United India Insurance Company has announced the launch of Crticare, a “critical care Health insurance product”, which covers 11 very serious ailments. The scheme targets people in the age group of 21-65 years. Meanwhile, for the first nine months of the current financial year, the company recorded a net profit of Rs 414.41 crore, up [...]
HDFC Life Insurance has launched ‘HDFC Life Click2Protect’ – an online term insurance plan that is “suited for those who seek insurance cover at nominal premiums against their liabilities”. Mr Sanjay Tripathy, Executive Vice- President and Head of Marketing and Direct Channels, HDFC Life, said, “Click2Protect is available in more than 750 cities across the [...]
Insurance companies have approached the Insurance Regulatory and Development Authority (IRDA) for review of 22 pension products as they may not be in tune with the regulator’s guidelines regarding assured returns. IRDA in November 2011 had asked all insurers selling pension products to disclose in the policy document maturity benefits for customers or else withdraw [...]
Apollo Munich Health Insurance has launched Optima RESTORE, a Health insurance product “designed to meet changing customer needs and ever rising medical inflation.” Mr Antony Jacob, CEO, Apollo Munich Health Insurance Company, said the new product was developed over 17 months and “is the result of lengthy actuarial research and analysis of 250 existing products [...]
Life insurance companies, including Life Insurance Corporation, are going through a downturn in terms of business growth during the current financial year (FY), and LIC is “trying hard to match last year’s business levels by making the most of the remaining months of the FY,” top officials of the insurance giant have been quoted as [...]
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, [...]
