Insurance Newsletter – December 16 to 20, 2013

CARE Research projects Indian insurance industry premium income to grow during the period FY14-18e at a much faster pace as compared to FY09-13p

December 21, 2013 1:14 IST | India Infoline News Service
Top News

"Banks as insurance brokers: May be/ May be not": CARE Research

CARE Research has released report on Insurance Industry – “Growth prospects to improve amidst favorable demographics”
Key highlights of the report include
CARE Research projects CY14e/CY15e to be comparatively better years for global premium income as compared to the period CY11-12 on account of 1) improving mortgage market in USA, 2) fiscal and monetary stimulus in China, 3) huge penetration gap in emerging market, and 4) bottoming out of crisis and gradual recovery in Euro zone.

CARE Research is of the opinion that adoption of new regulation, expectation of economic growth and rebound in capital market in India/China will accelerate the premium growth of the Asian region market. This would be increasingly supported by Southeast Asia’s robust premium growth coming from 1) rising income levels and 2) increasing risk awareness.

CARE Research projects Indian insurance industry premium income to grow during the period FY14-18e at a much faster pace as compared to FY09-13p. This is attributable to 1) improving structural and demographic drivers, and 2) stable and supportive regulatory developments. Also, growth in non-life insurance industry premium is expected to outpace the growth of life insurance industry primarily due to huge under penetration.

CARE Research is of the opinion that established industry players will have to focus on raising the productivity of costs incurred towards employee’s training and development, establishing efficient/effective distribution channels, initial set-up and marketing activities undertaken for improving awareness/education level.

Domestic News

SBI Life launches Flexi Smart Plus

SBI Life Insurance, the most trusted and preferred private life insurer, launches the “SBI Life - Flexi Smart Plus” insurance plan.

The product is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.

Announcing the launch of this unique product, Mr. Atanu Sen, MD & CEO of SBI Life Insurance said: "Our focus while designing a product has always been on addressing customer needs. Hence, our ranges of products are not only innovative and simple, but also meet the financial/protection needs of our customers. The Flexi Smart Plus plan, further strengthens our product offering by catering to customers who are looking to create wealth, while protecting their loved ones. At the same time, it assures guaranteed returns which make the product unique."

Flexi Smart Plus has two Protection options to choose from; A: Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and B: Platinum option which gives higher of policy account value plus sum assured, or 105% of total premium paid on death.

Max Life Insurance launches a book titled ‘i-genius A Twist in the Tale’

Max Life Insurance, one of India’s leading life insurance companies, launched a book titled ‘i-genius A Twist in the Tale’.  Earlier this year, Max Life Insurance launched the i-genius Young Authors Hunt which drew a massive response with over 55,000 children from across the nation participating in it. 

This book features the top 50 shortlisted stories chosen by a jury consisting of Ruskin Bond, Chetan Bhagat and the editorial team of Rupa Publications. To ensure that visually impaired children can also enjoy the creative expression of their fellow children, a Braille version of ‘i-genius A Twist in the Tale’ was also released.

Max Life i-genius ‘Young Authors Hunt’ was launched as a nation-wide search for the best young writers in India. The initiative saw participation from over 500 cities. The final 50 stories that appear in this book cover an entire gamut of styles & ideas. Some are imaginative, others are full of action and adventure, and yet others are thoughtful pieces on family, friends or the environment. The selection process for i-genius Young Authors Hunt followed a rigorous selection process that included three rounds.

HDFC Life announces launch of 21 products compliant with new IRDA regulations

HDFC Life, India’s leading long-term life insurance solutions provider will make available 21 products (10 ULIPs and 11 Traditional plans) to consumers from 1st January 2014 which will be compliant with new regulations issued by IRDA. In February 2013, IRDA had issued Non-linked and Linked Life Insurance Products Regulations to ensure that all products are consistent in design and are focused on meeting policyholders’ expectations.
Speaking on the launch, Sanjay Tiwari, Vice President, Products, HDFC Life said, “We have been a front-runner in adapting our products to the new regulations. In May 2013, we were the first ones to bring to the customers, industry's first product compliant with new IRDA guidelines. Keeping up with this trend, we are pleased to make available to customers 21 products that will meet their diverse needs such as Protection, Retirement, Savings, Investment, and Health. HDFC Life is committed to catering to various customer segments such as Proud Parents, Wisdom Investors, Young Aspirants and Urban Women. It is our constant endeavor to create insurance plans based on thorough need analysis of each segment. Further to these 21 products, we will also be launching new unique plans with specific focus on protection and long term savings."

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