Page 51 - Insurance Times October 2020

bring real insurance products to the customers and build a Multiple Death Benefit Payout Option: Flexibility to
safety net for their families. With this new term insurance choose from 3 Death Benefit Payoutoptions : a) Lumpsum -
plan, we would help the customers achieve their different where 100% of Death Benefit is paid immediately b) Monthly
life and financial goals and sharpen our focus on the pure Income - where Death Benefit is paid as 1.04% of the Sum
protection segment for increasing its share and boosting the Assured as monthly income for 10 years c) Lumpsum plus
long-term growth," Raja adds.
Monthly Income - where 50% of the Death Benefit is paid
immediately as lumpsum and the remaining 50% is paid as
Bharti AXA Life Insurance helps the insured in ensuring that 0.93% of the Sum Assured as monthly income for 5 years.
his/her family is financially secure even in his/her absence
with a pure term insurance plan combined with an accident
protection plan. The new term plan protects your loved ones Increase the Sum Assured on important milestones:
from the financial crisis. Flexibility for the customer to increase the Sum Assured
during the Policy Term by 50% of the Sum Assured chosen
Premier Protect Plan gives you a term plan that fits your at inception on 3 milestones - Marriage, Purchase of House,
every need. Birth of Child.

Flexibility in Policy Term/Premium Payment Tax benefits: You can avail the tax benefits on the
Terms: The plan offers the choice of multiple policy terms premiums paid and the benefits received subject to the
ranging from 10 years to 35 years and To Age 75 years with prevailing provisions under Income Tax Act, 1961. The tax
multiple premium payment terms (Single, Limited and benefits are subject to change as per change in tax laws from
Regular Pay Options) time to time.

LIC HF posts record Sept biz

LIC Housing Finance (LIC HF), the country's second-largest home loan company, has said new business last month has
been the best for any September in its history. The company is also expecting to end the year with double-digit growth,
given the smart recovery in applications, said MD & CEO Siddhartha Mohanty.
"People are deciding to buy because there are so many incentives on offer by builders and state governments have
reduced stamp duty. I believe the momentum will continue because of the festival season and we will have double-
digit growth for the current financial year," said Mohanty.

Mohanty was addressing newspersons to announce the appointment of Boston Consultancy Group (BCG) to help bring
about a digital transformation to make it possible for borrowers to apply and obtain home loans through an end-to-
end digital process. "We are investing in this project with long-term objectives that would generate more stakeholder
value, expand geographies, thereby contributing to the economic growth of the country. Winning will require a new
playbook. The ultimate objective is to organise and automate every facet of customer interaction to deliver elevated
customer experience," said Mohanty.

DIPAM to determine shareholder value

The Department of Investment and Public Asset Management (DIPAM) will soon issue a Request for Proposal (RFP) to
appoint an actuary for determining the Indian Embedded Value (IEV) for Life Insurance Corporation of India. The IEV
is a measure of the consolidated value of shareholders' interest in the life insurance business within the meaning of
the Insurance Act, 1938, and applicable IRDAI regulations.
"IEV is one of pre-condition of the IPO for LIC and that needs to be determined by an independent actuary," a top
Finance Ministry official told. The official also said this is one of the processes being finalised along with other require-
ments for IPO The official did not rule out the possibility of the IPO being shifted to the next fiscal.

IRDAI regulations require an applicant company to file the 'Embedded Value' before an IPO. The valuation report
needs to be prepared by an independent actuary and peer reviewed by another professional.

The Insurance Times, October 2020