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Administrator — Tue, 20 Dec 2011 05:40:12 +0000

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Administrator — Tue, 18 Oct 2011 05:00:10 +0000

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Refresh, Expand, Power up!

Administrator — Sat, 12 Feb 2011 05:30:20 +0000

Refresh, Expand, Power up!

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MDRT Day at Hyderabad

Administrator — Mon, 13 Dec 2010 05:00:45 +0000

Swami Bodhamayananda, Director, Vivekananda Institute of Human Excellence lights the lamp to inaugurate MDRT Days celebration at Hyderabad on December 1, 2010. Seen in the picture are Mr Anand Jathan, MDRT Zone Chair for India, Srilanka and Pakistan, Mr B N Chary, Past President and Chairman, Advisory Committee, LIAFI, Mr Venkat Reddy, Secretary, LIAFI, Secunderabad Division, Mr R K Shetty, MDRT’s Chairman for Leadership Development Committee and Best Practices III, Mr P Sampath Rao, President, LIAFI-SCZC, Mr Suri Seeta Ram, Chairman, Programme Committee, MDRT Day 2010, Mr Koutike Vittal MCC Area Chair for Hyderabad and Secunderabad, Mr G N Terkar, President, LIAFI Western Zonal Council and MDRT Area Chair for interior Maharashtra and Mr Rizal Naidu, popular insurance professional and writer of best seller insurance book “Power Closing”.

Million Dollar Round Table – Membership Coordination Committee (MDRT – MCC) Hyderabad and Secunderabad Area along with Life Insurance Agents Federation of India – South Central Zonal Committee held ‘MDRT Day’ celebrations at Hyderabad on December 1, 2010. The seminar theme was “Access to Power” to motivate the participants to reach MDRT and its higher qualifications of Court of the Table and Top of the Table by the end of December 2010.

Mr Koutike Vittal, the MDRT MCC Area Chair for Hyderabad and Secunderabad told Premium that about 450 Life insurance professionals desirous of big business performance, participated. They were predominantly from Life Insurance Corporation of India and significant numbers participated from SBI Life, Reliance Life, Tata AIG Life, ICICI Prudential Life and Bajaj Allianz Life as well.

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New Thinking on the New Pension Scheme

Administrator — Mon, 13 Dec 2010 05:00:31 +0000

Mr Ashwin Dani, Vice President, FICCI & Vice Chariman Asian Paints Ltd, Mr Yogesh Agarwal, Chairman, Pension Fund Regulatory and Development Authority and Mr Ashvin Parekh, Partner and National Industry Leader, Financial Services, Ernst & Young Private Limited with the just released study report ‘India’s social security needs: Imperatives for the new pension scheme.’

A report examining the performance and nature of the NPS scheme, authored by consulting firm Ernst & Young for Federation of Indian Chambers of Commerce and Industry (FICCI) was released at a seminar on “New Pension Scheme: – Prospects and Challenges” held at Mumbai on November 9, 2010 organised by FICCI. The report was based on the findings of a survey of financial institutions done by FICCI.

The report, ‘India’s Social Security Needs: Imperatives for the new pension scheme’, identifies lack of awareness, the need for more distribution muscle and not fixing the marketing responsibility as the main problems of NPS that have to be solved.

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LUGI’s 8th Annual Convention: ‘Inspire – Take the Lead’

Administrator — Tue, 12 Oct 2010 05:30:58 +0000

Mr V K Sharma, Zonal Manager, Southern Zone, Life Insurance Corporation of India (LIC) lights the lamp to inaugurate the 8th Annual Convention of Life Underwriters Guild of India (LUGI) at Tiruvananthapuram on September 23, 2010. Looking on are Mr Nilesh Sathe, Executive Director, Strategic Business Unit - Chief Life Insurance Advisor (SB-CLIA), LIC, Mr P Srinivasan, Founder-President, LUGI and Agent, LIC at Coimbatore and Swami Nirbhayananda Saraswathi, President, Ramakrishna-Vivekananda Ashrama, Gadag and Bijapur.

Life Underwriters Guild of India (LUGI), the self-development association of insurance agents, held its 8th Annual Convention at Hotel Leela at Tiruvananthapuram from September 23 to 26 on the theme Inspire – Take the Lead.

Attended by over 460 top agents of India, the convention had sessions on a range of topics including the future of the profession, the importance of professional education and motivational and inspirational topics.

We present highlights from the convention.

Mr Kallol Ghosh, Kolkata, Life Insurance Corporation of India (LIC), Mr Deepak D Shah, ING Vysya Life Insurance Company, Mr K Jayachandran, Chennai, LIC, Mr Jitendra J Anandpara, Mumbai, LIC, Mr S Karthikeyan, Chennai, LIC, Mr B Nandhakumar, Chennai, LIC, Mr Sudesh S.Kavalekar, Goa, LIC, Mr P Srinivasan, Coimbatore, LIC, Mr C Natarajan, Thanjavur, LIC, Mr R Bharathi Karunakaran, Salem, LIC, Mr S. Balachandran, Coimbatore, LIC, Mr Nalawade Pradip Genbhau, Pune, LIC, Mr Mahabole Jayant Yeshwant, Pune, LIC, Mr Kiran Nadkarni, Pune, LIC, Mr Sunil S Gandhi, Chennai, LIC and Mr Umakant R.Raghatate, Nagpur, LIC.

LEAP Awards – The President’s Club

LUGI honoured its top achiever members with LEAP Awards 2010 at its 8th Annual Convention held at Tiruvananthapuram from August 24 to 26. This is the second year of LEAP Awards. First year commission including bonus commission from April 1, 2009 to March 31, 2010 was the deciding factor for selecting the Award winners. The eligibility for the President’s Club was Rs.14.50 lakh or more as first year commission including bonus commission during financial year 2009-2010. The requirement for CEO’s Club was Rs 9.5 lakh or more and for the Member’s Club Rs.5.25 lakh or more. Commission earned under medical and Personal Accident insurance policies were included but credit was restricted to 40 per cent of the eligibility.

Swami Nirbhayananda Saraswathi, President, Ramakrishna - Vivekananda Ashrama, addresses LUGI delegates at the 8th Annual Convention on the topic Attitude is Altitude.

Attitude is Altitude

L to R: Mr P Srinivasan cuts the cake to celebrate his 50 years as an insurance agent. Looking on are Mr J Para….., Mr Nilesh Sathe, Executive Director, LIC, Mr V K Sharma, Zonal Manager – Southern Zone, LIC, Swami Nirbhayananda Saraswathi, Mr P K Samy, Mr T K Velayudham, Treasurer, LUGI and Agent, LIC and Mr P Jaisankar, Development Officer, LIC, Pondicherry Division.

Celebrating 50 Years of Agency!

Mr P Srinivasan, Founder-President, LUGI and Agent, LIC at Coimbatore completed 50 years in the agency profession this year. A surprise celebration was organised at the inaugural session of the 8th Annual Convention of LUGI.

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Happy Birthday!

Administrator — Mon, 13 Sep 2010 04:35:14 +0000

Union Minister for Finance, Mr Pranab Mukherjee, cuts a cake on the occasion of the 54th Anniversary of Life Insurance Corporation of India (LIC) on September 1 at Mumbai.

The celebration took place at the Global Insurance Summit organised by Associated Chamber of Commerce and Industry (Assocham) on that date.

Looking on are Mr Vipin Anand, Secretary

Public Relations and Coporate Communications, LIC, Mr D S Rawat, Secretary – General, Assocham, Mr T S Vijayan, Chairman, LIC, Mr Venugopal Dhoot, Past President Assocham, Mr D K Mehrotra, Managing Director, LIC, Mr T Thomas Mathew, Managing Director, LIC and Dr Swati A Piramal, President, Assocham.

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‘LIC should aim for 2 % of GDP’: Pranab Mukherjee

Administrator — Mon, 13 Sep 2010 04:00:35 +0000

Union Minister for Finance, Mr Pranab Mukherjee, inaugurates the Assocham Global Insurance Summit by lighting the lamp on September 1, 2010 at Mumbai. Also seen in the picture are Mr T S Vijayan, Chairman, Life Insurance Corporation of India (LIC), Mr Venugopal Dhoot, Past President Assocham, Mr D S Rawat, Secretary - General, Assocham and Ms Swati A Piramal, President, Assocham.

Competition in the Life insurance industry has intensified and there is a sense of global benchmarking, Mr Pranab Mukherjee, Union Minister of Finance said, calling upon Life Insurance Corporation of India (LIC) to grow its premium income to 2 per cent of the country’s gross domestic product (GDP) from the present 1.84 per cent.

The biggest challenges to the Indian insurance market are achieving financial inclusion and disaster relief through insurance as well as developing underwriting skills for profitability.

The next ten years should focus on increasing insurance penetration, use of technology and grievance redressal, Mr Mukherjee said, while inaugurating the one day Global Insurance Summit on the theme ‘Opportunities in Emerging Indian Market’ on September 1, 2010 at Mumbai by Associated Chambers of Indian Commerce and Industry (Assocham).

Mr J Hari Narayan, Chairman, Insurance Regulatory and Development Authority (IRDA), in his special address said that after liberalisation in the last ten years, the insurance industry had shown a compounded annual growth rate of 25 per cent. However, profitability of the companies has been delayed beyond earlier estimates. He said that the reason for this was that companies achieved high sales growth at a very high cost in terms of management and marketing expenses. On the other side, average persistency was very low at 40 to 50 per cent and one company had a persistency of just 10 per cent.

On the General insurance side he said, the industry seemed to be getting over the effects of detariffing. Although the premium growth was depressed at 9 to 10 per cent instead of 22 per cent like before, the growth in number of policies was still being maintained at 22 per cent. Underwriting losses were continuing, he said, saying it was a disappointing trend that needed to be corrected.

Speaking earlier, Mr T S Vijayan, Chairman, LIC said that Life insurance conserved the long term savings of the people and LIC silently supported the system even when there were global problems relating to the capital markets. Similarly, he said, the recently table Direct Taxes Code Bill, 2010 when enacted would give tax breaks. LIC, he said, would as usual, pass back 95 per cent of the savings to the policyholders as a bonus.

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Star Health and Shriram Life Life and Health Combination Policy Launched

Administrator — Mon, 13 Sep 2010 04:00:15 +0000

Mr J Hari Narayan, Chairman, Insurance Regulatory and Development Authority (IRDA) launches StarShri Individual Care. Seen in the picture, left to right are Mr Jang Bahadur, ICICI Ventures Pvt Ltd, Mr V Jagannathan, CMD, Star Health and Allied Insurance Company Ltd, Mr Yogesh Lohiya, CMD, GIC of India, Mr D R Karthikeyan, Retired Director, Central Bureau of Investigation (CBI) and Director, Star Health and Ms Akhila Srinivasan, MD, Shriram Life Insurance Company Ltd.

For a long time insurance customers have been asking for policies withboth Life and Non-Life cover.

In August, Star Health and Allied Insurance Company and Shriram Life Insurance Company came together to launch what are called combiproducts.

In a glittering function at Chennai, the two Chennai-based insurance companies launched StarShri

Individual Care and StarShri Family Floater, policies that combine a hospitalisation cover and a pure Term Life insurance cover.

The Health insurance part of the policy is underwritten by Star Health while the Life cover is provided by Shriram Life, in a unique joint initiative. (see details of the policies in Premium this issue, Show Case section, Page 26 and 27).

Launching the policy, Mr J Hari Narayan, Chairman, Insurance Regulatory and Development

Authority (IRDA) said, “these kinds of policies are going to be very significant as they meet the aspirations of millions in the rural areas.” The dimensions of the scheme are mindboggling,

he added.

Referring to the mass Health insurance initiative spearheaded by the Government of India – the Rashtriya Swasthya Bima Yojana – Mr Narayan said that in the beginning when he

spoke about the scheme in a convention abroad there was disbelief.

He was the Chief Secretary of Andhra Pradesh when the State Government introduced the scheme as Rajiv Gandhi Arogyasri, a group cover for below the poverty line families.

Those delegates from abroad, when they visited India, made it a point to visit the areas where the scheme was implemented and see for themselves that it was true, he said.

The Planning Commission is now taking a tremendous interest in the scheme, he said, and would like to see it extended to the whole country.

Speaking earlier, Mr V Jagannathan, Chairman-cum-Managing-Director, Star Health said that his company was proud to launch the first combiproduct which was a “severely felt need of the customers”. He also announced the 1 millionth surgery under the Rajiv Gandhi Arogyasri

programme, covered by Star Health, had been performed.

Mr Yogesh Lohiya, Chairmancum- Managing Director, General Insurance Corporation of India (GIC),

which provides reinsurance for Star Health’s policies, said that while Health insurance had a high claims ratio of 122 per cent, Star Health was the only company that has given

a positive result to GIC. Health insurance, he said, has grown from one policy of Mediclaim from the

four General insurance companies 10 years ago to over 300 policies by 30 companies today.

Ms Akhila Srinivasan, Managing Director, Shriram Life Insurance Company said that her company was proud to be chosen by Star Health to partner in this first combi-product initiative in India. Financial inclusion has always been the philosophy of the Shriram Group she said, which

had 2.5 million customers and 65,000 agents spreading the word.

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Rs 90 crore Dividend!

Administrator — Mon, 13 Sep 2010 04:00:02 +0000

Union Minister for Finance, Mr Pranab Mukherjee, was given a dividend cheque of The New India Assurance Company Limited for Rs 90 crore for the financial year 2009-10 by Mr M Ramadoss, Chairman-cum-Managing Director, New India. The ceremony took place at the Global Insurance Summit organised by Associated Chamber of Commerce and Industry (Assocham) on September 1, 2010. Looking on are Mr I S Phukela, Director and General Manager, New India, Dr Swati A Piramal, President, Assocham and Mr A R Sekar, Director and Financial Advisor, New India.

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