Insurance Newsletter – Sept 30 to Oct 04, 2013

A final statement indicating details of total products withdrawn will have to be submitted by the companies within a week from December 31, 2013

October 05, 2013 11:39 IST | India Infoline News Service
Top Stories 

IRDA extends deadline for life insurance plans till Dec 31

The Insurance Regulatory and Development Authority (IRDA) has extended the deadline to withdraw old products in the traditional category from the market to December 31.

Earlier the deadline to phase out old products was October 1.

IRDA has asked insurers to submit within one week, the details of products withdrawn, in line with the guidelines. Further, insurers have been asked to submit a weekly statement with details of products launched and the products withdrawn in accordance with the guideline by end of first week of October.

A final statement indicating details of total products withdrawn will have to be submitted by the companies within a week from December 31, 2013... Read more

Insurers won’t be allowed to sell highest NAV plans from Oct 1

According to IRDA (Insurance Regulatory and Development Authority) guidelines effective October 1, insurance companies wont be allowed to sell highest NAV (net asset value) products anymore.

However, if policyholders have bought a highest NAV guaranteed product, it will continue to be governed by the terms and conditions as outlined in the policy contract.

TS Vijayan, chairman, IRDA, said in a circular that products with highest NAV guarantee and fund level guarantee and products for which benefits were linked to any external index (index-linked products) would have to be withdrawn from October 1. “It is also clarified that all individual products filed after September 30, 2013, shall be considered for approval in due course along with all other products received,” he said in the circular... Read more

IRDA makes minor changes in health insurance norms

The Insurance Regulatory and Development Authority on Thursday announced minor changes in the health insurance regulations notified on 16 February 2013.

All new individual health insurance polices except those with tenure of less than a year shall have a free look period. The free look period shall be applicable at the inception of the policy, IRDA said in a circular.

IRDA that said insurers can provide coverage to non-allopathic treatment provided if the policyholder had received treatment only in a Government hospital or institutions recognised by it or accredited by quality council of India/National Accreditation Board on Health... Read more

Domestic News

HDFC Ergo continues with its expansion plan

Private insurer HDFC Ergo General Insurance has said that it will be continuing to expand its branch network across the country. With the opening of these new branches, the Company's branch network in the country would go up to 108 branches pan India

The new branches will be located at Maharashtra, New Delhi, Gujarat, Tamil Nadu, Andhra Pradesh and West Bengal among others.

Mukesh Kumar–Member of Executive Management, Head-Strategic Planning, & Marketing, HDFC ERGO General Insurance said, “Tier III cities have very low presence of the private insurance companies, who have largely been concentrated in the tier I&II cities. Being a major player in non-life business, we need to increase our footprint across the country.”... Read more

SBI Life targets youth with Smart Power Insurance

Targeting India’s predominant youth population, SBI Life Insurance, the most trusted and preferred life insurer, prepares to launch the “SBI Life Smart Power Insurance” Plan on 7th October, 2013. The product is designed to care for investor’s twin needs of insurance and investment.

Atanu Sen, MD & CEO of SBI Life Insurance, said: “We did a survey on the needs of today's youth and designed the SBI Life Smart Power Insurance plan, a simple, low premium product catering to their requirement. The uniqueness of this product is that it takes care of the changing needs of the policy holder as his income increases while giving him flexibility of periodic increase in Sum Assured and partial withdrawal.”

Smart Power Insurance Plan comes with two options to choose from; the first: Level Cover option, and the second: Increasing Cover option... Read more

Chola MS raises Rs. 75 crore capital for business growth

Chennai-based Cholamandalam MS General Insurance, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance, Japan has enhanced its capital base by Rs. 75 crore through a rights issue.

The networth of the Company which was Rs. 435.9 crore in March 2013 has increased by Rs. 75 crore through this infusion by its promoters.

The company also informed that it is releasing a multi-media communication campaign to promote its range of Health Insurance products. The core idea of the campaign is to showcase empathy and service excellence with seamless processes. The advertisement portrays Chola MS to be with the customer when s(he) needs us most... Read more
Max Bupa, PHFI launch walking mobile app ground miles

Max Bupa and Public Health Foundation of India (PHFI) partnered to promote Walk for Health, a first of its kind initiative to encourage people to incorporate more walking into their daily lives.

Max Bupa and PHFI will work together to raise awareness about the benefits of walking and encourage individuals, families and communities to get walking for a long term positive behavioural change... Read more


How to transfer shares from demat account

Most of us know what is dematerialisation of securities, advantages of holding shares in demat form and how to manage your investment in demat mode.

The below write-up will elaborate more on how to transfer shares from demat account to another demat account. The article also provides details on how to transfer securities from the demat account of a deceased holder to the account of a surviving joint holder(s), nominee or legal heir... Read more

International News

Financial Literacy & Education Commission Meeting on Oct 23

The next public meeting of the Financial Literacy and Education Commission is at the U.S. Department of the Treasury on October 23 at 9 a.m. This meeting will focus on higher education decision-making, including improved information for student loan borrowers and tools that can help students understand their choices. Registration will close on October 16. All registrations are subject to approval based on capacity limitations.

Swiss Re opens Singapore Corporate Solutions branch

Swiss Re Corporate Solutions on Wednesday announced that its wholly-owned Luxembourg subsidiary Swiss Re International SE has set up a branch in Singapore and received an insurance licence from the Monetary Authority of Singapore.

The newly licensed entity, Swiss Re International SE Singapore Branch (SRISG), will begin operations immediately. It will offer a broad range of direct insurance products to large and upper end middle market corporate clients, as well as to captives in Singapore and selected markets in Asia. In addition to standard Property and Casualty insurance, the product offering will include Professional and Financial lines, Engineering, Aviation, Marine, Credit and customised risk-transfer solutions... Read more

Stanford GSB Pension to launch course on retirement planning

Stanford Graduate School of Business will launch its first massive open online course (MOOC) in October, The Finance of Retirement and Pensions, led by finance professor and pension expert Joshua Rauh. The course, which runs for eight weeks starting October 14, 2013, will help participants become more informed decision makers about their own retirement portfolios and about related government programs and policies. Prospective participants may find more information, including a video overview, and register for the course at: http://online.stanford.edu/course/rauh-finance.

This inaugural Stanford GSB MOOC is part of the school’s initiative to explore the most productive ways to use educational technology... Read more


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