Page 19 - Insurance Times September 2015 SAMPLE
P. 19
Private Life Insurance
PNB Met Life launches Life Insurance Council gets executive council
term plan The Life Insurance Council has elected Manickam. LIC has been unanimously
its first Executive Committee. The Ex- chosen the permanent representative
PNB MetLife India Insurance has ecutive Committee will have one repre- due to its sheer size and volume of
strengthened its portfolio of online sentative each from Life Insurance Cor- business. LIC chairman will be the
insurance solutions with the launch poration of India (LIC), Reliance Life In- chairperson of the council.
of a new term plan - MetLife Mera surance, Bharti AXA Life Insurance and
Term Plan (MMTP). PNB MetLife Insurance. LIC chairman S. The four members nominated by
K. Roy will be chairing the committee. IRDAI will be from four fields - one
The new term plan is available in from agency, one from policyholders,
online version only. It aims to enable Secretary General of Life Insurance one from intermediary and one emi-
customers to create their own fi- Council, V. Manickam said that these nent personality. Manickam said these
nancial protection plan and buy it members were elected by ballot vot- members are expected to be nomi-
online through a hassle-free pro- ing. He added Sandeep Ghosh, Manag- nated by the middle of August.
cess. ing Director
and Chief Ex- Till now, the
"We have gone forward in our ecutive Officer council was led
online journey with the launch of (MD & CEO) of by D. D. Singh,
Bharti AXA Life, was elected in the first member (distri-
MMTP. Our re- round, Tarun Chugh, Managing Direc- bution), Irdai, apart from V. Jayanth
search showed tor and CEO of PNB Metlife, was Kumar, Joint director (life), Irdai.
that consumers elected in the second round and Reli-
value flexibility ance Life CEO Anup Rau was elected The objective of the council is to cre-
around prod- in the third round. ate a positive image of the insurance
ucts. It is this as- sector and enhance consumer confi-
pect that "The executive committee will have dence. The council will organize pro-
prompted us to nine members - four of whom have active discussions with government,
have 'flexibility' in the core design of been elected and four will be nomi- lawmakers and regulators on issues
the product", Tarun Chugh, Manag- nated by the regulator (Insurance plaguing the sector.
ing Director and CEO, PNB MetLife Regulatory and Development Author-
India Insurance told. ity of India or IRDAI). One member will It will also conduct research on life in-
be from a self help group", said surance, publish monographs and con-
MMTP covers a customer's need tribute to development of the sector.
ranging from a simple term cover,
monthly income for the family, Tata AIA Life unveils new product
child's education expense, joint
cover for the spouse, option to in- Private life insurer Tata AIA Life has launched its new
crease sum assured depending on savings product Fortune Guarantee. The product offers
life stages, among other benefits. guaranteed return (with some conditions) to the cus-
tomers to help them achieve their financial goals.
The Insurance Times, September 2015 15
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