SBI Life inaugurates SBI Life Bhavan in Aurangabad

SBI Life has strategically expanded its Aurangabad Area office, with an independent premises aptly named as “SBI Life Bhavan” at plot no. 17, Welcome Nagar, Sutagiri Chowk, Aurangabad – 431001. The new building was inaugurated by Mr. Arijit Basu, MD & CEO, SBI Life Insurance, in the presence of Mr. Anand Pejawar, Executive Director, Marketing, SBI Life Insurance, Mr. Dibakar Mohanty, General Manager Network-III, State Bank of India – Mumbai Circle and Dr. V. S. Kumar, Regional Director, Mumbai Region, SBI Life Insurance.

Upbeat on its business in Aurangabad, this newly opened office is the 15th full services branch in Aurangabad and 71st in thye Mumbai region. Aurangabad Area contributed 21% to new business premium of Mumbai region YTD December 2014 and has sustained its share of 21% year on year.

Mr. Arijit Basu, MD & CEO, SBI Life Insurance, on the occasion, said "Our approach to being a customer centric organisation is further cemented with the inauguration of this new Area office at a dedicated premises, “SBI Life Bhavan”. This new premises will offer all products and services to our customers under one roof and is projected to be the one stop shop for all Life Insurance needs in Marathwada area."

Speaking on the inauguration of this new branch office at Aurangabad, Mr. Anand Pejawar, Executive Director, Marketing, SBI Life Insurance said, "The opening of this Area office looking after the entire Marathwada operations is aimed to facilitate and provide better services to our existing customers, while offering unique Insurance solutions to potential clientele within the region."

In Aurangabad, SBI Life distributes it's products through over 2,000 strong and well trained Insurance Advisors (IAs) from 15 full-service SBI Life branches. In addition, SBI Life also reaches out to it's customers through a huge network of over 300 bank branches of State Bank of India (SBI) and it's 5 Associate Banks.

The city of Aurangabad is touted as a fast emerging destination with diverse industries such as automobiles, pharmaceuticals and financial services setting up base. In recent times, multi-national corporations have also invested heavily in the city’s infrastructure and manpower. It is considered the hub for unmatched talent potential and professional efficiencies that industries deem as necessary.

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LIC launches Bhagya Laxmi

LIC launches new Micro-Insurance Scheme

The largest life insurer of India, Life Insurance Corporate (LIC) launched a new micro-insurance scheme ‘Bhagya Laxmi’ on Monday at Bhubaneswar zone office.

Customers can get more insurance by paying lower premium in the new scheme ‘Bhagya Laxmi’.

People in the age group of 18-55 can take the insurance. As per the new scheme, the minimum sum assured will be Rs 20,000 while maximum sum assured would be Rs 90,000. In case of death, the company would return the full sum assured as per the policy document.

And the premium paying term will vary from 5-13 year in the new scheme ‘Bhagya Laxmi’.

This micro insurance scheme would be very useful for the lower income groups and the people those want to save little amount. 

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Personal Finance Tips: Handle Your Insurance Payments

Personal finance is the subject for all irrespective of their stature, no matter who they are and how much they earn, still it matters them.

Managing personal finance is an art, some master there and excel while, some couldn't. That doesn't mean that the latter one is failed.

However, one much be cautious about their payments in all aspects, in order to maintain a sound financial condition in personal finance.

Lets consider the payment made to insurance companies for their products like - life insurance, health insurance, retirement solutions product or wealth management funds.

During the crunch time, one should focus on the payouts made for life security.

When its a tough time handling personal finance, then options should be explored - how to meet the payments towards your insurance installments.

There is one tedious task , when you plan to pay all the insurance installments, then you should also make sure that you have sufficient income or your paying major portion of you purse.

When income goes down, insurance installments would not go down in the same proportion. And yes, this could a rarest case, where the income is being compared to the insurance payments in personal finance.

One should also look forward about the returns from the investments in insurance sector, what he or she is going to get during the maturity, what would be inflation rate - merely the price of goods and services.

When you spend much on insurance at the current time and the return would  be less in a long-run, you could be a loser.

Rather planning to investment in insurance by paying huge chunk of your income, simple make some alterations in your personal finance management.

When your going through a tough time in life - simply try to alter the payments towards your insurance installments.

Talk to your insurance advisers, see what could be alternative or check the value of your investment, and if you feel its good deal then simply scrap the policies or alter it.

Try to find some flexible payment  options if your paying all the amount in once or lump sum. And if your having policies those could not be altered then you can take loan against your polices.

Many insurance companies do avail such facilities to pay you the amount you invested as a loan against the product you have opted.

Handle properly your payment to insurance policies or installments, and if there anything that could be in your favor do not hesitate to go for that option, since its you who is in trouble not the company.

And there is no need for many life insurance polices, one or two could be enough, and no need to pay huge amount for many same sort of products.

On the contrary, that amount could be invested in the stock market or mutual funds, where there is chance of high return, and this involves risk too.

One should pay attention towards the payment in order to have sound financial condition that would get you out from crunch time.

If you have not tried to handle your personal finance, then have a look on your income and payments.  

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Max Life Insurance launches SHIKSHA PLUS SUPER

To facilitate your child’s aspirations and goals Max Life Insurance, one of India’s leading life insurance companies, today launched SHIKSHA PLUS SUPER, a Unit Linked Child Plan. Max Life SHIKSHA PLUS SUPER is a 360-degree child plan that provides resources for the overall development of your child even in absence of resource provider. With the launch of this product, the company also completes its product suite for all life stage based needs.

Speaking at the Launch, Rajesh Sud, CEO & Managing Director, Max Life Insurance said, “The launch of SHIKSHA PLUS SUPER completes our suite of products required for all life stage needs that are compliant with the new guidelines effective January 1, 2014.

While in the yesteryears, it was all about focusing only on children’s education to ensure their good career, in today’s day and age of ever evolving needs, development of an all-round personality of children and supporting them in areas beyond education is of utmost importance. Max Life conducted an extensive ethnographic consumer study to understand these deep-rooted behavioral aspects of parents which have helped us formulate this solution. This offering is targeted at parents who aspire for all round development of their children and want to secure the future of their children whether they are there or not there. This product is packed with superior customer value proposition and greater emphasis on protection to gain control over uncertainties of life and inflation.”

Complete surety for a secure future for your child

Lump sum Payout in case of unfortunate death: In case of an unfortunate event of death of the parent (the life insured), Max Life Insurance will pay the nominee a lump sum death benefit of higher of Sum Assured or 105% of all premiums paid or 0.5 x Policy Term x Annualized Premiums.

School Fees Support: In addition to the lump sum death benefit, the beneficiary is entitled to receive 10% of Sum Assured every year, subject to a maximum of 10 and a minimum of 3 such installments, to provide for the yearly education expenses of the child.

Funding of Premium:In addition to the above benefits, Max Life will continue to operate the Unit Account until maturity of the policy. Max Life will also fund all future premiums as and when due, to boost the education fund thereby ensuring that the purpose for which the policy was originally purchased is accomplished.

Guaranteed Loyalty Additions to Increase Maturity Value: At the end of the 11th Policy Year and every year thereafter, the policyholder is given the benefit of Guaranteed Loyalty Additions to further boost the maturity value when it matters the most.

Partial Withdrawal: The product offers the flexibility of partial withdrawal twice a year after the 5th policy year from the fund value for aiding skill enhancement of any special talents that the child may possess and require further nurturing. The maximum amount that can be partially withdrawn is 50% of the Fund Value as on the date of partial withdrawal per policy year.
Investment Flexibility

SHIKSHA PLUS SUPER offers customers the choice of investing premiums in five investment funds offered by Max Life Insurance with an option of Dynamic Fund Allocation and Systematic Transfer Plan. Dynamic Fund Allocation frees the policyholders from selecting the investment funds manually since this function automatically invests between equity and debt oriented funds in a pre-defined proportion that keeps changing as policy nears maturity. This investment strategy endeavors to safeguard their fund from any capital erosion by increasing the fund allocation in debt funds as policy progresses towards maturity. Systematic Transfer Plan, on the other hand, replicates the rupee cost averaging method thereby allowing the policyholder to benefit from the market volatility.

The plan also empowers policyholders to manage their investments by effecting free switches and premium redirection facility to proactively manage their investments and redirect their future premiums into new funds of their choice.

About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)

Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with focus on quality of advice, sound investment expertise and service excellence, Max Life Insurance has set in place a value driven culture and corporate governance through its superior human capital. The Company has a country wide diversified distribution model, including the country’s leading agent advisors, exclusive corporate agency arrangement with Axis Bank and several other partners.

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Future Generali India Insurance posts profit

Future Generali India Insurance, a joint venture between Future Group - the leading retailer of India and Generali – the global leading insurer, has posted a profit of Rs. 28.4 crore for 9 months ended December 31, 2013. The gross written premium for the period stood at Rs. 944 crore as against Rs. 855 crore for the same period last year. The company has reported positive business growth both Q-o-Q and Y-o-Y. The total premium collection for the quarter stood at Rs. 319 crore as against Rs. 307 crore last quarter. The company’s total premium collection for the same quarter in FY12 - 13 was at Rs. 281 crore.

So far in the April to December period of FY13 – 14, Future Generali India Insurance sold more than 7 lakh policies, as opposed to 6.45 lakh policies during the same period last year. The claim settlement ratio also saw year on year increase to 91% this year. The company’s total funds under management as on December 31, 2013 stood at Rs. 1,460 crore.

Commenting on the quarter results, Mr. K.G. Krishnamoorthy Rao, CEO, Future Generali India Insurance said, “Though this year has been a challenging year due to the general slow down in the economy, we expect to close the financial year with a Gross Written Premium of nearly Rs. 1300 crores. We have seen a balanced distribution of business across geographies and lines of business. We have concentrated on correcting our business mix in addition to expanding our agent base. Some of our business lines such as motor, health and the newly launched agriculture insurance have done quite well”.

ABOUT FUTURE GENERALI

Future Generali India Insurance is a joint venture between the India-based Future Group, and Italy-based Generali Group. Future Generali India Insurance operates through its wide network of licensed agents and is currently active through 101 offices.

The Generali Group is one of Europe’s largest insurance providers and the biggest European life insurer, with 2012 total premium income of € 70 billion. With 80,000 employees worldwide and 65 million clients in more than 60 countries, the Group occupies a leadership position on Western European markets and an increasingly important place in Central and Eastern Europe and Asia.

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IDBI Federal backs home grown talent; elevates Vighnesh Shahane as CEO

IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, today announced the appointment of Vighnesh Shahane as the Chief Executive Officer & Whole Time Director of the Company.

Speaking on the occasion, R. K. Bansal, Executive Director, IDBI Bank, who in the interim had taken additional charge as the Acting CEO, IDBI Federal, said, “At IDBI Federal, we believe in recognising talent and creating leaders from within the organisation. In his capacity as a channel head, Vighnesh has brought about a positive change and under his leadership, the Bancassurance channel registered unprecedented growth.” Mr. Bansal added, “We are at a defining point in the life insurance industry in India. Despite the challenging macro economic conditions and dynamic regulatory environment, our economy promises huge potential for life insurance in the longer term. Vighnesh, with his diverse exposure across various facets of business, will play a key role in leading IDBI Federal towards achieving its goals.”

Speaking about his new role, Vighnesh said, “IDBI Federal is a young company that has embarked on a journey to change the way life insurance is sold and bought in the country. It is this approach that has helped us withstand the challenge of the times and emerge as a growing company despite these challenges. It is my honour to lead this dynamic company through its next phase of growth.” Having represented Mumbai in the prestigious Ranji Trophy, Vighnesh has modelled his leadership style on team work and collective contribution.

In his career spanning over 20 years, Vighnesh has worked with leading financial organisations across geographies. He brings with him, a rich experience in various facets of business like sales management, strategy and new business development.

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ICICI Prudential Life launches ICICI Pru Guaranteed Wealth Protector

Mumbai: ICICI Prudential Life Insurance Company Limited, today, announced the launch of ICICI Pru Guaranteed Wealth Protector. This unit linked plan allows customers to protect their capital on maturity and have a potential for upside through an exposure to equities.

The product provides for exposure to an equity oriented fund of upto 60% for customers aged below 45 years and upto 45% for customers above this age limit, while ensuring that premiums paid are protected.

Loyalty Additions of 0.25% of the average fund value
are added every year after the completion of the 6th (sixth) policy year. Additionally, Wealth Boosters are added after the completion of the 10th (tenth) policy year.

Through ICICI Pru Guaranteed Wealth Protector, we are offering customers the opportunity to optimise their returns without the risk of capital erosion. This insulates the customers’ corpus from any market downturn.

Mr. Puneet Nanda, Executive Director, said “We understand that customers are concerned about the volatility of their savings and our approach through this product has been to provide capital protection with a potential for higher returns through equity exposure. We believe that the unique features of this product will facilitate customers achieving their financial goals in a systematic and disciplined manner. “

He added “Life insurance is a long term product and the key is to continue with the product till the end of the policy term. Our unit linked products have over the last 10 (ten) years delivered superior risk adjusted returns to our customers. Unit linked life insurance products are an efficient route to build a corpus while simultaneously providing financial security to the family or dependants.”

About ICICI Prudential Life Insurance: ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital infused stands at Rs. 47.93 billion (as of March 31, 2013) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For FY 2013, the company garnered total premium of Rs. 135.38 billion. The company’s assets under management amount to Rs. 741.64 billion as on March 31, 2013.

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'Wedding Insurance 'from Indian Insurance Companies

Business News: In the insurance sector, of late wedding insurance products are available in Indian market. According to media reports, two insurance companies in India - ICICI Lombard and Bajaj Allianz have started 'wedding insurance' products.

It's a good concept for the families those can claim if the insured marriage proposal cancelled due certain causes like - natural disaster, accident etc. However, the details about the products can be obtained from the websites of these insurance companies.

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Future Generali launches Future Generali Secure Income

Mumbai (Press Release): Future Generali India Life Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy, today announced the launch of an exclusive traditional endowment plus money-back plan – Future Generali Secure Income plan. The plan not only offers flexibility to choose the premium payment term, but also the number of years to receive guaranteed income after the premium payment term is over. In addition to this, the policy holder receives annual cash bonuses.

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