Following Insurance Regulatory Development Authority's move to allow insurance companies to offer “Health plus Life” products, Future Generali India Life Insurance, the insurance joint business enterprise between Future Group and Generali of Italy, is planning to launch a combo plan in the next 2 months.
“We are looking to launch a health plus term life insurance product, perhaps in the next 2 months. I see this type of product to progressively build over the next 3 to 5 years. It can lead to some other combinations, and set the ball systematic for more complex products,” said Deepak Sood, chief executive officer, Future Generali Life Insurance, on the sidelines of a press meet here today.
In December, the regulator permitted companies to offer “Health plus Life Combo Product” — a policy that will offer life cover along with health insurance. For this, life and non-life insurance companies need to enter into agreements to offer the health-cum-life cover.
At present, about 70(%) per cent of the company's businesses approach from unit linked products. This year, the company is hoping to achieve a new business premium of Rs 1,200 crore, from Rs 486 crore previous years.
The company on Monday launched Future Generali NAV Assure, a unit linked insurance plan, a NAV guarantee unit-linked Insurance plan.
Tuesday, June 29, 2010
Friday, June 18, 2010
Health insurance, Life mooted for school teachers
The government is planning life and health insurance cover and a group housing scheme at a subsidized price for 60 lakh primary and secondary school teachers.
While the two insurance schemes will need financial contribution by the Centre, the States and the teachers, the group housing scheme will be sprint at the Central level but will not require financial contribution from the Centre or the States, Union Human Resource Development Minister Kapil Sibal said on Friday. He was addressing a gathering of the National Foundation for Teachers Welfare here.
Thanks to their huge range, the health and life insurance schemes would premium-wise cost much less than individual schemes or even schemes run at the State level. The economics of scale would drive individual premiums down. The life insurance cover would guarantee a minimum of about Rs. 5 lakh on retirement and Rs. 2 lakh on death during service. The health cover, limited to hospitalization of the teacher, the spouse, two children and parents, was being worked on two options — either on a maximum cover of Rs. 1.25 lakh which would signify a lesser premium or a cover of Rs. 3 lakh this would mean a higher premium.
The group housing scheme is being envisaged to be Centrally-administered through a portal, with construction done by the National Building Construction Corporation (NBCC), ground bought at institutional rates and group housing societies formed by teachers. Thus, while there will be no cost to the government, the teachers will get excellence housing at lesser rates without much struggle or fear of being cheated.
To begin with, the Delhi Education Minister announced land for the housing scheme in the capital. Mr. Sibal said the proposals were to show that the country looked after, cared for and appreciated its teachers. He clarified that he too was yet to seek Finance Ministry support.
While the two insurance schemes will need financial contribution by the Centre, the States and the teachers, the group housing scheme will be sprint at the Central level but will not require financial contribution from the Centre or the States, Union Human Resource Development Minister Kapil Sibal said on Friday. He was addressing a gathering of the National Foundation for Teachers Welfare here.
Thanks to their huge range, the health and life insurance schemes would premium-wise cost much less than individual schemes or even schemes run at the State level. The economics of scale would drive individual premiums down. The life insurance cover would guarantee a minimum of about Rs. 5 lakh on retirement and Rs. 2 lakh on death during service. The health cover, limited to hospitalization of the teacher, the spouse, two children and parents, was being worked on two options — either on a maximum cover of Rs. 1.25 lakh which would signify a lesser premium or a cover of Rs. 3 lakh this would mean a higher premium.
The group housing scheme is being envisaged to be Centrally-administered through a portal, with construction done by the National Building Construction Corporation (NBCC), ground bought at institutional rates and group housing societies formed by teachers. Thus, while there will be no cost to the government, the teachers will get excellence housing at lesser rates without much struggle or fear of being cheated.
To begin with, the Delhi Education Minister announced land for the housing scheme in the capital. Mr. Sibal said the proposals were to show that the country looked after, cared for and appreciated its teachers. He clarified that he too was yet to seek Finance Ministry support.
Tuesday, June 8, 2010
United India eyes 15% premium increase in FY10
Public sector general insurer United India Insurance Company is confident of achieving 15(%) per cent growth in its premium income to Rs 6,000 crore this financial year on the back of sound growth from all verticals of the company.
“With tangible improvement in overall economy, we hope to achieve 15(%) per cent growth in premium income this fiscal,” G Srinivasan, CMD of United India Insurance Company said.
United India had posted a net profit of Rs 707 crore in FY10 — a 48(%) per cent rise over the related period last year. Premium income of the company stood at Rs 5,239 crore throughout the same period with an underwriting loss of around Rs 900 crore.
Referring to underwriting losses, he said, “Health and motor insurance are two areas where underwriting losses are higher for the company. While no one is making money from the health insurance section, third-party motor insurance are making losses due to low premium.”
Insurance industry in general is facing edge force in the health insurance section due to group mediclaim policies, rising cost of health expenses and general inflation. Also, the government decision to allow life insurer to sell health insurance products, margins have been additional squeezed.
Srinivasan also said the premium for third-party motor insurance claims should be increased to lessen the underwriting losses.
“With tangible improvement in overall economy, we hope to achieve 15(%) per cent growth in premium income this fiscal,” G Srinivasan, CMD of United India Insurance Company said.
United India had posted a net profit of Rs 707 crore in FY10 — a 48(%) per cent rise over the related period last year. Premium income of the company stood at Rs 5,239 crore throughout the same period with an underwriting loss of around Rs 900 crore.
Referring to underwriting losses, he said, “Health and motor insurance are two areas where underwriting losses are higher for the company. While no one is making money from the health insurance section, third-party motor insurance are making losses due to low premium.”
Insurance industry in general is facing edge force in the health insurance section due to group mediclaim policies, rising cost of health expenses and general inflation. Also, the government decision to allow life insurer to sell health insurance products, margins have been additional squeezed.
Srinivasan also said the premium for third-party motor insurance claims should be increased to lessen the underwriting losses.
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