Page 38 - Life Insurance Today January 2018

Private Life Insurance

News
News
News
Companies NewsNews

IndiaFirst launches micro-insurance plan Insurance Companies

RM Vishakha, Managing Director and CEO, IndiaFirst Life IndiaFirst Life Insurance stocks become fund man-
has launched an unique micro-insurance plan,
'insurance katha', targeted at those in the in- agers' favourite picks
formal sector and agricultural labourers with Stocks of insurance companies are
seasonal incomes. This plan will be distributed emerging as
exclusively through the 2.4 lakh common ser- one of the
vice centres (CSCs) across the country, RM favourites
Vishakha, Managing Director and CEO, IndiaFirst Life, said at a launch event. of domestic
mutual
Alphons Kannanthanam, Minister of State for Electronics & IT, was present on
fund man-
the occasion. The 'novelty' of the new microinsurance plan is that it provides in- agers. Until last year, the insurance
dividuals the flexibility to pay premium in parts, as and when possible, the com- sector had little or no representa-
pany said. tion in the stock market. But, a slew
"At an individual platform with an entry-level minimum premium of Rs.500, this of big-ticket listings have caught the
is the first-of-its-kind product in the industry," Vishakha told. Taking into account fancy of money managers, who are
possibilities of monetary limitations of the target segment, the plan is designed constantly 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 Life
"For customers, it is a plan where you can keep on increasing the sum insured
Insurance, ICICI Lombard General In-
you had paid and keep on getting back the premium you paid as and when surance and SBI Life Insurance - put
they mature. We offer three options - five, seven and 10 years tenures and
together have consumed over Rs
five, seven and 10 times of premium paid as sum insured," Vishakha said.
6,000 crore of MF equity assets. Fur-
ther, HDFC Standard Life Insurance,
Bajaj Allianz`s launches 'Pro-fit' platform which listed recently, saw invest-

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

38 January 2018 Life Insurance Today

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010