Insurance Newsletter: 6-10 January, 2014

India Infoline News Service | Mumbai |

ING Vysya Life Insurance Company Ltd, recently announced the revamp of its product portfolio aimed at introducing new and improved customer-friendly life insurance solutions,

News this week

KPMG-Assocham releases "Old age security: Doing right thing for elders" report

It is estimated that India has around 90 million elderly and by 2050, this number is expected to rise to 315 million. Life expectancy in India has increased from 42 years in 1960 to over 65 years at present.* According to KPMG ASSOCHAM Report, ‘Old age security: doing the right thing for our elders’, launched, longevity is laudable as an achievement in developing countries but it often leads to social and economic pressures on formal and informal care network along with the government.

The report attempts to capture the prominent trends of the elderly in India, initiatives taken by the Government for this segment and also outlines a possible roadmap for the long-term care of the aged... Read more

ING Life announces customer-friendly life insurance plans

ING Vysya Life Insurance Company Ltd, recently announced the revamp of its product portfolio aimed at introducing new and improved customer-friendly life insurance solutions, which offer long-term benefits and usher in greater transparency. The product portfolio revamp is in accordance with the product guidelines issued by the Insurance Regulatory & Development Authority (IRDA) which are in effect from 1 Jan 2014.

ING Life Insurance saw this guidance from the regulator as an opportunity to introduce “new” life insurance solutions. This new portfolio is being referred to as the “New Generation Plans from ING Life Insurance”... Read more

Bharti AXA GI takes to streets to spread health insurance awareness

Health Insurance penetration at sub 15% in the country points to the acute lack of awareness about the importance of health insurance in India.

In a pioneering effort to increase awareness and instil the importance of health insurance, specifically around Critical Illness, Bharti AXA General Insurance (GI), one of the fastest growing multi-line general insurance companies in India, has launched a unique and innovative viral communication campaign on the internet around the theme of Lifestyle Protection (LSP) – which underlines the need for a Critical Illness insurance cover... Read more


Bharti AXA Life launches new advertisement campaign

Bharti AXA Life Insurance launched a new advertisement campaign around the theme “Secure my Dream” for their flagship product “Bharti AXA Life Secure Savings Plan”. The campaign targets individuals who are planning for the changing life stage needs and are looking for financial instruments that assure them guaranteed returns thereby enabling them to realize their dreams. The film revolves around the disappointment one faces when the investments returns are less than what was expected resulting in compromises one is forced to make with regards to their dreams.

Saujanya Shrivastava, Chief Marketing Officer, Bharti AXA Life Insurance said, “Consumers want to be prepared for different life stages that bring with it increased responsibilities. They want to invest in the appropriate financial tools that empower them to meet their financial goals and fulfill their dreams. Based on this consumer insight and extensive research, our new ad campaign portrays Bharti AXA Life’s Secure Savings plan as an ideal product that offers up to 10% guaranteed additions on cumulative base premiums paid. We are confident that our new campaign will resonate with our customers aspiring for ‘Protection’ and ‘Savings’ at every life stage.”... Read more


Canara HSBC OBC Life launches Smart Stage Money Back Plan

Canara HSBC Oriental Bank of Commerce Life Insurance announced the launch of its Smart Stage Money Back Plan, a traditional participating product, which provides regular guaranteed money back, guaranteed maturity benefit plus all added bonuses to the customer during the term of the policy along with financial protection to the family by way of life cover.

The Smart Stage Money Back is an ideal plan to be financially ready for a child's education and other related needs or fulfilling one’s aspirational needs like purchasing a house or a family vacation... Read more

Bharti AXA GI launches viral marketing, digital campaign

Bharti AXA General Insurance (BAGI) has launched a first-of-its-kind viral marketing, digital campaign in the insurance industry, capitalizing the most potent communication medium – the digital platform, in communicating the need-of-the-hour for insurance – to create an awareness of the importance of a critical illness health insurance policy.


Seven quirky videos have been developed that narrate the predicaments of ordinary people who suffer from critical illnesses and are forced to work while they are ill, owing to financial commitments... Read more


New Appointments

Zurich appoints Robert Dickie as Chief Operations and Technology Officer

Zurich Insurance Group (Zurich) announced that Robert Dickie (54, British citizen) has been appointed Chief Operations and Technology Officer and a member of the Group Executive Committee (GEC), effective March 2014.

He will be responsible for Zurich’s shared services, IT, procurement and sourcing as well as operational transformation initiatives. Dickie joins Zurich from American International Group, Inc. (AIG) where he served as Chief Operations and Systems Officer and was a member of the global leadership team since 2008... Read more

Learning

Basic things to know about insurance repositories

Till now insurance policies were in paper form, whether we submit our proposal application in physical form or through online mode. The Insurance Regulatory and Development Authority (IRDA) launched the insurance repository system on 16 September 2013 to provide better services to policyholders and enhance insurance penetration.

Now, our insurance policies including the existing ones can be converted in an electronic form and held with an ‘insurance repository’. E-policies will eliminate paper and associated risks of storage and loss and provide convenience and safety to the customer... Read more



 

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