Comprehensive Micro Insurance product from Future Generali
Future Generali India Insurance, a joint venture between Future Group of India and Generali Italy has launched a comprehensive micro insurance product under the name “Sampoorna Suraksha” customized for the rural and semi urban and urban poor population. This product is a combination of life protection and business protection of the insured by way of hospital cash benefit, personal accident, building and contents, robbery and burglary, farm product, agricultural pump set, cart protection and liability and pedal cycle etc., The objective of Future Generali is to explore the potentials in the rural sector with the help of Sampoorna Suraksha which covers many aspects of an individual life.

KG Krishnamoorthy Rao, CEO & MD, Future Generali India Insurance Co. Ltd., is of the view that penetration of Insurance in rural markets is dismally low – far lower than the national average of 4% (Life insurance & non-life insurance). This opens up huge unexplored opportunity in the rural sector which the life insurance companies should leverage with suitable and customized products to meet the needs of the rural and semi urban sector. Sampoorna Suraksha is expected to reach out to most of the first time insurance buyers owing to its comprehensive nature. The company plans to distribute Sampoorna SUraksha Pan India using their bancassurance net work apart from the agency force.

Future Generali’s current association with some large micro finance institutions in the Northern and Southern India has helped the company understand the needs of its customers from the insurance perspective and hence is the launch of Sampoorna Suraksha.

New Appointed Actuary for Kotak Life Insurance Company
Kotak Mahindra Old Mutual Life Insurance, a joint venture between Kotak Mahindra Group and Old Mutual plc., Kotak Mahindra Old Mutual Life Insurance has announced the appointment of Mr. Sunil Sharma as ‘Appointed Actuary” with effect from 1 July 2012. Mr. Sunila Sharma is a qualified Actuary and a Fellow of Institute of Actuaries, UK and Institute of Actuaries of India. He has a versatile experience of over 21 years both in life insurance and reinsurance areas in India, USA, UK and South East Asia. Mr. Sunil Sharma’s experience in the industry includes his stint with Swiss Re, BE Financial Assuciance and other leading life insurance companies in India.

Change only in the name - Tata AIG becomes Tata AIA LIfe
The Life Insurance business of Tata AIG will henceforth be known as Tata AIA Life Insurance.

Tata AIG, a joint venture between Tata Group and American International Group, Inc (AIG), had started its operations in April 2001. Tata Sons owned 74% stake in joint venture with the remaining 26% share held by AIA, a 100% owned-subsidiary of AIG at that time.

Following the initial public offering (IPO) by AIA during 2010 in Hong Kong, and the raising of $ 10.51 billion, both the promoters of this JV have decided to change the company’s name to Tata AIA Life Insurance with a view to create uniform identity. The company assures that the change is only in the name and its focus on its customers will remain the same.

Tata AIA records Rs. 260 crores as net profit for FY 2011.
Tata AIA has recorded a net profit of Rs. 260.31 crores for the financial year ended March 2012 as against Rs. 52 crores reported during the same time last year.

The total premium income for FY12 stood at Rs. 3,630 crore against Rs. 3,985 crore in FY11 in which the new business premium collection was at Rs. 940 crore and the renewal premium for the same period was at Rs. 2,690 crore against Rs. 2,653 crore in FY11.

Mr. Suresh Mahalingam, Managing Director, Tata AIA Life attributed the growth in net profit to the optimum utilization of resources and a healthy balance in the product mix between traditional & unit linked business. He also made a mention about the effective cost management that has led to the growth in the profit.

The company’s solvency margin of 284% highlights the strong financial stability of the company.

Real-time issuance of lie insurance policies by Tata AIA Life
With an objective to meet the needs of the customers on a real time basis, Tata AIA Life Insurance has developed a tool called ‘e-life tablet’ and waiting for approval of IRDA for the same. On receiving approval of ‘e-life’, the same will be launched in the metro cities to start with. “e-life’ is expected to facilitate instant delivery of all kinds of life insurance policies which would save time and costs for the agents.

“e-life tablet’ would be offered to select set of agents who fulfill certain requirements. Using the software installed in the e-life tablet carried by the agents, the total insurance needs of the customer can be calculated in a very simple way. When the agent initially suggests a product that suits the needs of the customer, the customer would provide some information as required by the agent. This information can be uploaded on the software installed on the e-life tablet. In turn the ‘e-life’ tablet would run an algorithm and calculate the total insurance needs of the customer.

On arriving at the total insurance needs of the customer, the agent would suggest options of suitable insurance policies. Once the customer selects a particular policy, the agent would fill up the proposal form, take pictures, scan the required documents and issue the policy immediately. The premium also can be paid using the tool.

The USP of this tool is that life insurance policies can be issued instantly while it takes generally three days to issue a policy other than basic term plans.

SBI Life Insurance wins Best Employer Brand Award at IPE BFSI Awards
SBI Life Insurance was awareded Best Employer Brand Award.

Mr. A J Bose, Executive Director - Operations & IT, received the Best Employer Brand Award on behalf of SBI Life Insurance.

The award was released by IPE BFSI Awards, endorsed by Asian Confederation of Businesses.

The award reflects the best HR practices of SBI Life Insurance Company.

LifeInsurance Suvidha – New Endowment Plan from IDBI Federal
With a view to strengthen its traditional portfolio, IDBI Federal Life Insurance Company has launched “LifeInsurance Suvidha” which is an endowment plan.

The product offers life cover of up to Rs 3 lakh, along with an accidental death cover equivalent to the sum assured. Policyholders are not required to undergo any medical tests prior to buying the policy. It promises guaranteed additions of Rs 50 per 1000 sum insured for the initial three policy years. From the fourth policy year onwards, reversionary bonuses kick in, while terminal bonus will come into the picture in the event of the life assured's death or upon maturity. The premium paying term ranges from 10-20 years, while the policy tenure is between 15 to 25 years. You can choose from a premium-policy-term combination of 10/15 years, 12/18 years, 15/20 years, 15/21 years and 20/25 years.

Those who want to strengthen the existing life cover can opt for this product which ensures simple

Kotak Life Insurance launches Assured Protection Plan
Assured Protection Plan is a protection cum savings scheme. The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs 5,000 per year.

The plan provides cover till the age of 75 years. This is a long term protection against major eventualities apart from the lump sum benefit at the end of the policy period.

The plan also includes cover against accidental death with 200% of sum assured apart from the death cover under natural circumstances. The important features of this policy are the waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20 percent of the basic sum assured prior to the age of 70 years.

HDFC Life wins BestPrax Award 2012
HDFC Life has won the BestPrax Benchmark Award 2012 for Leadership Governance in the Service category at the recently held BestPrax Conclave.

BestPrax Benchmark is an annual award that recognizes organizations that have best managerial practices.

Mr. Subrat Mohanty, Executive Vice President, HDFC Life received the award. While speaking to the Press he mentioned that this award has recognized their efforts in building world class practices at HDFC Life.

Future Generali expands its wings
Future Generali, the Insurance joint venture between Future Group of India and Generali Group of Italy has opened up two new offices in Kuktapaly and Dilsukhnagar in Andra Pradesh. The company is already operating with four office in Andhra Pradesh with a spread of 19 branches in the South.

While Future Generali offers its products through its 84 branches across the country, it also offers the insurance products through its Future Group outlets which are 163 in number.

New Guidelines for traditional products - IRDA in action
IRDA is framing guidelines for traditional life insurance products which are likely to come out soon. In association with Life Insurance Council, IRDA has formed a joint working group and is in the process of framing guidelines for traditional products. The main reason for this initiative is that post- Budget 2012, there are some insurance products which have lesser or no income-tax benefits and the same have to be clearly spelt out.

IRDA has not given approval to some of the products proposed to be launched by the insurance companies for lack of clarity as also adverse impact on the interests of the policyholders. IRDA has so far approved 100 products and rejected approval for around 30 products.

Double Life Cover Plan from IDBI Federal
IDBI Federal Life Insurance has launched Lifesurance Suvidha Savings Insurance Plan, a participating endowment plan. The plan ensures double protection along with savings. As the name suggests, the plan involves affordable premiums and there is no need for medical test. The documentation process is also fairly simpler.

The plan involves a 3-step process of “select, sing and submit”. Thus, the process reduces the time taken in getting the policy issued. According to Mr. G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance, over 23% of people reject life insurance plans owing to their complexity in nature and process and about 56% people reject due to the unaffordable cost of the product. So according to him, Lifesurance Suvidha plan offers affordable premium along with easy process.

This product is hassle-free as there is no medical test required with guaranteed additions, plus bonuses. The plan provides a life cover of up to Rs. 3 lakhs till the age of 65 years. The plan also insures customers against accidental death during the policy term.

Income Rakshak Plan from DLF Pramerica
DLF Praqmerica Life Insurance (DPLI) has launched a new plan named as ‘Income Rakshak’ which is a combination of life protection cover and investment option. This new product is expected to supplement a person’s monthly income at the time of retirement along with life cover.

At maturity of the policy, the chosen monthly income amount will be payable every month for a duration of 5 years (for policy term of 10 years), 7 years (for a policy term of 14 years) and 10 years (for a policy term of 20 years).

Bajaj Allianz Life Insurance penalized for violation
The Insurance Regulatory and Development Authority has penalized Bajaj Allianz Life Insurance with a fine of Rs. 5 lakh for enrolling new members into the existing group schemes issued to Yes Bank. The master policy was issued in September 2010 without revising the existing scheme as required. This is a violation under section 102(b) of the Insurance Act, 1938.

The company has been directed to pay the penalty within 15 days.

iHealth from Aegon Religare Life
Aegon Religare Life Insurance has launched iHealth which is a defined benefit health policy. These are typical fixed benefit policies that provide a pre-defined amount. This policy will be sold only through online.

The policy is structurally divided into two parts viz. Daily Hospitalisation Cash Benefit and Surgical Cash Benefit. While the hospitalization offers a pre-fixed amount for each hospitalization, the surgical cash benefit provides lump sum payments for surgeries. These benefits are available in gold and platinum variants.

The per-day benefit under the gold plan is Rs 3,000, while the platinum version offers a pay-out of Rs 5,000 every day, with the annual limits being Rs 1.8 lakh and Rs 3 lakh respectively.

In case of gold plan, surgical benefit ranges from Rs 15,000 to Rs 3 lakh, depending on the category the surgery falls into. These limits are enhanced to Rs 25,000 to Rs 5 lakh under the platinum plan. Also, if you opt for a family floater, this cover will not be shared amongst the members - each person will be individually entitled to the sum assured chosen.

HDFC sells 4000 Smart Woman Plan
HDFC Life has recently launched Smart Woman Plan which is a unique insurance cum investment plan designed specifically for women. Smart Woman Plan is a unit linked insurance policy (ULIP) with comprehensive coverage options against pregnancy complications and congenital conditions or for malignant female-specific cancers.

HDFC Has sold around 4,000 policies since the launch of Smart Woman Plan in June 2012 .

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