Insurance Newsletter – August 04 to 08, 2014

India Infoline News Service | Mumbai |

Apollo Munich Health Insurance is set to roll out two new plans under its Optima series - Optima Vital and Optima Super

News this week

LIC may invest Rs 600bn in equities in FY15
LIC Chairman SK Roy said that the life insurance company is expected to invest around Rs. 600 billion in equities in the current fiscal, according to an interview with a news channel on Tuesday. "I see further upside for market in FY15," Roy said. LIC's overall investments in 2014-2015 may cross Rs 3 trillion. Roy also says he does not see the impact of poor monsoon on the economy, adds RBI holding rates is positive for markets.

Max Life PAT up 9% in Q1 FY15
Max Life Insurance announced its Quarterly Results for the period ended June 30th 2014. The company continued its profitable growth journey during the first quarter of the Financial Year 2014-15 and has outperformed the industry as well as the private life insurers to record New Business Premium of Rs. 468 crore, growth of 22% over the corresponding period last year.

Max Life Insurance further increased its market share to 12.3%, an increase of 74 bps amongst private life insurers and maintained its rank as the fourth largest private life insurer. The Gross Written Premium of the Company grew 10% to Rs. 1458 crores. During the period Shareholder Profit after Tax grew 9% to Rs. 102 crore... Read more

Future Generali India Life comments on RBI policy
Nirakar Pradhan, CIO, Future Generali India Life Insurance, said, "Maintaining the stance on disinflationary glide path announced in the earlier policy, the Reserve Bank of India kept the benchmark Repo Rate unchanged at 8%.”

The RBI monetary policy targeting a CPI inflation rate of 6% as on January 2016 complements well with the Government pursuing the fiscal deficit target of 3% as on March 2017. These measures would bring down inflation and likely provide Indian savers real rate of return in future.

Reduction in statutory liquidity ratio (SLR) by 50 bps to 22% of NDTL will release liquidity approx. Rs. 40,000cr to the system. The stable interest rates and improved liquidity conditions will support the ongoing economic recovery process.

Apollo Munich launches Optima Vital and Optima Super
Apollo Munich Health Insurance is set to roll out two new plans under its Optima series - Optima Vital and Optima Super. Creating a new benchmark for the health insurance industry, Optima Vital – a critical illness plan, covers 37 critical illnesses against normal industry standards of providing cover for around 7 to 20 of these conditions.

Optima Super, on the other hand, is an aggregate high deductible cover for individuals and families that comes with a unique Switch Benefit (Waiver of Deductible Benefit) of converting the high deductible into a full-fledged nil deductible plan, without any underwriting. Non-communicable diseases account for 53 percent of deaths in India and both the incidence and the number of critical illnesses are increasing dramatically... Read more

DHFL Pramerica Life launches Smart Wealth+
DHFL Pramerica Life Insurance Co. Ltd. (DPLI) has launched ‘Smart Wealth+’, a non-participating Unit Linked Insurance Plan that is designed to meet a customer’s dual need for wealth creation and protection. It is an ideal product for those seeking potentially high investment returns, along with the benefits of a life cover.

The Plan offers a choice of four market linked-funds for investment which addresses the wealth creation needs of customers with diverse risk appetites - from conservative to aggressive. It also offers customers an option to augment their cover by opting for the Accidental Death Benefit Rider... Read more

Tata Group is India's most valuable brand, LIC stands second
The Tata Group stands first according to an annual study by a consulting company Brand Finance India, which analysis India's most powerful and valuable brands.

Life Insurance Corporation of India (LIC) and State Bank of India (SBI) came second and third, respectively, in the study.

The Tata Group saw its brand value increase by 16 per cent ($3 billion) to $21.1 billion, driven by its international acquisitions as well as its most-valuable company, Tata Consultancy Services... Read more

GIC in talks to buy stake in PNB Housing
Singapore's GIC is in talks to buy 49% stake in PNB Housing Finance Ltd currently held by investment firm New Silk Route, according to a media report.
GIC plans to invest about $175 million in PNB Housing. PNB Housing Finance is a domestic mortgage lending unit of state-run Punjab National Bank, which holds the remaining 51 percent stake.

HDFC Life launches Click2Protect Plus
HDFC Life has launched Click2Protect Plus, a traditional, non-participating pure term insurance plan. The plan is an extension of HDFC Life’s flagship plan Click2Protect and comes with additional benefits and multiple options to choose from. A pure protection plan, Click2Protect Plus is a simple way to get comprehensive protection to protect your loved ones against the uncertainties of life.

Sanjay Tripathy, Senior EVP – Marketing, Product, Digital & E-Commerce, HDFC Life said, “Against the backdrop of the huge success of our online term plan Click2Protect, the leading product in protection category in the market, we felt the need to offer a more comprehensive protection plan. HDFC Life Click2Protect has insured over 1.6 lakh lives during a period of over two years.”... Read more

New Appointments

SBI Life Insurance appoints Arijit Basu
Arijit Basu has taken over as Managing Director & CEO of SBI Life Insurance, the largest private life insurer in the country, from Atanu Sen, who retired on 31st July, 2014.

A graduate in Economics and a Master of Arts in History, Basu started his career with State Bank of India in 1983 as a Probationary Officer. He has to his credit over three decades of experience in the banking sector. A Certified Associate of the Indian Institute of Bankers, Basu has held several key positions in various circles of State Bank of India including the Bank’s office at Tokyo.

He has also served as General Manager at the Bank’s Mumbai Circle and the Mid Corporate Group at Ahmedabad as well as the Financial Institutions Group, International Banking at Corporate Centre, Mumbai. His last assignment was Chief General Manager of the Delhi Circle... Read more

Learning

Home loans: Why is it important to get your home insured?
With the Government’s latest measures on tax exemptions, incentives for the real estate sector and the Reserve Bank of India’s announcement on the issue of long term bonds by banks for infrastructure financing and affordable housing, it is inevitable that you will be in an urge to buy a home as you can now look at saving more taxes on your home loans while paying lower equated monthly installments or EMIs. Experts are of the view that demand for housing will be made affordable to some extent and this move will also pump up the demand for home loans... Read more

 

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