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Volume 7, Issue 10, October 2011
 


ING Vysya life joins ‘KarnatakaOne’ citizen service project
ING Vysya Life joins the Karnataka Government’s ‘Karnataka One’ integrated citizen service project. This helps citizens for services on behalf of various govt departments, on public private partner ship with other agencies. Customers can now make the policy renewal payments in any of the centres across Mysore, Bellary, Shimoga, Mangalore, Tumkur, Belgaum, Gulbarga and Davangere at no extra charge. The facility is available at all days including holidays. Customers have to give their policy number and pay by cash, cheque or DD. Card facilities will be available soon.

Star Union Dai-ichi Life’s new plan
New endowment plan has been launched by Star Union Dai-ichi Life named Suraksha Kavach. Its special feature is that the policyholder will get life cover upto three years from the date of first unpaid premium if they want to take a break. After two full years’ premiums a policyhlder can take a break from premium payment. The policy is for the age group 18 to 50 and maximum maturity age is 65 years. One more facility by the company is E-life, an online customer portal. This allows customers to directly interact with the company to manage their insurance policy online with SMS support.

ICICI Prudential offers two new ULIPs
ICICI Prudential life introduced two new ULIPs named Elite Life and Elite Wealth. The product is for high networth individuals; features of both the plans are more or less same. In Elite Life the minimum premium is Rs.2 lakh and in the Elite Wealth it is upto Rs. 5 lakh. The premium can be paid as one time or over a period of 5 years. The products have eight different fund options and also allow the investor to invest systematically through the transfer strategy. Partial withdrawal allowed after five years of policy.

IndiaFirst Life Insurance looks to other segments
IndiaFirst Life Insurance wants to foucs more on other segments and plans to come out with a prepaid benefit card for the health insurance segment. Dr P. Nandagopal, Managing Director and CEO, IndiaFirst Life Insurance said, “Given the current market conditions, business is currently low in the investment product segment. We want to focus more on other segments now, and make sure there is equal balance”. According to him, IndiaFirst Life also plans to come out with a prepaid benefit card for the health insurance segment. The prepaid card will be issued along with the policy document, said Dr Nandagopal, adding that policyholders can swipe the card at the hospital and make claims. This year, they hope to maintain a 30-40 per cent growth rate.

The company started its operations in November 2009 and in last fiscal done Rs.700 crore of new busiess.

IRDA issued revised guidelines for lapsed policies
IRDA released the revised guidelines for lapsed unit linked insurance plans. This comes into effect from 1st November 11. According to the new guidelines the policyholder has the time to revise his ULIP upto two years from the date of discontinuance. This allows the individuals who have not paid a couple of premiums can revive their policy. But for traditional endowment policies the time limit is six months only from the first unpaid premium.

IndiaFirst Life’s ‘Money balance’ offers life cover and secure return
IndiaFirst Life launched new product ‘money balance plan’. This plan offers life cover and an added benefit on the invested money facility to earn and secure returns. Mr. P Nandagopal, MD and CEO said, "Our IndiaFirst Money Balance Plan offers an insurance cover on your life and additionally helps you earn and secure returns on the money that you invest with us. The idea is that our money should not only work hard for us; but should also be kept safe for our future needs. Our IndiaFirst Money Balance Plan is an initiative in the same direction and we are confident that it will be well received by our customers,"

If any unfortunate death happens the plan offers a life cover. It provides options to customers changing their premiums between funds every week with maximum of 52 free switches.

Aviva Life aims at 20% growth
Aviva Life Insurance is targeting a 15 to 20% growth in the new sales in the second half of 2011-12. Mr. T.R. Ramachandran, CEO said, "We registered 25% year-on-year growth in September 2011. Growth is back as the industry is stabilizing now. It is also because of the low base effect. Because of the strict guidelines issued by IRDA, less ULIP products are sold. For Aviva Life 80% of overall sales is from ULIPs and that has fallen to 55% now.

IDBI Federal’s new endowment policy
IDBI Federal Life has introduced a new endowment policy. The product named Lifesurance Savings Insurance Plan offers life cover and long-term savings. Mr. Aneesh Khanna, Sr. VP and Head, Marketing said, “The plan allows customers to benefit from bonuses based on investments in a carefully managed balance of debt and equity securities, while providing valuable benefits through guaranteed additions in the first five years of the policy and the sum insured”. The minimum premium amount is Rs.2500/- for monthly instalments and Rs.20000/- for annual instalments.

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