Insurance Newsletter – February 24 to 28, 2014

India Infoline News Service | Mumbai |

Life Insurance Corporation (LIC) is likely to acquire 5% stake in power equipment maker BHEL in a block deal, according to a media report.

Domestic News

IRDA introduces e-insurance in insurance sector
The Insurance Regulatory and Development Authority (IRDA) has introduced E-insurance in the insurance sector, Minister of State for Finance, Namo Narain Meena in written reply to Lok Sabha on Friday. The IRDA has granted certificate of registration to five entities to dematerialize insurance policies and store them in an electronic form. These are: NSDL Database Management Ltd; Central Insurance Repository Ltd; SHCIL Projects Ltd; Karvy Insurance Repository Ltd and CAMS Repository Services Ltd, Meena added. Currently the above mentioned Repositories are opening electronic insurance accounts for the purpose of dematerialization, Meena further said.

LIC may acquire 5% stake in BHEL
Life Insurance Corporation (LIC) is likely to acquire 5% stake in power equipment maker BHEL in a block deal, according to a media report. The proposal initiated by the heavy industries & public enterprises ministry is now being processed by the disinvestment and financial services department of the finance ministry, the report added. The ministry has been opposed to stock market sale of BHEL's share by the government under its disinvestment programme that has been drastically pruned to Rs19,027 crore from Rs54,000 crore budgeted initially, the report further said.

CignaTTK Health Insurance launches operations in India
CignaTTK Health Insurance, a joint venture between US-based global health service firm Cigna Corporation and India-based TTK Group launched its operations in India. Through this launch, the company aims to promote a healthier lifestyle through Health and Wellness solutions. The Launch with be via a multi-channel, country wide distribution model. The company is looking to have five to ten differentiated products in its portfolio by December 2014... Read more

Kotak Life Insurance launches e-Lifetime Income Plan
Kotak e-Lifetime Income Plan is unique in that offers the proposer (the purchaser of annuity) the option to choose an annuitant (the beneficiary) other than self. This way, the beneficiary of regular income from the plan can be any close blood relative or spouse, apart from self.
 
The plan is in response to increasing population longevity, which necessitates a regular source of income for a longer period, to take care of one’s needs in retirement years. The unique design of the plan also effectively addresses a huge demand among geographically mobile youth population groups such as individuals who have moved away from home in search of professional opportunities, and Non Resident Indians (NRIs), to secure a regular income for family and loved ones living back home... Read more

Canara HSBC OBC Life launches online revival of policies
Canara HSBC Oriental Bank of Commerce Life Insurance Company, a pioneer in introducing innovative and customer centric modes of servicing, has launched an online facility to revive policies. A significant effort to ensure persistency, it enables the customers to reinstate a lapsed policy and pay their premium online, thereby, making the complete process convenient, faster and effortless. This facility can be accessed by simply going on the company website, www.canarahsbclife.com and can be completed in three simple steps after the customer has logged into the portal and selected the lapsed policy – the customer will need to generate the premium due quote, fill in the health declaration and pay the premium through premium gateway... Read more

Max Life launches 3 new TVC’s
Max Life Insurance, one of India’s leading life insurance companies, announces the launch of a string of three new TVC’s with the tagline “Policy dene ke baad humara rishta khatam nahi, shuru hota hai”. The TVC’s that will go on air are an extension of the company’s brand campaign ‘Aapke Sachche Advisors’, which aims to highlight Max Life’s commitment to superior post sales service . The TVCs re-emphasize Max Life Insurance’s brand promise on quality of advice, honesty and transparency in services, which is reflected through the practices followed by the company’s agent advisors.
 
Commenting on the launch, Anisha Motwani, Director and Chief Marketing Officer, Max Life Insurance said, “Amongst all the financial instruments, life insurance has the longest relationship term with a customer. In fact, the real relationship with the customer only start taking shape after the policy is bought, and does not end with a transaction being completed.”... Read more

Future Generali India Life receives ISO certification
Future Generali India Life Insurance Company Limited, a joint venture between Future Group - the leading retailer of India, Generali Group - a global insurance group andone of the world’s 50 largest companies* and IITL - a leading NBFC, announced that it has received ISO 9001:2008 certiifcation for its Investment Processes. This certification validates Future Generali’s compliance with internationally established standards for Quality Management Systems in its investment department. ISO 9001:2008 is the internationally recognized standard for Quality Management Systems (QMS). It prescribes systematic control of business activities to ensure that the needs and expectations of customers are met... Read more

Max Life Insurance announces ‘i-genius Scholarship’
Max Life Insurance, one of India’s leading life insurance companies, announces the 4th edition of its distinctly crafted initiative ‘i-genius Scholarships’. Recognizing the growing need of a child’s all round development in today’s competitive scenario, ‘i-genius Scholarships’ will reward children who excel not just in academics but also in extracurricular activities, with Scholarships worth close to Rs. 50 Lakh. The evaluation process of the programme has been conceptualized and designed in association with Derek O'Brien and Associates.
 
The 4th edition of ‘i-genius Scholarships’ is open to all the children studying in Class 3 to Class 8 of government-recognized schools including private, public or national open schools/home schools all over India and also a NRI, resident in India for the duration of the Programme... Read more

International News

Channel Metrics: Consumers distribution trends in UK insurance
Aggregators and cashback websites have become major forces in the distribution of a wide variety of insurance products in the UK in recent years, but new research from Finaccord, a market research consultancy specialising in financial services, reveals that they suffer from an in-built weakness. Because the main attraction of these websites for their customers is to get a lower price, they encourage people to switch their policy provider regularly and thus have very poor retention rates from one year to the next.

Finaccord's survey of 1,000 consumers in the UK looked at a basket of eight insurance products that are commonly sold by aggregators and cashback websites, namely annual travel, breakdown recovery, home emergency, household, life, motor, pet and single-trip travel insurance... Read more

Bangkok Insurance Public 'A-' local currency ratings affirmed
Standard & Poor's Ratings Services said that it had affirmed its 'A-' local currency long-term financial strength and issuer credit ratings on Bangkok Insurance Public Co. Ltd. The outlook is stable. At the same time, we affirmed our 'axAA' long-term ASEAN regional scale rating on the Thailand-based insurer. We then removed all the ratings from CreditWatch, where they were placed with negative implications on November 22, 2013.

"We affirmed the rating to reflect our view that Bangkok Insurance's liquidity ratio will exceed 100% and its regulatory capital will remain positive under our hypothetical stress-scenario of a sovereign foreign-currency default," said Standard & Poor's credit analyst Philip Chung... Read more

Learning

Know the basics of Consumer Protection Act
Besides basic necessities, we need a variety of things in our daily lives such as cell phones, digital cameras, soaps, perfumes, cosmetics and many more things. Thus, all of us are consumers in the literal sense of the term. When we buy things from the market as a consumer, we expect value for money, i.e., right quality, right quantity, right price, information about the mode of use, etc. But there may be instances where a consumer is cheated.

In such a case, most of us don’t know to whom we should approach to seek redressal against our complaints. Many of us also don't know our “rights” as a consumer and often hesitate to complaint or even stand up to unfair practices. We also don't have recourse to costly litigation to seek justice and we continue to bear such injustice. It is here that consumer forums exist which can help you seek justice against unfair practices without incurring exorbitant litigation costs. The below article provides basic information of what is Consumer Protection Act, 1986, its advantages for consumers, basic rights of the consumers and consumer redressal forums among other things... Read more

 

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