Page 14 - Insurance Times December 2018

IRDAI gives approval for Bajaj Allianz Life Insurance sets a new Guinness World
IndiaFirst Life Insurance Record with its Plankathon initiative

stake sale Bajaj Allianz Life Insurance Company has set a new Guinness World Records title
for its Plankathon initiative conducted for promoting good health. The event
IRDAI has given its in-principle ap- saw a record number of people successfully hold the abdominal plank position,
proval to Legal and General Group to simultaneously, for an entire minute. The new world record was set as 2353
sell its stake in IndiaFirst Life Insur- people held the abdominal plank at Pune's AFMC Ground.
ance to private equity firm Warburg
Pincus LLC. Legal and General an- Participants from different walks of life came together for the event, and were
nounced in June it would sell its 26 exhilarated as they set a new Guinness World Records feat for 'Most people
per cent stake in the life insurer to holding the abdominal plank position' together for one minute.
Warburg Pincus for Rs 7.1 billion. Bajaj Allianz Life Plankathon was the finale event to the company's very suc-

"The final approval will come in cessful #36SecPlankChallenge campaign. The campaign was designed to moti-
time once the special-purpose-ve- vate more people join the healthy living bandwagon in a fun and simple man-
hicle (SPV) is set up. Under the ner. Here individuals challenged their friends, family, and colleagues on social
guidelines for private equity invest- media to hold a plank for 36 seconds. The viral campaign saw active participa-
ments in the insurance sector, the tion from sports stars including Saina Naiwal, Geeta Phogat and Deepa Malik,
company needs to set up an SPV to fitness enthusiast, CEOs and several corporate leaders from all over India, dur-
complete the share transfer. This is ing the last couple of months.
not a condition in other cases where
Commenting on setting a new world record, Mr. Chandramohan Mehra, Chief
a company buys a stake from an- MarketingOfficer, Bajaj Allianz Life Insurance, said, "The Plankathon initiative
other in the insurance space," said reflects our commitment to promote and enable a massive fitness movement
the source.
that could put India on a global map. We believe good health is a pre-requisite
IndiaFirst posted losses between to accomplishing Life Goals. The success of #36SecPlankChallenge campaign en-
FY2010 and FY2014, but after RM couraged us to take the initiative to a higher level and demonstrate the possi-
Vishakha took over as managing di- bilities that exist when health goals are pursued with a reliable partner."
rector and chief executive officer the
company's net profit rose from a net SBI Life Insurance extends the 'Main se Hum' brand
loss of Rs 250 million in FY2014 to Rs
352 million at the end of FY2017. At campaign
the end of FY2018, IndiaFirst's net SBI Life Insurance, has collaborated with advertising start-up, CupShup, known
profit grew by 45 per cent, year-on- for its popular technique of converting tea and coffee cups into a platform for
year, to Rs 512 million. brands. The on-ground extension of SBI Life's 'Main se Hum' campaign is aimed

The company's assets under man- at creating a deeper consumer connect by unintrusively participating in their
agement have nearly doubled in the daily tea breaks. SBI Life's 360° campaign targets today's consumer across
last three years from Rs 76.5 billion multiple platforms through conventional marketing media such as TV, print,
in FY2015 to Rs 126.22 billion at the outdoor, along with digital and social media.
end of FY2018. "As I have said be- 8 lakh cups are being distributed among 75 leading corporate houses through
fore micro-insurance is the future this promotion which has been live since October 2018. The cups carry simple
and the 'insurance in a sachet' illustrations on 'Main se hum ka kadam' describing the services that individu-
model is the only way we can im- als can opt for themselves or their family.
prove penetration of life insurance.
I want to do with insurance what Uber launches insurance for its drivers in India
FMCG companies have done with
Indian Uber drivers will now get insurance from HDFC Life worth Rs 2 lakh - 10
the market," said Vishakha.
lakh. Furthermore, their family members (driver, spouse, and first two children)
The company entered the micro-in- are eligible for a separate family health insurance from Reliance General Insur-
surance segment by starting 'Khata ance. They can even avail micro loans from Supermoney (GetClarity Fintech ser-
Plan' using government-run Com- vices). The micro loans range from Rs 5000 - 25000 at a monthly interest rate
mon Service Centres last November.
of 2%.
14 The Insurance Times, December 2018