Reliance Life Insurance, a part of Anil Dhirubhai Ambani group, is targeting a new premium income of Rs 12,000 crore in 5-year, a top company official said. “We are growing 20 percent each year. We intend to earn a premium income of Rs 12,000 crore in 5-year time,” president and executive director of Reliance Life Malay Ghosh said.
Business has been a bit slow in September. But it was expected. ULIPs were withdrawn. New ULIPs were introduced. It takes about two weeks to train, explain the features and changes to the agents and distributors. For us, even pre-September, there was not much spike. We grew at a normal pace only. We did not sell our policies to people saying that unit-linked policies will not be available before September. We have introduced two ULIPs post-September. Each of them has a regular premium and a single premium option.
Leading the array of Unit Linked Life Insurance Plans (ULIPs) being introduced, SBI Life, the leading new generation life insurer, has launched Smart Performer and Unit Plus Super. These products are part of the new range that would address long term wealth-creation and protection needs of varied customer segments.
Life insurance majors like SBI Life Insurance, HDFC Standard Life, Reliance Life and ICICI Prudential may be able to launch initial public offers in the current fiscal itself as the insurance regulator IRDA and capital market regulator SEBI, fresh out of a turf war, have resumed the process for listing these companies. The necessary guidelines are under preparation.
Following Insurance Regulatory Development Authority’s move to allow insurance companies to offer “Health plus Life” products, Future Generali India Life Insurance, the insurance joint venture between Future Group and Generali of Italy, is planning to launch a combo plan in the next two months.
HSBC InvestDirect currently has a strong network of 77 branches which will help Canara HSBC Oriental Bank of Commerce Life Insurance Company reach out to more than 1.3 lakh customers with need-based life insurance solutions. This is in addition to the existing customer base of 48 million of the three distribution partners – Canara Bank, HSBC and Oriental Bank of Commerce and 4.6 million customers of two Regional Rural Banks (RRBs) – Pragathi Gramin Bank and Shreyas Gramin Bank.
Max India posted net loss of Rs 2.37 crore for the quarter ended March 2010 compared to 6.76 crore in the corresponding pervious period. Max New York Life Insurance, Max Healthcare
MetLife India Insurance Company Limited is a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.
HDFC Standard Life Insurance offers Health Insurance, Medical Insurance, Pension Plan, Unit Linked Endowment Plan etc
LIC of India’s Jeevan Saral is a unique life insurance plan having good features of the conventional plans and the flexibility of unit linked plans. Jeevan Saral offers Higher Cover, smooth returns, good liquidity and a lot of flexibility.