Page 16 - Insurance Times March 2022

fraudulent, in health and life segments Speaking at a webinar organised by CII, evolving needs, it is critical that we
arising due to Covid and related the Policy Bazaar CEO advocated for a craft consumer conversations that
complications," said Piyush Nagda, different category for tax concessions create awareness about holistic health
head-investment products, Prabhudas by saying it would give a big boost to and wellness."
Lilladher. "On top of it, new premium pure insurance where penetration in The movement will adopt a 360-degree
growth has slowed in last 2-3 quarters India is very low. "Inclusion in tax communication module comprising
as insurance companies are not willing concession instruments will give a big several touchpoints across internal,
to underwrite new risk due to fillip to the term product. There should external, and social channels to kick-
uncertainties." be tax advantages for pension products start the AIA One Billion Movement.
as well," he added.
According to data released by the The initiative proposes to motivate
Insurance Regulatory and Development Dahiya also batted for reverse consumers to embrace health &
Authority of India early this week, mortgage products for elderly people wellness-oriented activities, through
India's life insurers' new business and inheritance tax for transfer of simple actions in their daily life.
premium declined nearly 9% to Rs assets to next generations. Earlier, the
21,957 crore in January 2022 over the chairman and MD of National Bank of Baroda acquires
preceding month. Overall growth in Insurance, Suchita Gupta, and SBI Union Bank of India's 21%
APE (annual premium equivalent) for General Insurance senior VP and head
private life insurers was at 7% in January of health insurance S Deshpande said stake IndiaFirst Life
year-on-year. Individual APE was at that health insurance as a sector has Insurance
6.9% in January 2022 despite a low base overcome motor cover segment Pursuant to a 'Right of First Offer'
following Covid-19.
of 7% in January 2021. (ROFO) made by Union Bank of India
Analysts said the decline could be on Tata AIA Life announces (UBI) to the existing shareholders of
account of a ban on agents by one of IndiaFirst Life Insurance Company
the leading listed insurer against support to AIA in One Limited (a joint venture between Bank

selling policies in various areas of the Billion Movement of Baroda (BOB), Union Bank of India
countries. This could not be (UBI) and Carmel Point Investments
Tata AIA Life Insurance Co. Ltd. (Tata
independently verified. India Pvt Ltd), to divest 21% of its
AIA Life), announced its support to the stake in IndiaFirst Life Insurance
Shares of ICICI Prudential Life AIA One Billion Campaign initiated by Company Limited and on completion of
Insurance and ICICI Lombard General the AIA Group Limited ("AIA" or the related processes under the
Insurance have dropped 21% and 10% "Company"). AIA One Billion is a bold Shareholders Agreement (SHA) and
in the past three months, respectively. campaign to engage a billion people further, consequent upon receiving
"While the business growth remains globally to live Healthier, Longer, approvals from the respective Boards
healthy, concern over the valuations is Better Lives by 2030. The aim of this of both Banks, it has been decided by
one of the key reasons for their movement is to improve the health Bank of Baroda to acquire the 21%
underperformance," said Ajit Mishra, and wellness of individuals and help stake of Union Bank of India in
VP - research, Religare Broking. create a more sustainable future, it IndiaFirst Life Insurance Company
said in a press release. Limited, subject to receiving all
Term Covers should not be Naveen Tahilyani, MD & CEO, Tata AIA statutory and regulatory approvals.

bundled with other Life, said, "As part of the Group, Tata On conclusion of this stake sale
AIA Life is proud to partner in this process, the revised shareholding in
products global initiative with AIA and we hope IndiaFirst Life Insurance Company
Pure term insurance should be placed to make a significant contribution to Limited will be Bank of Baroda-65%,
in a different category as tax-saving this cause given a part our vision has Carmel Point Investments India Pvt Ltd-
instruments and should not be bundled always been to enable dreams, and 26% and Union Bank of India- 9%.
with other insurance products, which inspire healthier, happier lives. As we IndiaFirst Life Insurance Company
are largely investment products, feels progress in our transition from being a Limited will continue to have long term
Yashish Dahiya, CEO of Policy Bazaar, payor to partnering consumers in their agency distribution agreement with
one of the largest online integrated life, health, and wellness journey with both Banks (BOB and UBI), even after
insurance platforms. comprehensive offerings customized to this stake sale. T

16 The Insurance Times, March 2022