MetLife India Insurance Company Limited (MetLife) has announced the launch of its new unit-linked Child plan – “Met Smart Child”. This plan offers a “complete solution for children’s higher education, even in the absence of parents”. This is the second such scheme in MetLife’s portfolio, after Met Bhavishya. Under Smart Child, the fund is locked [...]
No fewer than 188 companies including large corporations such as Britannia, Ernst & Young, Hyundai, Samsung, Wipro, Titan, KPMG, Kotak Group, Dell and Johnson & Johnson, have reduced medical cover for employees’ parents and set limits on hospital room charges. These companies, who between them have 5.49 lakh employees on their payrolls, have also introduced [...]
Kotak Life Insurance has launched its Invest Maxima, a unit-linked insurance plan that comes with zero premium allocation charges. (see Showcase on Page 25) The ULIP offers policyholders three strategies to select from: a) Self-managed strategy that comes with five fund options b) Systematic switching strategy which enables the customer to invest in the equity [...]
It seems children plans make up a huge chunk of the premium inflow for Life insurers, if one goes by Kotak Life’s launch of two such plans – Child Edu Plan and Child Future Plan – in November. Both fall in the category of endowment/money-back products which offer bonuses as declared every year in addition [...]
Nearly two crore families with an annual income of up to Rs 1 lakh will soon be enjoying Health insurance with cashless medical treatment in Maharashtra state. Media reports said patients would also get travel allowance to and from hospital. The Rajiv Gandhi Jeevandayi Medical Insurance Scheme will benefit as many as 10 crore persons, [...]
Reverse mortgages (RM) may soon be attracting increased interest in India, as discussions on the issue between the National Housing Bank (NHB) and government-owned Corporation Bank are under way, it has been reported. NHB is already into developing an RM product jointly with Life Insurance Corporation of India, the report adds. Reverse mortgage products in [...]
United Bank of India has launched a ‘Protection Campaign’ in association with its Life insurance partner, TATA AIG Life Insurance Co. Ltd. Mr Bhaskar Sen, Chairman, UBI, said on the occasion that the bank distributed a range of parabanking products, namely Life and General insurance items, mutual funds, demat and the like. Mr Suresh Mahalingam, [...]
Edelweiss Tokio Life Insurance Company has launched three Wealth Accumulation Plans, to meet the various wealth creation and protection needs of customers. Each of the three plans – Cover Plus, Comprehensive Cover and Accelerated Cover – has been designed to cater to specific customer needs, company sources were quoted as saying. The company is building [...]
The Insurance Regulatory and Development Authority (IRDA) has introduced a mobile application that enables one to compare insurance products and premium rates. With the new application, mobile phones or devices users can compare features of unit linked insurance policies (ULIPs) introduced on or after 1 September 2010 online. The application is designed to provide a [...]
The pension market is fading, if the Life Insurance Council’s data are any pointer. The individual pension segment now accounts for just 1.2 per cent of the new business premium (NBP) of Life insurers as against 28.3 per cent just a year ago. Some experts quoted in the media attribute this to certain regulations by [...]
