IDBI Federal Q1FY16 Total Premium Growth up by 84% to INR 197 Crores

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, has reported a growth of 84% in Total Premium at the end of the Q1 FY16.

Commenting on the results, Vighnesh Shahane, CEO & Whole Time Director, IDBI Federal, said, “The growth of the company can be attributed to growing new business premium and expanded in-force book. Further the measures to improve frontline sales productivity, quality of business and selling longer tenured products are showing positive impact. Our clear growth strategy combined with a strong execution infrastructure has also helped us maintain best in class persistency, balanced opex ratio and improved renewal income.”

The company’s New Business Individual Premium grew from 37 crore recorded in Q1 last year to 91 crore this year; reporting a growth of 145%. The company’s ranking improved to 11 from 16 for YTD Individual Life New Business Premium. The total market share amongst private players rose from 1.15% in Jun’14 to 2.37% in Jun’15 for YTD Individual Life New Business Premium. The company’s total premium grew at 84% against the same period last year. The company recorded a 19% renewal premium growth. IDBI Federal’s APE also improved from 41 crore recorded last year to 60 crore, a growth of 47%.

Apart from a superior business performance, the company also introduced a number of customer centric measures. One among them was the 8 days Claims Guarantee, where the company aims to settle the claims in just 8 working days. In case if the company fails to do so, it pays an interest of 8% per annum on the death claim amount for each day of delay beyond 8 working days. Ever since the initiative was launched in July 2014, the Company has not had to pay any penalty/interest on this count. For complaints resolution as well, the company maintains a turnaround time (TAT) of 8 days against the IRDAI norm of 15 days. The result of these initiatives is that the company’s 13th month persistency stands at a healthy 76%.

IDBI Federal has plans to strengthen some of its key areas like brand salience, technology & digitization, distributor engagement and increasing unique lives. In its effort to make its brand presence strong, it has committed to associate with various sports and fitness associations, as well. The most recent among them is the MCA-IDBI Federal Bowling Foundation to partner the discovery and the nurturing of bowling talent in the country.

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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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IDBI Federal launches Childsurance Savings Protection Plan

MUMBAI: Targeting the future generation, IDBI Federal Life Insurance has launched itsChildsurance Savings Protection Insurance Plan. IDBI Federal Childsurance Savings Protection Insurance Plan helps build savings to fund child’s important milestones even in case of any unforeseen event.

The highlight of Childsurance Savings is the guaranteed annual payouts in the last 3 or last 5 years of the policy, depending on the policy term. These payouts fund the important milestones in the child’s life. The parent has the option to choose how much money he would want as guaranteed annual payouts and thus ensure that there is always enough to fuel his child’s dreams. This plan is a participating plan and offers bonuses to the customer to be paid out at maturity.

The core benefit of this plan is the death benefit. Upon the death of the life insured, say the parent, the plan triggers 3 benefits – (i) death sum assured is paid at the time of death, (ii) future premiums are waived off, (iii) the plan continues as usual. This means that whether the parent is around or not, this plan will ensure that the child gets the guaranteed annual payouts and the bonuses as planned, to fulfil his dreams.


Announcing the launch of Childsurance Savings Protection plan, Vighnesh Shahane, CEO, IDBIFederal Life Insurance, said, “According to our research, securing child’s future is the second most important need for which Indians buy life insurance. Providing for the increasing cost of education and also financial protection for the child in case of the death of the parent are the reasons for people to invest in life insurance. There is also a need for guaranteed payouts to ensure that the child gets a pre-determined amount at important milestones. Childsurance Savings Protection Plan fulfils all these needs and also offers flexibility to invest according to the need.”

Aneesh Khanna, Head – eBusiness, Marketing & Product Management, IDBI Federal Life Insurance, says, “IDBI Federal Childsurance Savings Protection Plan is the perfect combination of guaranteed returns and protection. It combines guaranteed payouts, bonuses and financial protection to offer customers a winning proposition. The key highlight of this plan is that it continues even after the death of the life insured, exactly the same way that he/she had planned for; and all this without any premium being paid after the death of the life insured.”

Childsurance Savings Protection plan gives guaranteed annual payouts either in the last 3 or the last 5 years of the policy, depending on the policy term that one chooses. The plan participates in the profits of the company’s participating policyholders’ life fund by way of bonuses. These bonuses are paid out as a lump sum along with the last guaranteed annual payout.


Key features of the plan include:

• Secured financial future for the child through guaranteed annual payouts and bonuses
• Protection against any unforeseen event with Death Benefit and waiver of premium
• Guaranteed annual payout at key milestones
• Flexibility to choose policy term, premium payment term and the quantum of payouts
• Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961.

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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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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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ICICI Prudential Life launches ICICI Pru Easy Retirement

Mumbai: ICICI Prudential Life Insurance Company Ltd, today, announced the launch of ICICI Pru Easy Retirement. This unit linked plan enables customers to build their retirement corpus in a cost effective and convenient manner. Higher the contribution and longer the contribution tenure, lower is the cost of building this corpus. This plan safeguards the customers’ capital against market downturns through the capital guarantee feature, while providing customers the flexibility to choose their equity exposure according to their risk appetite.

ICICI Pru Easy Retirement rewards customers for continuing over the long term through Pension Boosters which add 5% of the fund value every five years after the tenth policy year onwards thereby enhancing the corpus built which provides regular income for life.

With ever rising cost of living, retirement planning has become increasingly important. By planning early customers benefit by way of reduced quantum of outflow towards premium payments. Another avenue for customers to reduce outflow towards premiums is to continue paying throughout the term of the policy. This effectively ensures that there is minimal impact on the existing standard of living. However, customers have the flexibility to choose the premium paying term to build a corpus to ensure regular income to maintain their lifestyle post retirement. Importantly, a switch facility is available to customers to modify the asset allocation for maximizing returns.

ICICI Pru Easy Retirement is available on the online platform developed by the Company, which offers customers the convenience of evaluating the product and making an informed buying decision.

Mr. Puneet Nanda, Executive Director, said “ICICI Pru Easy Retirement is compliant with the new regulations prescribed by IRDA, which make life insurance products a compelling proposition for customers. Our core philosophy has always been to offer products which enable customers to meet their long term financial goals. Importantly, this product allows customers to build their retirement corpus in a cost effective and convenient manner. A retirement plan is a long-term plan and needs a disciplined savings approach which is rewarded by the power of compounding. ICICI Pru Easy Retirement is a plan designed to inculcate a long term savings habit thereby enabling customers to build a corpus that will provide for regular income post retirement.”

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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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