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Tuesday, January 31, 2012 11:44 AM]
Private insurer Birla Sun Life Insurance, with its new ad campaign with Yuvraj for their Wealth with Protection Solutions is continuing on with its dedicated marketing strategy to stimulate common man of India into recognizing the importance of insurance in their life.
Before also, cricketer Yuvraj has done one Ad campaign for BSLI. In this TV commercial, the ace cricketer discusses his personal triumphs, his tribulations and trials frankly.
Ajay Kakar, CMO– Financial Services, Aditya Birla Group said, “Today’s Indians have tasted never-before success in the early years of their working life. This unprecedented material success gives them the confidence and belief that the good times will continue, uninterrupted, and they will live and enjoy all their ambitious dreams, one by one.”
He further said, “We have used Yuvraj Singh as our Philosophy Ambassador to share his personal belief and experience – also a reality of life – that ‘Jab tak balla chaltha hai, thaat hain. Jab balla nahin chalega tho…’ (‘You rule, only till your bat rules’). We aim to provoke and inspire mass India with the personal triumphs, trials and tribulations of Yuvraj, who like a Phoenix, never accepts defeat. He just keeps working to combat the challenges that life and cricket have thrown his way, to bounce back.”
The TV Ad campaign started yesterday and will be telecasted on all top television channels.
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Monday, January 30, 2012 6:44 PM]
IRDA chairman Mr. J. Hari Narayan has directed the health insurers to prepare insurance products to cover day-care procedures.
He said, “The number and scope of day-care procedures have to expand within the context of insurance policies to enable these kinds of procedures to take effect and be incorporated.”Presently, insurance companies allow treatments only if the patient stays for minimum 24 hours in the hospital. This leads to increase in costs without any useful function.
In India, the total expenditure on healthcare is about Rs. 3 lakh crore out of which about Rs. 1 lakh crore is spent in the hospitals.
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Sunday, January 29, 2012 6:43 PM]
The finance ministry has set up four panels to scrutinize and develop norms for insurance business in the country. The committees will have representatives from finance ministry, industry bodies, insurance companies and rating agencies.
The finance ministry in a meeting last week with industry bodies and insurance companies, asked for their feedback on the IRDA.
A finance ministry official said, “It is a consultative exercise. We want to know what the issues are plaguing the insurance industry and the kind of road map that can be envisaged for the sector. We want the industry’s view on how to increase penetration, and steps that can be undertaken in the short and long term.”
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Saturday, January 28, 2012 6:42 PM]
The Bihar government ready to launch its insurance scheme soon for unorganized workers and craftsmen substituting the Centre government's “Aam Admi Bima Yojana” that has been implemented in the country from the financial year 2008-09.
The Bihar Government has named this scheme “Bihar Shatabdi Asangathit Karyakshetra Kamgar Evam Shilpkar Surakasha Yojana” as state's centenary year will be coming in March of this year.
Under the scheme, the state government would provide cover of Rs. one lakh for accidental death, Rs. 75000 for total disability, Rs. 37500 for temporary disability and Rs 30000 for death in harness. The liability on the state government would be around Rs. two crore per year.
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Friday, January 27, 2012 6:41 PM]
In the first three-quarters of the financial year 2010-12, premium amount from sale of new life insurance policies has fallen down by 17 percent from Rs. 86698 crore to Rs. 71953 crore.
Life insuring companies are attributing this drop, mostly to the non availability of pension plans from the life insurance segment.
According to the data from life insurance industry, for the last three quarters ending Dec, 2010, life insuring companies gathered Rs. 18417 crore from sale of pension plans coming to about 31.54% of premium from individual policies.
Compared to this, for the 3 quarters ending December 2011 the premium collected from pension plans was Rs. 1008 crore. The contribution of pension plans within individual policies was between 23% - 40% in the last 5 years.
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Thursday, January 26, 2012 6:40 PM]
Nippon Life Insurance Company has signed a MoU with Reliance Capital for acquiring 26% shares in Reliance Capital Asset Management (RCAM). RCAM is 2nd biggest asset management company in India.
The Memorandum of Understand was signed by President of Nippon Life, Mr. Yoshinobu Tsutsui and Anil Ambani, Chairman, Reliance Capital.
Nippon Life is a 122-year Global Fortune 100 companies and is the seventh largest life insurer in the world and manages over Rs.30 lakh crore in assets.
Commenting on the occasion, Anil Ambani said, “We are delighted to have Nippon as our strategic partners in the mutual fund business. They are already our partners in the Life Insurance business. The mutual fund partnership cements and strengthens the relationship between Reliance Group and Nippon Life further and takes it to a new level.”
Nippon Life Insurance is also a partner in Reliance Life Insurance. The insurer acquired 26% per cent stake in Reliance Life Insurance at a value of Rs.3062 crore.
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Wednesday, January 25, 2012 10:55 AM]
Punjab National Bank is in the final stages of getting regulatory approval from IRDA for its purported buying of 30 percent stake in Metlife insurance company. PNB has declined to disclose financial details until Insurance Regulatory and Development Authority gives permission to go ahead.
K. R. Kamath, MD & Chairman, PNB said, "We are waiting for regulatory approval from the Insurance Regulatory and Development Authority (IRDA) for the deal and unless that comes through, we will not disclose the details and strategy." Kamath also declared that PNB does not anticipate any problem for the approval.
In case the deal goes through, Punjab National Bank would be the biggest investor in the company.
Talking about abroad expansion, the MD said, "We have applied with Reserve Bank of India for Maldives and after receiving positive feedback from a survey, we will soon move to our regulator to foray into Bangladesh."
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Tuesday, January 24, 2012 7:18 PM]
Life Insurance Corporation of India has launched a new plan by the name of ‘Jeevan Ankur’ particularly customized to meet the educational and other needs of the child.
Jeevan Ankur is a conventional plan with profits and is most suited plan for parents having a child aged up to seventeen years. This insurance plan for kids assures that the parents’ obligations are met under all conditions, without having to depend on anybody.
In this plan, the life of the parent is covered and the child is made a nominee. In the case of death of the parent during the policy term, the basic sum assured is payable at once to the child nominee.
Furthermore, 10% of the basic sum assured is payable as the income benefit till the end of the policy term, starting from the policy anniversary, concurrent with or next following the date of death so that the child's education doesn’t.
The nominee child will also get a payment equal to basic sum assured on the pre-defined maturity date of the policy along with loyalty additions.
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Monday, January 23, 2012 5:30 PM]
A.M. Best, world's oldest and most authoritative insurance rating agency has revised its ratings for the New India Assurance Company Limited from negative to stable and confirmed the issuer credit rating of 'a-' and financial strength rating of Excellent (A-).
The ratings portray insurer’s prominent business profile in insurance market, solid risk adjusted capitalization, and company's dedication to meliorate its underwriting performance. New India's business visibility is strong in domestic market besides its continuing growth in overseas market. In Indian market, New India remains at the top in generating premiums from health, fire and marine insurance.
New India's gross premium from domestic market grew by 17.5% and from overseas market by 12.7 in fiscal year 2010-2011.
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Sunday, January 22, 2012 1:05 PM]
The LIC of India has achieved ‘one-million’ mark in total lives covered under its health insurance schemes.
Jeevan Arogya- a benefit health insurance product launched last year is the main contributor. LIC has sold over 5.44 lakh health insurance policies worth premium Rs. 395 crore and total lives covered 1004525. Out of Rs. 395 crore premium, Jeevan Arogya alone contributed premium of Rs. 63 crore inside seven months of its launching. Until now, the numbers of Jeevan Arogya policies sold are 1.84 lakh.
To boost sales, LIC is making effort to sell health insurance to its own agents and employees beside others. The insurer is also looking forward to capitalizing on the rising client preference for benefit plans.
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Saturday, January 21, 2012 1:04 PM]
The Catholic Health Association of India has brought out an insurance scheme for religious and other members of its institutions such as Catholic priests and nuns. This insurance scheme will also be available to non-Catholic members and staff of CHAI.
CHAI will launch the scheme in March of this year.
Sundar Bunga, Manager, (Strategic Planning, CHAI) said, “Priests and religious are not covered under any health insurance scheme in the country, so we decided to introduce such a scheme. Priests too need an insurance cover, keeping in mind the increase in private hospitals and medical cost.”
Hospitalization, treatment in any authorized health care nursing home/hospital will be covered under this insurance plan. All CHAI member hospitals having minimum 20 beds will become empanelled hospitals.
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Friday, January 20, 2012 12:43 PM]
Private General Insurer, Bharti AXA General Insurance Company has shown an extraordinary growth in year 2011 against the general trend of a slump in the insurance sector.
Bharti AXA is among the fastest growing insurance companies in India. The insurer has shown a growth of 47% in its Gross Written Premium (GWP) for year 2011, taking it to 7,760 million from 5,280 million in 2010. In year 2011, the company has sold about 6.5 lakh policies and settled 1.2 lakh claims.
The insurer has achieved this huge growth through aggressive marketing strategy that concentrates on innovative products, portfolio improvement and best in-class services. The company is actively working to improve the service potentialities of its team.
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Thursday, January 19, 2012 2:19 PM]
Soon there would be some changes in the Unit Linked Insurance Product (ULIPs) structures, with the Direct Tax Code (DTC) coming into effect.
According to a clause of the DTC-2010, only those insurance policies of which the annual premium does not exceed five percent of the capital sum assured will be certified for deduction, meaning that the minimum cover should be twenty times the annual premium paid.
At present, insurers are expected to offer a minimum life cover of ten times the annual premium.
With this move, ULIPs would be more of an insurance product. The new changes will make ULIPs more protection oriented. ULIPs have always been investment oriented and have been marketed as investment products.
Almost all insurers are prepared to accept the new changes, as majority of the ULIPs are offered in the name of tax savings.
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Wednesday, January 18, 2012 1:03 PM]
Cigna, Global Health Insurance and Health Service Company Cigna has announced its plan to market health insurance products in India in association with Indian consumer goods company, TTK Group.
The name of the company will be Cigna TTK, and it will have its headquarters at Mumbai. The company is expected to start its operations in year 2013 as the joint venture still has to get approval from various regulatory authorities.
David Cordani, Cigna CEO said, "We have proven expertise in offering solutions that seek to improve customers' health while managing cost. We recognize the value of TTK's deep insights into the Indian consumer's interests and needs as well as their ability to reach these consumers across the country."
For TTK, this venture is its first step into the insurance sector. The TTK Group is an Indian business conglomerate with a presence across several segments of the industry, including kitchenware, pharmaceuticals, condoms, medical devices, food products, etc.
Cigna is a US based global health Service Company, operating internationally in 29 countries.
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Tuesday, January 17, 2012 2:31 PM]
After insurance and mobile number portability, the government is going to introduce savings bank accounts portability from one bank to another. Under the portability, the account number of customer would be the same.
This move is directed at permitting customers to change their bank to best service suppliers and ensure higher returns on their saving deposits.
The finance ministry has started working on the process of account number portability. For implementing account number portability, banks would have to work on ‘core banking solution’ (CBS) and ‘know your customers’ (KYC) norms.
After implementation, the customers would be able to change banks without the necessity of going initial verifications again.
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Monday, January 16, 2012 3:50 PM]
According to a new report published by A.M. Best Company, India's insurance market has great future and fast growth is predicted. Though, the report also said that reaching profitability is a fight for many insuring companies.
A.M. Best Company is the world's most authoritative insurance rating source.
The report by the name of "Growth Anticipated for Indian Insurers, But Frustrations Remain," expresses that continuous economic progress, flourishing middle class and increasing demand for health insurance is ensuing greater participation by foreign insuring companies and reinsurers in the country. Nevertheless, in spite of positive growth outlook, there are obstacles and frustrations.
The insurance sector is anticipated to grow, but is characterized by acute competition. The report also analyzes the means that general insurers are undertaking to improve performance and how the life insurers are adapting to rules reconstituting unit-linked insurance policies.
The report also describes reasons why the country’s insurance sector is appealing to overseas insuring companies and the hurdles they face.
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Sunday, January 15, 2012 3:47 PM]
Very soon in the future, an index would be there to indicate the rate at which insurance premium for health, general and motorcar insurance is rising in synchronization with rising prices.
An expert panel under Sriram Taranikanti, Financial Adviser of IRDA is being constituted to calculate the index. The committee will also have officials from the Reserve Bank and central government. The committee would decide on the cycle of the index and also the products to be covered under the cost barometer.
These types of indicators are common in countries like UK, US, Japan and Australia. Service price index for insurance is in line with the proposal to cover services like health, banking, telecom and aviation sectors into the inflation indices.
The committee would take into consideration the services cost data from year 2007 onwards. The logistics support will be provided by IRDA to the committee.
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Saturday, January 14, 2012 3:47 PM]
Private insurer Aviva Life Insurance is planning to increase its presence in north east India by foraying into the rural markets as the company consider the north east region as an all-important market for growth.
The company sees good growth potential in this region's rural markets and tier 3 cities and which till now are under penetrated.
Aviva is planning to recruit almost 1000 agents to increase its penetration and bringing in a large part of underinsured and uninsured people under the insurance protection.
The company is also concentrating on enhancing the productivity of agents in order to provide better service to its clients in the north east.
Munish Sharda, director-direct sales of Aviva said, “The industry has realized that there is growth potential in the region's Tier 3 cities and the rural markets which are under penetrated till now. The company is focusing on managing expenses and claims, controlling frauds and looking at selective risks where the pricing is appropriate in this market.
"The N-E market contributes significantly to Aviva's business but the company also sees a lot of potential for growth here. Our top performing branches are from the North East," He added.
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Friday, January 13, 2012 3:46 PM]
The Dental health care industry in India is going through a transformation on account of the rising health-care quality demand. At present, approximately 50% of Indians has never ever visited a dentist and approximately 70% percent suffers from dental diseases. The dentist to population ratio in India is abysmal; in urban areas, it is 1: 10000 and in rural areas, it is 1: 250,000.
With increasing income and awareness, the dental-care market in India is gaining importance at a very fast rate. There is an increased demand for cosmetic dentistry like tooth reshaping, whitening, etc.
In spite of increased awareness, nonetheless over 50% of Indians are ignorant of remedies for dental problems. Lack of specific dental insurance is a big challenge that stalks this industry. Thus, there is a need for a comprehensive dental insurance plan.
There are only few dental insurance plans available in India. But, the Indian Dental Association (IDA) is in the process of bringing out a comprehensive dental insurance scheme soon.
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Thursday, January 12, 2012 12:29 PM]
In November of 2011, IRDA has directed all insuring companies marketing pension products to mention clearly in the policy document maturity benefits for policy holders or else pull them out from the market from 1st January onwards.
According to the IRDA guideline, policy documents must clearly define guaranteed benefit in case of death of the policy holder.
Now the insurers have filed 22 revised products with IRDA and have requested it to review these products and confirm whether these follow the prescribed guidelines. The insurers have also requested several clarifications.
Clearing up the doubts, IRDA said “during the term of the contract, the successor to the policyholder shall be entitled to receive a sum equal to the premium paid at the guaranteed rate of return.”
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Wednesday, January 11, 2012 11:40 AM]
Public sector general insurer United India Insurance Co. Ltd. has been awarded the Tamil Nadu’s health insurance scheme. It is expected that more than one crore families in Tamil Nadu will benefit from the Health Insurance Scheme.
DMK first introduced a public health insurance scheme during its tenure, which was scrapped by current CM Jayalalithaa. The previous contractor, Star Health Insurance, was asked to end its operations and a makeshift scheme was set up by the C.M. Afterwards it was decided to allow only public insurers United India, Oriental Insurance Company, New India Insurance Company and National Insurance Company to bid.
The new health insurance scheme is likely to bring in a premium amount of approximately Rs. 600 crore.
The new scheme provides medical cover up to Rs. 1.5 lakh as compared to the previous scheme which gave a cover of Rs. 1 lakh only. The new scheme provides cover to about 950 different types of medical interventions, including medical treatment, surgical procedures as compared to previous one’s 642 types.
The TN Government is expected to roll it out on Wednesday.
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Tuesday, January 10, 2012 12:00 PM]
Private insuring company Star Union Dai-ichi Life Insurance Company Limited (SUD Life) has announced the launch of a traditional endowment plan by the name of ‘Dhan Suraksha Platinum’.
This traditional endowment product is a good plan that has a strong combination of guaranteed protection and guaranteed savings for the future. The company is targeting to sell about 30000 policies.
Dhan Suraksha Platinum is a single premium non participating traditional endowment plan and is available until March, 2012. It offers an assured return at the end of ten years and an assured death benefit of five times the premium amount paid. The age to take the policy is minimum 8 years and the maximum 55 years. The exit age ranges from 18 years to 65 years. The minimum premium is Rs. one lakh with a sum assured of Rs. five lakh.
Dhan Suraksha Platinum is aimed towards higher-income group and the upper-middle income section. SUD Life is a joint venture between Union Bank of India, Bank of India and Dai-ichi Life Insurance company of Japan.
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Monday, January 9, 2012 2:17 PM]
In Year 2011, insurance companies witnessed a steady decline in insurance sales even as they tried to cope with IRDA’s new stringent rules and regulations.
As per the data issued by IRDA, income from the new business premium from individual policy sales of life insuring companies, especially that of private insurers decreased by 33.57% during the period April-November, 2011 as compared to the same period a year ago. The sale of the total number of individual policies also went down by a 32% during the same period by private insurance firms.
Following new stringent rules on ULIPs by IRDA in September 2010, the premium income and the number of policies sold plunged. IRDA’s annual report also disclosed that in FY 2010-11, policy-holders ceded policies worth Rs. 76,712 crore; almost double that of in the previous fiscal year.
Furthermore, any chance of an increase in sales of pension plans in year 2012 is doubtful as the IRDA has further tightened its rules & regulations on these plans from Dec, 2011.
Insuring companies are not certain what the year 2012 will bring for them. They are waiting for the first three months’ sales as this period is the best period for sales for the life insurers as people invest for saving taxes.
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Sunday, January 8, 2012 11:49 AM]
Indian health insurance industry makes up one of the fastest-growing and second largest general insurance sectors in India. This colossal growth is due to the rising health awareness and fear over ascending health care costs.
Health insurance industry sustained its double-digit rate of growth during FY 2010-11. Furthermore, with the government’s increasing efforts to promote the health insurance penetration in India, the health insurance sector is expected to grow at a very fast pace from FY 2011-12 to 2013-14.
As a result of this fast pace of growth and rising incursion of health insurance in the country, the TPA (third-party administrator) industry is also witnessing a sound growth. Today, TPAs are an important link in the health insurance services delivery chain. Furthermore, in the future, TPAs will keep on playing an all-important role in health insurance services.
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Saturday, January 7, 2012 11:48 AM]
IDBI Federal Life Insurance has set in motion their latest ad blitz to publicize their Child Plan “IDBI Federal Childsurance® Dreambuilder Insurance Plan”.
Childsurance® is a ULIP product with forward-looking features that assure an ideal combination of optimal returns and protection that helps parents to formulate a child plan that gives the maximum benefit at maturity.
The campaign’s tagline is 'Plan jo Fail na ho' meaning the plan that does not fail. The ads show people who missed their true calling in life as they were unable to pursue higher education due to lack of funds through a humorous plot line.
The campaign is conceived by Ogilvy & Mather and enacted by Curious Films.
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Friday, January 6, 2012 2:44 PM]
Star Health Insurance Company has improved its existing Family Health Optima policy; it has added some new features and altered some in the product to accommodate the market demand and to offer new benefits to its clients.
The Family Health Optima product has been improved such that in case of Rs. 3 lakh onwards sum assured, if the total sum insured was used up, 50% of the sum insured will get restocked automatically and can be used for maladies other than those for which the policy amount was previously used. This facility is however available to.
The company has also increased the number of day care processes to 101 from 12. It has also increased the amount of room rent in various categories.
Addressing the press, V. Jagannathan, Chairman and MD said, “The premium would be marginally higher in the zones where the loss ratio was higher than the zones where the claims ratio was less. Zone 1, applicable for Mumbai, Delhi an entire Gujarat State, would carry a higher rate while zone 2, applicable for the rest of India, would carry a slightly lower rate. The premium variation between the zones was between 4 per cent and 11 per cent. He said the company had collected premium of Rs.840 crore in April-December 2011 against Rs.1,200 crore in 2010-11.”
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Thursday, January 5, 2012 1:54 PM]
The Indian government has cleared a proposition for establishing a Pension and Life Insurance Fund (PLIF) for Indians working in the Emigration Check Required (ECR) countries. This move would benefit all Indians working overseas especially those in the Gulf countries.
Generally, the overseas Indian workers do not have any access to retirement savings schemes and formal social security accessible to residents of the ECR countries.Under this scheme, the government will co-contribute Rs. 1000 per year for all PLIF endorsers who contribute between Rs. 1000 and Rs. 12000 per year in the new national pension scheme- NPS Lite.
Also, overseas Indian affairs ministry will specially put up Rs. 1000 per year overseas Indian women workers who contribute between Rs 1000 and Rs 12000 per year in NPS-Lite as about 20 percent of Indian workers in ECR countries are women who are more susceptible to old age poverty due to lower income, shorter working age and other family responsibilities.
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Wednesday, January 4, 2012 2:16 PM]
A 5-member committee is set up by Insurance Regulatory and Development Authority to look into the functioning of an insurance pool intended for third-party insurance of commercial vehicles of which insurance cover had been declined because of their high-risk profile.
All commercial vehicles whose insurance cover has been denied will be covered under the declined pool and financial burden will be divided between all general insurers.
This insurance pool for commercial vehicles is being established to assure just and fair sharing by all insuring companies and to bring efficiency in claim management. The 5-member committee will have a duration of two years.
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Tuesday, January 3, 2012 2:20 PM]
Private insuring company IndiaFirst Life has partnered with regional rural bank Vidharbha Kshetriya Gramin Bank in Maharashtra to serve customers in rural areas. Vidharbha Kshetriya Gramin Bank is sponsored by Central Bank of India.
The insurer is expecting to cover nearly 100000 accounts in three years. MD and CEO P Nandagopal of IndiaFirst Life Insurance said, “This new tie-up will help us serve our customers in rural areas in a better and effective way."
Through this partnership, IndiaFirst will reach over 100 branches over five districts in Maharashtra.
IndiaFirst has already a big presence in Maharashtra via over 455 branches of Bank of Baroda and Andhra Bank.
IndiaFirst promoters are Bank of Baroda, Andhra Bank and UK's Legal and General.
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Monday, January 2, 2012 11:11 AM]
General insurance companies saw underwriting losses of Rs. 9,969 crore in 2010-11 as compared to Rs. 5,944 crore in the previous year. The FY 2010-2011 saw a substantial jump in underwriting losses at 67.72% as compared to 11.64% increase in 2009-10, according to data released by IRDA.
The raise in underwriting losses was for public as well as private sector general insurance companies, IRDA’s annual report 2010-2011 released this week disclosed.
Underwriting loss means the insurance firm disbursed more in claims than the premium brought in from selling those policies.
The country’s largest general insurance company ‘New India Assurance’ posted highest underwriting loss at Rs. 2,643.34 crore. Other companies reporting high underwriting losses are Future Generali, Bharti Axa, Universal Sompo General, Raheja QBE, SBI General Insurance, L&T General and Reliance General Insurance.
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Sunday, January 1, 2012 1:09 PM]
According to IRDA, in spite of having affiliation with many public sector banks, brokers and corporate agents to sell its insurance products, LIC is not using these channels efficiently. Instead, it is getting maximum percentage of its business from its agents.
As per the IRDA annual report for 2010-2011 released this week, out of individual new business premium of Rs. 52,732.09 crore, about 97.45% came from its network of 13.37 lakh agents. Through banks, it was 1.81%, corporate agents added 0.59%, brokers contributed 0.04%, and through direct selling it was only 0.11%.
LIC has affiliation with banks with a large branch network such as Bank of Maharashtra, Corporation Bank, UCO Bank and United Bank of India.
But then, around 13 lakh agents of all private insurers brought in 46.89% of the new business premium, banks brought in 33.21%, corporate agents added 8.7%, brokers contributed 4.77% and direct selling contributed 6.43%.
