Read more about Irdai asks insurers to bring standard accident cover from Apr on Business Standard. The insurance regulator has asked general and health insurance providers to provide standard personal accident cover products
In a bid to explore and expand the new avenues in the overall term insurance market in India, leading private sector insurer Bharti AXA Life has enriched the protection cover segment with the benefits of Quit Smoking and Stay Fit in its life cover solution Bharti AXA Life Flexi Term Pro. The Bharti AXA Life Flexi Term Pro offers the option to cover the life up to 99 years and also provides a customised shield with multiple flexibilities to financially secure the insured and the person s family. The company introduced quit smoking and stay fit benefits for customers with an additional discount of 5 per cent on the subsequent renewal premium. The new protection solution stirs customers to get rewarded for a healthy lifestyle on quitting smoking and improved health status and reduce policy premium under the new benefits before the third policy anniversary and the second policy anniversary respectively.
Bajaj Allianz Life Insurance on Wednesday launched an insurance plan offering a guaranteed regular deferred annuity during post-retirement life. There is a funding gap in the post-retirement life and lots of people will not be earning but would need funds, so this is a grave issue that needs to be addressed, said Bajaj Allianz Life MD and CEO Tarun Chugh while announcing the launch of Bajaj Allianz Life Guaranteed Pension Goal plan. The life insurer said the plan is designed to fill the gap of the pension needs of various categories of people, which has nine different variants in the offing.
Read more about State-owned Life Insurance Corp launches new plan Bima Jyoti on Business Standard. The plan is a non-linked, non-participating, individual, savings plan offering a combination of protection and savings
Concerned over low level of insurance penetration in the country, IRDAI Chairman S C Khuntia on Wednesday said the regulator has asked insurance players to adopt one aspirational district each. The protection gap is 80-90 per cent in the country, so only 20 per cent people have any kind of insurance protection either in the form of life or general insurance, he said while addressing a virtual conference organised by economic think-tank NCAER. Life insurance penetration in the country is 3.6 per cent of the GDP, way below the global average of 7.13 per cent, and in case of general insurance it is even worse at 0.94 per cent of GDP, as against the world average of 2.88 per cent.