Page 4 - Life Insurance Today May 2016

Contents&Focus

Editorial 3  Insurance Sector underwent a
lot of sea-changes, when it was
The Road ahead for the Life Insurance Industry 5 privatized in 1999 and the In-
- R. Venugopal surance Regulatory & Development
Authority of India- IRDAI- came into
Thinking about & having empathy for - 11 being. Now one more revolutionary
The Indian Insurance Agents change is sweeping across the Sector
Marketing forces being deployed for saling with the passing of the Insurance Act
insurance products 2015 by the Government of India.
- Anabil Bhattacharya
 Indian life insurance industry
MetLife Mera Term Plan 24 has seen two stages of
from PNB MetLife Life Insurance Co. Ltd. growth, since liberalization in
FY 2001. Insurance penetration as a
Childsurance Savings Protection Insurance Plan percentage of GDP grew by 75% in FY
2008 as compared to FY 2003, where,
from IDBI Federal Life Insurance Co. Ltd 25 there has been a 24% fall in the FY
2013 as compared to FY 2008 (Ref.
III Updates 26 FICCI & BCG, 2013). Even Life Insur-
ance which was initially hailed as a
IRDAI Circular 29 sunshine sector is now witnessing
doldrums due to quite a lot of under-
LEGAL 31 lying factors. Our country witnessed a
23% decline in economic growth in
Life insurers form repository to fight fraud 34 the last 5 years, which has caused a
radical shift in the public mindset to
Statistics 36 physical assets as opposed to financial
savings.
LIC News 38
 The new rules in the life in-
Pvt. Life News 39 surance industry have made it
impossible for an insurer to
IRDAI News 40 reject a claim after three years. For
you, this is good as your insurer can't
Glossary & Poll 42 deny your beneficiary insurance
money if a claim is made after three
years of buying a policy. Within three
years, the insurer can investigate the
claim and repudiate on grounds of
fraud or misrepresentation.

4 May 2016 Life Insurance Today