Tata AIA Life Leverages on Technology
Tata AIA Life Insurance has leveraged on technology with a view to deliver best-in-class solutions to its customers. The Company aims at providing the ‘right’ solution for the ‘right’ life stage of the customer. For this purpose, the Company has launched eLife, a fully mobile and secure electronic solution. This solution simplifies the process of buying and selling life insurance solutions.

This solution has been launched by Mr. Mukesh Dhawan, Deputy Chief Executive Officer and Chief Distribution Officer.

This solution involves a fully secure digital process that provides a one-stop shop for Tata AIA Life products, coupled with financial health review. It allows theAdvisors to provide customers with comprehensive life insurance solution with the ease of e-application. It has an easy-to-use interface on the Android Tablet (With or without access to Internet). Life substantially reduces usage of paper thereby contributing to a greener world.

AEGON Religare Life launches Assured Returns Insurance Plan
Aegon Religare Life Insurance (ARLI) has launched Aegon Religare Assured Returns Insurance Plan that offers guaranteed benefits over time. This plan targets those customers who are risk averse. This plan offers guaranteed payouts which start after all the premiums are paid. The payout is paid out annually for a period equivalent to the premium paying term. The plan comes with two premium paying terms of seven years and ten years.

The uniqueness of this plan is that it comes with a simplified proposal form with no medical examination.

The AEGON Religare Assured Returns Insurance Plan offers maturity benefit in the form of a guaranteed percentage of the annual premium. At the end of the policy period of 7 years or ten years as the case may be, it offers 150% or 175% of the annual premium respectively. In the event of the death of the life assured during the policy term, the future premiums are waived off and the nominee is given the present value of the future payout at any point in time during the policy term. The policy does not lapse if the premium is paid for a period of two years as it continues with the paid-up sum assured. This plan also offers the tax benefits as applicable.

Mr. R Muralidharan Appointed as COO of Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company has appointed Mr. R Muralidharan as its Chief Operating Officer. Mr. Muralidharan will report directly to Mr. Deepak Mittal, the CEO of Edelweiss Tokio Life Insurance.

Mr. Muralidharan has an overall 27 years of experience in the Banking and Financial Services industry across the corporate and retail divisions. During his last assignment with Dhanlaxmi Bank as Chief Operating Officer, he had transformed the bank into a multi-channel and multi-product environment. Prior to this he has worked with organizations like Brics Online as CEO, Group COO of the Brics Securities ICICI Bank and State Bank of India. At ICICI bank Muralidharan was a part of the team that set up the bank in 1994 and has led the banks Global liability operations group in India and six other international geographies.

Speaking on the appointment, Deepak Mittal, CEO, Edelweiss Tokio Life said “Muralidharan brings in knowledge and experience in Operations and Technology and a passion for Customer Experience Strategy that blends in with the company’s commitment to customer centricity. We are thrilled to have him as part of our executive team and look forward to his many contributions”.

New Initiative by IndiaFirst Life on Policy Packs
IndiaFirst Life Insurance is a joint venture between two public sector banks - Bank of Baroda and Andhra Bank along with UK's risk, wealth and investment company Legal & General. The Insurer has launched Personalized Picture Policy Packs which enable the customers to choose their happy family pictures and the same will be printed on their policy documents.

Speaking on the initiative, Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance, said, “While almost everyone needs insurance, not many really ask for it on their own. One of the main reasons for this being, insurance benefits are realized over a long term. Customers do not connect Insurance with their ‘today’. Through Happy Family and our Picture Policy Packs, we are trying to make a product, which is inherently thought of as intangible, more ‘tangible’ and real for the consumer. It is essential that customers realize the importance of long term investment to insure health, security, savings and wealth – for themselves and their family.”

IndiaFirst had earlier launched in November 2012 the Happy Family Campaign. Under this Campaign, the senior Management of the IndiaFirst travelled to over 500 bank branches Pan India and met the customers. This Campaign helped the company to understand its customers’ needs better and also to clarify their doubts/myths and other queries about insurance.

Picture Policy Packs is the extension of the Happy Family Campaign. Under the Picture Policy Packs, once a customer has selected the right product to insure his / her Happy Family, he/she can then add his/her personal touch to the gift by personalizing it. He/She can choose his/her own Happy Family picture that constantly reminds him/her about his/her family, their dreams and the purpose behind investing in the policy. This initiative brings about an element of ‘personalisation’ to the industry.

IRDA Publishes Traditional Product Guidelines
The Insurance Regulatory and Development Authority (IRDA) has published the traditional product guidelines called the ‘most ambitious project’ of the regulator in the gazette.

According to the guidelines, non-linked variable insurance products, also called index-linked products, should be treated equal to unit-linked products (ULIPs).
The limit for first year commissions would be 15% for the five-year term, 30% for 10 years and 35% for 12 years or more. However, no commission will be allowed for direct marketing, the guidelines mentioned.

The minimum guaranteed surrender value would be 30% of the total premiums paid less any survival benefits paid, if policy is surrendered in the second and third year. If surrendered in the fourth year, it would be 70% of the total premiums paid less any survival benefits already paid. If surrendered during the fifth to the seventh policy year, it would be 90% of total premiums paid, less any survival benefits already paid, the guidelines added.

The surrender value beyond the seventh year would need to be filed by the insurer under the File & Use for clearance.

Insurance companies have been given time till June 30, 2013 and September 30, 2013 to re-file their group and individual products respectively.

Padding up with Sachin – New Campaign by Aviva India
Aviva India has launched its new Campaign “Padding with Sachin”. The Campaign highlights the importance of father-child relationship and father as a protector for his child in respect of his financial, physical and emotional aspects of life. The Campaign aims to drive the importance of financial planning for the children to the parents. With this campaign, Aviva aims to further strengthen its association with fatherhood and protection. These are a series of webisodes on cricket tutorials and interviews on importance of protection by Aviva’s Brand Ambassador and the Master Blaster – Sachin Tendulkar.

Aviva’s Brand Ambassador, Sachin Tendulkar said, “Cricket is my passion and I am delighted to partner with Aviva to launch the 'Padding up with Sachin' tutorials. These webisodes which showcase my successful moves on the pitch, will give fathers a chance to view and coach their children. The links to these videos will also be available on my Facebook page as well and I invite all to view and share the same".

eShield – Online Term Insurance Plan from SBI Life
SBI Life has launched an online Term Insurance Plan eShield

SBI Life launches ‘eShield’ an online term insurance plan. This plan can be purchased directly through the company's website www.sbilife.co.in in just three steps. The annual premium for a life insurance cover of Rs. 1 Crore is Rs. 6,360. To know more about the details relating to age, policy term, life insurance cover, please visit the Website.

IndiaFirst Life Receives Celent Model Insurer award
IndiaFirst Life Insurance, has been awarded with the the prestigious Celent Model Insurer Asia Award 2013 for its best practices in technology and optimization of business economics in the field of insurance.

The award was presented at the "Celent Model Insurer Asia Summit 2013: Exchanging ideas on effective use of technology", the Asian edition of the famous Model Insurer Awards that was held in Singapore. This is the third consecutive year that Indi9aFirst is receiving this award.

Speaking on the occasion, Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance said, "It is a matter of pride for IndiaFirst to be conferred with the Celent Model Insurer Asia Award yet again. I am delighted that Celent has recognized the role that IndiaFirst is playing in setting up benchmarks in ensuring customer delight through effective use of technology. We hope to boost our growth through not only through product innovation but also through unique customer experiences. At IndiaFirst, we believe in placing our customers ‘First’ in everything we do."

New Health Care Product from Reliance Life
Mr. Anup Rau, CEO of Reliance Life Insurance Company (RLIC has announced the launch of its new health care offering 'Reliance Life Care for You Advantage Plan'. This plan has a comprehensive coverage for hospitalization, surgeries and critical illnesses for the entire family in a single policy.

Mr. Rau mentioned that health Insurance penetration in India is as low as 5 per cent, with over 85 per cent of the 1.4 billion population having no health cover. We recognize health insurance as one of the primary protection requirements for individuals and family members in the country. Reliance Life Care for You Advantage Plan is aimed at addressing the changing healthcare needs and expenses of our customers.

Reliance Life Care for You Advantage Plan allows an insured to pay a fixed premium for a three-year policy. This premium remains fixed for the three-year period, irrespective of the number of claims taken by the insured during the validity of the policy. It also

Reliance Life Care for You Advantage Plan' offers the insured a cover that includes primary member, spouse, children, as well as parents and parents-in-laws.

The coverage offered by this plan ranges from Rs. 2 to 10 lakh with a no claim bonus of 5 per cent of the sum assured for every claim-free year, up to a maximum of 30 per cent.

The policy also covers pre-existing illness, after continuing it for four continuous years. The indemnity reimbursement health insurance scheme covers in-patient treatment with both pre and post-hospitalization benefits supported by emergency 24X7 customer care across India.

The insured will also be entitled for tax benefits on premium payment, as applicable.

Product of the Year 2013 - HDFC Life’s Smart Woman Plan
HDFC Life, , has won the award ‘Product of the Year 2013’ for its innovative product called the ‘Smart Woman Plan”. The award was presented by Mr. Nandan Nilekani at a special ceremony held in Mumbai.

On receiving the award, Sanjay Tripathy, EVP – Head Marketing, Product, & Direct Channel, HDFC Life said, "It is a moment of great honor for us to be recognized for our innovative product offering, ‘Smart Woman.' The 'Product of The Year' Award re-affirms the trust of customers in our customer-centric approach. At HDFC Life, our focus is on continuous product innovation, which motivates us to offer best in class life insurance products to our customers. HDFC Life Smart Woman is a pioneering product in our industry to help women meet her financial goals and to provide for women-specific risk protection features. The Award motivates us to raise the bar even higher.”

'Product of the Year' is the global consumer recognition standard that celebrates and rewards the best innovations in retail products in a country done through an independent consumer for 32 countries.

ING completes sale of interest in ING Vysya Life
ING announces completion of sale of its 26% interest in ING Vysya Life Insurance Company Ltd., to its joint venture partner Exide Industries Ltd.,

This divestment is part of ING’s earlier decision to divest ING;s Insurance and Investment Management business.

Premium Income falls for Life Insurance Sector
The whole insurance industry which consists of 23 private life insurance companies and the Insurance major LIC experienced a steep fall in the premium income by over 6% during this period as per the data released by the IRDA.

Reliance Life Insurance Company has recorded a fall of over 24% in its premium income during April-February.

SBI Life and ICICI Prudential also saw its premium income drop by 12.18 per cent and 2.04 per cent, respectively, during the period.

LIC reported a drop of 6.35 per cent in its premium collection at Rs 60,705.46 crore during the period as against Rs 64,820.48 crore in the year- ago period.

However, HDFC Standard Life and Bajaj Allianz, registered a growth of 12.40 per cent and 15 per cent respectively.

Total premium collected during April-February by the industry stood at Rs 84,501.75 crore, down 6.12 per cent over the corresponding period previous year.

Fraudsters Cause Havoc on ICICI Prudential Customers
Fraudsters have hacked the customer database from ICICI Prudential and thereby caused a ‘loss’ of over Rs. 90 lakh by way of making the policyholders surrendering or discontinuing the policies.

According to the complaint filed by ICICI Prudential, the fraudsters have called up several hundreds of policyholders and induced them to put money in certain accounts to avail bonus and providing wrong information about their policies among other acts.

ICICI Prudential has received complaints with regard to calls made allegedly on behalf of the company giving false promises of bonus, scholarship etc to genuine policy holders by tele-calling and inducing them to buy new policies of different agencies.

ICICI Prudential claims that the company had received around 712 complaints against the fake/spurious calls and there is a possibility that much more customers might have received such calls but yet not filed such complaints. According to the statement by the ICICI Pru personnel, eight insurance policies have been discontinued and 48 policies have been surrendered by our customers, resulting into a loss of Rs 90,93,188 to the company" due to these illegal actions though it was able to satisfy most of its customers and averted losses that could have incurred.

Some of the customers who were approached by the fraudsters were senior citizens, the police official said.

Life Insurance Industry Adopts Lean Policy
There are about 24 players which includes the State owned in the Indian life insurance market. The competition has intensified and some significant regulatory changes have also taken place in the recent past.

Following the stringent regulatory norms and tough competition, Life Insurance agents have adopted a lean policy. They have cut down the agency force by over two lakh last year. The total number of agents fell to 21.63 lakh as on December 31, from 23.78 lakh in 2011. During the same period, the number of direct employees on the payrolls of life insurers fell from 247,550 to 245,99

Life Insurance firms have cut down on their branches from 11100 in 2011 to 10300 by December 2012 owing to cost pressures. The non-performing branches were shut down.

The industry has also seen its new business growth falling significantly in the recent past, particularly in the unit-linked product (ULIP) segment. Mostly driven by the agents, this business used to be a focus area of growth for the private sector until recently.

However, some recent regulatory changes have led to the insurers shifting their focus away from ULIPs to traditional insurance products. Since then, the life insurers have significantly reduced the agent capacity.

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