Page 48 - Insurance Times February 2024
P. 48
expansion of the Use and File scope has further The year ahead
empowered us to innovate, offering tailormade products The New Year ahead could be a game changer for the
that cater to individual needs and preferences, Satishwar insurance industry as the regulator lined up an ambitious plan
added.
of launching the Bima Trinity as a part of its vision of
Insurance for all by 2047. The primary objective of this
Bima Bharosa initiative is building affordability and accessibility of insurance.
To ensure protection of policyholders interest, IRDAI has
This project, which includes Bima Sugam, Bima Vistaar and
introduced a transformative initiative, Bima Bharosa, which
Bima Vaahak, is expected to take off in 2024. Bima Sugam,
involves a substantial upgrade to the existing Integrated
Grievance Redressal System. which is an online marketplace encompassing the entire
customer journey from buying to servicing, is expected to make
The primary objective is to streamline and enhance the accessibility of insurance much easier. Bima Vistaar promises
to be a revolutionary insurance product which seeks to offer
efficiency of grievance redressal procedures. A noteworthy
aspect of Bima Bharosa is its commitment to linguistic affordable protection to the masses. It is expected to be
launched by January 2024. Bima Vaahak is a womencentric
inclusivity, allowing policyholders to log complaints in
regional languages. distribution channel at the gram sabha level that aims to
empower women by educating them about the benefits of
comprehensive insurance thus enabling their financial security.
This strategic move aligns with the diverse linguistic
preferences of customers, aiming to make the grievance While the regulator has already given licenses to three new
redressal process more accessible and userfriendly. players this year, it is expected to allow entry of more
Recognising the dissatisfaction expressed by customers companies going forward. IRDAI has said that it is looking
through various channels, including social media, the to issue licenses to 20 new insurers in the immediate future.
regulators close monitoring of Bima Bharosa is expected Additionally, the regulator is also likely to relook at the
to instil greater confidence in policyholders by providing a capital requirements, making entry of new players easy.
comprehensive and responsive solution to their concerns.
One of the awaited developments of 2024 is that the
Bima Bharosa is poised to establish a more transparent, government will table the Insurance Laws (Amendment) Bill
efficient, and customercentric framework for grievance 2022 as it has the potential to bring another round of positive
redressal within the insurance sector, marking a pivotal reforms and bolster growth prospects of the industry.
advancement in safeguarding the interests of policyholders. (Refer: Business Line)
Canara HSBC Life Insurance launches iSelect Guaranteed Future Plus
Canara HSBC Life Insurance introduced iSelect Guaranteed Future Plus, a comprehensive plan designed to deliver life
insurance and assured benefits, ensuring the safeguarding of goals and providing peace of mind. This plan offers financial
security and stability, catering to individuals and their families at various life stages and significant milestones.
The product encompasses a range of crucial features, including a life cover serving as a safety net for the policyholder
and their loved ones, ensuring financial security during uncertain periods. With a 100% guarantee of benefits, the
plan instills confidence in achieving financial objectives. Furthermore, it empowers policyholders to accumulate a
financial reserve for significant milestones like marriage, retirement, and child education, with guaranteed lump-sum
benefits at the policy's conclusion. The option to receive the total premiums paid upon maturity adds an extra layer
of assurance, guaranteeing a tangible financial return on investment. To enhance protection, the plan offers optional
benefits, allowing individuals to customise their coverage based on specific needs and preferences.
Akshay Dhand, Appointed Actuary, Canara HSBC Life Insurance, on the launch of the new product, says, "We are
delighted to announce "iSelect Guaranteed Future Plus", it aims to provide unparallel financial stability to the individuals
who are looking for guaranteed returns from their self-tailored insurance policy. Customized to meet specific insurance
needs, the plan offers guaranteed benefits and flexible alternatives for effectively managing expenses in the long
run. The proposition reflects our dedication to offering reliable solutions across various life stages."
44 February 2024 The Insurance Times
