Updates in Life Insurance Industry - November 2010

REGULATORY UPDATE
1. IRDA has issued separate guidelines for India post to act as corporate agent. India post is allowed to tie up with 2 non
life insurance companies, 2 life insurance companies, one agricultural insurance company and one stand alone
health insurance company registered with IRDA. Click here to see details

2. IRDA has circulated draft guidelines on Variable Insurance Products, which will govern all universal life insurance
products. Sale of existing variable insurance products has been stopped from 22nd October, 2010. Click here to see details
( A separate detailed note would be provided once draft guidelines are formalized.)

PRODUCT UPDATE
Metlife has launched Met Protect. It is an on line term plan. Reliance life has launched highest NAV Advantage ULIP. It
Click here to see details is a unit linked plan. Click here to see details

Key features of the plan are : Key features of the plan are :

1. The plan is only available online.
2. Entry age for the plan is 18 to 60 years.
3. Cover ceasing age is 70 years.
4. Premium paying term is regular pay or single pay.
5. Maximum policy term for regular pay is 35 years and
for single premium option is 15 years.
6. Minimum sum assured under the plan is Rs. 25 lacs.
7. Low premiums for people who have not smoked or
consumed tobacco or nicotine products in any form in
the last 5 years.
8. Premium mode is annual or semi annual. Quarterly
and monthly modes are not available.
Other similar online term plans are Future Generali Smart
Life, Aegon Religare iTerm, ICICI Pru iProtect.
1. The plan is available for people in the the age group of
7 to 60 years.
2. Term of the plan is fixed at 15 years.
3. Maturity value would be determined at the highest
NAV per unit during the policy term.
4. Minimum premium is Rs 20,000 for annual mode and
Rs 50,000 for single premium option.
5. There is flexibility to top up premiums and make
partial withdrawal.
6. High life cover of upto 30 times of annual premium
can be obtained depending on age at entry.
Other similar highest NAV plans are Birla Sunlife Platinum
Advantage, HDFC Standard Life Insurance’s Crest and SBI
Life Insurance’s Smart Performer . However, all these plan
plan have 10 years fixed term.

SBI Life Insurance has launched Saral Maha Anand. It is a Reliance life has launched Reliance Life Care for You Plan .
unit linked plan. Click here to see details It is health plan. Click here to see details

Key features of the plan are : Key features of the plan are :

1. Available for age group of 18- 55 years. 1. Plan can cover self, spouse, parents, in laws and up
2. No medical examination is required for buying this to 4 children in one family floater plan.
plan. 2. Maximum entry age for parents and in laws is 60
3. Term is fixed at 10,15 and 20 years years.
4. Minimum annual premium is Rs 15,000 and maximum 3. Insurance coverage is available from 2 lacs to 10 lacs.
premium is Rs 29,000. 4. Maternity cover is provided under family floater option
5. Maximum sum insured is limited to 20 times the from 4th policy year subject to maximum of Rs 15,000.
annual premium. 5. Maximum renewal age is 75 years.
6. Plan provides option to add accidental death benefit 6. Premiums are fixed for 3 years.
rider. 7. There is co payment of 5% for network hospitals and
7. Upto 15% of fund value can be withdrawn each year 10% non network hospitals.
from 6th year onwards.

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