Birla Sunlife’s new flexible term plan
Birla Sunlife Insurance announced new term plans named BSLI Protector Plan and BSLI protector Plus Plan. Mayank Bathwal, Chief Financial Officer and Head - Institutional Sales, said, “Over time, an individual’s responsibilities grow and this, coupled with lifestyle improvements, makes one realize the need for increased protection. To ensure that one’s loved ones continue to enjoy the same comforts, even under unforeseen circumstances, there was a need for a plan that could keep pace with changing requirements.” The plans offer customers flexibility to increase the sum assured at no extra cost. Both the plans can be enhanced with choice of five different riders. Protector Plus Plan offers the following benefits such as special rates for non-smokers and Special premium rates for women.

SBI Life’s new plan for risk-averse customers
SBI Life Insurance Co. ha introducted a new insurance plan named Flexi Smart Insurance. This is a variable non-participating plan focussed on the risk-averse customers who needs safety and stable returns having preference for non-market linked plans. Some of the main features of this plan are interim and additional interest rates, facility to increase or decrease the sum assured, option of top-up premium etc. Minimum premium amout is Rs.1500 per month with the option of monthly, quarterly, half yearly and yearly payment.

Norms for IPO by life insurers
The final guidelines on the issue to allow raising funds from capital market is expected by the end of July 2011. Mr. J. Hari Narayan, Chairman, IRDA told, “With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps towards the end of this month”. The existing SEBI norms says that any company wanting to come out with a public offer must have three year profit record. The proposed draft guidelines removed this clause. This is for the life insurance companies. For non-life insurers the new guideline is not yet ready.

Bharti AXA Life’s MIP
Bharti AXA Life launched a unique product called ‘Bharti AXA Life Monthly Income Plan’.
It is a traditional money-back plan. Mark Meehan, Chief Marketing and Operations Officer, Bharti AXA Life Insurance, said, “Each of us tends to postpone fulfilling the smaller desires of our loved ones. Be it a family vacation, a special gift to our wives or a renovation for our homes, we tend to delay life’s little joys either due to time or financial constraints. From a financial perspective, a supplementary income can help bridge the gap in meeting our intended goals.” The policy provides guaranteed Tax-free monthly income at end of term,
in the event of policyholder’s death, the nominee receives guaranteed monthly income for the Monthly Income Benefit period. Policy term options of 15, 25 and 30 years, and option for Premium Waiver and Critical Illness Riders are available.Reliance Life targets high Reliance Life informed that the capital base and profitability increased in the last 2 years. The company target Rs.3 bn profit in 2011-12. Last year the loss was decreased to 55% and they plan to focus its business strategy this financial year mainly on product combination, new distribution techniques and to concentrate more on rural sector.

Aviva new employee benefit plan
Aviva Life Insurance launched “Aviva Traditional Group Employee Benefit Plan”. This group Retirement Benefit product aims to help the employers efficiency to set aside funds to meet their employee benefit program liabilities. The company at present has a broad portfolio of products with ULIP and traditional ones. Gratuity and Leave Encashment solutions came under ULIP. This policy covers any employee between 18-69 years. Minimum is a group of 10 and minimum Rs.100000 contribution. The money will be invested in a diversified portfolio as per IRDA guidelines to protect the contributions. Mr. Munish Sharda, Director- Direct Sales Force, Aviva Life Insurance said,

“At Aviva, we understand the diverse needs of our customers, and aim to provide them prosperity and peace of mind through our products. Our latest launch, the Aviva Traditional Group Employee Benefit Plan will address the fund management needs of employers and help them earmark, and manage funds for their employees related to gratuity, pension and leave encashment.” 

HDFC standard life looks at IPO
HDFC is intending to go for IPO in two years time. The company has to increase its stake to 49%from the present 26%. It is reported that the new IrDA guidelines, which permit life insurers, float an IPO without 3 years profitability clause would help in this regard.

IRDA brings relief to life insurers in IPO
IRDA has come out with the decision of scrapping the 3 year minimum profitability clause for the life insurers to float IPO. This decision would give relief to many insurance companies, which have been in operation for 10 years.

SBI Life on IPO plans
SBI Life is waiting for the policy decision from government on raising the foreign partners stake from 26 to 49 percent. SBI Life is a JV between SBI and BNP Paribas Cardif. plans to float initial public offer. Mr. Pratip Chaudhuri, SBI Chairman said that the company is doing well and achieved a profit of Rs.300 crores

Aegon Religare’s online ULIPs
Aegon Religare Life is planning to launch a no. of internet products in the coming months.
Mr. Yateesh Srivastava, Aegon Religare Chief Marketing Officer said, "After the success of iTerm, we launched our second unit-linked on-line product iMaximise for High Networth Individuals through invitation strategy at February end. Till date, we have received Rs 8.71 crore as premium”. He added that they have already waiting for IRDA approval for their
on-line health product and planning to introduce one protection product and some more hybrid plans. The share of online business is 10 percent at present.

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