Religare Health Insurance Advocates Comprehensive Health Coverage as COVID-19 Drives Greater Consumer Awareness

Covid 19 Coverage 

* Standalone Health Insurance sector in India registers 40% YoY hike

* Comprehensive health cover is imperative in India since retail health insurance penetration is only 3% and out-of-pocket healthcare spending stands at ~65%

With COVID-19 acting as a catalyst of change and increasingly nudging people to explore diverse health coverage options, Religare Health Insurance (RHI) is endorsing the need for comprehensive health insurance policies. Emphasizing the soaring significance of health insurance amid an unprecedented global health crisis, the Standalone Health Insurance sector registered a 40% YoY rise. This growth will ensure further impetus for health insurance penetration, where India records one of the world’s highest out-of-pocket spending rates in healthcare.      

Highlighting the rising numbers of other potentially-fatal lifestyle ailments such as hypertension, diabetes, cancer and cardiovascular diseases, among others, RHI endorses comprehensive health insurance coverage. Furthermore, the increasing cost of quality healthcare services even for infectious diseases underscores the need for comprehensive health insurance.

Accordingly, Religare Health Insurance offers a comprehensive bouquet of services ranging from basic hospitalization (Care); high sum insured options (Care Advantage); insurance for PED, including insulin-dependent diabetics (Care Freedom); post-cardiac event/intervention insurance (Care Heart) and many others, backed by all-encompassing wellness and insurance benefits.

Elaborating on the latest institutional developments, an RHI spokesperson said, “The coronavirus pandemic has come as a thought-provoking black swan event for people disdainful of health insurance. As morbidity and mortality rates rise directly due to COVID-19 and indirectly from the neglect of other equally life-threatening conditions, there is a pronounced and inescapable realization about the need for health insurance. Besides managing COVID-19-related treatments, health cover is indispensable in safeguarding individuals and their families from other chronic conditions that lead to unexpected and unaffordable medical expenses, driving millions of uninsured people into debt, devastating lives permanently. Fortunately, a broad bouquet of health insurance solutions happens to be available today, customized for almost every consumer segment. Therefore, we urge consumers to opt for a suitable coverage plan as per their specific healthcare requirements. This is vital in our country, where retail health insurance penetration is only 3% and out-of-pocket healthcare spending stands at around 65%.”

RHI’s endorsement of comprehensive insurance coverage comes in the wake of increased awareness about health insurance products after the COVID-19 outbreak. Given the importance of health insurance in promoting better healthcare outcomes across India, the Company believes it is important to leverage this trend by apprising people about the far-reaching benefits of comprehensive health policies. Moreover, against the backdrop of pandemic-induced income losses for a significant employed segment, the role of health insurance can be paramount in saving lives in the event of any healthcare crisis.

About Religare Health Insurance (RHI)

Religare Health Insurance (RHI) is a specialized health insurer offering health insurance services to employees of corporates, individual customers and for financial inclusion as well. With its operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation and value-for-money services.

RHI currently offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.

Religare Health Insurance has been adjudged the ‘Best Health Insurance Company’ once at the ABP News-BFSI Awards 2015 and again at the Emerging Asia Insurance Awards, 2019 & ‘Best Claims Service Provider of the Year’ – Insurance India Summit & Awards 2018. RHI has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti in 2013 and was conferred the ‘Best Medical/Health Insurance Product Award’ at the FICCI Healthcare Excellence Awards in 2015, 2018 and 2019.

Aditya Birla Sun Life Insurance Launches ABSLI Assured FlexiSavings Plan in Indian Market

 Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured FlexiSavings Plan. It offers fully guaranteed benefits and allows policyholders an instant access to their money by giving them the flexibility to make unlimited withdrawals from their policy. The flexibility to make unlimited withdrawals is hitherto unseen in the insurance market- making it a market differentiator for this product. Besides life cover, it aims to provide guaranteed benefits to provision for future goals while empowering customers with liquidity at hand, to fulfil short term goals or unplanned money needs.

ABSLI Assured FlexiSavings Plan is a fully guaranteed, non-linked non-participating life insurance plan. This plan provides annual Income to the policyholder which is accumulated for 10 years or 12 years till the end of the policy term. These annual incomes grow with a 5% Income Booster added every year to augment savings, provided it is not withdrawn. Additionally, the specialty of this plan is that it provides flexibility to withdraw the accrued amount as and when needed, with no restrictions or charges on withdrawals. Moreover, the plan returns 110% of total premiums paid, back to the policyholder during policy maturity. It also offers a one-time loyalty addition on the accumulated amount under the policy.

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “During unprecedented times, most people become risk averse, while enhancing their liquidity provisioning. This results in customers taking a conservative approach, which leaves them with limited options of saving and growing their hard-earned money. ABSLI’s Assured FlexiSavings Plan aims at locking in the benefit of long-term guaranteed returns while unlocking the flexibility of withdrawals or liquidity, as and when required. Guaranteed tax-free returns with liquidity along with life cover, will enable customers to continue achieving their financial milestones in a break-free and stress-free manner”.

ABSLI Assured FlexiSaving Plan provides four benefits-

1. Upto 105% of annual premium added every year (depending upon the premium payment term chosen by the policyholder)

2. 5% Income booster annually which enhances the accrued amount further

3. Upto 25% (depending on the premium payment term and policy term chosen by the policyholder) loyalty addition on the total accrued amount is added to the policy at the end of the policy term

4. 110% of total premiums paid is additionally paid as maturity benefit in addition to the accrued amount under the policy

ABSLI Assured FlexiSaving Plan is designed for customers who are looking for guaranteed wealth and ease of liquidity, while protecting their loved ones during the time of uncertainties. Besides offering guaranteed returns and an instant access to money, it also provides protection with a comprehensive life cover across the policy term, additional riders and a variety of Premium Payment Terms.

SBI General Insurance Launches "Shagun – Gift an Insurance" Policy

 Highlights

* Covers personal accident insurance 

* Can be gifted to anyone 

* Premiums valued at 501, 1001, 2001 

SBI General Insurance, one of the leading general insurance companies in India announced the launch of first-of-its-kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy. This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.   

Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident. 

On the launch of the product, Mr. P.C. Kandpal, MD and CEO, SBI General Insurance said, “Shagun is a unique offering by SBI General. In our Indian culture, we often celebrate our milestones or auspicious occasions by gifting either something or an envelope of money. This gesture is synonymous with well wishes and good luck. At SBIG, we ideated “Shagun” as a valued gift of security to be positioned for such kind of gestures. The premium of the product has also been designed at Rs. 501, 1001, 2001. Thus, not just the name “Shagun” but also the premium amount has a touch of our Indian tradition.” 

He further added, “Shagun can be gifted to anyone viz your family, friends, extended family and even domestic helpers, drivers, cooks etc., and on any occasion like passing an exam, buying a new car, new home, birthdays, marriage, anniversary, buying a new bike, college admission, etc.” 

Shagun-Gift an Insurance, a unique gift of Personal Accident can be purchased on SBI General’s website www.sbigeneral.in, with a very smooth buying journey in just 3 steps.   

About SBI General Insurance Company Limited:  With the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and to become the first choice for every Indian’s general insurance needs.  

Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to around 123 branches pan-India.  

We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, our distribution family includes over 22,900 IRDAI certified advisors including the State Bank Group employees, and over 12,000 Agents to make insurance easily available even in the remote areas of the country.  

On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners. Our current geographical exposure covers 125+ cities pan-India with a presence of another 350+ locations through satellite resources.  

We currently serve three key customer segments viz. - Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.  

SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.  

5 Points to Consider Before Purchasing a Second Health Insurance Plan in Indian Market

Buying a second health insurance plan is not a trivial task. You need to assess several things before buying an additional plan for a successful health insurance investment.

In this article, InsuranceDekho attempts to help potential insurer buyers choosing a second health insurance policy make an informed decision. Before going in for a second health insurance plan, do consider the existing conditions and future requirements. 

Some of these requirements are as follows:

* Your age and family members to be covered

* Number of family members to be covered under the plan

* Current income

* Entire family members’ medical record, past and current

* Coverage available under the current policy

Policy Coverage 

If your existing plan is falling short of delivering the promised offerings, then it’s time to look for another plan. Sometimes policies cannot meet a family’s medical needs due to some limitations, exclusions or capping features. You should ensure that the second policy acquires no sub-limits, co-payment clauses, or any other hidden limitations or exclusions. This will help avert any type of hurdle during hospitalization.

Top-up Plans

Besides going for a second health insurance policy, you can buy a top-up plan. A top-up plan provides coverage beyond the sum insured in the insurer’s existing plan. It enhances health insurance features and benefits.

A top-up plan can be bought on an existing plan or as a basic policy. You can opt for such plans either from the current insurer or from any other insurer. If you possess an insurance cover offered by your firm, you can pick a top-up policy on the same and can enhance his saving.

So, consider going in for a top-up plan before buying a new health insurance policy.

Critical Illness Riders

A critical illness rider is an optional add-on feature. It enables policyholders to avail a lump sum (Sum Assured) amount in case he/she is diagnosed with critical illnesses mentioned in the policy wording. Thus, it can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

The best thing is that a critical illness rider is available at a lower premium rate than the premium paid for second health insurance. You can buy it to compliment his existing health insurance. It can protect you and your family from any financial crunch that may arise due to some unforeseen critical illnesses.

So, it is advisable to opt for a critical illness rider instead of going for another policy in certain cases.

Look for portability feature

The portability feature is an option to change health insurance policy from one insurance company to another without losing benefits the insurer has accumulated.

If planning on buying a second health insurance policy just because the services are unsatisfactory, it is advisable to change the insurer. This way you will not lose the benefits of the existing policy.

While availing the portability option, you should opt for a higher sum insured (higher than the sum insured of the current insurer) with extra offerings and benefits such as critical illness cover. So, portability can be an ideal option to upgrade your existing plan and avail more coverage benefits and better service than before. 

Lifelong Renewability

If you have a health insurance policy, which allows the renewability option up to a certain age only, then you must opt for a new plan with lifetime renewability feature. This is beneficial because once you reach the age beyond which you can’t renew your policy, a plan with the lifetime renewability allows you to renew your policy lifetime i.e. without any age restriction.

So, even if you forget to renew your plan before the due date, the grace period (the policy will be renewable provided you pay the premium within 15 days after the expiry date) can give you a chance to renew your plan post the due date without losing its benefits.

Aegon Life Updates its Life Insurance with Covid 19 Cover in India

Owing to the COVID – 19 spread across the country, self-protection is now of prime importance. In light of this situation, Aegon Life, the pioneer of digital insurance in India now provides an upgraded ‘Life Insurance with COVID-19 Cover’ policy that provides a life cover up to Rs. 50 Lakh and hospitalization cover up to Rs. 5 Lakh on a positive diagnosis of the condition. The launch of this product is in collaboration with Flipkart, India’s homegrown e-commerce marketplace, aimed to provide maximum benefit to the insured in case of a positive diagnosis.

The cost of hospitalization for COVID-19 has increased significantly in recent months which adds to the financial stress in addition to the emotional stress already faced by the family. Aegon Life’s ‘Life Insurance with COVID-19 Cover’ policy requires no medical test for purchase. The policy can be bought hassle-free on the Flipkart App from the comfort and safety of one’s home. For a confirmed COVID-19 diagnosis, the insured gets a guaranteed lump-sum payout on hospitalization for more than 24 hours. 

Shedding more light on the ‘Life Insurance with COVID-19 Cover’ policy, Mr. Satishwar Balakrishnan, CFO, and Principal Officer, Aegon Life said, “At Aegon Life, we are focused on the “direct to customer” model and therefore we can keep pace with our customer requirements, which, is our topmost priority. We introduced an innovation in the industry by launching the industry’s first life + hospitalization cover for COVID-19 earlier this May with Flipkart. However, we acknowledged the market scenario and the customer demands and felt the need to increase the cover to serve our customers better. The new updated ‘Life Insurance with COVID-19 Cover’ policy will further help to ease the financial burden on the policyholder if he/she tested positive for COVID-19 by now offering cover up to Rs.5 Lakh on hospitalization”.

A detailed structure of this policy is available on the Flipkart App. Customers can choose from a range of premium price points to best suit their needs.

About Aegon Life Insurance Company:

AEGON Life, one of the leading digital insurance companies in India, is a new-age digital service company and is amongst the first companies to launch Online Term Plan in India. Being the online protection specialists, AEGON Life has a company-employed service team that is fully geared to provide customers the highest levels of service.

With a vision to be the most recommended new age Life Insurance Company, the company’s Direct to Customer focus establishes a direct dialogue with the customers to make for greater clarity and transparency.

IndiaFirst Life Partners with InsureNearby to Offer Insurance Khata Plan to Low-Income Brackets

InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal fintech network, partners with IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to endorse a unique insurance product called “Insurance Khata Plan”. Specifically designed to serve the low-income bracket, the product not only secures the insured and their family's needs in case of an untimely demise, but also provides a flexible deposit plan that allows them to save and fulfil their dreams. The plan allows complete flexibility to the buyers in choosing the frequency and tenure besides allowing them to pay the premiums as per their convenience. It also functions as an excellent saving product as the beneficiary gets the entire money back at the maturity of the policy. 

With more than 82% of India's workforce engaged in the unorganised sector, over 39 crore workers and their families live under the constant threat of financial setbacks. Lack of a constant income source plays a huge hindrance in paying fixed annual or monthly premiums regularly. This results in an insufficient or non-existent insurance coverage, which often prods them into an inevitable poverty cycle. This set of economically weaker population has unique insurance needs and hence require a customised product that offers flexibility, ease of access and a frequency that adapts to their erratic earnings while providing the security of an insurance cover.

IndiaFirst Life’s Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The product has been designed to offer financial protection in the form of a life cover to the family besides offering the provision of returning more than the premium paid in total when unclaimed at the end of the policy term. 

Comprising of 72% of total population of the country, rural India is largely uninsured and unprotected. Through InsureNearby’s 45,000 POS agents, the product will now be made easily available to the country’s masses. InsureNearby will embark on a journey to train their vast network of 8.5+ lakh retail agents, registered under its sister organization PayNearby, to upscale them as credible POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages across the country. The unique offering thus creates a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to insure India and make protection available for all.

Commenting on the association, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance penetration, Indians have largely been left unprotected to life’s vagaries. Our motto has always been to make safe and secure financial solutions available to our masses and help them move ahead in life. In accordance with our motto, Zidd Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals. We are excited about this partnership and am confident that our distribution capability along with their product innovation will create a force multiplier that will help bridge the huge gap in protection coverage for our citizens. A unique life insurance policy that not only protects their families in case of demise, but also provides a flexible deposit platform for fulfilling their dreams.”

Commenting on the strategic alliance, Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co Ltd said, “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India. Technology and micro products have enabled IndiaFirst Life to reach out to the unorganized, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan. For us, this is just the beginning. Together, we are keen to offer more such embedded solutions, which will inculcate the ‘long-term savings and insurance’ culture in India.”

Commenting on this occasion, Murali Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always been to strive for complete inclusivity. We want to gather actionable insights to address the evolving needs of the various types of insurance buyers, especially those in the low income segment, thus offering them the opportunity to lead their lives with as little impact as possible in case of a sudden demise. With Insurance Khata, we aim to bridge the void of accessible life insurance at affordable rates. The product also addresses the savings needs of our target audience, who are looking for safe, flexible deposit plans.”

About Nearby Insurance Broking Services Pvt Ltd (InsureNearby):

Nearby Insurance Broking Services Pvt. Ltd., with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion through its brand, “InsureNearby”. The company provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner. A subsidiary of Nearby Technologies, a fintech company offering assisted financial/non-financial services to the underbanked and unbanked segment, Nearby Insurance Broking Services seeks to make insurance products accessible at the last mile. 

Previously known as We Care Insurance Broking, Murali Iyer is the CEO and Principal Officer of Nearby Insurance Broking Services, since July 2019. Having almost 30 years of insurance sales experience, Murali is a revered figure in the country’s insurance segment, having been one of the core group members of the team that set up Birla Sun Life Insurance.

About IndiaFirst Life Insurance Company Ltd:

Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 663 crore, is one of the country's youngest life insurance companies. It is promoted by two of India's largest public-sector banks - Bank of Baroda and Union Bank of India, which hold 44% and 30% stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, New York, United States also holds 26% stake in IndiaFirst Life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced.

It’s Time Now to Look Ahead at Life Confidently with Corona Kaavach by HDFC ERGO

HDFC ERGO, the country’s third largest non-life insurance provider in the private sector, announced the launch of ‘Corona Kavach’ policy. This new indemnity health policy will offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on positive diagnosis for the virus in a government authorized diagnostic centre. In addition, the policy will also cover expenses incurred on treatment of co-morbidity along with the treatment for COVID-19.

The current pandemic is a grave threat to the health of individuals, whilst also affecting their financial well-being due to the high cost of COVID-19 treatment. But, we must slowly gather the pace to ‘Look Ahead’and move towards the new normal, with confidence. The ‘Corona Kavach’policy indemnifies policyholders for medical expenses on hospitalization for the treatment of the virus and includes the expense incurred on treating co-morbidity along with COVID-19. The policy will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to COVID-19. Home Care Expenses benefit (upto a period of 14 days) will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner. Additionally, expenses incurred for inpatient care treatment taken under Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH) systems of medicines will also be covered under the policy. Policyholders will also be liable for Hospital daily cash, which will be 0.5% of sum insured per day for a maximum upto 15 days, during a policy period.

Commenting on the launch of the new product, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company Ltd., “COVID-19 has brought life to a standstill with many feeling the financial pinch. In such unprecedented times, Corona Kavach by HDFC ERGO will provide customers with the much needed financial respite giving them the confidence to ‘Look Ahead’ in life. We are fully committed in this battle against COVID-19 and will provide our customers with the much required ammunition like access to a wide network of over 11,000 cashless hospitals, swift & hassle-free claim settlements, several services available digitally on HDFC ERGO’s my:health App; all of which will be available to them with our policy.”

The Corona Kavach policy by HDFC ERGO will enable customers to experience superior customer service whereby they can reach out to the Company through various digital platforms which are easily accessible. HDFC ERGO has a robust digital service architecture that has enabled the Company to put in place processes, which are largely paperless. Customers can register their request for filing a claim, policy renewals, and changes in the existing policy, among others through various means like the web portal, mobile apps, IVR, chatbotsand email bots from the convenience of their homes. HDFC ERGO’s settlement of pre-authorized cashless claims withinan average of 14 minuteshas further enhanced customer satisfaction and delight.

As an added advantage, existing indemnity health policyholders can avail a 25% discount and our Health Warriors, i.e. the Health care professionals, especially will be offered an additional 5% discount on purchase of this policy. The policy is available for a minimum sum insured of INR 50,000/- up to a maximum of INR 5,00,000/-. Customers may logon to the Company website www.hdfcergo.com or reach out to HDFC ERGO representatives for more details or purchase the Corona Kavach policy.

About HDFC ERGO:

HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO, the third largest General Insurance provider in the private sector, offers the complete range of general insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.

Over the last few years, HDFC ERGO has constantly endeavoured to not just align itself to the evolving market needs, but instead be a pioneer in terms of its offerings. Having its ears to the ground has helped the Company create a stream of highly targeted new products and AI-based tools and technology. Be it unique insurance products, integrated customer service models, top-in-class claim process or a host of technologically innovative solutions.

With a wide distribution network and a 24x7 support team, the Company has been offering seamless customer service and innovative products to its customers.For more information on HDFC ERGO and the products and services offered by the Company.

Future Generali India Insurance Announces Increment for all its Employees in Wake of COVID-19 Pandemic

In the face of an ongoing economic crisis, Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, announced promotions, annual increments & variable payouts to all its employees. The company declared that there will be no layoffs of its employees during these unprecedented and volatile times.

They also made provision of an immediate relief fund of INR 50,000 to each of its business-active agents and their families if they are tested positive for COVID-19. 

With over 125 branches across India, the company has decided not to compromise on hiring and plans to recruit employees as per the business requirement. During this lockdown phase alone, FGII has onboarded over 70 employees across various levels using various digital tools for engaging, interviewing, enrolling, and inducting. The company will continue to hire as in any other year. 

FGII has also taken multiple initiatives towards employee wellness and engagement during the lockdown period. The company has introduced a confidential counselling helpline for employees and their families to help them cope with changes brought about by the pandemic such as anxiety, stress or work-life balance. This is supplemented by live sessions promoting physical and mental health through yoga sessions. It has also organized various engagement programmes such as talent shows and conducted virtual training sessions for employees to help them connect and learn while they work from home.

Mr. Anup Rau, MD & CEO, Future Generali India Insurance said, "We are a people-first company, period. We made sure that every single employee- right from the CXOs to our housekeeping staff - got their due credit and bonuses and increments in time. I don’t believe one can be a customer-centric company without being employee-centric; they are both congruent. Now, more than ever, our employees and partners need certainty and stability in their lives. We are building an organization for the long term and have the wherewithal to handle uncertainty. We are a fundamentally strong company and have the ability to respond to the new realities of the marketplace.”

About Future Generali India Insurance Company Limited

Future Generali India Insurance Company Limited is a joint venture between Future Group – the game changers in Retail Trade in India and Generali – a 189 years old global insurance group featuring among the world’s 60 largest companies*. The Company was incorporated in September 2007 with the objective of providing retail, commercial, personal and rural insurance solutions to individuals and corporates to help them manage and mitigate risks.

Future Generali India has been aptly benefitting from the global Insurance expertise in diverse classes of products of Generali Group and the Indian retail game-changer Future Group. Havingfirmlyestablisheditscredentials in this segment and effectively leveraging on the skill set of both its JV partners, Future Generali India has evolved to become a Total Insurance Solutions Company.

*As per Fortune Global 500 Ranking (2017)

*Future Generali India Insuranceiscertified ‘Great Place to Work’ (December2019-November 2020)

About Generali Group

Generali is an independent, Italian insurance Group, with a strong international presence. Established in 1831, it is one of the largest global insurance providers present in over 60 countries with total premium income exceeding €68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in Central and Eastern Europe as well as in Asia.

Atal Pension Yojana: Upgrade/Downgrade of Pension is Now Available Throughout the Year

In its endeavor to make the Atal Pension Yojana attractive and to benefit 2.28 Crore subscribers enrolled under the scheme, PFRDA has asked all banks to process upgrade/ downgrade of pension amount requests of APY subscribers throughout the year with effect from 1st July 2020, however; once in a financial year. This arrangement will enable the APY subscribers to increase/decrease their pension plans as per their changed income levels and capacity to pay APY contributions, which is very important to continue contributions in the scheme till 60 years. Earlier this facility was available only during the month of April of every year.

Apart from the above, from 1st of July, 2020 auto-debit of APY contributions has also started ,which was stopped till 30th June, 2020 due to PFRDA’s circular issued on 11th April, 2020 for providing relief to the APY subscribers from out-break of Covid-19. As per current arrangements, if all the pending APY contributions due between April-August, 2020 get auto-debited from Savings account of the subscribers, latest by 30th September, 2020; then no penal-interest would be charged to them.

Further, in order to enable subscribers to follow social-distancing norms and promote digital utilities PFRDA has also sent one communication to all Banks describing usage and ways to access digital utilities for few functionalities available online for facilitating APY subscribers to access their APY accounts and get various forms without visiting their Bank branch. These functionalities include downloading Upgrade/ downgrade form, PRAN Card Printing, View/download of APY e-PRAN with complete subscriber’s details ,Transaction Statement, APY Subscriber Information Brochure and Subscriber Details Modification Form.  Subscriber’s can also lodge their grievances at Central Grievances Management System (CGMS), download of Mobile Application, access to Youtube videos on APY Ki Pathshala. The information on these features is expected to benefit APY subscribers and empower them to carry out APY related activities smoothly.

The Atal Pension Yojana is launched by Government of India in the May, 2015 and is being administered by PFRDA. This scheme is open to all Citizens of India for joining who are in the age group of 18-40 years, through the bank-branches or post offices where they have their Savings Bank accounts. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month after attaining the age of 60 years, depending upon his contributions. After the death of such subscribers, same pension amount would be paid to the spouse of the subscriber and on the demise of both subscriber and spouse, the accumulated pension wealth as accumulated till age 60 years of the subscriber would be returned to the nominee.

The scheme is currently being distributed through 258 active APY Service Providers consisting of Banks and post-offices as this scheme is only available to those who have a Savings Bank account. PFRDA regularly advises all its APY Service Providers to promote the scheme for its outreach to the ultimate prospective customers. All Public Sector, Private, Regional Rural, Small Finance, Payment and Co-operative Banks enthusiastically participate in the various promotional campaigns run by PFRDA throughout the year.

More than 5 lac new subscribers have been enrolled under APY in first quarter of the FY 2020-21 out of which around 4 lac subscribers joined APY in the month of June, 2020.

Aditya Birla Sun Life Insurance launches Child’s Future Assured Plan

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan. It aims at assured returns combined with protection, to financially secure a child’s future milestones. 

This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education & marriage by providing the required cash flow to help you meet your goals for your child’s future. It has an in-built Waiver of Premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage. The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.

The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders. It offers the choice to enhance risk cover up to 200% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).

Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for his/her child’s education, marriage, or both together by opting from any of the following options:

* Education Milestone: Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years.

* Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.

* Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.

Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate. 

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial ensure peace of mind”. 

Key Benefits

• Comprehensive planning for your child’s future: Plan for your child’s education, marriage or both life stage needs together under one product

• Guaranteed Benefits: All benefits are fully guaranteed 

• Enhanced value for loyal customer: Get 20% extra on each benefit as & when due as loyalty addition

• Flexibility to plan according to your desired milestone: Pick a PPT & Assured Benefit Payment Term  as per your desired milestone

• Enhanced risk coverage: Choice of enhancing risk cover up to 200% of Sum Assured to provide financial security to your loved ones in case of any exigency. Additionally, enhance coverage through riders.

• Policy Continuance Benefit: We shall pay the monies at your desired milestones and the policy shall continue as is even in  your absence

• High Sum Assured Rebate available

Plan at a glance

Entry Age                 Minimum: 18 Years

                                  Maximum: 65 Years (50 years if Enhanced insurance cover is chosen)

Age at Maturity          75 years

Minimum Premium     Rs. 30,000 p.a.

                                    Max No Limit

Exide Life Insurance in FY 2019-20 Delivers Strong Growth of INR 29 Crs, up 141% in Profits

Exide Life Insurance, a 100% owned subsidiary of Exide Industries, reported a growth of 141% in Profits Before Tax (PBT) at INR 29 Crores in the Financial Year ended March 2020, compared to INR 12 Crores in the previous Financial Year (FY 18-19). This is the eighth consecutive year in which the Company has reported profits.

The Company has continued its emphasis on protection products resulting in the protection business mix increasing from 9% of Annualized Premium Equivalent (APE) in FY 18-19 to 11% in FY 19-20.

The Company has achieved its highest ever Claims Settlement Ratio at 98.15% and has a healthy Solvency Ratio of 210% versus the regulatory requirement of 150%.

Continuing with a very strong track record of declaring bonus payouts to participating policyholders every year since inception, the Company has announced Policyholder Bonus distribution of INR 324 Crores in FY 2019-20, a growth of 13.1% over previous FY.

Commenting on the results, Kshitij Jain, MD & CEO, Exide Life Insurance said, “Our primary focus remains value creation for customers and shareholders. Our long term strategy is to grow new business faster than the industry while continuing to improve on the quality of business.

Our commitment to this philosophy has paid off and our business performance has manifested in superior returns to our policyholders, with us being able to pay bonus to participating policyholders every year since inception. Needless to say we live by our promise and our core brand essence of Lamba Saath, Bharose Ki Baat.”

Policyholder Bonus

Considering the surplus that arose over the Financial Year in the Participating fund, the Company announced policyholder bonus of INR 324 Crores in FY 2019-20, a growth of 13.1% over FY 2018-19

Solvency Ratio

The solvency ratio of the Company stood at 210% as on 31st March 2020, compared to the regulatory requirement of 150%.

Assets under Management

The Company’s Assets under Management (AUM) recorded a growth of 10% over the last financial year and stands at INR 15,795 Crores.

Profit Before Tax (PBT)

During FY 2019-20, the Company recorded Profit Before Tax of INR 29 Crores, compared to INR 12 Crores in FY 2018-19. 

Claim Settlement Ratio

The Company continued its growth journey with ‘Individual Claims Settlement Ratio’ improving to an all-time high (since inception) of 98.15% in FY 2019-20. The Company paid death claims worth INR 213.70 Crores (Individual INR 88.95 Crores and Group INR 124.75 Crores) during the Financial Year 2019-20.

Renewals and Persistency

The Company achieved 12% growth in individual renewal premiums at INR 2,221 Crores with improvement in persistency ratios for 13th month, 25th month as well as 37th month.

Protection Business Mix

The mix of protection business was further strengthened to 11% of the individual new business premium (Annualized Premium Equivalent).

Life Insurance Coverage (Sum Assured)

The Company has increased its total coverage and now has total Sum Assured of INR 3.44 Lakh Crores as on 31st March 2020.

Awards

The Company’s all round performance on value creation continued with receiving external recognition in various areas of business. Some of the noteworthy awards won are:

1.    Exide Life Smart Term Plan voted as Product of the Year 2019

2.    Helmet Saves CSR initiative won:

a.    Best BTL campaign for a socio economic program in Masters of Modern Marketing

b.    Brandvid (Gold) Best brand integration in Music Video

c.    Brandvid (Silver) – Best brand film for Social initiative

d.    FICCI best CSR initiative in Life Category 

Aditya Birla Sun Life Insurance Launches Child’s Future Assured Plan

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan. It aims at assured returns combined with protection, to financially secure a child’s future milestones. 

This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education & marriage by providing the required cash flow to help you meet your goals for your child’s future. It has an in-built Waiver of Premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage. The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.

The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders. It offers the choice to enhance risk cover up to 200% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).

Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for his/her child’s education, marriage, or both together by opting from any of the following options:

* Education Milestone: Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years.

* Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.

* Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.

Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate. 

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial goals of parents and a defined corpus will ensure peace of mind."

Key Benefits

• Comprehensive planning for your child’s future: Plan for your child’s education, marriage or both life stage needs together under one product

• Guaranteed Benefits: All benefits are fully guaranteed 

• Enhanced value for loyal customer: Get 20% extra on each benefit as & when due as loyalty addition

• Flexibility to plan according to your desired milestone: Pick a PPT & Assured Benefit Payment Term  as per your desired milestone

• Enhanced risk coverage: Choice of enhancing risk cover up to 200% of Sum Assured to provide financial security to your loved ones in case of any exigency. Additionally, enhance coverage through riders.

• Policy Continuance Benefit: We shall pay the monies at your desired milestones and the policy shall continue as is even in  your absence

• High Sum Assured Rebate available

About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company 

Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading life insurance companies offering a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).

As of March 2020, total AUM of ABSLI Stood at Rs. 411,261 million. ABSLI recorded a gross premium income of Rs. 80,100 million in FY 2019-20 and registering a y-o-y growth of 7% in Gross Premium with Individual Business FYP at Rs 18,036 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide distribution presence through 397 branches, 8 bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.

ICICI Lombard Introduces Cyber Insurance Cover for Individuals

In these unprecedented times owing to the COVID-19 crisis, remote working has become the new normal. Since the lockdown was announced, like everywhere else, S. Mohan’s company too announced remote working. Before everything shut down, Sameer wanted to buy a laptop, since his device was faulty. He kept browsing different websites to find a good deal for the new laptops. One day, he got a mail offering an unbelievable deal on his favorite brand.  However, buying the laptop needed his credit card information. Since the website offered home delivery within 48 hours (even in the lockdown) he made an impulsive purchase through his credit card. Next morning Mr. Mohan woke up to a message from his bank stating that he has surpassed his credit card limit which was around INR 3, 00,000. When he opened the mail again, the ‘page was not found’. It then dawned upon Mr. Mohan that he has fallen prey to online fraud. He had lost approx. INR 3, 75,000 in a single night. He could do nothing about it as he did not have any protection to see him through.

To help customers overcome such tragedies, ICICI Lombard General Insurance, India's leading private sector non-life insurance company, announced the launch of its Retail Cyber Liability Insurance policy. This policy offers complete protection to individuals and their families against any cyber frauds or digital risks that could result in a financial or reputational loss. The retail cyber insurance product is a form of insurance that protects individuals against losses that individually vary from online theft to unauthorized transactions.

India is one of the most prominent digital markets, with a vast potential for exponential growth. Data shows on a country level; we have over  560 mn internet subscribers and over 350 mn social media users. India is the second-largest App Market by Download and has over 180 Mn+ e-commerce users. When it comes to phone-based transactions, we have over INR 1 Trillion UPI transactions.  This lays the ground for a huge potential for cyberattacks. Undoubtedly, and this opportunity is followed by the menace of cyber risks and frauds which, too, have been growing considerably. Research shows that:

* Cyber-attacks have soared 86% in the four weeks roughly between March and April & overall 37% in first quarter of 2020

* Hackers based in China attempted over 40,300 cyber-attacks on India in 3rd week of week of June, mostly covid-19 based scams. The attacks aimed at causing issues such as denial of service, hijacking of Internet Protocol and phishing

* Rs 1.24 trillion is the amount lost in India in the past 12 months due to cybercrime.

* 131.2 million is the number of cybercrime victims in India in 2019 & 63% of them were impacted financially

According to the Internet Crime Report for 2019, released by FBI's Internet Crime Complaint Centre (IC3), India ranks third among the top 20 countries that are victims of cybercrimes. Going by this data, we are at a high risk of exposure, and personal cyber insurance seems the only respite.

The company's product is designed to secure the digital world against losses in the event of a cyberattack. The coverage will include protection against:

* Identity theft

* Cyber-bullying

* Cyber extortion

* Malware intrusion

* Financial loss due to unauthorized and fraudulent use of bank account, credit card and mobile wallets

* Legal expenses arising out of any covered risk

ICICI Lombard has Innovated by Covering Newer Threats Such As

* Reputation injury - all the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can also be claimed.

* Individual lost wages – if someone loses wages that would have been otherwise earned, for the time necessarily taken off from work to rectify facts arising out of any covered risk can also be claimed

The policy can be purchased at an affordable rate by all digitally active individuals. The premium ranges from INR 6.5 per day to INR 65 per day. The Sum Insured for the cover ranges from INR 50,000 to INR 10,000,000 as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of 1 year.  

Speaking on the launch, Sanjay Datta, Chief - Claims, Underwriting and Reinsurance said, "We are living in a digital world where data is being engendered, transmitted and deposited every nanosecond. Today, data is gold. And, to protect it, is paramount. While we live a digital life, the risks of cyberattacks have also grown exponentially. Our new product comes at an opportune moment when everybody is working remotely, using social media and net banking and is digitally active. The product is designed to protect individuals against the dangers that come with the connected life like cyber-bullying, identity theft and more. The policy asserts the company's pledge to provide innovative new-age risk solutions to our customers while protecting their reputation, prospective data breaches and losses in case any vital information is stolen or abused."

ICICI Lombard's commitment to providing the best for its consumers reflects through these offerings and more which ensure that the policyholders are stress-free while they work from home and even after. True to its ethos of "Nibhaaye Vaade" (Keeping Promises), ICICI Lombard always aims at being ahead of the curve to provide the customers with innovative and unique products against the new risks.

For more information on the policy and the full range of ICICI Lombard’s Insurance portfolio please visit the website www.icicilombard.com for further details on risk factors, exclusions, terms and conditions.

About ICICI Lombard General Insurance Company Ltd

We are the largest private sector non-life insurer in India based on gross direct premium income in fiscal 2020 (Source: IRDAI). We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. 

Alankit, IDP Announces Partnership for Innovative Identity Solutions Range Across Indian Market

Alankit, a market leader and eminent name in the Financial and digital solutions industry with  business segments like e-Governance, Financial Services, Healthcare and Insurance Broking announced their  partnership with IDP, an industry leader in innovative identification card printer technology. Alankit is launching innovative Smart Card Printing solutions range (SOLID series – first in India) for secure, smart & seamless access through ID -cards such as Pan, Aadhaar, Corporate ID cards, student ID cards   etc.

IDP is an industry leader dedicated to improving the photo identification market by developing card printers, encoders and software with diverse and innovative uses of technology.

According to Mr. Ankit Agarwal, MD Alankit Ltd. “In such challenging times we need a secure card printing solution partner who can stand with us as we liaise with different Government divisions. We are thrilled to announce our partnership with IDP who will be with us for the best and efficient printing.We pride ourselves on consistently delivering services based on a robust countrywide network. It is critically important that we should step a foot ahead in every aspect of the business of digital solutions to ensure we remain on the competitive edge in our industry”. Alankit has printed over 90-million different types of ID-cards under the E Governance partnership presence. Alankit has a chain of TIN-Facilitation and PAN centers across India and providing hassle-free printing of online pan cards as well.

Commenting on this strategic partnership Mr. Brian Roh CEO, IDP says “It will be the perfect partnership with Alankit as they are already one of the established leaders in citizen services and now we can combine their expertise to address the business challenges, introducing the new solution in e- Governance and Financial ecosystem with such innovations in Identity and Access management domain. We are glad to be part of Alankit to provide them end-to-end and high quality services to their clientele.”

Mr. Vishal R Soni, CRO, Alankit Ltd adds, “In today’s challenging market scenario, we feel more responsible to bring in new and market relevant solutions to serve our millions of customers and over 8300+ partners across the country and abroad. We are assured that our relationship with IDP for their card printing hardware and software solutions would help us constantly elevate satisfaction level at our current and new client base and further accelerate new revenue streams for our partners, which is the need of the hour.  We believe IDP’s features like, FINE Image technology, WIFI, Linux support, Quick Laminator extension, smaller yield budget friendly ribbons clubbed with Alankit’s own ALSSEC-ID software to be used for various e-Gov card applications would be wise choice for our customers, for their perpetual success.”

Alankit is a trusted name in the market for almost the last two decades and has got a huge clientele base. The company believes in providing high-quality products and services to its customers. Alankit has trained professional support system in order to ensure timely completion of orders.With focus on customer-centric operations coupled with digital transformation initiatives, Alankit is catering to a wide range of audience including corporate entities, Schools, individual investors as well as general public through its wide network of business /locations/branches across the country. The new products of the Alankit- TheSOLID-510 and Alankit ID Software ALSSEC-ID will provide “contactless card” solution for a smart, secure, and seamless access to the premises post lockdown. This combination will also support UTI/NSDL/Income Tax Portals.

About Alankit Ltd.

ALANKIT LIMITED is the flagship company of Alankit and a leading e-Governance Service Provider in India. Alankit is a conglomerate comprising of 13 Group companies with diversified activities into the e-Governance, Financial Services, Insurance and Health Care verticals. Alankit Limited is listed on both the premier exchanges of the country; National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE). Its customer base of over 21 Million is increasing steadily year after year. Alankit Ltd.’s primary services include GSP (GST Suvidha Provider), TIN Facilitation Centre & PAN Centre, Aadhaar Services, Business Correspondent (BC), National Distributor for ID card Printers, POP- National Pension System (NPS), Authorized Person (AP) for National Insurance - policy Repository (NIR), Point of Service (POS) for National Skills Registry (NSR), Facilitator for Atal Pension Yojana (APY), Manpower Services, etc. Alankit acts as the last mile between the Government and the citizens of the country.

Aditya Birla Sun Life Insurance Launches Child’s Future Assured Plan

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan. It aims at assured returns combined with protection, to financially secure a child’s future milestones. 

This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education & marriage by providing the required cash flow to help you meet your goals for your child’s future. It has an in-built Waiver of Premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage. The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.

The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders. It offers the choice to enhance risk cover up to 200% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).

Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for his/her child’s education, marriage, or both together by opting from any of the following options:

* Education Milestone: Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years.

* Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.

* Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.

Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate. 

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial goals of parents and a defined corpus will ensure peace of mind”.

HDFC ERGO to Launch On-Demand ‘Pay As You Fly’ Insurance for Drones with TropoGo

HDFC ERGO, the country’s third largest non-life insurance provider in the private sector, and TropoGo, a Deep Tech start-up, have partnered to offer commercial drone owners and operators Third Party Liability claims cover for property damage and bodily injuries. This policy is the first-of-its-kind in the non-life insurance segment in India which will be offered on-demand to customers on ‘Pay as you Fly’ concept.

In the current pandemic, Unmanned Aerial Vehicles (UAV) or drones are being considered and also actively used actively by State and Central Government in the fight against Covid-19. While the world has come to a grinding halt, drones are proving to be efficient and beneficial for public surveillance, crowd monitoring and; in certain areas; even for delivery of essentials like medicines. Moreover, the use of drones may also become central to various functions of different businesses in future, where humans may be unable to perform the tasks.

Despite the advantages drones offer to its commercial users, the safety towards third-party assets remains unanswered. Addressing this need, HDFC ERGO’s new policy provides commercial drone owners/operators Third Party Liability claims cover which may be incurred while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel & tourism purposes among others. This cover will be offered to registered drone owners and operators holding a commercial drone pilot’s certificate or a license issued by certified training schools in India.

Commenting on the launch of the new product, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company Ltd., “The risk landscape continues to evolve. With the advancement in technology, new risks are emerging that open up new horizons for us to offer innovative products. Today, drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. But, mistakes in operating and equipment failure may cause damage to third parties. Considering this we are launching this cover under our Aviation Insurance, which is a first in the industry, to safeguard drone owners and pilots from any third-party liability while flying a drone commercially.”

Mr. Sandipan Sen, Founder & Product owner, TropoGo said, “Third-Party Liability insurance is mandatory for drone operations, and there has been a demand from the Indian Drone Community for Insurance as well. Unfortunately, until now, no insurer offers such a cover and the flexibility to buy the policy through a digital platform. We identified this as the problem statement and partnered with HDFC ERGO General Insurance to offer India’s first on-demand ‘Pay As You Fly’ Third-Party Liability cover for drone owners and operators that is Smart, Affordable & Fit-for-Purpose."

TropoGo mobile app will be available for both Android and iOS users, which will allow registered members to choose a policy cover based on the duration of time the drone is being used. Members may opt for 4 hours, one-day or a one-month cover to insure themselves against third-party liabilities. For more information about the policy cover, drone users can logon to www.tropogo.com or download the TropoGo app on their Android or iOS based mobile phones, or simply connect with a HDFC ERGO General or TropoGo representative.

Billionaire Buffett in India during March 2011

Multi-billionaire Warren Buffet will speak at a fund raising campaign in New Delhi next week. He will launch his firm's insurance selling portal and will meet policy holders at an event at the Taj Mahal Hotel in New Delhi, as per a report on the company's website.

Berkshire India, which will now sell its general insurance policies or products through its berkshireinsurance.com portal. It has invited all policy holders to register for the March 25 event at the Taj.

Buffet is ranked No 3 world's richest by Forbes in 2011 and is expected to attend a ground breaking ceremony in South Korea on March 21 before flying into India.

Larsen and Toubro to set up commercial banks

The financial services arm of construction and engineering major Larsen and Toubro (L&T) is planning to set up a commercial bank as part of its efforts to have a presence in the entire gamut of financial services in the country.

L&T Finance, which already holds 4.69 percent in City Union Bank, said here Thursday that there were related advantages of starting a bank especially to provide services to corporate partners.

Apart from L&T Finance, the group has floated another non-banking finance company (NBFC), L&T Infrastructure Finance, as well as incorporating a general insurance company, L&T General Insurance.

"Our long-term vision is to be present in the entire gamut of financial services including asset management, general and life insurance and bank. Our vision is to be a wholesome financial services player but no time frame has been fixed to achieve that," said Larsen and Toubro's executive vice president for financial services N. Sivaraman.

Various options will be looked at -- going alone, partnering another company or acquisition -- before a decision is taken, Sivaraman told reporters.

However, Larsen and Toubro's first expansion move in the financial services field will be in the general insurance sector through its investment arm L&T Capital Holdings.

"We don't find a need for a foreign partner for funds. For assessment of risks, it is actually based on local experience. A foreign partner brings in expertise in pricing of the risk. We can do that on our own," Sivaraman said.

According to him, though there are talks about the Indian general insurance sector moving towards consolidation, buying out the stakes of existing promoters did not enthuse Larsen and Toubro.

"The foreign promoters of Indian general insurance companies are here for the long run. Further, an existing company may come with a baggage which we do not want."

The non-life insurance company is expected to start business in 2010.

About floating a bank, Sivaraman said: "There are relative advantages of having an NBFC and a bank."

"There are two agendas for holding a stake in a bank. The first one is to have a share in the business. The second is the availability of banking services to our trade partners in opening letters of credit and other banking products."

The lending portfolio of Larsen and Toubro's two NBFCs at the end of last fiscal stood at around Rs.7,500 crore, which is expected to grow this year.

L&T Finance will also raise Rs.1,000 crore through issue of non-convertible debentures for business deployment.

Agencies

Progress Software target insurance, airlines sectors in India

Progress Software Corporation is targeting the insurance, logistics, BFSI and airlines sectors that are mushrooming with many foreign players coming into India.

The provider of application infrastructure software for the development, deployment, integration and management of business applications is looking to partner with domestic consultants with large working knowledge in these sectors.

Talking to CXOtoday, Jezmynn Koh, marketing manager, Asia, of Progress Software, said, "We see a very large potential for us in these sectors and, along with the business knowledge of our partners, we expect to grow big in India. This year we see big-time growth for the BFSI, telecom and insurance sectors."

In fact, the company has already selected a partner - Hasel Fre Solutions - who have business knowledge in the insurance sector. "Likewise, we are now looking for partners in the logistics, BFSI and airlines sectors," she said.

Progress Software's OpenEdge platform enables companies like QAE and Epicor to build an ERP solution on top of it. So, several companies in the BFSI, telecom and also public-sector undertaking sectors have customized the platform as per their requirements.

OpenEdge has been the "cash cows" for Progress Software for many years and contributes almost 70% to the company's revenues.

In the telecom space, Bharat Sanchar Nigam Ltd has been managing data backend integration using Progress COBRA software so that switch-makers can integrate a totally different billing system. "With the fast growth in the telecom sector, most telecom companies face system integration challenges," said Koh.

Similarly, Steel Authority of India Ltd (SAIL) has built a customized ERP solution on top of OpenEdge software for buying, selling and distribution for the last many years..

Besides, Progress also sells through their strategic partners - Wipro, TCS, Infosys and Satyam. Regarding continuing partnership with Satyam, Koh said her company will continue to partner as long as there is a business need for different projects.

CXOtoday.com