Insurance Newsletter - April 21 to 25, 2014

L&T General Insurance Co. Ltd on Monday called off a joint venture proposal with Future Generali Insurance.

April 28, 2014 9:09 IST | India Infoline News Service
Top Stories

IRDA to review F&U guidelines
The IRDA (Insurance Regulatory and Development Authority) has decided to form a Working Group to review the file & use (F&U) guidelines. The current guidelines on file & use requirement for general insurance products were issued by IRDA in September 2006. It is felt by the Authority that a review of extant guideline has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple, useful product is available to consumers and is sustainable for insurers, the IRDA said in notification on Thursday.

The committee will be headed by Suresh Mathur. The members of the Working Group include Pankaj Kumar Tewari, convenor, IRDA; Anurag Rastogi, HDFC Ergo General Insurance; R Arunachalam, Cholamandalam General; Ashesh Anupam, Tata AIG General; PK Mahapatra, United India Insurance and Anuja Shiromani, Oriental Insurance.

L&T calls off JV talks with Future Generali Insurance
L&T General Insurance Co. Ltd on Monday called off a joint venture proposal with Future Generali Insurance. L&T General Insurance is the non-life insurance arm of Larsen and Toubro. “The parties have now decided mutually to call off the discussion around the proposed joint venture," L&T said on Monday in a filing to the Bombay Stock Exchange. In March 2013, L&T had said its general insurance subsidiary was in talks with Future Generali Insurance for forming a joint venture that would combine and continue the business of general insurance in India. L&T General Insurance and Future Generali Insurance had signed a non-binding agreement to jointly examine the terms of a potential transaction.

SBI Life Q4 net profit rises 19% to Rs. 740 crore
SBI Life Insurance has posted a record profit of Rs. 740 crore, during the financial year ending March 31, 2014, an increase of 19% over the last financial year. Operational efficiency has been the key driver of SBI Life’s profitability. The Company is the market leader amongst the private life insurers, in New Business Premium (NBP), for the financial year 2013-14.

Mr. Atanu Sen, Managing Director and CEO, SBI Life Insurance, said, “Our continued business success is a testimony to our being a customer centric organization. Despite tough economic environment, we were able to maintain a very healthy growth on various business parameters. We have recently introduced more customer friendly products and remain committed to bring new socio-economic and geographical segments within the insurance umbrella towards fulfilling overall goal of financial inclusion.” … Read more

Domestic News

NDTV announces Indian of the Year Awards
It's that time of the year again when we salute the ambassadors of brand India. The year 2013 has been an important year in the history of India. From instances of individual brilliance to examples of nation building, this year has given rise to a set of Indians, who are not afraid to wear their Indian identity on their sleeve. To honour the contribution of these role models, NDTV is back with the seventh edition of the prestigious Indian of the Year award in association with LIC.

One of the biggest and most credible awards in the country, the NDTV Indian of the Year 2013 will recognize the Indians whose contribution to the country have strengthened the foundation of our society and helped build Brand India. These iconic Indians will be honoured at a glittering ceremony in New Delhi on April 29, 2014 at the Taj Palace Hotel. They will be chosen from four categories: Sports, Entertainment, Business and Public Service... Read more

Bajaj Allianz General launches Surgical Protection Plan
Bajaj Allianz General Insurance has launched a new Surgical Protection Plan that provides insurance cover for only surgical treatments. The plan provides treatment specific insurance cover. It assures a guaranteed benefit amount, depending on the surgical treatment that is graded based on the costs and covers, to almost 600 surgeries. This policy offers 11 sum insured options ranging from Rs. 1 lakh to Rs. 10 lakh. This policy can be bought as a standalone cover or be opted as an add-on to any other health policy. The policy also comes with three add on covers—Hospital Cash Daily Allowance, Critical Illness cover and Personal Accident. A fixed amount is payable for surgeries that are categorized into various grades such as minor, major and supra major and daycare procedures. The plans take into account the average costs for such surgeries in various geographies... Read more

Reliance Life launches Online Term
Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, announced the launch of ‘Reliance Online Term’, an online life cover plan at an affordable premium. This is one of the most competitive online life insurance plans currently available in the industry, which offers Rs. 1 crore of life cover for as low as Rs 15 per day (for a 25 year-old healthy male). The unique proposition of Reliance Online Term is that it offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical tests/check-ups, if any, at the customer’s residence.

“Reliance Online Term is a simple life protection product that is based on two strong beliefs: one, adequate insurance cover should be within every Indian’s reach and two, people should be able to buy it with ease. Our new offering empowers customers to make an informed choice vis-à-vis their liabilities and family responsibilities and protect their family’s financial future at a minimal cost. With this, we aim to provide the most affordable online term life insurance plan to our customers,” said Mr. Anup Rau, CEO, Reliance Life Insurance... Read more

HDFC Life strengthens insurance portfolio for children
HDFC Life announced the launch of HDFC Life Youngstar Udaan, a participating children’s plan with money back options which allows parents to utilize key formative years of their child to plan for their secure future. The plan is ideal for parents who wish to secure their child’s future keeping in mind critical milestones like education, marriage, setting up of business etc.
Speaking on the launch, Sanjay Tiwari, Vice President, Product Development, HDFC Life said, “We have been front-runners in not just educating parents but also in offering  insurance solutions to them for planning financial future of their children. In our constant endeavour to offer customized and flexible insurance plans, we realized the need to add a money-back plan in the category of child insurance. Hence, the launch of Youngstar Udaan completes our suite of products required for all life stage needs of children. The plan focuses on the aspiration, academic and career aspects of the child’s growth with option to waive future premiums to ensure that various life-stage needs are fulfilled even when the insured parent is not around. By offering pro-active financial planning for children, we aim at helping parents make their children financially independent.”... Read more

Special Stories

Banks must review operations of BCs every 6 months: RBI
The Reserve Bank of India (RBI) said that banks must review the operations of BCs (business correspondents) at least once every six months with a view to ensuring that requirement of prefunding of Corporate BCs and BC Agents should progressively taper down with the passage of time. Ideally in all normal cases the prefunding should progressively come down in such a manner so as to reach around 15% of the limits fixed for each BC/CSP in case of deposits and 30% in case of Bank Guarantees, etc. in say 2 years from the time a BC starts operations, the RBI said in a notification on Tuesday. The Board should also review the position of payment of remuneration of BCs and should also lay down a system of monitoring by the top management of the Bank. The issue of allowing BCs to handle deposit and payment transactions of various credits, remittance, overdraft and other products of banks must also be examined by the Board from time to time... Read more

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