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Volume 7, Issue 11, November 2011
 


IRDA directs LIC to settle death claims in six months
IRDA on examining the documents submitted by LIC found that there were 300 death claim cases pending for investigations beyond six month. IRDA has told LIC to complete all claim related investigations within six months. IRDA said, "Despite huge number of death claims being handled by LIC, there is still scope for LIC to improve the claim settlement performance and adhere to provisions of regulations.

IRDA had already told the insurance companies not to reject claims on technical grounds. A life insurer has to give reasons for disputing the claim within 30 days of submission of relevant papers.

Future Generally Life’s Child centered policy
Future Generally Life introduced a plan named Secure Income. This is a traditional endowment-cum-money back plan launched on Children’s day targeting the parents who wanted to save for the child’s future. This plan gives options to policyholders that they can choose the sum assured, premium payment terms and select the period to get regular cashbacks. The policy holder also entitled to bonuses accrued at the end of premium payment term. Minimum premium is Rs.10000/- and the upper age limit for buying is 60 years.

Bajaj Allianz Life allies with Paschim Banga Gramin Bank
Bajaj Allianz Life allied with Kolkatta based Paschim Banga Gramin Bank to sell its group life insurance products to the bank’s borrowers. There are nearly 2 lakh borrowers for whom Bajaj will offer life risk cover to protect their family from loan repayment in case borrowers die. Both of them signed a MOU in this regard. Paschal Bang Gamin Bank chairman Sabyasachi Das said: "This tie up will enable us to offer a low cost financial product, suitable to a large segment of the population. This takes us forward in our target of financial inclusion for our vast array of customers."

LIC’s new mode of maturity payments
LIC of India has joined hands with Federal Bank for making payment to beneficiaries. Now the proceeds will be credited to the client’s account directly on due date through NEFT. So far LIC used to send the cheques from the concerned branches of LIC one month before the due date. This method will avoid cheque lost or fraudulent encashment etc. and also the customer can receive the amount on the same date. Commenting on this occasion Mr. Antu Joseph - Deputy General Manager of Federal Bank says "the alliance will create a win- win situation for all parties involved also giving the customers a hassle free convenient claims option”.

Life insurance premium declined
LIC of India who has 75% share of the total life insurance market faced decline in premium income by 21% in the first half of this fiscal year. This is due to less number of products and not introducing new products. ULIP products are also one of the reasons for less no. of policyholder. Private insurance companies also facing 26% decline in premium income for the period ended 30th September 2011.

Life Insurers focus at capital efficiency to enter share market
Insurers like HDFC Life, Reliance Life, SBI Life, Bajaj Allianz now focusing on capital efficiency, which will measure the usage of shareholders’ fund. SBI Life rank first among the life insurers with 12.9% of capital efficiency in the last year. Bajaj Allianz at 7.9% and Reliance Life at 2.1% in the same period. SBI Life CFO Abhijit Gulanikar said, " Capital efficiency is an important metric. Embedded value, growth, diversity and persistency will be the other metric."
SBI Life CFO Abhijit Gulanikar said, “Capital efficiency is an important metric. Embedded value, growth, diversity and persistency will be the other metric."

Central Bank of India defers proposal to enter Life Insurance
Central Bank of India had postponed its intention to enter into life insurance business for another six months. This is due to the uncertainty about capital infusion from the government. The bank was eager to enter in the life insurance business and invited bidders for a partnership in this regard. They also received offers from many parties for this venture.

Kotak Life’s two new child plans
Kotak Life Insurance introduced two new products. Both are traditional child plans named Kotak Child Edu Plan and Kotak Child Future Plan. Kotak Child Edu Plan is for the future financial needs of children aged 0 to 10 years. Kotak Child Future Plan is for the financial needs of children aged between 11 and 15. Both the plans offer enhanced protection if any untimely death of life insured. The plan immediately pays 200% of sum assured and also waives the future premiums. Its special features are guaranteed payouts and scheduled bonuses to fulfill the financial needs of the child at pre-determined ages.

BhartiAXA life launches two child plans
BhartiAxa has introduced two insurance products focusing on Childs’ future. One is Life Power Kid Insurance Plan. In this the parents’ life is covered. On each anniversary 10% of sum assured will be paid till the policy matures, if death happened for life assured during the term15% of fund value will be paid for each year for the last five years of the policy. Minimum premium is Rs.26000/- with two policy terms of 15 and 20 years. The customer has option for 12 switches over in a year, free of cost, among 6 investment funds. The other plan Life Future Invest aiming long term wealth creation is a limited pay plan. The unique feature of Life Future Invest is zero allocation charges ensuring higher investable funds. Bharti AXA Life Insurance CEO Sandeep Ghosh said, "Taking into account all the expenses involved towards a child's education and the need to secure his future, the Power Kid Insurance Plan focuses on young parents encouraging them to start planning for their children's future against any unforeseen events. The unique feature of Bharti AXA Life Future Invest is the zero allocation charge ensuring higher investable inflows in to the fund".

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