Leading private sector life insurer Max Life
Insurance, on Monday, said that it has launched a unit-linked child plan-
Shiksha Plus Super, aiming at children education and career.
“The launch of 'Shiksha Plus Super' completes our suite of products required
for all life stage needs that are compliant with the new guidelines effective
January 1, 2014", said CEO & Managing Director of Max Life Insurance
Mr. Rajesh Sud in a company statement.
The Max Life through its 'Shiksha Plus Super' offers customers the choice of
investing premiums in five investment funds offered with an option of Dynamic
Fund Allocation and Systematic Transfer Plan.
The Dynamic Fund Allocation option of the policy keeps policyholders tension
free from selecting the investment funds manually. It automatically invests
between equity and debt oriented funds in a pre-defined proportion that keeps
changing as policy nears maturity.
“This investment strategy endeavours to safeguard their fund from any capital
erosion by increasing the fund allocation in debt funds as policy progresses
towards maturity,“ the statement said.
While, the Systematic Transfer Plan, the second option of the policy,
replicates the rupee cost averaging method thereby allowing the policyholder to
benefit from the market volatility, it statement further added.
Source: http://www.insuringindia.com
Private insurer Birla Sun Life Insurance (BSLI) has
announced the launch of 'MySolutions', which provides customers tailor-made
insurance solutions with combination plans for goal based savings. It is
supported by a unique technology platform that aids sales force and advisor
communities to gauge the customers' requirements and offer customised solutions
to help them achieve planned financial milestones in life.
“In line with the changing times Birla Sun Life Insurance's MySolutions focuses
on customer participation, personalization and the creation of a powerful
buying experience. Our focus remains on building customer centricity and
undertaking need analysis to help them attain the best benefits from life insurance. In line with our commitment to enhance customer experience, we will
continue to build on various solutions within MySolutions to meet our customers
changing needs and outcomes", Birla Sun Life MD & CEO Mr. Pankaj Razdan
said on the launch.
Within the MySolutions, the BSLI offers four solutions - BSLI Premier
Retirement Solution, BSLI Aspire Future Solution, BSLI Wealth Forever Solution
and BSLI Secure Income Solution. Each addresses a distinct need in the customers'
life cycle that includes retirement, wealth creation and regular income.
Birla Sun Life Insurance Company Limited is a joint venture between Aditya
Birla Group, an Indian multinational corporation, and Sun Life Financial Inc, a
leading global insurance company.
The Thane Consumer Forum has ordered Reliance General
Insurance Company Limited, an insurance arm of Reliance Capital Ltd. of the
Reliance Anil Dhirubhai Ambani Group, to pay a compensation of Rs 2.5 lac to a
resident of Thane, for not paying the vehicle insurance amount on the basis of
absolutely unreasonable reasons.
In addition to this, the forum has also directed the insurer to pay another
rupees one lac towards penalty for the mental agony suffered by the complainant
on account of the matter.
In year 2010, the complainant, Mr. Subash Waatkar, a resident of Thane
(Maharashtra), approached the Reliance General Insurance Company Limited,
seeking the insurance amount for his vehicle that went missing on January 22,
2010 in front of his house. He had insured the vehicle on a cover of Rs 2.35
lac.
Though, Mr. Waatkar, after filing a complaint of theft with the police,
approached the insurer very day when his vehicle went missing, but the insurer
rejected the claim on the grounds that he did not inform the company about the
loss of the vehicle within the stipulated time. The company, in its letter to
the complainant, had maintained that there was a delay of 215 days in informing
it about the loss and thus the claim was rejected.
Then the complainant moved to the Thane Consumer Forum. The forum checked with
the evidence, it found the insurance firm responsible for rejecting the
consumer's claims on false reasons, and asked the firm to compensate for the
complainant's losses.
E-rickshaw runs on battery and is considered an
environment-friendly vehicle, is illegal and is not insured, and hence
passengers taking ride on it, will not get any claims from insurance companies
if the rickshaw meet an accident, according to an official from the Delhi State
Transport Ministry.
Currently, more than one lac eco-friendly rickshaws run on Delhi roads are not
'vehicles' as per the provision of Central Motor Vehicle Act.
iCAT, a government testing agency, had earlier asked the Delhi State Transport
Ministry that it was ready to carry out test on e-rickshaws, but the government
didn't show interest.
The official is sure that the tests would substantiate that these are motor
vehicles and hence these have to be registered as per rules.
“Once this is established, the manufacturers will have to take type approval
from the government approved testing agencies after the prototype meets all the
required standards. While giving type approval, the agencies will have to
ensure that the vehicle is safe for passengers,“ the official said.
Even in case the tests prove that these are not motor vehicles, the municipal
bodies must regulate them as it is done even in the case of cycle rickshaws, he
added.
Star
Health and Allied Insurance Company Ltd, a standalone private health insurance
company, on Thursday launched an improved health insurance policy- Star
Diabetes Safe, for people suffering from diabetes.
On the launch, Mr. V Jagannathan, Chairman and Managing Director of Star Health
and Allied Insurance Company Ltd said the policy will cover regular
hospitalisation expenses irrespective of the number of years the person may
have been living with the condition.
Pre-medical check-up is only optional here, Mr. Jagannathan added.
The company had already a policy for diabetics but that didn't cover too much.
This new improved 'Star Diabetes Safe' is a custom made policy based on the
rising needs of the customers. It covers all the complications of Type I and
Type II diabetes including heart-related problems.
People between the age group of 18 to 65 years, are eligible to enter into the
policy, while the policy can be renewed life-long.
Under the policy, customers have flexibility to choose sum insured between Rs.
300,000- Rs. 10, 00,000.
