Insurance Newsletter – December 09 to 13, 2013

The pioneers in online insurance, AEGON Religare Life Insurance announced launch of India’s first online guaranteed insurance plan - AEGON Religare iGuarantee Insurance Plan

December 14, 2013 1:38 IST | India Infoline News Service
Top News

Health insurance premium to cross Rs 32K crore mark by 2016-17: ASSOCHAM

Growing at a compounded annual growth rate (CAGR) of about 20 per cent, India’s total health insurance premium is likely to reach Rs 32,038 crore by 2016-17 from the level of about Rs 13,092 crore recorded as of 2011-12 owing to rising income levels together with growing health insurance premium, an ASSOCHAM study said.

The ASSOCHAM projection is based on average of the compounded annual growth rate (CAGR) of about 6.7% for income levels of people during 2004-05 and 2011-12 together with 32.5 per cent CAGR of health insurance premium during 2006-07 and 2011-12.

“Over 65 per cent of people covered by health insurance sector in India come under the ambit of private companies, whereas the public insurance companies account for coverage of only 35 per cent people,” according to a study titled ‘Health Insurance in India-A review,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“While the public sector insurance companies garner maximum share of premium to the tune of about 61.5 per cent arising out of health insurance sector in India, the private health insurers account for just about 38.5 per cent of the premium,” highlighted the study prepared by the ASSOCHAM Economic Research Bureau (AERB).

Domestic News

AEGON Religare unveils ‘iGuarantee’ online guaranteed insurance plan

The pioneers in online insurance, AEGON Religare Life Insurance (ARLI) announced the launch of India’s first online guaranteed insurance plan - AEGON Religare iGuarantee Insurance Plan. The plan is available exclusively online and is specially targeted at individuals looking for simple and guaranteed insurance solutions. This plan is aimed at customers who are looking at a steady return over the medium term while minimising risk.

In keeping with AEGON Religare's product philosophy of offering simple products with a simple and easy to understand benefit, the AEGON Religare iGuarantee Insurance Plan offers the customer a six-year premium paying term and policy term. At the end of the policy term, the customer gets an annual return equal to 135% of the premium, paid for a period of six years. The product is available exclusively online, at http://buyonline.aegonreligare.com, making it convenient and easy for the customer to buy the policy, transact and receive the policy document instantly, online.

On the launch of AEGON Religare iGuarantee Insurance Plan, Mr KS Gopalakrishnan, Executive Director of ARLI said, “We pioneered the online space in life insurance and we would like to maintain our leadership position by offering an expanded suite of products. The iGuarantee plan is part of our endeavour to provide simple and uncomplicated products to our customers at their convenience. The AEGON Religare iGuarantee Insurance Plan comes with a simplified 3-question proposal form, requires no medical examination and can be issued very quickly. It carries with it the benefit of providing a guaranteed return to customers for a period of six years, after the policy term. It is an ideal plan for a medium-term investor who needs the security of growth, without undue risk. It is a short premium paying term plan that allows customers to enhance their savings.”

Max Healthcare partners at the upcoming Airtel Delhi Half Marathon

The Airtel Delhi Half Marathon is just days away and participants are rigorously training for the year’s most awaited marathon.  With 31000 committed runners at the Airtel Delhi Half Marathon (ADHM), medical attention becomes a critical pillar to the success of the event. Max Healthcare, the country’s leading healthcare service provider, joins hands with ADHM as their official medical partner for the event for the second year in a row.

As the foremost provider of healthcare services, Max Healthcare is supporting the event with 7 Advanced Cardiac Life Support ambulances and over 150 doctors, medical emergency specialists, paramedics and nurses manning the Base Stations and Medical Stations covering the route of 21 kms.

According to Dr Anurag Krishna, Clinical Director, Max Healthcare, “We are proud to partner with ADHM as their healthcare partner for the second consecutive year, as the event aligns well with our goal of encouraging Delhites to follow a healthier lifestyle. Our well-equipped ambulances and medical teams comprising of emergency medicine specialists, doctors, nurses and physios, will be deployed all along the route, to ensure that medical contingencies if any, are managed well. This year we will see patients as old as 70 years who have undergone either joint replacement, neuro surgery or cardiac surgery running at the Marathon, which will be a motivation for many other participants.”

LIC kicks off customer campaign

India’s largest insurer Life Insurance Corporation of India (LIC) has started customer campaign informing customers to buy their popular products before January 1, 2014, according to reports.

Report said that the LIC is expected to halt sales of several more products in December.

From January 1 onwards, the insurer will begin with a portfolio of 15 products, report said.

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