Page 13 - Insurance Times January 2018 Sample

Private Life Insurance

News

IndiaFirst launches micro-insurance plan Insurance Companies

RM Vishakha, Managing Director and CEO, IndiaFirst Life IndiaFirst Life Insur- stocks become fund man-
ance has launched an unique micro-insurance
plan, 'insurance katha', targeted at those in agers' favourite picks
the informal sector and agricultural labourers Stocks of insurance companies are
with seasonal incomes. This plan will be distrib- emerging as
uted exclusively through the 2.4 lakh common one of the
service centres (CSCs) across the country, RM favourites of
Vishakha, Managing Director and CEO, IndiaFirst Life, said at a launch event. domestic
mutual fund
Alphons Kannanthanam, Minister of State for Electronics & IT, was present on
managers.
the occasion. The 'novelty' of the new microinsurance plan is that it provides in- Until last year, the insurance sector
dividuals the flexibility to pay premium in parts, as and when possible, the com- had little or no representation in the
pany said. stock market. But, a slew of big-
"At an individual platform with an entry-level minimum premium of Rs.500, this ticket listings have caught the fancy
is the first-of-its-kind product in the industry," Vishakha told. Taking into account of money managers, who are con-
possibilities of monetary limitations of the target segment, the plan is designed stantly on the lookout to expand
to return the paid premium amount at the end of the term, while ensuring life their stock universe because of the
insurance coverage, during the term. "It is not a high-margin product for us. We gush of inflows.
have kept the cost of servicing at a bare minimum," Vishakha said. This can be gauged from the fact
that three insurers - ICICI Prudential
"For customers, it is a plan where you can keep on increasing the sum insured
Life Insurance, ICICI Lombard Gen-
you had paid and keep on getting back the premium you paid as and when they eral Insurance and SBI Life Insurance
mature. We offer three options - five, seven and 10 years tenures and five, seven
- put together have consumed over
and 10 times of premium paid as sum insured," Vishakha said.
Rs 6,000 crore of MF equity assets.
Further, HDFC Standard Life Insur-
Bajaj Allianz`s launches 'Pro-fit' platform ance, which listed recently, saw in-

Bajaj Allianz General Insurance has launched 'Pro-fit', a platform that will act vestments from ICICI Prudential
as a one-stop solution to all the health- AMC, Reliance Nippon MF, Sundaram
record tracking needs of customers. MF and Axis MF, among others.
Pro-Fit is available on the company's Not just initial public offerings
self-service app 'Insurance Wallet' and (IPOs), but mutual funds have been
can also be accessed on the company seen lapping up shares of these com-
website. Customers can store their panies from the secondary market as
health records, track their fitness lev- well. For instance, in October, equity
els, and get reminders for vaccinations or medications, a company press release MFs invested over Rs 1,000 crore in
said. ICICI Lombard and SBI Life.

The Insurance Times, January 2018 13

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