach for primary markets. But companies existing for 10 years but not posted net profits for the pat three years would be able to do through the book-building process. Mr. Hari Narayan, IRDA chairman said, ‘The guidelines for equity issue by life insurance companies will offer the ways and means of approaching the primary market based on the insurance laws. The laws provide that an insurance company needs to be atleast 10 years old to approach the equity market. The Sebi laws provide that companies indeed need to be around for 10 years, but can take book-building route if they have not made profit for the past three consecutive years”.

Shriram life plans for North and East

Shriram Life Insurance planned to add their capital base by Rs.50 crore in the coming months. The company started its operations 4 years ago and is having a capital base of Rs.125 crore. Shriram Life’s MD Ms. Akhila Srinivasan said "We have got ambitious plans of making capital infusion of Rs 50 crore in the next 2-3 months... We have got a premium of Rs. 1,650 crore last year with APE (Annualised Premium Equivalent) of Rs. 850 crore".
The company also planned to expand its markets on North and East with their JV partner Sanlam. Shriram Life already have strong base in South, West and Central regions and the additional infusion of capital is to seek strength in Northern and Eastern States. Sanlam group of. S. Africa, which holds 26% stake in the company says its ‘core’ area, is domestic market in India.

PNB to enter insurance business again

PNB is likely to decide on entering into insurance business again after its earlier aborted attempt at it in association with Principal Finance group of US. PNB has bought out the entire holding of Principal Financial Group and domestic firm UK (Berger) Paints in Principal PNB Life Insurance Co. Ltd. Its association with Vijaya Bank continues. After the restructuring PNB stake in the venture would be 88 percent.

The bank received offers for a strategic partnership from various companies in life and non-life insurance business. The bank intends to float a Request For Proposal (RFP) for the evaluation to finalise a partner. PNB is looking at a long-term partnership in the insurance business.

SBI Life launches AAA ULIPs

SBI Life has launched ULIP named Smart Horizon. The product targets long-term capital appreciation. SBI Life MD Mr. M.N Rao said, "The unique Automatic Asset Allocation feature makes Smart Horizon ideal for many evolving Indian investors who do have the time to make fund allocation decisions on an on-going basis". The investment will be more in equities in the beginning then will be in debt and money markets when the plan nears maturity.

An algorithm-based active investment allocation mechanism is developed by testing more than 5000 scenarios in the equity market and is called Automatic Asset Allocation (AAA). The AAA mechanism helps investors to get better returns as well as protecting their capital. To avail this facility there are two options to choose Plan A or Plan B based on their risk appetite.

LIC exceeds the target of 2.5 crore policies

LIC informed that they have achieved 2.5 crore policies till 29th Jan 2011. Their total First Premium income in the same period is Rs.34137.12 crore. It said that under the new ULIP Plans 10,98,663 policies were sold and collected Rs.5136.25 crore as premium. In 4 months their Endowment Plus garnered 10,17,560 policies with Rs.4804.12 crore as First Premium Income. The only regular premium pension plan, Pension Plus has garnered 81103 policies with First Premium income of Rs.332.13 crore.

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