New India Assurance introduces combination product for lower income groups

Country's largest general insurance company New India Assurance has said that it has tailored a combination product for lower income groups. The product will have combination of life cover, health insurance and accident cover among others.

Addressing an industry summit organised by the IMC in Mubai, New India Assurance Chairman-cum-MD, Mr. G Srinivasan said, “We are launching a product for the lower income population, like domestic helps, with an annual premium of Rs 800. This plan will offer life cover of Rs 1 lac to the family in case of death, critical illness and other hospitalisation expenses under Rs 20,000-30,000. The plan also offers accident cover."

This plan has been launched on pilot basis and will be rolled out in the retail market soon, Mr. Srinivasan added.

IRDA Chairman, Mr. T S Vijayan was also present in the summit, and he appreciated the initiative taken by the state-owned general insurer. “Combination products are the key. This is the way to go forward. However, as regulator we also have to look at it as to whether these products are lessening the problems or not," he said.

Insurance in the country was a major challenge, especially in the non-life sector, he added.

Furthermore, Mr. Vijayan said, “Since last three years, the non-life sector has grown by 20%, and is growing by 15% so far this year. About 25% people are covered under non-life, of which only 14% to15% are covered under health insurance, mostly because government is paying for it and the 60%-70% are under motor insurance cover."

Source: http://www.insuringindia.com

LIC stops selling 14 life insurance products in order to comply with new guidelines

Country's largest insurer the Life Insurance Corporation (LIC) of India has stopped selling 14 life insurance policies, including the most popular-Jeevan Mitra and Anmol Jeevan, in order to comply with the Insurance Regulatory and Development Authority (IRDA)'s new product guidelines.

Of these 14 products, the state-owned insurer has already withdrawn 7, including Children Deferred Endowment Assurance and Convertible Term Assurance with effect from 16th November 2013.

Other 5 products, including Jeevan Mitra, Jeevan Paramukh Plan, LIC's Bima Account I and II will not be sold from Saturday, 23rd November, 2013. Whereas, the insurer has decided to stop selling of the rest two products- Anmol Jeevan I and New Jeevan Nidhi, from 30th November 2013.

The new product guidelines for implementation of new individual product regulations for the life insurance industry had been brought out by the regulator in February this year. The life insurers had to be compliant with the new norms by 1st October, but the deadline was further extended to 1st January, 2013 on requests received from life insurance companies.

By bringing new product guidelines, the regulator is looking to make insurance policies more customer-friendly. So far the group policies are concerned, the insurers have been asked not to enrol these policies after the immediate policy anniversary falling due after July 2013.

However, the guidelines said, all group policies at the time of renewal of such policy shall be given an option to switch over to the modified version of the group product, if any, once introduced.

As per company's official website, the Life Insurance Corporation of India has so far withdrawn 19 other policies that include Jeevan Varsha, Jeevan Nischay, Wealth Plus, Market Plus I, Jeevan Nidhi, Jeevan Vaibhav, Child Fortune Plus and Jeevan Sugam etc.

Source: http://www.insuringindia.com

TicketGoose.com ties up with United India Insurance to offer travel insurance

One of the leading online ticket booking portals, TicketGoose.com has tied up with state-owned United India Insurance Company to offer its customers benefit of travel insurance policy while travelling by bus, said a senior company official.

Keeping travellers' safety and security needs in mind, the company has tailored this plan which would provide travellers personal accident cover along with coverage for bus travel related risks like emergency medical expenses, damage or loss of baggage and any consequential loss due to travel disruption.

Mr. Karthi Easwaramoorthy, President and Co-founder of TicketGoose.com, said, “The policy will provide personal accident cover for Rs 2 lac per passenger, damage or loss of baggage up to a maximum of Rs 15,000 and emergency medical expenses up to a maximum of Rs 10,000 and consequential loss due to disruption of travel up to a maximum of Rs 5,000."

The policy is an optional value added service priced at Rs 20 extra per passenger.

“Launch of this product is in line with our vision of enhancing the bus travel experience for our passengers. This product is an added solution for covering bus travel related risks", said Mr. Easwaramoorthy.

To avail the benefits of this scheme, the customers will only need to tick the buy bus travel insurance option while booking tickets on TicketGoose.com.

Source: http://www.insuringindia.com

AEGON Religare Life unveils new investment plan

Targeting risk-averse customers aiming at a good return over the medium-term, private sector life insurer AEGON Religare Life Insurance Company has unveiled a new investment plan 'AEGON Religare Guaranteed Growth Insurance plan'.

According to the company, the plan offers its customers an 8-year premium paying term and a 10-year policy term. At the end of the period, the customers would get an annual return equivalent to 150% of the premium paid.

Mr. Yateesh Srivastava, COO, AEGON Religare Life Insurance, said, “The plan carries the benefit of providing a guaranteed return to customers for a period of eight years, after the policy term. It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk."

The minimum age required to enter into this plan is 8-years, whereas the maximum age limit is 50-years. And, the maximum age for maturity is 60-years.

Source: http://www.insuringindia.com