Page 15 - Insurance Times June 2021

Private Life Insurance News

Bharti AXA Life Insurance renewal premium grew by 10 per cent policies only to those who have
in FY-21, which indicates that received at least one dose, across all
expects 20% growth in
customers have understood the need age groups.
business for staying invested in insurance "To ensure the highest degree of

Bharti AXA Life Insurance expects 20 products, he said. Close to Rs. 1,500 financial protection to our
per cent growth in business during the crore out of the total premium of Rs. policyholders, we ensure their interests
current fiscal backed by higher demand 2,281 crore was renewal premium. are protected at all times," a Tata AIA
for protection and guaranteed plans In FY21, Covid-related claims spokesperson told.
amid the Covid-19 induced pandemic. accounted for nearly 16 per cent of "Our practices and policies reflect
The company had witnessed a four per the total 2,874 claims registered. In emerging realities. We continue to stay
cent growth in business premium at Rs. value terms, Covid related claims
consumer-focused as well as prudent in
2,281 crore in FY21. accounted for nearly 21 per cent of our practices," the spokesperson said.
According to Parag Raja, MD & CEO, the total payout of around Rs. 180 This policy means that many who have
Bharti AXA Life, the life insurance crore. However, in the second wave not yet taken the vaccine will be
industry is estimated to grow 12-15 per there has been a sharp rise in claims.
unable to buy term life insurance.
cent during the current fiscal, as "In the second wave we have already
against a single digit growth it had received 60-70 per cent of last years' Only 18.95 crore have taken their first
clocked in FY21. Covid claims in the first two months," shots, and 4.66 crore people have
taken both doses of a COVID-19
"The current pandemic has forced he said.
vaccine, according to the Union health
consumers to shift their mindset when ministry's latest update.
it comes to life insurance as a product Insurers make COVID-19
Max Life spokesperson, however, said
category. Pre covid, people generally vaccination mandatory for
bought life insurance for tax saving or the company "continues to issue new
for some for sort of obligation, but the term life insurance term life policies to those who have
not received the Covid 19 vaccine."
current humanitarian crisis has forced Max Life and Tata AIA are asking for
people to start thinking about this. Our COVID-19 vaccinations for those
estimate is that the life insurance purchasing term life insurance, a move Max Life Insurance posts
industry should grow by 12-15 per cent influenced by similar measurers by 19 pc jump in FY21 APE
during the current fiscal and we want some global insurers. Max Life Insurance said its individual
to outperform the industry growth," Max Life is issuing term life insurance annualised premium equivalent (APE)
Raja told.
covers to individuals aged above 45 grew by 19 per cent to Rs 4,907 crore
The company's assets under only after producing final COVID-19 in the financial year ended March
management grew by 36 per cent and vaccine certificates, Tata AIA is giving (FY21).

The Insurance Times, June 2021 15