Insurance Newsletter – January 27 to 31, 2014

IRDA clarified these regulations did not apply to micro insurance products and those distributed through the Common Service Centre channel.

February 01, 2014 1:37 IST | India Infoline News Service
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IRDA defers Standard Proposal Form norms
The Insurance Regulatory and Development Authority (IRDA) on Thursday has deferred implementation of various provisions in its Standard Proposal Form for Life Insurance. These were to have taken effect from April 1.

The implementation of obligations under Section 5,6,7,8,9&10 of IRDA (Standard Proposal form for Life Insurance) Regulations, 2013 are deferred until further notice to facilitate a more comprehensive debate and consultations on various provisions, IRDA said in a notification.

IRDA clarified these regulations did not apply to micro insurance products and those distributed through the Common Service Centre channel.

Tata AIA Life Insurance announces MahaLife Magic plan

Income protection is a key requirement in today’s environment. Tata AIA Life Insurance Company Limited (Tata AIA Life) helps fulfill this critical need through Tata AIA Life Insurance MahaLife Magic, a simple offering that provides income protection along with attractive returns.
“Our research shows that customers have varying expectations from their insurance product; be it life protection over longer durations or attractive returns to fulfill their long term goals. Tata AIA Life Insurance MahaLife Magic is a limited pay plan which provides our customer with dual benefits of protection, and growth. In addition, it helps in building up of customer’s target corpus through the magic of compounding,” said Shivdutt Das, Vice President, Product Development, Tata AIA Life... Read more

Policyholders initially complain via phone, email
According to a study by Drizzlin Media India, customers initially complain via phone, email and social media over visiting the branch of a life insurance company to deal with a person face-to-face. The study divided complaints into three types: premiums, renewals and settlements.

The study said that mis-selling remains the primary issue customers continue to face.

Drizzlin Media India, a social media marketing company, conducted a study on the online complaints from life insurance customers.

This study titled — The Grieving Customer: An Analysis of Online Complaints from Life Insurance Customers — captures the current status of the insurance companies on online customer redressal platforms, what customers have complained about, who they complained to and how they complained... Read more

Beware of spurious phone calls & fraud offers: IRDA
The Insurance Regulatory and Development Authority (IRDA) on Monday has asked life insurance companies to warn their customers against falling prey to fictitious calls and false offers.

The IRDA has asked all insurers to add warning messages in their product advertisements on the same.

IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums, IRDA said in a notification to public... Read more

Xchanging opens office insurance office in Singapore

Xchanging plc, the business process, procurement and technology services provider, announced an expansion of its presence in Singapore, with the opening of a second office in the heart of the city’s thriving insurance hub.

Located in Tower 2, Asia Square, the office builds upon Xchanging’s considerable presence in the Asia Pacific region, where it already employs more than 4,500 staff across its core business sectors.

The opening underlines Xchanging’s ongoing commitment to supporting the region’s insurance industry, and enhances its existing near and offshore operations in both Singapore and Malaysia, where more than 500 people are dedicated to serving its current customer base... Read more

Tata AIA Life unveils new process to make insurance simpler
In line with the guiding principle of making Life Insurance ‘Easy to Buy’ and ‘Easy to Sell’, Tata AIA Life Insurance Company Ltd (Tata AIA Life), has implemented a host of new processes that will make Life Insurance simpler and increase the productivity of the sales force.
On this occasion Sachin Joglekar, Sr. Vice President & Chief Agency Officer, Tata AIA Life, said, “Life Insurance plays a crucial role in providing Income protection to individuals. Therefore, it is imperative to make Life Insurance solutions easier for the customers and the agents to understand, thereby making buy and sell of Life Insurance easier. Our new processes shall address this critical need.”... Read more

Max Life may shrink its margins in Jan-Mar quarter
Due to the new rules introduced by IRDA (Insurance Regulatory and Development Authority), Max Life Insurance Co Ltd said that it is likely to shrink in its margins for the January to March 2014 quarter, according to a media report.

The new rules of IRDA aims to reduce costs for policy holders, raise returns and increases the cover after death.

However, no details have been provided by the insurer about the exact decline in the margin.
The private insurer is aiming for 12%-15% growth in new premium for 2013-14. In the last three quarters, it had registered about 13% growth in business, the report added.

Reliance Life launches Super Money Back Plan
Reliance Life Insurance, part of Reliance Capital, launched its new offering ‘Reliance Super Money Back Plan’, a traditional non-participating plan that provides periodic guaranteed money back pay-outs and a monthly income along with life cover.

The unique plan offers guaranteed money back benefits to policyholders every five years throughout the policy period along with an increasing monthly income that starts after the premium payment term.

Reliance Super Money back Plan also provides life insurance cover for the full policy term by paying premiums for just half of the selected policy tenure. For a 50 year policy, the policyholder has to pay premium for only 25 years. The guaranteed money back payouts start from the 5th year and are paid every five years for the policy term. At the end of the premium payment term of 25 years, the policyholder enjoys a guaranteed increasing regular monthly income till the end of the policy term... Read more

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