LIC launches Jeevan Vriddhi
Country's largest insurer Life Insurance Corporation today launched its single-premium non-linked plan 'Jeevan Vriddhi'. This plan offers five times the single premium offered as risk cover. It offers a guaranteed maturity sum assured along with loyalty additions besides a one-time payment. The policy also offers up to 70 per cent of the sum as loan for customers. The guaranteed sum assured will be paid back after 10 years. On the event of the death of a customer, the basic sum assured would be payable, five times the single premium.

MetLife launches new retirement plan
A new retirement plan was launched by Metlife India Insurance Company which provides financial protection as well as guaranteed monthly income. The premium paying term is either five or seven years. Guaranteed monthly retirement income is available for upto 20 years. The monthly income paid under the plan is tax free. In case of unforeseen death, immediate lump sum amount is payable while monthly income continues irrespective of the number of premiums paid.

SBI Life launches Annuity Plus with 14 options
SBI Life has launched the Annuity plus which provides a regular fixed stream of income at regular intervals. The annuitant can pay the installments monthly, quarterly, half yearly or yearly. It offers around 14 annuity options out of which one can be chosen by the annuitant that best suits his needs. The plan offers additional benefits of Incentive of attractive annuity rates for Higher Premium and optional Accidental Death Benefit rider at an affordable cost. The minimum age for subscription to Annuity Plus is 40 years and maximum of 80 years.

Max New York Life net profit at Rs 5.72bn
Max New York Life Insurance, India’s largest non bank owned Life Insurance Company today announced its unaudited 9 months results for the Financial Year 2011 -12. The company recorded 8% growth in gross revenue to Rs. 44.70bn while the profit increased 18 times to Rs. 5.72bn. The Company also performed well on other parameters like sum assured which increased by 2% and asset under management recording a growth of 18% to Rs. 153.57bn over the same period in FY 2010 while solvency margin increased to 539 %.

HDFC Life to launch new Life Insurance products over the next three months
Private sector life insurer HDFC Life is set to launch new life insurance products over the next three months aimed at benefiting the urban women. HDFC Life is a joint venture of Housing Development Finance Corporation Limited and United Kingdom based financial service provider Standard Life. It is taking this step with a view to serve its urban customers.

ING Life Insurance has joined hands with Namma Metro
ING Life Insurance has joined hands with Namma Metro through an innovative marketing initiative aptly named ‘Life in a Metro’, to create awareness on the ever growing need for savings and protection. Namma Metro is holding an ‘Insurance Awareness Event’ for 15 days starting 5th March, 2012 to 19th Mar, 2012 across current 6 operational Metro stations. ING Life Insurance will set up kiosks in the Metro stations and provide an opportunity for metro commuters to know more about insurance while on the move. ING Life Insurance will also engage the commuters with response based activities where a few lucky commuters stand to win pre - paid Namma Metro passes.

AEGON Religare Life Insurance launches Flexi Money Back Insurance Plan
AEGON Religare Life Insurance (ARLI) announced the launch of its AEGON Religare Flexi Money Back Insurance Plan. This plan offers a life cover that extends beyond the premium payment term; bonus that accrues from the first year onward; and regular income at specified intervals in addition to the maturity benefit. It offers an additional cover incase of death due to an accident. It offers 40% of the sum assured as maturity benefit at the end of the policy term. Incase of death, it provides the nominee with sum assured along with the accrued bonus irrespective of the prior payouts. It also offers a high discount on sum assured of ` 500,000 and above. The policy does not lapse if the premium is paid for a period of three years as it continues with the paid-up sum assured. It offers a choice between three policy terms of 14, 17 and 21 years with a premium payment term of 12 and 15 years respectively. The minimum entry age is 90 days and maximum age of entry is 60, 58 or 54 years, depending on the tenure of the policy.

Edelweiss Tokio Life Insurance launches non-linked Cashflow Protection
Edelweiss Tokio Life Insurance launched Cashflow Protection, a non-linked, participating endowment assurance money back participating plan. The entry age of Cashflow Protection is five years with an option of selecting the maturity age as 85, 90, 95 or 100 years, a protection for the whole life. The minimum basic sum assured for the plan is Rs 75,000 with no upper limit and premiums are based on the sum assured, premium paying term, entry age and gender of the life assured.

Sahara India Life launches Sahara Vatsalya Jeevan Bima
Sahara India Life Insurance launched Sahara Vatsalya Jeevan Bima, a traditional plan aimed to meet the education requirements of the children of the policyholder. The new plan is a regular premium plan for parents aged between 20 to 50 years, for the benefit of the children within the age group of 0-12 years, the company said. The policy will mature when the child attains the age of 22 years and at that time, all vested bonuses will be paid along with the last instalment. In case of the demise of the parent (life assured), the sum assured along with the vested bonus would be paid immediately to the nominee.

IDBI Federal Life launches new plan
IDBI Federal Life launched a plan that offers "attractive guaranteed" return along with tax benefits for those willing to invest for a short to medium term. Under the scheme, the premium is as low as Rs 20,000. Other benefits include simple buying process, discount on single premium in case the guaranteed maturity benefit is equal to or greater than Rs 1,50,000 and liquidity before maturity through special surrender value after the first year.

Bajaj Allianz launches retirement solution
Bajaj Allianz launched a unique retirement solution, CashRich, an endowment as well as a money-back plan policy. It provides guaranteed regular payouts after retirement, a cash back benefit of 5 per cent of the sum assured plus cash bonus, is payable every year till the maturity date. The policy also offers continued life cover across the term of the policy and tax-free payouts.

LIC goes mobile; get policy, premium info over cell phone
'LICMobile', a mobile-based application, comes with host of features to provide relevant and timely information to its customers and field force. The application also has premium calculator. This functionality will enable the customer know the amount that he would be required to pay once he decides to choose a plan. This functionality will enable the customer get details of premiums for all plans chosen under a group thus providing help to make a decision.

IRDA raises concerns over corporate governance in LIC
IRDA has expressed concern over corporate governance at India's biggest insurer, the Life Insurance Corporation or LIC, which has been led by an acting chairman for the last nine months. Its main concern relates to the composition of the insurer's government-appointed board which includes the chiefs of some state-owned financial institutions. IRDA reckons that the appointment of these CEOs as independent directors may not be in tune with current corporate governance norms, though such a practice has been in vogue for several years.

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