Page 15 - The Insurance Times January 2022

In FY21, the total premium income witnessed exceptional growth of 150 'Guaranteed Suraksha Kavach', a life
grew by 34 per cent to Rs. 11,105 per cent YoY in NBP, while other large insurance plan primarily aimed at
crore, compared with Rs. 8,308 crore entities like HDFC Life, ICICI Prudential personnel in defence, security & police.
in FY-20. The total renewal premium Life, and Max Life Insurance posted The company's dedicated defence
income also witnessed a 37 per cent NBP growth of over 25 per cent. channel, GARV will be used to
growth at Rs. 6,961 crore (Rs. 5,066 distribute the product. The insurance
crore). Its 13th month persistency ICICI Pru first insurer to plan aims to provide guaranteed
remained at 88.28 per cent despite the benefits for the life term and financial
adverse impact of Covid-19 pandemic sign UNPRI on ESG issues aid against risk of death from two
while the claim settlement ratio stands ICICI Prudential Life Insurance has plans Futures Suraksha and Income
at around 98.05 per cent. The recently signed United Nations Suraksha. It also provides the option of
company claims to have registered 35 supported Principles for Responsible creating early retirement benefits. The
per cent CAGR in the retail protection Investment (UNPRI) demonstrating its lifestyle and the requirements of
business over the last two years. commitment towards Environment, national forces are different which
Social and Governance (ESG) In its need to be serviced by a customized
Life insurers' new biz journey towards promoting product.
sustainability, the Company is
premium spikes 42% integrating ESG factors into its Max Life Insurance
Life insurers' new business premium investment management framework.
(NBP) reported good performance in As a responsible corporate it has also Enhances 'Buy Now, Pay at
November after a poor showing in adopted sustainability principles across Approval' Feature
October, on the back of strong growth its business activities.The company in a
Max Life Insurance has enhanced the
in group single premiums for both recent release said, the sustainability
'Buy Now - Pay at Approval' feature
private insurers and Life Insurance framework is built on three pillars of
available on term insurance purchase
Corporation (LIC) of India. In ESG which include leaving the planet
for customers. Launched last year for
November, 24 life insurers, including a better place for the next generation,
policies bought online, the feature
LIC, reported NBP to the tune of Rs giving back to society and
allows customers to apply for a policy
27,177 crore, up 42 per cent year-on- transparency in functioning.
through a digital payment method.
year (YoY) from the year-ago period. With Assets under Management of This helps ensure that the premium
Private insurers' NBP rose 58.63 per over ?2.37 trillion, ICICI Prudential Life amount is not deducted until the
cent YoY to Rs 11,209.75 crore as group Insurance is a key institutional investor proposal evaluation by the insurer.
single premiums more than doubled and believes integrating the ESG
While the feature was only available
during this period. Private players saw framework in its investment
on credit card payments last year, with
their individual single premiums rise management practices will ensure
the increase in digital transactions and
32.5 per cent, while individual single sustainable value creation for all
diversification of payment options, the
premiums, as well as renewable stakeholders, the release said adding,
facility now applies to transactions
premiums, posted decent growth in "The Company also engages with
made through Credit Cards, Debit
the same period. investee companies on ESG issues to
Cards, and UPI platforms.
NBP is the premium acquired from ensure the business operates in a Launched last year only on Credit Card
new policies in a particular year. responsible and sustainable manner,
benefitting the environment, society payments, the 'Buy Now, Pay at
State-owned insurance behemoth LIC Approval' feature saw a 25% customer
and investors."
also posted impressive growth of 32 penetration last year. Introduced
per cent in NBP during the same across varied payment modes of Credit,
period after a muted performance in Insurance plan for defence, Debit cards and UPI for the customers,
the last few months. LIC reported NBP security and police the enhanced iteration aims to
of Rs 15,967.51 crore. Canara HSBC Oriental Bank of increase its penetration to ~20% over
Among large private players, SBI Life Commerce Life Insurance has launched the next couple of months. T

The Insurance Times, January 2022 15