Managing growth & inflation has become challenging for policy makers:

India has sustained GDP growth of 8.9% in first two quarters of the year,

On commenting RBI Credit Policy Aneesh Srivastava, Chief Investment Officer, IDBI Federal Life Insurance Co Ltd said "Indian economy is facing severe headwinds of high Inflation, retarding Growth & ballooning Current Account deficit. Managing growth & inflation simultaneously has become very challenging for policy makers. India has sustained GDP growth of 8.9% in first two quarters of the year, however its Industrial Production growth has come down substantially from double digit growth in first half of the year to 2.7% in November ’10 and it is expected to be bad for month of December ’10 as well. Larger part of this retardation in due to slowdown in manufacturing sector, which may get reflected in retardation of GDP growth for next two quarters. At the same time, inflation has remained much high. WPI at 8.43% and CPI- Industrial Workers at 8.33% are high and leading to higher inflationary expectations. Although large part of inflation is due to supply driven constraints, inflation has also remained high due to rising crude & commodity prices. Most of the emerging markets including China are making efforts to fight inflation. Some tightening can help control demand when supply bottlenecks are leading to price rise. However, simultaneous efforts to fight inflation by emerging economies would help bring down commodity price driven inflation. Although credit growth has picked up to approx 25% as on 31st Dec ’10, Liquidity in system is tight (Rs.72,000 crore Repo) which is tighter than RBI’s indicated level of Rs. 50,000 crores. In light of falling manufacturing growth and rising inflation & tight liquidity conditions, policy decision has opted for – Increasing Repo & Reverse Repo rate by 25 bps so as to control inflation. Provided incremental liquidity in system to support growth".

Bajaj Allianz launches new products

Bajaj Allianz launches new प्रोदुक्ट्स These products are Bajaj Allianz Super Cash Gain and Bajaj Allianz Money Secure. Bajaj Allianz Life Insurance has launched two new products catering to the financial needs of various stages of life. These products are Bajaj Allianz Super Cash Gain and Bajaj Allianz Money Secure. Super Cash Gain is a traditional money back plan that gives cash back at regular intervals in the form of a periodic income, helping you to enjoy the small pleasures of life. Starting at a monthly premium of Rs. 600, this plan comes with the option to select up to four-times of base sum assured as life cover. Besides this, Bajaj Allianz Super Cash Gain offers the following features – Option to convert into a single premium term cover with return of premium provided you have paid at least 5 years premium in full. Get 20% of the base sum assured as cash-back at regular intervals, which can be taken as cash or adjusted against your due or future premium. Flexibility to pay future premiums in advance and avail discounts. Option to keep your policy in-force for full sum assured in case you miss to pay your premiums on due dates, provided you have paid at least 3 year’s premiums in full. High sum assured rebate on premium Optional riders to enhance your protection. Money Secure is a regular premium ULIP that provides security to your investment with guaranteed maturity benefits. Starting at an annual premium of Rs. 7,000, Money Secure is the smallest ticket-size ULIP from the stable of Bajaj Allianz. The unique features of this product are: Option to select policy term and premium paying term Automatic increase in sum assured from 6th policy year Maximum Flexibility with: Partial withdrawals anytime after five years from the commencement of the policy Top-up premium payment over and above regular premiums Option to decrease sum assured Option to change premium payment term and alter premium payment frequency Optional riders to enhance protection Akshay Mehrotra, Head – Marketing, Bajaj Allianz, said, “Both these insurance plans offer an opportunity for securing a better financial future. Designed to take care of financial needs in various life stages, these two insurance plans offer one of the lowest premiums in the market.” Also speaking at this occasion, A S Narayanan, Chief Distribution Officer, Bajaj Allianz Life Insurance said “Financial planning is essential for every individual. Both these plans offer masses the capability to save regularly and maximize returns. We believe our strong distribution network will make such products available across the country.” Both these pans can be bought from any of Bajaj Allianz office, Super agents and distributors spread across the length and breadth of the country across 1000+ towns.

RBI policy in line with expectation:

The central bank also extended the 1% leeway in the SLR up to April 8. CRR has been left unchanged at 6%.

The Reserve Bank of India (RBI) on Tuesday increased the key policy rates by 25 basis points (bps) each, as the central bank steps up its efforts to tackle a stubbornly high inflation at the cost of some moderation in economic growth. The repurchase rate (repo rate) has been hiked by 25 bps to 6.50%, while the reverse repo rate has also been increased by 25 bps to 5.50%. The central bank also extended the 1% leeway in the SLR up to April 8. CRR has been left unchanged at 6%. The inflation target for FY11 has been increased to 7% from 5.5% earlier while the GDP forecast for the current fiscal year has been kept steady at 8.5% with an upward bias. The RBI had raised key policy rates six times last year as the Indian economy accelerated, sending inflation sharply higher. But several factors, including unseasonal rains and spike in global commodity prices has kept inflation elevated. Dr. D. Subbarao, Governor of the RBI had decided to take a pause in its last meeting on December 16 amid a severe shortage of cash in the banking system and some softening in food inflation. Inflation shot up to 8.43% in December, from 7.48% in the previous month, the Government said on January 14. October's inflation rate was revised to 9.12% as against the provisional estimate of 8.58%. Inflation in the Food Articles group fell to 15.52% in the week ended January 8 from 16.91% in the week ended January 1, the Commerce & Industry said on January 20. The RBI said today that the new actions are expected to: Contain the spill-over from rise in food and fuel prices to generalised inflation. Rein in rising inflationary expectations, which may be aggravated by the structural and transitory nature of food price increases. Be moderate enough not to disrupt growth. Continue to provide comfort to banks in their liquidity management operations. The next mid-quarter review of the Monetary Policy for FY 2010-11 will be announced through a press release on March 17, the RBI said today. The Monetary Policy for FY 2011-12 will be announced on Tuesday, May 3. S P Prabhu, Vice President- Fixed IncomeFund Management - IDBI Federal life Insurance Co ltd says “The debt market was expecting a 25bps hike in the Repo Rate and the policy announcements has been in line with market expectations. However, concerns over inflation remain, particularly on the food price front. Given the limited amount of Government Borrowing Program ahead in the current financial year, the market is expected to consolidate around the current levels. We expect the 10 year yield to be in the range of 8.00% - 8.50% over the next few months. The tight liquidity situation is a combination of large Government balances and robust credit off-take. The abnormally large Government balances problem is due to time mismatch in Government ‘s revenue and expenditure cycle and will self correct over the next couple of months. The structural problem on the liquidity front is that the growth in credit is 24% while deposit growth is slower at 16%. Banks will have to address the issue with a combination of aggressive deposit mobilization and higher deposit rates. The RBI decision to extend the 100bps regulatory forbearance on SLR till April will provide the much needed liquidity support to the market.”

SBI LIFE 9M FY11 net profit at Rs. 3.01bn

The company has uniquely expanded by adding 134 new branches and increasing number of employees by 1349, during the period, despite tough external conditions

Sustaining its holistic business performance, SBI Life Insurance, the leading new generation life insurer, has posted impressive results during the first nine months of the FY 10 - 11. Growing by 52%, the company has set a new milestone, by crossing the landmark figure of Rs. 300 Crores in net profit during the period. Reflecting its superior efficiency in it business operations, the company maintains the lowest “expense to GWP (Gross Written Premium)” ratio in industry of 7.43%. SBI Life’s Gross Written Premium collection grew by 28% to Rs. 7,770 Crores. The Asset Under Management jumped by 50 % to Rs. 36, 861 Crores from Rs. 24, 613 Crores as on 31st December, 2009. The company has uniquely expanded by adding 134 new branches and increasing number of employees by 1349, during the period, despite tough external conditions. The corporate office has moved to a newly- acquired building in fast evolving commercial hub of Mumbai. The new corporate building was inaugurated by Shri R Sridharan, MD and GE (A & S), State Bank of India. Commenting on the performance, M N Rao, MD & CEO, SBI Life Insurance said “Through continued emphasis on strengthening business fundamentals, namely customer centricity and operational excellence, we are confident that we will sustain our profitable growth performance. We remain committed to catering to the life insurance needs of Indian population encompassing all socio-economic and geographical segments.” All key distribution channels namely, Bancassurance, Agency and Corporate Solutions have demonstrated profitable business growth during the period. The Agency Channel provided a significant thrust to the overall business by contributing 44% of total premium as a result of superior productivity levels of Insurance Advisors. Bancassurance witnessed a remarkable growth of 43% and contributed to over 36% cent of the total premium and Group Corporate contributed to 18% of total premium. In the recent months, the company introduced a series of “Simple and Smart” products that encompass new IRDA guidelines compliant ULIPs, Pure Protection and Traditional products. The rapidly launched six new ULIPs cater to the investment needs of the varied customer segments. These include HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP – Saral Maha Anand, Flexible ULIP – Unit Plus Super, Child Plan – Smart Scholar and ULIP with Automatic Asset Allocation – Smart Horizon. Innovatively-featured, non-ULIPs rolled out are No-Medicals, pure protection plan – Saral Shield, HNI targeted, pure protection plan – Smart Shield and No Medicals, traditional savings plan – Saral. One of the highlights towards achieving customer service excellence has been the national launch of customer care initiative ‘SMS SOLVE”. A first-of-its kind in the life insurance industry, the service allows customers to have their grievances resolved in a simpler, paperless and faster manner. An innovative SMS-based service, SMS SOLVE provides customers the ease of accessing SBI Life 24 X 7. Customers are able to register their grievances about SBI Life’s service by merely sending SMS ‘SOLVE’ to 56161. Testifying its multi-dimensional excellence, the company has bagged numerous recognitions and awards recently. Being adjudged the best, SBI Life’s annual report has won Gold Shield from Institute of Charted Accountants of India (ICAI) for excellence in Financial Reporting. Also, International Certification Services (ICS) has awarded SBI Life "ICS Quality Champion Award - 2010" for continual improvement in the Quality Process. NDTV Profit Business Leadership award and Best Life Insurer 2010, Runner Up, award by Outlook Money are the other key media recognitions that have been conferred to SBI Life. Retaining the ISO 9001:2000 Certification for superior claim process, globally topping the prestigious international MDRT Table and reaffirmation of CRISIL “AAA/Stable” rating are other key distinctions achieved by the company during initial current financial year. As per the latest IRDA report, as of November 2010, the company has a market share of 18.27% among private life insurers and a total market share of 5.10 %.

RBI rate hike in line with expectations:

The central bank also extended the 1% leeway in the SLR up to April 8. CRR has been left unchanged at 6%.

The Reserve Bank of India (RBI) on Tuesday increased the key policy rates by 25 basis points (bps) each, as the central bank steps up its efforts to tackle a stubbornly high inflation at the cost of some moderation in economic growth. The repurchase rate (repo rate) has been hiked by 25 bps to 6.50%, while the reverse repo rate has also been increased by 25 bps to 5.50%. The central bank also extended the 1% leeway in the SLR up to April 8. CRR has been left unchanged at 6%. The inflation target for FY11 has been increased to 7% from 5.5% earlier while the GDP forecast for the current fiscal year has been kept steady at 8.5% with an upward bias. The RBI had raised key policy rates six times last year as the Indian economy accelerated, sending inflation sharply higher. But several factors, including unseasonal rains and spike in global commodity prices has kept inflation elevated. Dr. D. Subbarao, Governor of the RBI had decided to take a pause in its last meeting on December 16 amid a severe shortage of cash in the banking system and some softening in food inflation. Inflation shot up to 8.43% in December, from 7.48% in the previous month, the Government said on January 14. October's inflation rate was revised to 9.12% as against the provisional estimate of 8.58%. Inflation in the Food Articles group fell to 15.52% in the week ended January 8 from 16.91% in the week ended January 1, the Commerce & Industry said on January 20. The RBI said today that the new actions are expected to: Contain the spill-over from rise in food and fuel prices to generalised inflation. Rein in rising inflationary expectations, which may be aggravated by the structural and transitory nature of food price increases. Be moderate enough not to disrupt growth. Continue to provide comfort to banks in their liquidity management operations. The next mid-quarter review of the Monetary Policy for FY 2010-11 will be announced through a press release on March 17, the RBI said today. The Monetary Policy for FY 2011-12 will be announced on Tuesday, May 3. Commenting upon the RBI Monetary policy Sandeep Nanda, Chief Investment Officer, Bharti AXA Life Insurance say's “The Reserve Bank of India (RBI) continued with its measured approach to monetary tightening and hiked the policy rates by 25 bp, in line with our expectations. Since inflation remains well above the RBI’s comfort level further gradual hikes can be expected to anchor inflationary expectations. The recent upside surprise on inflation has been driven significantly by a spike in food and primary articles and may come off as short term factors fade. Thus we believe gradualism was the best approach and a sharp increase in rates was not warranted.”

Syndicate Bank ties up with Tata AIG लाइफ

Syndicate Bank ties up with Tata एग लाइफ Under the agreement, Syndicate Bank will offer its customers, Tata AIG Life’s group insurance product Tata AIG Life Group Term Life at a very attractive rate. Syndicate Bank, one of India’s leading public sector banks, announced today that it has tied up with Tata AIG Life Insurance Company Limited to provide insurance solution to its customers covered under Financial Inclusion program across all its branches in the country. Under the agreement, Syndicate Bank will offer its customers, Tata AIG Life’s group insurance product Tata AIG Life Group Term Life at a very attractive rate. The product caters to the needs of rural mass markets and economically weaker sections of the society. Under this policy, the customers of Syndicate Bank can avail a life insurance cover upto Rs. 25,000 at an affordable premium. This very special initiative of the Bank was launched today at ‘Mayasandra’ Village, Anekal Taluk, Bangalore Urban. The function was inaugurated by Ravi Chatterjee, Executive Director, SyndicateBank. Commenting of the occasion, Ravi Chatterjee, Executive Director of Syndicate Bank, said, “In the line with our Financial Inclusion initiatives we continue to develop products and services that meet the need of this segment. The partnership with Tata AIG Life will enable us to provide the much needed life insurance cover at an affordable cost to vast sections of disadvantaged and lower income groups.” Under Financial Inclusion plan our Bank has been allotted 1493 villages with population of more than 2000 to be covered before 31.03.2012, of which 439 villages are in Karnataka State. In the first phase 750 villages will be covered before 31.03.2011. The Bank has so far opened 3,16,000 accounts under financial inclusion during the current fiscal. M. Anand, Senior Vice President and Head - Alternate Channels, Tata AIG Life, said, "We are extremely happy to join hands with Syndicate Bank to play a role in the bank’s goal of Financial Inclusion and protection to the economically weaker sections of the society. Tata AIG Life has always been a socially committed life insurance organization. We were one of the first life insurance companies in the country to launch dedicated Micro-Insurance products for lower income communities in rural India. Under this initiative, we expect to cover about 500,000 customers in the current financial year.”

ING Life implements Gift & Get programme in Mumbai

ING Life implements Gift & Get programme in मुंबई

As per the programme, children across the city were invited to ING Life Office in Mumbai, along with their parents with their old or unused toys, clothes, books and other such items which found no use amongst them.

ING Life India, in its 10th year of operations, today implemented a unique donation programme called ‘Gift & Get’ for the children of Project Sharan, giving them an opportunity to feel the pleasures of donating their old and unused items for the benefit of under-privilege children in Mumbai. As per the programme, children across the city were invited to ING Life Office in Mumbai, along with their parents with their old or unused toys, clothes, books and other such items which found no use amongst them. In return of these old items, children got a new gift from ING Life employees. The collected items were later donated by ING Life India branch employees to the local NGO partner, Project Sharan who would distribute it to under-privilege children. Speaking about the programme, Mr. Rajeev Kanal, Executive Vice President, (West) said, ‘We found a lot of enthusiasm amongst children for our programme, and are happy to have provided this unique opportunity for them to feel the pleasures of donation. We are thankful to all those children who donated their old items for under-privileged children in the city. We will be handing over these items to our NGO partner, Project Sharan. Our Gift & Get programme is a unique platform, which was implemented across over 200 cities in India today!’ ING Life India works actively for under-privilege children through its ING Vysya Foundation. Some of the activities that employees participate through the Foundation include volunteer programmes, such as learning through fun and fund raising activities. Gift & Get programme is a unique platform, where ING Life employees included children in the city in helping under-privilege children. ING Life India is in its 10th year of operations. The company has a pan-India presence across 229 cities, with over 35,000 advisors. It offers customer-centric life insurance products to its customers to help them manage their financial future.

LIC crosses 1mn Endowment Plus policies

The ULIP Plans under the new IRDA guidelines have helped boost the figures substantially.

Life Insurance Corporation of India has crossed the landmark of 2.5 crore Policies as at 29th January 2011. The Corporation has completed 2,52,44,846 policies and received Rs. 34,137.12 crores in First Premium Income in the current financial year. The ULIP Plans under the new IRDA guidelines have helped boost the figures substantially. The New business under the new ULIP Plans as at 29th January 2011 read at 1,098,663 policies generating a premium of 5136.25 crores. ‘Endowment Plus’, the plan launched on September 20, 2010 has garnered 1,017,560 policies with a First Premium Income of Rs. 4804.12 crores, during a short period of just over 4 months. ‘Pension Plus’, the only regular premium pension plan available in the market after introduction of new rules has brought in 81,103 policies with a First Premium of 332.13 crores. The plan also has a Single Premium Option.

LIC pays Rs. 1030 crore dividend to Govt for FY10

LIC pays Rs. 1030 crore dividend to Govt for य़१०

The Gross Total Income of the Corporation rose to a mammoth Rs. 2,98,721 crores showing a phenomenal growth of 49.15% over FY 2008-09.

Chairman of Life Insurance Corporation of India, India’s largest life insurer, T.S.Vijayan handed over a cheque of Rs. 1030, 92, 26,702/- to Pranab Mukherjee, Finance Minister as LIC’s dividend to the Government in New Delhi on Friday, 28th January. R.Gopalan, Secretary, Departments of Economic affairs & Financial Services, Ministry of Finance and D.K.Mehrothra, Thomas Mathew and A.K.Dasgupta, Managing Directors of LIC were also present on the occasion. LIC has declared a Valuation Surplus of Rs. 23,478 crores for the financial year ending March 2010. An Actuarial Valuation is done by LIC every year and after accounting for all liabilities, the surplus is arrived at. Out of this surplus amount, 5% is given to the Government as dividend while the remaining 95% is ploughed back to the policyholders as bonus. For the FY 2009-10, the Total Premium Income of the Corporation for the year has risen to Rs. 1,85,985 crores from Rs. 1,57,186 crores showing an increase of 18.32% over the previous year. The Gross Total Income of the Corporation rose to a mammoth Rs. 2,98,721 crores showing a phenomenal growth of 49.15% over FY 2008-09. The First Year Premium Income of the Corporation rose to Rs. 70,891 crores from Rs. 52,954 crores showing a growth of 33.87%. The Corporation settled a total of 6,64,619 Death Claims amounting to Rs. 7,033.68 crores and 2,05,17,870 Maturity/Survival Benefit claims amounting to Rs. 46,921.22 crores.

Tata AIG introduces Invest Assure Apex Supreme

Multiple rider options for added protection including Tata AIG Life Family Income Benefit Rider that provides the family with Re-adjustment Income

Tata AIG Life Insurance Company Limited (Tata AIG Life) has introduced its latest unit linked insurance product, Tata AIG Life Insurance InvestAssure Apex Supreme; with an aim to extend and strengthen its existing portfolio. Speaking on the launch, Suresh Mahalingam, MD & CEO, Tata AIG Life said, “At Tata AIG Life, we constantly explore ways to provide solutions to a wide variety of customers. Over the years we have developed a series of strong Unit Linked insurance products, and with launch of InvestAssure Apex Supreme, we will further enhance our portfolio to meet the ever changing needs of the customers. Tata AIG Life Insurance InvestAssure Apex Supreme is targeted towards customers with medium to low risk appetite who want to gain from the upside potential of the market whilst safe guarding their investments. Tata AIG Life Insurance InvestAssure Apex Supreme is a 5 year limited pay plan with policy term of 10 years and comes with the unique benefit of Guaranteed Maturity Unit Price (GMUP) that secures the highest NAV** achieved under the product during the 100 reset dates . And what’s more, it also provides a Guaranteed Maturity Addition^ that is payable on maturity. The plan offers a death benefit for the financial protection of our loved ones. The policyholder can opt for additional protection by choosing from four rider options namely Tata AIG Life Accidental Death Benefit Rider, Tata AIG Life Accidental Death and Dismemberment (long scale) Rider, Tata AIG Life Critical Illness (lump sum) Rider and Tata AIG Life Family Income Benefit Rider that provides Readjustment Income in case of an unforeseen event. This benefit provides an additional 1% of the sum assured every month for a period of 100 months or till maturity, whichever is earlier. In case of an emergency, the policyholder can avail of Partial Withdrawal from the fund to meet his liquidity needs. Partial Withdrawal is available from 5th policy anniversary onwards. The policy can be purchased for any individual between the ages of 18 years to 65 years. The premium paid under this plan is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The proceeds of life insurance enjoy tax benefits as per section 10(10D).

LIC launches two new products - Bima Account I & Bima Account II

Under the plans, the premiums paid by the customer, after deduction of charges, will be credited to the policy holder’s Account maintained separately for each policyholder.

LIC has launched two new Non linked plans Bima Account I and Bima Account II. These are the first Variable Insurance Plans under the new IRDA regime. The basic structure of the two plans are same and hence the similar names. The plans are very simple, ensure liquidity to the customer, have Guaranteed minimum returns, transparent charges and provides ample risk cover. Moreover, in Bima Account I there is no medical examination! Under the plans, the premiums paid by the customer, after deduction of charges, will be credited to the policy holder’s Account maintained separately for each policyholder. If all due premiums are paid, the amount held in the Policyholder’s Account will earn an annual interest rate of 6% per annum which will be guaranteed for the whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, the individual Policyholder’s account may earn an additional return depending upon the experience under the plan. If premiums are not paid within days of grace, the policy will become a paid up policy. The life assured has the option to revive the paid –up policy within 12 months from date of first unpaid premium. During the revival period the life cover will cease and no mortality charges shall be deducted. The balance in the policyholder’s Account during the period of revival will earn guaranteed interest rate of 5% per annum without debiting any expenses. On revival of policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% per annum from the date of revival. There is an option to pay additional (top up) premiums without any increase in risk cover to the extent of total basic premiums paid under the policy. Loan facility is available immediately after the first policy anniversary. The premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. The age entry for the Bima Account I is from 11 years(completed) to 50 years(nearest birthday) while it is from 8 years(completed) to 60 years(nearest birthday) for Bima Account II. The policy term for Bima Account I ranges from 5 to 7 years, while it ranges from 10 to 15 years for Bima Account II. The minimum premium is Rs. 600/- per month under ECS mode for Bima Account I. while it is Rs. 1250/- under Bima Account II. The minimum premium under yearly mode of payment for Bima Account I is Rs. 7000/- while it is Rs. 15000/- under Bima Account II. On the Life Assured surviving the maturity date of the contract, balance in the Policholder’s Account is payable. In case of unfortunate death of the life Assured during the policy term, where the cover is in full force, the Sum Assured along with the balance in Policyholder’s Account shall be payable. The Sum Assured under Bima Account I ranges from minimum of 10 times the annualized premium to maximum of 20 times of the annualized premium upto age 35 years, 14 times of the annualized premium for age between 36 to 45 years and 10 times of the annualized premium for age between 46 to 50 years. The Sum Assured under Bima Account II ranges from minimum of 10 times the annualized premium to maximum of 30 times of the annualized premium upto age 35 years, 20 times of the annualized premium for age between 36 to 45 years and 10 times of the annualized premium for age between 46 to 50 years.

Bharti AXA Life Insurance launches five new products]

The new child plans, regular income plans and traditional plans together provide a powerful suite of products catering to the needs of various segments of the customer base.

In line with the customer centric philosophy, Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, world leader in financial protection; recently launched five new life insurance products Bright Stars Edge, Future Champs, True Wealth, Family Income Secure and Aajeevan Anand. Speaking at the launch, Mark Meehan, CMOO, Bharti AXA Life, said “Post the new guidelines by IRDA, we have developed our new portfolio of insurance products to suit various life-stages of the customer and provide them with great value. The new child plans, regular income plans and traditional plans together provide a powerful suite of products catering to the needs of various segments of the customer base. On the anvil, is a battery of more products tailored to suit various customer segments.” “Additionally, we are moving toward simpler processes and quick resolution of service requests, by leveraging technology. We intend to deliver best in class service standards in the industry and safeguard the interests of customers at all touchpoints,” added Mark Meehan.

Insurance Policies maybe in dematerialized form:

The report stated that the issue of policies in demat form will significantly bring down costs and improve efficiency.

The insurance policies will be in dematerialized form, according to a report The report stated that the issue of policies in demat form will significantly bring down costs and improve efficiency. The working group constituted by IRDA is headed by A Giridhar who will be the chairman of the working group, adds report. There are reports that from the life industry, it will have Sandeep Bakhshi, MD, ICICI Prudential Life, Jayant Dua, MD, Birla Sun Life, V Phillip, CEO, Bajaj Allianz Life, Amitabh Choudhary, HDFC Standard Life. Garuav Garg, MD, Tata AIG Life Insurance is the sole non-life member.

Pranab Mukherjee distributes first batch of LIC-Aadhaar UID Cards in West Bengal

Pranab Mukherjee distributes first batch of LIC-Aadhaar UID Cards in West बंगाल

The Aadhaar is based on Demographic and Biometric Data i.e. photograph, fingerprints (10), and iris scan, hence, no duplicates can creep into the system.

Union Finance Minister Pranab Mukherjee launched the LIC-Aadhaar Project of Life Insurance Corporation of India (LIC) at Raghunathganj under Jangipur Sub Division of Murshidabad District West Bengal. LIC-Aadhaar Project is the implementation of UID Project of the Unique Identification Authority of India (UIDAI) wherein LIC is delivering Unique 12-digit Identity – “Aadhaar” Numbers to the Indian residents. The LIC-Aadhaar Cards were distributed to the Residents of Jangipur by the Honorable Union Finance Minister Sri Pranab Mukherjee, in the presence of T S Vijayan, Chairman LIC, R S Sharma, Director General & Mission Director, UIDAI, , A. K. Dasgupta Managing Director LIC, Sri R R Dash Zonal Manager, LIC, Eastern Zone, Kolkata, and B Venugopal, Executive Director (IT/SD), LIC. The dignitaries included honorable Members of Parliament as well as Legislative Assembly. LIC is the first registrar of the UID Project to hand over these cards. LIC of India became the first Institutional Partner of the Unique Identification Authority of India (UIDAI) by signing an MoU with UIDAI on 9th June, 2010. Aadhaar is envisioned as a number that will make it possible for Indian residents to easily establish their identity in order to facilitate their interaction with the various public and private agencies across the country. The Aadhaar is based on Demographic and Biometric Data i.e. photograph, fingerprints (10), and iris scan, hence, no duplicates can creep into the system. LIC, the largest life insurance institution in the world with more than 21 crore unique customers (holding more than 27 crore policies), had partnered with the UIDAI as a registrar for issuing a national identity to the Indian resident – Aadhaar. LIC has used its robust and efficient Information Technology infrastructure to ensure speedy dissemination of the UID cards. This is seen as another mammoth step undertaken by LIC in its efforts to give back to society through its numerous Corporate Social Responsibility initiatives. LIC had entered into this partnership with the aim of providing greater value to its customers and to ensure that the benefits of insurance reach every Indian. This partnership guarantees the inclusion of all eligible sections for social welfare schemes. LIC already has a Data Warehouse consisting of the complete details of all its customers. Using its own customer id generated from the Data Warehouse, LIC has implemented many customer Relationship Management initiatives over last 6 years. Using the strong foundation of the Aadhaar Number, and the Financial Inclusion infrastructure, LIC hopes to boost the administration of various Social Security Schemes it manages on behalf of the Government of India.

DLF Pramerica Life Insurance introduces ‘Shiksha Uday

As a part of this initiative, DPLI is partnering with schools to make two simple and affordable term protection plans

DLF Pramerica Life Insurance Co. (DPLI) has introduced ‘Shiksha Uday’ – a School Education Protection initiative. Shiksha Uday has been specially designed to help ensure uninterrupted school education for a child in case of untimely death of the bread-winner in the family. As a part of this initiative, DPLI is partnering with schools to make two simple and affordable term protection plans - DLF Pramerica Fee Protect and DLF Pramerica Fee Protect+ - easily accessible to parents during a child’s admission into the school, or during other parent-school interactions. Explaining the need for such products, Sujata Dutta, Senior Vice President and Head Marketing and Affinity Sales Channel in DPLI said, “Most child plans available in the market are savings-oriented where a parent invests money and the amount returned at the end of the policy term is utilized to fund the child’s college/ higher education. However, what is more important is to first ensure that a child’s basic school education is taken care of in his/ her formative years. Parents today spend a lot of time choosing a good school for their child. They would like that their child continues his/ her studies in the school of their choice, irrespective of what happens to them”. Fee Protect and Fee Protect+ are affordable insurance plans that protect the child’s school fees during the term of the plan. The monthly premium is as low as Rs. 225. Parents have the flexibility to choose the benefit amount they wish to protect. In case of death, this benefit is paid out monthly. While Fee Protect is a basic plan, Fee Protect+ additionally offers a savings benefit. It has a Return of Premium (RoP) feature built into the plan that entitles the parent to receive 80% of the premium paid (in case of survival) or payable (in case of death) throughout the policy term. The amount returned at the end of the policy tenure can be utilized as a starter kit for a child’s college education. “Keeping in mind the escalation of school education-related expenses, both these plans have a 5% inflation feature built in every year that closely mirrors the expected annual increase in school fees. This inflation protection feature is a unique benefit that these plans offer. Additionally, in the case of Fee Protect+, the RoP feature acts as a starter fund for the child’s college education, in addition to covering school fees ”, said Ms. Dutta.