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Insurance Related Current Affairs (Oct 01 to Mar 07)

S. No Topic

1. IRDAI in News

2. LIC in News

3. Other Insurance Companies in News

4. Insurance Terms related to CA

5. Insurance related Abbreviations

IRDAI in News
About IRDAI:

• Founded: 1999
• Headquarters: Hyderabad, Telangana

• Chairperson: Debasish Panda

• IRDAI is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India,

and is tasked with regulating and licensing the insurance and re-insurance industries in India.

IRDAI approved the bima sugam portal

• The Insurance Regulatory and Development Authority of India (IRDAI), announced the launch of

Bima Sugam, an online marketplace that will house all companies selling life and non-life insurance

on a single platform.

• The portal is scheduled to go live on 1 January 2023.

About Bima Sugam:

• The online platform will provide you with a one-stop destination for all insurance needs, providing

services like buying insurance policies, portability facilities, change of insurance agents, and settling

claims.

• It allows buyers to purchase life, motor, or health insurance policies directly.

• Also, web aggregators (such as PolicyX, PolicyBazaar, etc.), brokers (such as Bajaj Capital, Probus

Insurance Broker, etc.), banks, and insurance agents will act as facilitators in selling insurance

policies.

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• It will provide all these facilities to policyholders with an e-insurance account (E-IA).

Stakeholders:

Key Stakeholders Stake Fund Infusion

Life Insurance Council 30% 25 Cr.

General Insurance Council 30% 25 Cr.

Online PSBs 35% 30 Cr.

Brokers Association 5% 3 Cr.

• Bima Sugam shall have linkages with the Unique Identification Authority of India (UIDAI) National

Securities Depository Limited (NSDL), and Central Depository Services Limited (CDSL).

IRDAI offers more flexibility to general insurance companies

• The Insurance Regulatory & Development Authority of India (IRDAI) has offered more flexibility to

general insurance companies in designing and pricing products under miscellaneous lines of

business and allowed them to launch these in the market without prior regulatory approval.
• This is part of IRDAI's endeavour to boost the ease of doing business.

• Earlier, the products with a sum assured above Rs 5 crore could be launched without prior approval

of IRDAI.

• But insurers needed regulatory approval before launching products with a sum assured up to Rs 5

crore.

• Now, IRDAI said that it has extended the ‘Use and File’ procedure, ie. launching insurance products

without prior approval, to all categories.

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IRDAI sets up a consultative committee to increase health insurance coverage

• The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 15-member

committee for 2 years, to give suggestions for increasing health insurance coverage in India.

• The 15-member committee is headed by Rakesh Joshi, a member at IRDAI, & it will have

representatives from the healthcare and insurance industries.

Other Committee Members:

• From the healthcare industry, Devi Prasad Shetty, chairman of Narayana Health; Naresh Trehan,

chairman and managing director (MD) of Medanta Heart Institute; Alexander Thomas, national

president of Association of Healthcare Providers India; Arati Verma, senior vice president of Max

Healthcare, and Ajay Nair.

• From the insurance industry, Neerja Kapur, chairman and MD of New India Assurance; Bhargav

Dasgupta, MD, and CEO of ICICI Lombard General Insurance, Mayank Bathwal, CEO of Aditya

Birla Health Insurance, and Vibha Padalkar, MD and CEO of HDFC Life,

• The committee will also have representation from the third-party administrators (TPA) with Nayan

Shah, CEO, of Paramount Health Services & Insurance TPA, and Vikram Chhatwal, CEO, Medi-

Assist Insurance as members.

About the Committee:

• The Committee will identify challenges in carrying out the health insurance business and make

recommendations to facilitate ease.

• According to the IRDAI, health insurance premiums posted 18.9% year-on-year (YoY) growth in

H1FY23, compared to 28.8% growth in the same period in FY22.

IRDAI forms a 24-member panel to develop insurance coverage for the rural population

• The Insurance Regulatory and Development Authority of India (IRDAI) has set up a 24-member

committee to develop and suggest an affordable and comprehensive cover for the rural population.

• The committee will be headed by Thomas M Devasia, Member (non-life).

• The insurance regulator has also asked the committee to develop and suggest a constitution and

operation of a preferably, women-centric distribution channel to focus on reaching untapped/ rural

areas of Bima Vahak & recommend the regulatory framework.

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• The committee will explore and recommend how to bring about synergies in the working and

operations of Bima Vahak, Bima Vistaar, and the digital platform – Bima Sugam.

• IRDAI announced that the latest developments in technology like artificial intelligence (AI) and

machine learning (ML) can be gainfully utilized by creating a digital platform to reach the last mile.

IRDAI approves amendments, simplifies rules to set up insurance firms

• The Insurance Regulatory and Development Authority of India (IRDAI) has amended rules on

registering insurance companies and investments in them.

Aim:

• To promote ease of doing business and (simplify) the process of setting up an insurance company

in India

Key Highlights:

• Now, Private equity (PE) funds can directly put money in insurance companies, and investment by

them through special purpose vehicles (SPVs) has been made optional, thus providing flexibility

• Corporate agents (CA) can tie up with 9 insurers against three insurers earlier.

• Insurance marketing firms (IMF) can tie up with 6 insurers (earlier 2 insurers) in each line for life,

general, and health insurance products.

• Investments up to 25% of paid-up capital by a single investor will be treated as ‘investors’ and

investments above that as a promoter.

• Under the current guidelines, the threshold for being a “promoter” as a single investor is more than

10%.

• IRDAI has introduced provisions by which promoters will be allowed to dilute their stake down to
26% on condition that the insurer has a satisfactory solvency record for the preceding 5 years and

is a listed entity.

• The earlier norms required promoters to hold on to a 50% stake if it was more than that.

• The IRDAI also approved a reduction in solvency norms for general and life insurers, which is

expected to provide them access to an additional ₹3,500 crore.

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• To enable efficient utilization of capital by life insurers, IRDAI informed that the factors for

calculation of solvency provided in regulations are reduced for unit-linked business (without

guarantees) to 0.60% from 0.80%; and for PMJJBY from 0.10% to 0.05%.

• This will provide a relaxation in capital requirements by about ₹2,000 crores.

• The period for State and Central Government premium dues for calculation of solvency position in

case of crop insurance increased from 180 days to 365 days.

IRDAI increases limits for intermediaries & corporate agents can distribute products of 9 insurers

• The Insurance Regulatory and Development Authority of India (IRDAI)has notified increased limits

for corporate agents (banks) and insurance marketing firms (IMFs).

• Corporate agents (banks) can now enter into a tie-up with as many as 9 life insurers, 9 general

insurers,and 9 health insurers.

• Insurance marketing firms (IMFs) can now have distribution tie-ups with a maximum of 6 life

insurers, 6 general insurers,and 6 health insurers.

• IRDAI’s move to open the bancassurance channel for insurers is part of its effort to achieve the

long-term goal of ‘insurance for all’ by 2047.

About the amendments:

• The amendments to regulations about the registration of Indian insurance companies are aimed at

promoting ease of doing business and simplifying the process of setting up an insurance company

in India.

• Investment through Special Purpose Vehicle (SPV) has been made optional for Private Equity (PE)

Funds enabling them to invest directly in insurance companies, providing more flexibility.
• Investments up to 25% of the paid-up capital by a single investor (50% for all investors collectively)

will now be treated as ‘investor ' and investments over and above that will only be treated as

promoter".

• A new provision has been introduced to allow the promoters to dilute their stake up to 26%, subject

to the condition that the insurer has a satisfactory solvency record for the preceding 5 years and is a

listed entity.

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• Corporate agents and IMFs were earlier permitted to tie up with only 3 and 2 insurers, respectively,

in each segment.

• IRDAI move to open the bancassurance channel will give customers wider choice and access to

insurance plans.

IRDAI to introduce 'Bima Vahaks' to expand insurance force

• The Insurance Regulatory and Development Authority of India (IRDAI) will soon introduce "Bima

Vahaks" in each gram panchayat

Aim:

• To enhance the insurance force in India.

• The announcement was made by Rakesh Joshi, a member of the IRDAI at the Business Standard

BFSI Insight Summit 2022 in Mumbai, Maharashtra.

About Bima Vahaks:

• Each Gram Panchayat will have a 'Bima Vahak' who would be tasked to sell and service simple

parametric bundled insurance products, Bima Vistar, covering health, property, life, and personal

accident.'

• The insurance companies have adopted a state each and with the help of state governments are

looking to develop state-level insurance plans.

• This would improve penetration in the areas that do not seem to have much attention from the

larger players.

• It intends to form a women-centric insurance distribution channel, which is likely to foster greater

trust and build awareness about insurance products in the rural parts of India.
• Through Bima Vistaar, the committee will aim to bring to the forefront schemes like parametric

insurance among others, to provide wide coverage for rural India in the event of natural disasters,

such as floods, and earthquakes.

IRDAI makes KYC details mandatory from Jan 1, 2023

• The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all

policyholders must provide their Know Your Customer (KYC) details when purchasing any type of
insurance policy from January 1, 2023.

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• The rule applies to all types of insurance - life, general, and health insurance.

Key Highlights:

• Currently, KYC documents are only required when making a claim worth over Rs 1 lakh.

• Under the new insurance rule, KYC documents will be required even while purchasing a new

policy.

• With this, experts believe that the claim process may become faster and more seamless as the

insurers will have a detailed profile of customers.

• Until now, sharing KYC documents was a voluntary choice while purchasing a policy.

• However, with the new move, the Aadhaar card, PAN (Permanent Account Number) card, and

photo of the customer have become mandatory for the purchase of new insurance policies.

• Although KYC documents are required for the renewal of existing policies, customers will be

provided sufficient time to intimate the details.

• The time limit will be 2 years for low-risk policyholders and one year for others, including high-risk

customers.

LIC in News
About LIC:

• Founded: 1 September 1956

• Headquarters: Mumbai, Maharashtra, India

• Chairperson: Shri. Mangalam Ramasubramanian Kumar

• MDs: B C Patnaik, Smt. Ipe Mini, Siddharth Mohanty, Rajkumar

LIC unveils Dhan Varsha life insurance plan

• The Life Insurance Corporation of India (LIC) introduced Dhan Varsha, a non-linked, non-

participating, individual, savings, single premium life insurance plan offering a combination of

protection and savings.

• This plan provides financial support for the family in case of unfortunate death of the life assured

during the policy term.

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• It also provides a guaranteed lumpsum amount on the date of maturity for the surviving life assured.

• This is a close-ended plan and would be available for sale till March 31, 2023.

About Dhan Varsha:

• The Plan can be purchased Offline through agents or other intermediaries including Point of Sales

Persons- Life Insurance (POSP-LI)/ Common Public Service Centers (CPSC-SPV) subject to

certain conditions, as well as Online directly through the website [Link].

• Under this plan, the proposer will have the following two options to choose Sum Assured on Death:

• Option 1: 1.25 times Tabular Premium for the chosen Basic Sum Assured

• Option 2: 10 times of Tabular Premium for the chosen Basic Sum Assured

LIC picks up over 2% additional stake in Capri Global for ₹257 cr

• The Life Insurance Corporation of India (LIC) has raised its stake in Capri Global Capital Limited

(CGCL), a nonbanking financial company (NBFC) by 2% over the last few months at an investment

of ₹257.37 crores.

• Its shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares.

• This results in the Life Insurance Corporation of India (LIC) increasing its stake from 7.052% to

9.072% of the paid-up capital of the company.

• Capri Global caters to different segments like MSME, construction, finance, affordable housing, and

indirect retail lending segments.

• Capri Global's market capitalization stands at ₹13,014 crores.

LIC buys additional stake, in Voltas for Rs 635 crore

• Life Insurance Corporation of India (LIC) has increased its shareholding in Voltas by buying an
additional 2% stake.

• LIC has acquired Voltas' shares worth Rs 634.50 crore through open market transactions during the

period from August 10 to November 4, 2022.

• The LIC increased its shareholding from 2,27,04,306 shares (equivalent to 6.862%) to 2,93,95,224

(8.884%) in Voltas.

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• Voltas is engaged in the business of air conditioning, refrigeration, and electro-mechanical projects

as an EPC (engineering, procurement, and construction) contractor both in the domestic and

international markets.

• The stock of LIC closed at Rs 633.30 apiece on BSE, up by 0.84%, while Voltas scrip ended 1.24%

lower at Rs 834.40 apiece.

LIC increases stake in Tech Mahindra to 6.874%

• Life Insurance Corporation of India (LIC) has announced an increase in stake in Tech Mahindra

Limited from 4.863% to 6.874%.

Key Highlights :

• LIC's shareholding in Tech Mahindra has increased from 4,73,44,343 to 6,69,25,392 equity shares

in Tech Mahindra taking its shareholding from 4.863% to 6.874% in percentage terms.

• The average cost of the transaction was ₹1,042.24 apiece.

• LIC bought 1,95,81,049 shares, or 2.011% equity, at an average cost of Rs 1,042.24 via open

market purchase during the period from 30 Nov 2021 to 21 November 2022.

About Tech Mahindra :

• Founded: 24 October 1986

• Headquarters: Pune, Maharashtra, India

• MD & CEO : C.P. Gurnani

Life Insurance Corporation Raises Stake In HDFC To Over 5%

• Life Insurance Corporation of India (LIC), the country's largest insurer, has increased its stake in

Housing Development Finance Corporation (HDFC) Ltd to over 5% following the acquisition of
shares from the open market.

• Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing

shareholders of HDFC will own 41% of the bank.

• In a notice to the stock exchanges, LIC stated that its stake increased from 4.991% to 5.003%, after

it acquired 2.14 lakh shares.

About HDFC Ltd:

• Founded: 1977

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• Headquarters: Mumbai, Maharashtra, India

• CEO: Keki Mistry

• HDFC Ltd is an Indian private development finance institution.

LIC launches guaranteed return life insurance plan - Jeevan Azad

● The Life Insurance Corporation (LIC) of India has launched Jeevan Azad (Plan No. 868), aimed at

individual savings and life insurance.

● The plan offers an attractive combination of protection and savings.

LIC reduces its stake in Industrial Investment Trust to 3.362%

• Life Insurance Corporation of India (LIC) has diluted its shareholding in ‘Industrial Investment Trust

Limited’(IITL) from 12,25,017 to 7,57,966 Equity Shares decreasing its shareholding from 5.433% to

3.362% of the paid-up capital.

• It sold about 4.67 lakh shares of IITL at an average price of ₹88.39 between July 6, 2012, and

February 23, 2023, the insurance major informed the exchanges.

Other Insurance Companies in News

October
DBS Bank India collaborates with HDFC ERGO and Atradius to provide a Trade Credit Insurance solution

to Tata Metaliks

• DBS Bank India Limited (DBIL) has partnered in collaboration with HDFC ERGO General Insurance

Co Ltd and reinsured by Atradius, a worldwide provider of trade credit insurance to provide a
bespoke Credit Insurance - Accounts Receivable solution to Tata Metaliks Ltd (TML), a subsidiary

of Tata Steel Limited.

• This credit insurance deal is amongst the first to leverage Trade Credit Insurance.

• The revised framework was rolled out by the Insurance Regulatory & Development Authority of

India (IRDAI) in November 2021, allowing banks to participate in this proposition.

• DBS is one of the first movers in the Indian market, supporting financial transactions backed by
Trade Credit Insurance.

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About DBS Bank India:

• Headquarters: Mumbai, Maharashtra

• MD & CEO: Surojit Shome

• DBS Bank India Limited is the first among the large foreign banks in India to start operating as a

wholly-owned, locally incorporated subsidiary of a leading global bank.

About HDFC ERGO General Insurance Company:

• Headquarters: Mumbai, Maharashtra, India

• MD: Mr. Ritesh Kumar

• HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO

International AG; the primary insurance entity of the Munich RE Group of Germany.

Aditya Birla Health Insurance launches Activ Fit health insurance policy for young & healthy adults

• Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla

Capital Limited (ABCL), has launched the first of its kind ACTIV FIT health insurance policy, a

comprehensive health insurance plan for young and healthy adults.

About ACTIV FIT health insurance policy:

• It provides an upfront 10% good health discount based on an assessment done through a unique

facial scan.

• It offers up to 50% health returns on being active for 275 days in a year.

• In case of hospitalization, if they fall short of their insurance coverage, the customer can use the

100% Binge Refill feature.

• This feature enables them to get cover up to sum assured, for any illness/injury.
• The product also includes Modern treatments, Mental Care Cover, HIV/ AIDS and STD, Day Care

treatments, pre-hospitalization & post-hospitalization, and road ambulance cover

• Maternity expenses are covered for up to Rs 40,000 and Rs. 60,000 for normal and C-Section

deliveries, over and above the base sum insured.

• The road ambulance cover network is based on actual and for non-network hospitals, up to Rs

3,000 per event.

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• All customers below the age of 35 years can avail of an Early Bird Discount at renewal, 5% from the

4th to 7th policy year & 10% from the 8th policy year for the lifetime of the policy.

Additional benefits:

• The Consumers can opt, for include, no claim bonus (10% of the sum insured per annum, and a

maximum of up to 100%).

• There is also an option for health check-ups, available once during the policy year for insured aged

18 years and above on the start date of the policy.

• The policy also comes with an optional cover of a super no-claim bonus of up to 50% of the sum

insured, a maximum of up to 100%.

About Aditya Birla Health Insurance Company Limited:

• Founded: 2015

• Headquarters: Mumbai, Maharashtra

• CEO: Mayank Bathwal

HDFC Life Insurance launches ‘Insure India’ campaign

• HDFC Life Insurance Company has launched the ‘Insure India’ campaign.

Aim:

• To educate Indians on the benefits of life insurance as a product category.

Objective:

• To educate Indians about life insurance thereby motivating them to secure their future with this

unique financial product that offers the dual benefits of protection and long-term savings.

• As part of this campaign, HDFC Life will host chat shows, hold on-ground activities, webinars, etc.,
for engaging with consumers both directly as well as indirectly through its wide network of

distributors.

• Previous initiatives of HDFC Life include 'Start the Talk', 'Get Set Protect', and 'Being Responsible'

which primarily aimed to educate consumers about life insurance.

About HDFC Life Insurance Company Ltd:

• Founded: 2000
• Headquarters: Mumbai, Maharashtra, India

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• MD & CEO: Vibha Padalkar

• It is a joint venture between HDFC Ltd., India's leading housing finance institution, and abrdn

(Mauritius Holdings) 2006 Limited, a global investment company.

Universal Sompo General Insurance adopts a village in Maharashtra

• Universal Sompo General Insurance Company Ltd adopts Tung village, in the Maval sub-district of

Maharashtra. Universal Sompo committed to pledging INR 50 Lakh in developmental activities in

the village.

• This was followed by sharing details of the project with the village chief and the entire community

and simultaneously introducing the physician who would supervise healthcare-related activities.

Aim:

• To educate the women in the village on digital literacy and farm animal (veterinary) treatment.

About the Project:

• To boost enterprise, women from the village will be trained to utilize digital platforms like Google

Pay, and YouTube, along with various social media platforms for developing businesses.

• The project also helps to equip 60% of the households in the village with solar lights, helping 200

families with reduced electricity bills.

• Additionally, the project aims to increase the groundwater level in the village, with artificial

recharges to conserve water.

About Universal Sompo General Insurance Co. Ltd:

• Founded: 2007

• Headquarters: Mumbai, Maharashtra

• MD & CEO: Mr. Sharad Mathur

• Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank,

Dabur Investments, and Sompo Japan Insurance Inc.

SBI General Insurance launches insurance buying facility via WhatsApp

• SBI General Insurance has partnered with Gupshup, a leader in conversational engagement to offer

a new insurance policy, renew an existing one, intimate claims, and more, through WhatsApp.
Key Highlights:

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• Customers across India can buy insurance from SBI General by sending a ‘Hi’ and Gupshup’s chat

bot will guide users through a simple and secure buying process, and help them complete the

purchase within the WhatsApp chat thread.

• The hassle-free buying experience ensures that end-to-end policy purchase happens on the

platform itself, right from exploring product features to accessing their policy documents.

About SBI General Insurance:

• Founded: 2009

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Kishore Kumar Poludasu

About Gupshup:

• Headquarters: San Francisco, California

Aditya Birla Health Insurance launches policy with rewards for healthy habits

• Aditya Birla Health Insurance Co Limited (ABHICL) has launched ‘Activ Fit’, a comprehensive health

insurance plan that targets consumers with active lifestyles and aims to reward them for their good

health behavior.

Key Highlights:

• The scheme will provide a 10% good health discount based on the assessment done through a

unique facial scan.

• All customers below 35 years of age can avail early bird discount on renewal, 5% from the 4th

policy year to the 7th policy year and 10% from the 8th policy year for the life of the policy.

• Customers will also get a 100% binge refill feature.

• “In case of hospitalization, customers can use a 100% binge refill facility if they fall short of their

insurance cover.

• The facility enables them to get cover for any illness/injury up to the sum insured.

• The insurance policy also includes maternity cover, which covers normal delivery, C-section

delivery, newborn baby expenses, immunization expenses, and stem cell protection as well as

modern treatment mental care cover, HIV/AIDS and STD, day care treatment, and pre – Includes
hospitalization.

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About ABHICL:

• Founded: 2015

• Headquarters: Mumbai, Maharashtra

• CEO: Mayank Bathwal

• It was established as a 51:49 joint venture between MMI Strategic Investments (Pty) Ltd, MMI

Holdings Limited, Aditya Birla Nuvo Limited, and Aditya Birla Capital Limited (ABCL).

India Post Payment Bank launches group accident insurance plan

• The India Post Payments Bank (IPPB) operating under the Department of Posts has launched a

group accident insurance plan with an accidental death coverage of Rs 10 lakh.

• The India Post in partnership with TATA AIG and Bajaj Allianz General Insurance companies will

offer the insurance plan at a premium of Rs 399 or Rs 396 per annum.

About group accident insurance plan:

• The plan covering comprehensive medical emergencies has a low annual premium amount.

• One can join it at any post office or with the help of a postman or postwoman.

• Anyone aged between 18 and 65 years can join this insurance plan.

• The policy will be issued digitally in five minutes using a smartphone or a fingerprint sensor carried

by the postman under the e-KYC (Aadhaar-based) method.

• This doesn’t need any application forms, copies of identity, and address proof.

• The insurance plan will offer around 10 major benefits for the applicant including permanent total or

permanent partial disability coverage of Rs 10 lakh, an option to cover accidental medical expenses

up to Rs 60,000, and transportation benefits for the family members traveling to see the accident
victim.

About IPPB:

• Founded: 1 September 2018

• Headquarters: New Delhi, Delhi, India

• MD & CEO: J. Venkatramu

• IPPB, is a division of India Post which is under the ownership of the Department of Post, a
department under the Ministry of Communications of the Government of India.

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November
Healthysure and ManipalCigna Health partner to launch Flexi top-up insurance

• Employee benefits insurance technology Healthysure has partnered ManipalCigna Health

Insurance to launch India’s first Flexi top-up insurance which allows employees to personalize and

upgrade their corporate health insurance plans.

About the first Flexi top-up insurance :

• Flexi-top-up is powered by Healthysure’s technology platform through which a policy is issued

digitally within 30 seconds of making a purchase.

• This policy does not require any extra loading premium for pre-existing diseases, nor does it have a

co-payment clause.
• By paying a nominal add-on premium, employees can upgrade their cover, which can even be

continued in a personal capacity post-employment.

About Healthysure :

• Founded: 2021

• Headquarters: Mumbai, Maharashtra

• Founder & CEO : Anuj Parekh

About ManipalCigna Health Insurance Company Ltd :

• Founded: 2012

• Headquarters: Mumbai, Maharashtra

• MD & CEO : Prasun Sikdar

Tata AIA Life partners with Medix to offer specialized critical illness cover

• Tata AIA Life Insurance Company Limited (Tata AIA) has tied up with Medix, a global company in

medical management solutions, to offer consumers access to a local and global network of

accredited medical specialists during serious illnesses.

• This service is complimentary for policyholders who have purchased eligible life insurance products

across the term, savings, and pension plans.

Key Highlights :

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• This alliance would offer a Personal Medical Care Management facility in India, bringing world-

class, healthcare advice to consumers.

• This will include a reassessment of the medical case, diagnosis thereof, and tailoring an optimized

treatment plan with quality care including referrals to leading local specialists and coordination of

care.

• Through this service, Tata AIA’s consumers can track, manage, communicate with dedicated

medical teams, and receive updates on their medical journey, ensuring quality-driven continuity of

care.

• According to a study by Harvard University, 5.2 million medical errors occur every year in India.

• Cancer (38%), Vascular events (29%) & Infectious diseases (13%) account for 80% of these errors.

About Tata AIA :

• Founded: 23 August 2000

• Headquarters: Mumbai, Maharashtra

• MD & CEO : Naveen Tahilyani

• Tata AIA Life Insurance is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group

Ltd. (AIA).

About Medix :

• President and CEO : Ms. Sigal Atzmon

HDFC ERGO launches first-of-its-kind satellite index-based Farm Yield Insurance Policy

• HDFC ERGO launched a technology-backed farm yield insurance policy for farmers, a first-

of-its-kind insurance solution, where a satellite-based index will be used to provide localized
farm-level coverage.

Key Highlights :

• It will provide comprehensive coverage across the crop life cycle from sowing to harvesting,

based on satellite-based data.

• The product is targeted at farmers under corporate/farm input company (FIC) contracts and

is valid for food, oilseed, commercial, or horticulture crops.

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• A threshold Index value is calculated for every yield by using the historical satellite imaging

data of the specific crop and a remote sensing mechanism available in the public domain.

• The threshold/benchmark index will be then compared with the actual index value arrived at

by the reference satellite for the insured crop, to determine if the yield is at loss.

• The farm yield insurance cover will provide composite insurance to crops across stages of

the cropping cycle, without the requirement of tedious manual surveys.

About HDFC ERGO :

• Headquarters: Mumbai, Maharashtra, India

• MD: Mr. Ritesh Kumar

• HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one

of the insurance entities of the Munich Re Group in Germany.

Aegon Life Insurance Unveils iGuarantee Max Savings Plan

• Aegon Life Insurance Company has launched a traditional insurance policy iGuarantee Max

Savings Plan that offers savings and life cover.

About iGuarantee Max Savings Plan :

• The policyholder can choose a policy term between 5 and 20 years, depending on their savings

goal.

• The minimum monthly contribution for the plan is Rs.500, which can be done online with no paper

works, and subscribers could gain higher tax-free returns on their savings.

• The plan would enable families to meet their medium-to-long-term savings goals “affordably” while

protecting them against financial shocks in the wake of the policyholder’s sudden death.
• Premium payment options on offer are regular pay (pay throughout the policy term), limited pay

(pay for a fixed duration, lower than the policy term), and single pay (pay a lump sum front).

• In the event of the death of the policyholder, if the policy is in force and all due premiums have been

paid, an amount equal to the sum assured on death plus accrued guaranteed additions, if any, shall

be paid.

About Aegon Life Insurance Company :

• Founded: 2008

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• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Satishwar Balakrishnan

• It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions, and asset

management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of

India’s largest media conglomerates.

Aviva Life Insurance launches Aviva Protection Plus policy

• Aviva Life Insurance company has launched the Aviva Protection Plus, a Non-Linked Non-

Participating Individual Life Insurance Savings Plan.

About Aviva Protection Plus :

• Aviva Protection Plus offers attractive features with the Maturity Benefit of return of premiums,

Enriched Protection, and Savings Booster options.

• It ensures that the family is financially secured with a high death sum assured, payable in case of

an unfortunate event.

• Additionally, the plan comes with the flexibility of single or regular premium paying terms.

• Also, one has the option to choose from multiple premium payment frequency modes and avail

benefits like life coverage up to 80 years, direct and indirect tax benefits, and rebate on high sum

assured

Aditya Birla Health Insurance & IDFC FIRST Bank Partner for Bancassurance

• Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla

Capital Limited (ABCL), a leading non-bank financial services conglomerate announced its

bancassurance partnership with IDFC FIRST Bank, a new-age bank, for the distribution of health
insurance products through the Bank’s state-of-the-art digital platform and its wide distribution

network.

About the Partnership :

• This bancassurance partnership will help further strengthen ABHI’s distribution and unlock growth

opportunities through the Bank’s wide network.

• This tie-up will help reach the extended market base with ‘Health First’ insurance solutions thereby
increasing insurance penetration in India.

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About Bancassurance :

• Bancassurance is an insurance distribution model where insurance companies partner with banks

to sell policies.

• Both the bank and the insurance company get to benefit from this arrangement.

• While the bank earns a commission from the insurance company, the insurer gains from the

distribution network of the bank.

About ABHICL :

• Founded: 2015

• Headquarters: Mumbai, Maharashtra

• CEO: Mayank Bathwal

• ABHICL was incorporated as a 51:49 joint venture between MMI Strategic Investments (Pty) Ltd,

MMI Holdings Limited, Aditya Birla Nuvo Limited, and Aditya Birla Capital Limited (ABCL).

About IDFC FIRST Bank :

• Founded: October 2015

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO : V. Vaidyanathan

• Tagline: Always You First

Niva Bupa and IDFC First Bank partner for bancassurance

• Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance

Company), has partnered with IDFC First Bank to provide best-in-class health insurance solutions

to the bank’s customers.

• It is the first bancassurance partnership of NBHICL for FY 23.

• With this partnership, NBHIC can expand its reach through the bank for its services, and address

the healthcare-related concerns of the bank's customers.

About Niva Bupa Health Insurance Company Limited :

• Founded: 2008

• Headquarters: New Delhi, Delhi, India

• MD & CEO : Krishnan Ramachandran

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Aditya Birla Sun Life partners with Karza to offer insurance on WhatsApp

• Aditya Birla Sun Life Insurance (ABSLI) partnered with Karza Technologies (part of Perfios

Software Solutions Pvt. Ltd.) and a few other technology vendors to launch end-to-end onboarding

journeys of customers on the WhatsApp platform.

Key Highlights :

• It will allow customers to select premium amount, term, illustration generation, and premium

payment within the WhatsApp journey only.

• The use of Karza's next-generation tech solutions by Aditya Birla Sun Life Insurance to comply with

KYC norms, extract data through APIs, and even get confirmation from customers is a revolution in

itself.

• This solution will enable customers to purchase insurance products using WhatsApp within 5

minutes with secured KYC verification and an encrypted chat option provided by WhatsApp.

About Karza Technologies :

• Founded: 2015

• Headquarters: Mumbai, Maharashtra

• MD, and CEO : Kamlesh Rao

Max Life ties up with Ditto for Online Life Insurance Distribution

• Max Life Insurance Company Ltd. has announced a life insurance product distribution tie-up with

Tacterial Consulting Private Limited (Ditto).

Aim :

• To leverage Ditto's diversified insurance advisory platform to offer Max Life's plans to online
customers.

Key Highlights :

• In the initial phase, Ditto will sell multiple variations of Max Life's protection plan providing

comprehensive coverage against Death, Disease & Disability along with applicable riders facilitated

via a seamless digital distribution model.

• The tie-up aims to improve Max Life's customer experience by leveraging Ditto's insurance advisory
capabilities and technological prowess to enhance life insurance penetration in the country.

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About Max Life Insurance Company Limited :

• Founded: 2000

• Headquarters: New Delhi, Delhi, India

• MD & CEO: Prashant Tripathy

• Max Life Insurance Company Limited is a life insurance company in India with a joint venture (JV)

between Max India Ltd and Axis Bank.

• It is a subsidiary of the publicly listed Max Financial Services and is the largest non-bank private-

sector life insurer in India.

ICICI Lombard launches a range of health insurance products

• General Insurance company ICICI Lombard has launched 14 new Insurance solutions across Health,

Motor, and Corporate segments.

• The offerings are propelled by the recently introduced “Use and File” framework from the Insurance

Regulatory and Development Authority of India (IRDAI) and new types of risks emerging in all

sectors be it pandemic, climate change, or data privacy.

Key Highlights :

• In the health segment, products like Golden Shield focus on senior citizens who find it difficult to find

health insurance in old age.

• The policy covers expenses related to room rent, intensive care, doctor fees, anesthesia, blood,

oxygen, occupational therapy, and medicines, amongst others.

• Other health insurance policies they have introduced include Health AdvantEdge, giving worldwide

international cover, and BeFit, which is a cashless outpatient policy that covers common ailments like
a cough or cold, and minor injuries that don’t need hospital treatment.

• In the motor segment, Motor floater Insurance allows a single policy with a single renewable date and

premium for all motor policies.

• In the Pay-As-You-Use (PAYU) Plan, the premium for the policy is limited only to the extent the

vehicle is used or estimated to be used by the customer.

• In the Pay-How-You-Use (PHYU) Plan, a customer with good driving behavior can avail of attractive
discounts over the base premium of the policy.

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• Voyager Travel Insurance focuses on both domestic and overseas travel for up to one year.

About ICICI Lombard General Insurance Company Limited :

• Founded: 2001

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Bhargav Dasgupta

ICICI Prudential Life Insurance launches long-term savings product - ICICI Pru Sukh Samruddhi

● ICICI Prudential Life Insurance Company Limited has launched a new participating savings product,

‘ICICI Pru Sukh Samruddhi,’ which provides customers with guaranteed benefits and growth

potential in the form of bonuses.

● Besides, the life cover continues for the entire duration of the policy, including the income period,

providing financial security to the family.

About ‘ICICI Pru Sukh Samruddhi :

● This product also provides a higher maturity benefit to women customers to encourage them to

embark on their savings journey and achieve financial independence.

● To address the varied financial needs of customers, this long-term saving product has been made

available in two variants - income and lump sum.

● ICICI Pru Sukh Samruddhi Income, provides an excellent route to create a supplementary source of

tax-free guaranteed income to meet financial goals, such as a child’s education, annual vacations,

or any other interim income requirement.

● This option provides customers with a guaranteed regular income for the specified time period

selected at the time of purchase.

● ICICI Pru Sukh Samruddhi Lump sum is ideal for customers looking to build a corpus over the long

term and utilize the lump sum maturity amount to achieve big-ticket financial goals such as

purchasing a house, financing children’s higher education, or legacy planning

● The innovative feature of ‘Savings Wallet’ allows customers to accumulate and grow their income,

instead of taking it as payment.

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● The unique ‘Save the Date’ feature enables customers to start receiving income on a date of their

choice.

About ICICI Prudential Life Insurance :

● Founded: 2001

● Headquarters: Mumbai, Maharashtra, India

● MD & CEO: Narayanan Srinivasa Kannan

● In 2016, the company became the first insurance company in India to be listed on the domestic

stock exchanges.

KVG Bank renews bancassurance pact with LIC

● Karnataka Vikas Grameena Bank (KVGB), a Dharwad-headquartered regional rural bank and Life

Insurance Corporation (LIC) of India have renewed their agreement through a memorandum of

understanding for bancassurance (for selling life Insurance products through the branches of

KVGB) tie-up.

● The bank will market LIC’s products through its 639 branches in Dharwad, Gadag, Haveri, Belagavi,

Bagalkot, Vijayapura, Uttara Kannada, Udupi and Dakshina Kannada districts.

● The bank is renewing the pact with LIC mainly to increase insurance penetration in rural areas and

to provide better deal to customers on service and premium.

About KVG Bank :

● Founded : September 12, 2005

● Headquarters : Dharwad, Karnataka, India

● Chairman : Puttaganti Gopi Krishna

About LIC :

● Founded : 1 September 1956

● Headquarters : Mumbai, Maharashtra, India

● Chairman : M R Kumar

● Managing directors : B C Patnaik, Smt. Ipe Mini, Siddharth Mohanty, Rajkumar

Max Life launches life insurance plan - Smart Wealth Advantage Guarantee

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• Max Life Insurance has launched Smart Wealth Advantage Guarantee Plan, a non-linked, non-

participating individual life insurance savings plan that offers guaranteed returns, life insurance

cover, and financial protection all combined in one product.

• The product offers the receipt of the annual income on a preferred date decided by the policyholder,

and not necessarily at the anniversary of the policy issuance.

Key features :

Enhanced flexibility:

• The plan allows you to choose premium payment terms, deferment periods, and income duration.

• It has a ‘Save the Date’ feature which allows you to receive annual income on your special date of

the year like birthdays, marriage anniversaries, etc.

Guaranteed income:

• It offers to get easy liquidity with income payout as early as the first month.

• Additionally, the policyholders can get income returns for up to 30-40 years with a lump sum at

maturity.

Comprehensive Financial Security for your loved ones:

• The plan offers a life cover if the life insured dies untimely during the policy term.

• The plan also comes with an in-built accidental death benefit that pays an additional amount if the

insured dies.

Facility to Avail Loans:

• The plan also helps you avail of loans against your policy to meet your urgent financial

requirements.
Secured Retirement:

• The plan offers you to get tax-free income for life.

• The GST is applicable on premiums as per prevailing tax laws.

• Under Selected Variants, policyholders can get returns of 50% of Total Premiums Payable at the

age of 85 years, applicable under select variants only.

About Max Life Insurance Company Limited :

• Founded: 2000

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• Headquarters: New Delhi, Delhi, India

• MD & CEO: Prashant Tripathy

• It is a life insurance company in India with a joint venture (JV) between Max India Ltd and Axis

Bank

InsuranceDekho partners with LIC to offer latter's products across India

● InsuranceDekho, an insurtech, has entered into a strategic partnership with the Life Insurance

Corporation of India (LIC) through which the latter’s products will be available for all customers on

its platform pan-India.

Key Highlights :

● The partnership will help provide insurance policies and establish 100% penetration in the remotest

towns of the country.

● Currently, InsuranceDekho has more than 330 products from 45 insurers on its platform.

About InsuranceDekho :

● Chief executive officer and co-founder : Ankit Agrawal,

● InsuranceDekho is an online platform that lets people compare insurance quotes from top-rated

insurance companies and purchase the insurance policy that best suits their needs.

● It offers car insurance, bike insurance, health insurance as well as life insurance.

About LIC :

● Founded : 1 September 1956

● Headquarters : Mumbai, Maharashtra, India

● Chairman : M R Kumar
● Managing directors : B C Patnaik, Smt. Ipe Mini, Siddharth Mohanty, Rajkumar

Absolute & DigiSafe Jointly Launches Digifasal-DIY Insurance for Farmers

● Absolute, a plant bioscience company, in partnership with DigiSafe Insurance has launched India's

first do-it-yourself (DIY) insurance marketplace, Digifasal.

● The product is introduced on Upaj, Absolute's agcloud ecosystem.

● Adverse climatic conditions have resulted in India losing approximately 69 million hectares of crop
area in the last 6 years.

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About Digifasal :

● Upaj has been developed by over 100 artificial intelligence and machine learning engineers over the

course of 7 years.

● Digifasal will supplement insurance schemes such as the Pradhan Mantri Fasal Bhima Yojana by

providing farmers with affordable insurance options.

● Insurance penetration in rural India is less than 4% due to pricing, a lack of trust, and lengthy claim

settlement processes.

● Farmers can choose parametric insurance products from several insurers available in their

respective pin codes.

● It serves a million farmers at every stage of crop production with services such as soil testing,

advisory, and now, insurance.

Note :

● Founder & MD of Digisafe : Anupam Shrey

About Absolute :

● Founded : 2015

● Headquarters : Bangalore, Karnataka

December
Tamilnad Mercantile Bank ink bancassurance pacts with Chola MS General & Max Life

• Old private sector lender Tamilnad Mercantile Bank Limited (TMBL) has entered into

bancassurance partnerships with Cholamandalam MS General Insurance Company Ltd, part of the

Chennai-based Murugappa Group, and Max Life Insurance Company

Aim:

• To provide general insurance products and life insurance schemes respectively to TMB’s

customers.

About the Partnership:

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• Under the tie-up, Tuticorin-based TMB’s 500-plus branches will start retailing the insurance

products of both companies.

• The agreement was done for marketing, distribution & selling the general insurance products.

What is bancassurance ?

• Bancassurance is a relationship between a bank and an insurance company.

Aim:

• To offer insurance products or insurance benefits to the bank's customers.

• This partnership arrangement can be profitable for both companies.

About TMBL:

• Founded: 11 May 1921

• Headquarters: Thoothukudi, Tamil Nadu, India

• MD & CEO: [Link]

• Tagline: Be a Step ahead of Life

• It was set up at the Nadar Bank limited in 1921, became the scheduled bank under the RBI Act in

May 1935 & the name was changed to Tamil Nadu Mercantile Bank in 1962.

• It offers a wide range of banking and financial services primarily to Micro, Small, and Medium

Enterprises (MSME), agricultural and retail customers

Star Health launches policy for outpatient expenses with a 1-year term

• Star Health and Allied Insurance Co Ltd, a standalone health insurance company, has launched the

Star OutPatient Care Insurance Policy.

Aim:
• To provide complete health and wellness benefits to customers at an affordable cost.

• To bridge the gap between expenses related to in-patient hospitalization, which is catered to by the

health insurance industry, and outpatient expenses.

Key Features:

• Star OutPatient Care Insurance Policy is a standalone cover that provides access to doctors,

clinics, and diagnostic centres all over India.

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• The policyholder can avail of unlimited virtual teleconsultations, unlimited in-clinic consultation,

pharmacy expenses, and diagnostic tests up to the sum insured in any of the networked facilities on

a cashless basis.

• The policy is available on an individual or floater basis and can cover up to 6 family members.

• The minimum entry age for adults is between 18 years to 50 years and for dependent children, from

31 days to 25 years.

• The policy has 4 sums insured (SI) options that customers can choose from - a cover of ₹25,000,

₹50,000, ₹75,000, and ₹1 lakh for a policy term of one year.

• The policy will also cover pre-existing diseases after a waiting period of one, two, and four years in

the platinum, gold, and silver plans, respectively.

About Star Health and Allied Insurance Co Ltd:

• Founded: 2006

• Headquarters: Chennai, Tamil Nadu, India

• Chairman & CEO: V Jagannathan

• Executive Director: Vikas Sharma

YES BANK partners with Turtlefin to launch 'EasyNsure'

• TurtleFin, India’s leading insurtech platform, has partnered with YES BANK, to create a first-of-its-

kind comprehensive technology platform – EasyNsure.

• Its distinctive API will power the platform and help it offer a slew of insurance solutions in a single

place.

About EasyNsure:
• EasyNsure will bring multiple insurance partners onto a common platform, providing a host of

benefits such as –

• A seamless single-point online insurance service,

• Ability to compare and select a suitable insurance cover basis the customer’s need,

• A facility to compare costs for rationalizing purchase decisions, among others.

• The platform is already live with over 40 Life and General Insurance plans to be readily available for
consideration.

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• So far, the platform has created over 30,000 insurance quotes with more than 6,500 proposals and

5,200 policies being punched.

• This has helped the platform record a total premium of INR 6,050 lakh.

• The technology platform will also allow business tracking across the Bank hierarchy, simplifying

revenue reconciliation.

About YES BANK:

• Founded: 2004

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Prashant Kumar

• Tagline: Experience our Expertise

Tamilnad Mercantile Bank signs pact with Bajaj Allianz Life Insurance

• Private sector lender Tamilnad Mercantile Bank (TMB) has partnered with life insurance firm Bajaj

Allianz Life Insurance to sell term, annuity, and other value-packed products of the private life

insurer across its over 500 branches.

• The agreement to this effect was signed by the TMB’s MD & CEO S. Krishnan and Bajaj Allianz Life

Insurance MD & CEO Tarun Chugh

• Under this strategic partnership, New and existing customers of the bank would be able to avail of

the services of Bajaj Allianz Life offerings including savings, retirement, and investment products.

About TMB:

• Founded: 11 May 1921

• Headquarters: Thoothukudi, Tamil Nadu, India

• MD & CEO: [Link]

About Bajaj Allianz Life Insurance:

• Founded: 2001

• Headquarters: Pune, Maharashtra

• CEO: Tarun Chugh

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Road transport ministry to launch Surety Bonds Insurance Product for Infrastructure Sector

• The Union Ministry of Road Transport and Highways is set to launch India’s first-ever surety bonds

insurance product for highway contractors on December 19, 2022, to boost liquidity in the

infrastructure sector.

• This comes 2 years after the union ministry directed the Insurance Regulatory and Developmental

Authority of India (IRDAI) to explore the feasibility of surety bonds.

About surety bonds:

• A surety bond is a three-way agreement between the principal, surety, and obligee.

• It is different from corporate bonds and financial guarantees.

• A surety is a company that provides a financial guarantee to the obligee (usually a government

entity) that the principal (business owner) will fulfill their obligations.

• It refers to the performance or delivery obligation to complete the insured project, the corporate

bonds refer to the financial obligation to repay debts or loans.

• If the principal fails to perform in this manner, the bond will cover the resulting damages or losses.

• A surety bond is provided by the insurance company on behalf of the contractor to the entity which

is awarding the project.

• These bonds are mainly aimed at infrastructure development to reduce indirect costs for suppliers

and contractors.

• This helps in the diversification of options hence acting as a substitute for a bank guarantee.

• Insurance Regulatory and Development Authority of India (IRDAI) (Surety Insurance Contracts)

Guidelines, 2022 came into force in April 2022.

• The premium charged for all surety insurance policies underwritten in a financial year, including all

installments due in subsequent years for those policies, should not exceed 10% of the total gross

written premium of that year, subject to a maximum of Rs 500 crore.

• The limit of the guarantee should not exceed 30% of the contract value.

Benefits of surety bond insurance products introduced for highway contractors:

• The new mechanism will help boost liquidity in the infrastructure sector by freeing up the working
capital of the constructors that are stuck as bank guarantees.

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• These funds can be used by contractors to expand their business and further boost the

infrastructure of the country.

• This will help address the challenges associated with highway construction.

About the Ministry of Road Transport and Highways (MoRTH):

• Union Minister: Nitin Gadkari

• Minister of state: General V. K. Singh

• Secretary: Giridhar Aramane

Canara HSBC Life Insurance Launches Non-Participating ‘Guaranteed Fortune Plan’

• Canara HSBC Life Insurance launched a new “Guaranteed Fortune Plan” a non-linked, non-

participating individual savings scheme offering life cover and a lump sum amount on outliving the

policy term.

• The product offers two plan options:

1. Guaranteed Savings Option

2. Guaranteed Cash Back Option.

About Guaranteed Fortune Plan:

• According to the Canara HSBC Life Insurance, the 1st option provides a lump sum on outliving the

policy term.

• The 2nd option offers customers guaranteed cash back at the end of every 5th policy year, with an

opportunity to defer the amount till maturity or withdraw it earlier.

• In addition to cashback, the 2nd option also gives policyholders a lump sum payment at the end of

the policy term.

• The plan also includes a unique feature called CARE (Claims Accelerated for Relief & Ease) Pay

Benefit.

• This in-built benefit pays 100% of total premiums paid (excluding underwriting extra premiums and

taxes) on intimation of death.

About Canara HSBC Life Insurance:

• Founded: 2008
• Headquarters: Gurugram, Haryana

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• MD & CEO: AnujMathur

• It was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited

(26%),and Punjab National Bank (23%).

Universal Sompo General Insurance partners with Zopper to launch a special integrated insurance offering

• Universal Sompo General Insurance Company Limited has partnered with an insurance

infrastructure Application Programming Interface (API) platform, Zopper, to roll out a special

integrated offering for customers.

Aim:

• To cover 1 million assets by offering users personalized insurance solutions, as well as a hassle-

free customer experience from policy generation to claims management

• Through this partnership, customers will have access to buy insurance seamlessly along with an

option to purchase a protection plan.

About Universal Sompo General Insurance Company Limited:

• Headquarters: Mumbai, Maharashtra

• MD & CEO: Sharad Mathur

• Universal Sompo General Insurance is a Joint Venture of Indian Bank, Indian Overseas Bank,

Karnataka Bank, Dabur Investment Corp, and a leading general insurer from Japan, Sompo Japan

Insurance Inc.

HDFC ERGO partners with NIIT to create a large pool of developers

• HDFC ERGO General Insurance Company, a leading general insurance company in India, has

partnered with NIIT, a global talent development corporation, to launch HDFC ERGO Technocrat –
Advance Dot Net Developer Program to create a large pool of developers.

• It will create ready-to-deploy talent, who can play a pivotal role in offering technology-powered

insurance solutions.

About HDFC ERGO Technocrat – Advance Dot Net Developer Program:

• The program will be delivered through live, instructor-led sessions and will also offer a stipend to the

participants.

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• The applicants will have to clear a 2-level assessment test, post which they will receive a

provisional offer letter from HDFC ERGO.

• NIIT is a leading Skills and Talent Development Corporation that is building a manpower pool for

global industry requirements.

About HDFC ERGO General Insurance Company Limited:

• Headquarters: Mumbai, Maharashtra, India

• MD: Ritesh Kumar

• HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the

insurance entities of the Munich Re Group in Germany

RGICL launches ‘Reliance Health Infinity Policy’

• Reliance General Insurance Company Limited (RGICL) has launched the first-of-its-kind premium

health insurance product – ‘Reliance Health Infinity Policy’ that offers limitless benefits.

About ‘Reliance Health Infinity Policy’:

• The policy is available in individual and family floater, covering up to 8 members, and categories

and offers sum-insured options starting from ₹5 lakh to ₹5 crores.

• It has features like MoreGlobal Cover, Maternity Cover, OPD Cover, unlimited restoration of the

sum insured, and 15-plus useful add-on benefits.

• It also rewards customers for being fit both financially and physically by offering India’s first credit

score-based discount and Body Mass Index (BMI)-based discount on the premium

• Children above 90 days of age and adults between the age of 18 to 65 years are covered in this

policy.
• The basic plan of the Policy is well-rounded and provides coverage against critical expenses like

Organ donors, Pre-&-Post hospitalization, Daycare procedures, emergency ambulance, and special

treatments.

• The policy has also introduced smart discounts like Credit Score-based (first in the country), BMI-

(Body Mass Index)-based, and Stay Healthy discounts to reward customers for staying fit both

financially and physically.

• The Reliance Health Infinity policy can be bought for a 1-year, 2-year, or 3-year policy tenure

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About RGICL:

• Founded: 17 August 2000

• CEO: Rakesh Jain

• Reliance General Insurance Company Limited is an India-based private insurance company and is

part of Reliance Anil Dhirubhai Ambani Group, wholly owned through Reliance Capital.

Tamilnad Mercantile Bank Inks Pact With Kotak Mahindra General Insurance

• Private sector lender Tamilnad Mercantile Bank Ltd. (TMB) has entered into a strategic alliance with

Kotak Mahindra General Insurance Co. Ltd., for marketing the products of the insurance arm of

Kotak Mahindra Bank.

• To offer customer-centric choices in every product, Tamilnad Mercantile Bank executed the

agreement for marketing the general insurance products under the tie-up with Kotak Mahindra

General Insurance Company Ltd.

• In Nov 2022, Tamilnad Mercantile Bank tied up with Cholamandalam General Insurance and Max

Life Insurance Company to offer their insurance products.

About TMB:

• TMB was founded in 1921 as the Nadar Bank but changed its name to Tamilnad Mercantile Bank in

November 1962

• Headquarters: Thoothukudi, Tamil Nadu, India

• MD & CEO: [Link]

• Tagline: Be a Step ahead of life

About Kotak Mahindra General Insurance Company Ltd:

• Founded: 2015

• Headquarters: Mumbai, Maharashtra

• MD & CEO: Suresh Agarwal

AU Small Finance Bank and HDFC Life announce Bancassurance Tie-up

• AU Small Finance Bank, India's leading small finance bank, and HDFC Life, one of India’s leading

life insurers, entered into a corporate agency arrangement for soliciting insurance plans of HDFC
Life through the bancassurance business model.

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Aim:

• To enrich the Bank’s life insurance offering by enabling its customers to access the digital platform

and the touch points of HDFC Life for servicing.

About the Partnership:

• The partnership would enable diverse customers of AU Small Finance Bank to access the entire

range of life insurance products offered by HDFC Life, thus fulfilling their need for financial

protection.

About bancassurance:

• Bancassurance is an arrangement between a bank and an insurance company, through which the

insurer can sell its products to the bank's customers.

• Both the bank and the Insurance companies benefit.

Aim:

• To offer insurance products or insurance benefits to the bank's customers.

• The bancassurance sector is regulated by the Insurance Regulatory and Development Authority of

India (IRDAI).

About AU Small Finance Bank:

• Headquarters: Jaipur, Rajasthan, India

• MD & CEO: Sanjay Agarwal

• It was founded as vehicle finance company AU Financiers (India) Ltd in 1996 and converted to a

small finance bank on 19 April 2017.

About HDFC Life Insurance Company Ltd:

• Founded: 2000

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Vibha Padalkar

• It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's lead

housing finance institutions, and Abrdn, a global investment company.

Tata AIA Life Insurance opens Emerging Opportunities Fund

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• Tata AIA Life Insurance Company Limited (Tata AIA) has launched a new Emerging Opportunities

Fund that will invest in mid-cap companies and emerging market leaders

Objective:

• To generate capital appreciation in the long term by investing in a portfolio of stocks that offer

opportunities in the mid-cap space and emerging leaders in the new-age sectors.

• The New Fund Offering (NFO) window will remain open from 15th December to 30th December

2022 at Rs 10 per unit, which is applicable only during the NFO period.

About the Emerging Opportunities Fund:

• The new offer will provide consumers with a unique opportunity to benefit from the long-term growth

potential of equity while securing their loved ones with the protection of a life insurance cover.

• Investments in the funds can be made through Tata AIA’s ULIP offerings like Fortune Pro, Wealth

Pro, Fortune Maxima, and Wealth Maxima.

• Besides, investors’ funds will also be diverted to Tata AIA’s Param Rakshak Solutions.

• The fund can invest up to 30% of the portfolio in equity and equity-related instruments falling

outside the mid-cap range.

About Tata AIA Life Insurance Company Limited:

• Founded: 1 April 2001

• Headquarters: Mumbai, Maharashtra

• MD & CEO: Naveen Tahilyani

Paytm & HDFC ERGO launch ‘Payment Protect' insurance policy to protect mobile transactions

• One97 Communications Limited (OCL), which owns the brand Paytm, in association with HDFC
ERGO General Insurance, a leading general insurance company in India launched a group

insurance plan called ‘Paytm Payment Protect’.

Aim:

• To insure transactions are made through the Unified Payment Interface (UPI) across all apps and

wallets.

About ‘Paytm Payment Protect’:

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• With the new insurance offering, which will come at Rs 30 per annum, users would be able to

secure themselves against mobile fraudulent transactions up to Rs 10,000

• This product is aimed to enhance the digital payments experience and increase the adoption of the

same in the country.

• Higher cover options for cover up to Rs 1 lakh per annum will soon be added to the product.

About HDFC ERGO General Insurance:

• Headquarters: Mumbai, Maharashtra, India

• MD: Ritesh Kumar

• HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the

insurance entities of the Munich Re Group in Germany

Bajaj Allianz General Insurance launches ‘Respect Senior Care Rider’ for senior citizens

● Bajaj Allianz General Insurance, one of the leading private general insurers of India, has launched

its unique health insurance rider ‘Respect Senior Care Rider’.

About ‘Respect Senior Care Rider’:

● It is one of the first health insurance riders from the Company, which will offer 360-degree

assistance for senior citizens.

● The company collaborates with Strategic Partners to provide a seamless services experience for

customers by providing them with a 24×7 direct connection in under 30 seconds with the medical

support & emergency platform that will activate rapid response within 10 minutes.

● Rider available in 3 plans. ie..

➢ Plan 1 offers Planned and emergency Ambulance Services, Concierge Services such as Home
Assistance/ Daily Care, and Cyber, Travel Legal Assistance.

➢ Plan 2 offers services like Physiotherapy Service at home, Nursing Care at home and Tele-

Consultation Services for Psychological Conditions.

➢ Plan 3 provides a smartwatch with fall detection technology, which tracks and records key vitals like

SP02, Body Temperature, Medicine Reminder, Heart Rate, SOS

● This rider is available to people over 50 who have health insurance through their company.
● The price of the product starts from INR 700 and ranges up to INR 7,500 excluding GST

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About Bajaj Allianz General Insurance Company Limited:

● Headquarters: Pune, Maharashtra

● MD & CEO: Tapan Singhel

● Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv and Allianz SE.

First-ever "Surety Bond Insurance" for Infrastructure Projects is introduced by Nitin Gadkari:

• Nitin Gadkari, the minister of roads, transport, and highways, introduced the nation's first-ever

surety bond insurance product, reducing the reliance on bank guarantees for infrastructure

companies.

• For infrastructure projects, surety bond insurance will serve as a security measure and will protect

both the principal and the contractor.

• The item will meet the needs of a variety of contractors, many of whom are engaged in business in

today's increasingly unstable climate.

• If the contractor breaches their contractual commitment, the Surety Bond Insurance protects the

principal from potential damages by acting as a risk transfer instrument.

• The product grants the principal a guarantee under which all contracts and other business

transactions will be carried out by the terms mutually agreed upon.

• The Principal may file a claim against the surety bond and recoup any losses they have suffered if

the contractor fails to uphold the conditions of the contract.

• In contrast to a bank guarantee, the Surety Bond Insurance does not require substantial collateral

from the contractor, freeing up significant assets that the contractor can use for the expansion of

their firm.
• The item will assist in lowering costs as well.

January
Tata AIA Life introduces Emerging Opportunities Fund with Ulips

• Tata AIA Life Insurance has launched Emerging Opportunity Fund, and ULIP plans (Unit Linked

Insurance Plans) which can spend money on mid-cap firms and rising market leaders with the

potential to generate important future development.

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• The purposes for ULIP plans with the New Fund Offering (NFO) window will stay open until 31

December 2022.

Key Highlights:

• Investments within the Fund might be made using Tata AIA’s ULIP choices like Fortune Pro,

Wealth Pro, Fortune Maxima, and Wealth Maxima.

• The Fund may also be hooked up to Tata AIA’s Param Rakshak Solutions.

• The fund can make investments as much as 30% of the portfolio in fairness and fairness-

associated devices falling outdoors the mid-cap range.

About Tata AIA Life Insurance:

• Commenced Operation: 2001

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Naveen Tahilyani

• Tata AIA Life Insurance Company (Tata AIA Life) is a Joint Venture (JV) between Tata Sons and

AIA Group Limited (AIA).

Niva Bupa Health Insurance signs corporate agency agreement with Sundaram Finance to strengthen its

distribution

• Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance Company

Limited), signed a corporate agency agreement with Sundaram Finance Limited.

• Under the pact, Sundram Finance will offer Niva Bupa’s select range of indemnity plans to its

growing range of existing and past customers.

• Some of the innovative retail products being offered by Sundaram Finance to its customers
include ReAssure – Niva Bupa’s highest-selling comprehensive family floater plan, Senior First, a

tailor-made plan for Senior Citizens, and Health Recharge, a Super Top Up plan.

About Niva Bupa Health Insurance:

• Founded: 2008

• Headquarters: New Delhi, India

• CEO: Krishnan Ramachandran.

About Sundaram Finance Limited:

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• Founded: 1954

• Headquarters: Chennai, Tamil Nadu, India

• MD: Rajiv Lochan

Aegon Life Insurance launches iTerm Prime Insurance plan

• Aegon Life Insurance has launched the iTerm Prime Insurance plan, which will cater to the needs

of self-employed individuals with a special 10% discount (5% discount in addition to a 5% online

discount for all) on 1st-year premium.

• The policy also offers special add-on features like critical illness cover and accidental death.

About iTerm Prime Insurance plan:

• The iTerm Prime plan is designed to promote life insurance access in developing India.

• It offers a minimum sum assured of Rs 25 lakhs, with no upper limit on a consumer’s

requirement.

• The plan can be purchased online through a completely paperless process and requires zero

documentation or uploads.

• The product also offers a ‘Special Exit Value’ option that allows the policyholder to get all

premiums back when they turn 55 years old.

• It is designed to encourage emerging India to gain access to life insurance.

• The policy also offers a death benefit, which is the highest of 11 times the annualized premium or

105% multiplied by the total premiums paid as on the date of death or base sum assured.

About Aegon Life Insurance:

• Founded: 2008
• Headquarters: Mumbai, Maharashtra, India

• MD and CEO: Satishwar Balakrishnan

• It is a joint venture between Dutch Aegon N.V., a multinational insurance, pensions, and asset

management company, and The Times Group (also called Bennett Coleman & Co. Ltd), one of

India’s largest media conglomerates.

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Kotak Mahindra General Insurance Partners with Clootrack to Boost Customer Experiences

• Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance“) has partnered

with Clootrack, an Artificial Intelligence (AI)-driven, real-time customer experience platform.

About the Partnership:

• The partnership will help Kotak Mahindra General Insurance understand gaps in the market to

improve its customer experience.

• This will empower Kotak Mahindra General Insurance with insights into its non-life insurance

products through customer feedback.

• Clootrack’s AI-driven comprehensive intelligent customer experience analytics platform will help

Kotak Mahindra General Insurance understand why customer experience drops.

About Kotak Mahindra General Insurance:

• Founded: 2015

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Suresh Agarwal

About Clootrack:

• CEO: Shameel Abdulla

• Clootrack is a Kochi-based start-up for customer experience analytics.

Aditya Birla Health Insurance in Bancassurance Partnership with Punjab & Sind Bank

• Aditya Birla Health Insurance Co. Ltd. (ABHICL), the health insurance joint venture of Aditya Birla

Capital Ltd. (ABCL), signed a bancassurance partnership with Punjab & Sind Bank for the

distribution of health insurance products through the bank’s network of branches across India.
• This partnership will enable ABHICL to expand its national footprint and access Punjab & Sind

Bank’s widely distributed network of 1,528 branches and its customers.

About the partnership:

• Through this Partnership, Punjab & Sind Bank’s customers and employees will have access to

ABHICL’s comprehensive suite of health-first insurance plans, aimed at encouraging customers to

practice a healthy lifestyle through innovative products such as 100% Health ReturnsTM and
Chronic’s Incentive Wellness To reward with profit.

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• Also Management Program, Day 1 covers Asthma, High Blood Pressure, High Cholesterol, and

Diabetes; wellness coaching on nutrition and fitness; Counseling on mental health among others.

• With this, ABHICL now has 18 bancassurance companions with over 70,000 direct promoting

brokers, throughout India.

About Bancassurance:

• Bancassurance is an arrangement between a bank and an insurance company, through which the

insurer can sell its products to the bank's customers.

About Punjab & Sind Bank:

• Established: 1908

• Headquarters: New Delhi, Delhi

• MD & CEO: Swaroop Kumar Saha

• Tagline: Where Service is a Way of Life

About Aditya Birla Health Insurance:

• Established: 2015

• CEO: Mayank Bathwal

• ABHICL, a part of Aditya Birla Capital Ltd (ABCL), is a joint venture between Aditya Birla Group

and MMI Holdings of South Africa

Axis Bank Enters Into Revised Pact With Max Financial Services For Acquiring Additional 7% Stake In

Max Life

• Axis Bank has entered into a revised agreement with Max Financial Services Limited to acquire an

additional 7% stake in Max Life Insurance at fair market value using discounted cash flow method.
• The revision in the agreement follows the guidance issued by the Insurance Regulatory and

Development Authority (IRDAI) in October 2022.

About the Acquisition:

• Axis Bank and its subsidiaries - Axis Securities and Axis Capital had 2021 entered into definitive

agreements with Max Financial Services Ltd for acquiring a 20% stake in its subsidiary Max Life

Insurance Co Ltd.

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• Following this, Axis Entities have acquired a 12.99% stake in Max Life at Rs 35 per share with the

right to acquire an additional 7% stake in the company.

• As per the revised agreement, the valuation for the right to acquire the balance 7% equity stake of

Max Life would be at fair market value using discounted cash flows instead of valuation as per

Rule 11UA of the Income Tax Rules, 1962."

• In October 2021, the Insurance Regulatory and Development Authority (IRDAI) imposed a penalty

of Rs 3 crore on Max Life and Rs 2 crore on Axis Bank due to violations of rules in the proposed

deal.

About Axis Bank:

• Founded: December 1993

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Amitabh Chaudhry

Axis AIF exits SBI General for Rs 350 crore

• Axis Alternative Investment Fund (AIF) bought its 1.27% stake in SBI General Insurance Co to 2

entities of IIFL Alternative Investment Funds for about ₹350 crores.

• This marks the total divestment of Axis AIF’s 1.65% stake within the insurer.

Key Highlights:

• Axis AIF purchased the shares in September 2018 for about ₹200 crores.

• Axis AIF purchased the shares via a scheme known as Axis New Opportunities Fund AIF-I.

• The first step of the sale - 0.38% to Avendus Future Leaders Fund happened earlier.

• In the second step, two entities of IIFL AIF - IIFL India Private Equity Fund-Series 1A and IIFL
Special Opportunities Fund- Series 9 bought out the stake.

• The full divestment value is about ₹450-₹475 crore, according to Centrum Capital, which advised

on the deals.

About SBI General Insurance:

• Founded: 24 February 2009

• Headquarters: Mumbai, Maharashtra, India

• CEO: Prakash Chandra Kandpal.

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ICICI Prudential Life Insurance ropes in Suryakumar Yadav to launch the “360° Financial Protection”

campaign

• ICICI Prudential Life Insurance announced an association with the world’s top T20 batter

Suryakumar Yadav, to launch a new digital-first campaign - “360° Financial Protection with ICICI

Prudential Life Insurance".

• The campaign's central message is how ICICI Prudential Life Insurance offers a comprehensive

suite of protection products providing all-around life cover that offers 360-degree financial

protection in any critical situation, together with trust, dependability, and consistency.

About ICICI Prudential Life Insurance:

• Founded: 2000

• Headquarters: Mumbai, Maharashtra, India

• MD & CEO: Narayanan Srinivasa Kannan

• It is established as a joint venture between ICICI Bank Limited and Prudential Corporation

Holdings Limited.

February
RenewBuy launches customised health insurance plan - RenewBuy Health Wellness plan

• RenewBuy has launched its first line of customised health insurance products, the RenewBuy

Health Wellness plan with a focus on the large uninsured segment beyond the tier 1 markets.

Aim :

• To bridge that gap and has introduced multiple benefits in pre-hospitalization and Outpatient

Department (OPD) treatment with the newly launched product.

About RenewBuy Health Wellness plan :

• The product offers new-age health insurance benefits, available in three variants- Gold Plan,

Silver Plan, and Wellness Plan ranging from coverage of 2-5 lakhs.

• Up to 70% lower premium is offered for senior citizens, and up to 50% lower premium is offered

for those up to 59 years of age, Maternity cover with a significantly shorter waiting period.

About RenewBuy :

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• Headquarters : Gurugram, Haryana

• CEO : Balachander Shekhar

Canara HSBC Life Insurance Launches its new ULIP product “Wealth Edge”

• Canara HSBC Life Insurance has launched “Wealth Edge”, a Unit-Linked Individual Savings

Insurance Plan (ULIP).

About Wealth Edge :

• Wealth Edge has been designed to help fulfil the life goals of an individual by providing utmost

flexibility.

• The policy also offers options of single pay and limited pay for all three plans, along with death and

maturity benefits.

• The product offers 3 different plans depending on an individual's need and current requirements.

• For Invest Plus, the minimum and maximum entry ages are 0 years and 70 years, respectively.

• For Premium Plus and Life Plus, the minimum entry ages are 18 years, while the maximum entry

ages are 50 years and 70 years, respectively.

• The maturity ages for Premium Plus are minimum 28 and maximum 80 years, while for Life Plus,

the maturity age is up to 100 years.

• The minimum annual premium is Rs. 1.25 lakh per annum on a yearly mode, and Rs 16,667 on a

monthly mode for all the three options.

• The minimum premium comes to Rs. 75,000 on a half-yearly mode and Rs. 43,750 on a quarterly

mode.

• The plan allows users to select from 8 different investment funds and access the accumulated
capital as needed through the Systematic Withdrawal Option (SWO) / Milestone Withdrawal Option

(MWO).

About Canara HSBC Life Insurance :

• Founded : 2008

• Headquarters : Gurgaon, Haryana, India

• MD & CEO : Anuj Mathur

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• Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance

(Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%).

New India Assurance (NIA) Launches ‘Pay As You Drive’ Vehicle Insurance PolicY

• New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) policy, which offers a

comprehensive motor insurance policy that charges a premium based on the usage of the vehicle.

• The policy has two components - third-party cover and own-damage cover.

About NIA :

• Established : 1919 (nationalised in 1973)

• Headquarters : Mumbai, Maharashtra

• Chairman & Managing Director : Neeraj Kapur

• The NIA is a central public sector undertaking under the ownership of the Ministry of Finance,

Government of India (GoI).

• It is largest nationalised general insurance company of India on the basis of gross premium

collection inclusive of foreign operations"

Bajaj Allianz Launches Customisable Health Policy - My healthcare plan

• Bajaj Allianz General Insurance announced the launch of its modular health insurance product ‘My

Health Care Plan’, an umbrella product for customizable packages.

About ‘My Health Care Plan’:

• My Health Care Plan offers Sum Insured (SI) options up to Rs 5 crore.

• The policy is offered on an individual and floater basis with a policy term of 1 year, 2 years, or 3

years.
• The plan also consists of mandatory coverages like in-patient hospitalisation expenses, pre- and

post-hospitalisation expenses, modern treatment methods and advancement in technologies, organ

donor expenses, ayurvedic and homeopathic hospitalisation cover, maternity package expenses,

and airlift cover, among others.

• The policy also offers three optional covers - loss of income cover, major illness and accident

multiplier covers, and international cover.

About Bajaj Allianz General Insurance :

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● Founded : 2001

● Headquarters: Pune, Maharashtra

● MD & CEO : CEO: Tapan Singhel

DriveU partners with SMC Insurance to provide car insurance

● DriveU, a leading car driver service and a super-app for car owners, partnered with SMC Insurance

Brokers Pvt. Ltd to provide car insurance for over 650,000 DriveU customers.

Aim :

● To make the insurance buying process more gratifying and less daunting of a task.

About the Partnership :

● Through this partnership, all the new and existing customers of DriveU will be able to buy or renew

their car insurance easily.

● The collaboration will make the car insurance buying process simpler and more seamless for the

customers.

● With this, DriveU, is one step closer to rewarding the entire car ownership journey with every

transaction on the DriveU platform further reducing the cost of owning a car, and consolidating the

needs of car owners under one roof.

Note :

● Co-founder and CEO of DriveU : Ashok Shastry

● Director of SMC Group : Pravin K Agarwal

Aditya Birla Sun Life Insurance launches 'Anmol Suraksha Kawach'

● Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited
(ABCL), has launched 'ABSLI Anmol Suraksha Kawach', to address the short-term protection needs

of the policyholders.

About 'ABSLI Anmol Suraksha Kawach' :

● It is a non-linked, non-participating individual, life, pure risk premium, term insurance solution for

policyholders’ short-term protection needs offering a life cover for up to 5 years.

● The plan offers a protection solution for people aged between 25-55 years.
Key features :

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● Short-term protection: Policyholders will be eligible to avail of a short-term policy term between 2 to

5 years.

● Choice of premium payment term: Policyholders get the flexibility to choose between making a one-

time payment or paying for the entire policy term.

● Varied Sum Assured Option: Policyholders can choose from varied sum assured options (From 50L

to 2cr in steps of 25 Lakhs).

● Protection till 60 years of age: Policyholders will be eligible for a maximum cover ceasing age of 60

years

About ABSLI :

● Incorporation: 2000 (Commenced Operations 2001)

● MD & CEO : Kamlesh Rao

● As of December 31, 2022, the total Assets under Management (AUM) of ABSLI stood at

Rs.679,890 million with a 15 increase on a year-on-year basis.

Aditya Birla Sun Life Insurance launched ABSLI Nishchit Aayush Plan

• Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited

(ABCL), has launched a new-age savings solution ABSLI Nishchit Aayush Plan.

• The Plan is a non-linked non-participating individual savings life insurance plan offering guaranteed

regular income starting as early as the end of the first policy month along with a lump-sum benefit at

maturity.

Niva Bupa launches health insurance plan 'ReAssure 2.0'

• Niva Bupa Health Insurance Company Limited (Formerly Max Bupa Health Insurance Company
Limited), one of India’s largest independent health insurers, launched ‘ReAssure 2.0,’ which

includes many industry-first features.

• ReAssure 2.0 improves on the current ReAssure plan’s 3 powerful benefits – ReAssure, Booster,

and Safeguard – by providing a ‘+’ variant of these benefits to provide unrivalled benefits.

Bharti AXA Life Insurance & Unity Bank Form Bancassurance Partnership

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• Bharti AXA Life Insurance, announced its bancassurance partnership with Unity Small Finance Bank

(Unity Bank), a new-age, digital first bank for the distribution of life insurance products through the

Bank’s network of 111 branches and 206 offices pan-India.

• Unity Bank’s customers will benefit from a diverse range of new-age insurance solutions offered by

Bharti AXA Life.

New India Assurance Co Ltd becomes 2nd company to offer surety bonds

• New India Assurance, the largest non-life insurance company in the country, announced the launch

of its surety insurance bond business.

• The state-run company became the second insurer to offer such bonds in the country.

• In December 2022 Union highways minister Nitin Gadkari launched India's first

surety bond insurance for infrastructure projects by the private sector player Bajaj Allianz General

Insurance.

• The Insurance Regulatory and Development Authority of India (IRDAI) permitted general insurers to

issue Surety Insurance Bonds from April 2022.

Insurance Terminologies
E- Insurance Account: 'e-Insurance Account' (eIA) is the portfolio of insurance policies of a
proposer/policyholder held in an electronic form with an insurance repository.

Private Equity Funds: A private equity fund is a pooled investment vehicle in which the adviser combines

the funds contributed by all investors and utilises those funds to make investments on the fund's behalf.

Lumpsum: A lump sum amount is defined as a single complete sum of money. A lump sum investment is

of the entire amount at one go.

Trade Credit Insurance: Trade Credit Insurance is an effective financial risk management tool that secures

your company against losses arising from non-payment of trade invoices.

Policyholder: A policyholder is a person who owns and is covered under a given insurance policy until it

expires - this goes for both renters and homeowners insurance.

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Bancassurance: Bancassurance is an arrangement between a bank and an insurance company, through

which the insurer can sell its products to the bank's customers.

Joint Venture: A joint venture is a combination of two or more parties that seek the development of a single

enterprise or project for profit, sharing the risks associated with its development.

Surety Bonds: Surety bonds are contracts that tie the principal, the oblige (a government entity or a private

organization) and the surety. A surety is a company that provides a financial guarantee to the obligee

(usually a government entity) that the principal (business owner) will fulfill their obligations.

Unit Linked Insurance Plan: A ULIP is an insurance plan that offers the dual benefit of investment to fulfil

your long-term goals, and a life cover` to financially protect your family in case of an unfortunate event. A

unit linked insurance plan (ULIP) is a multi-faceted product that offers both insurance coverage and

investment exposure in equities or bonds.

Alternative Investment Funds: Alternative Investment Fund or AIF is any fund established in India which is

a privately pooled investment vehicle that collects funds from sophisticated investors, both Indian or

foreign, for investing

Insurance Abbreviations
Acronym Abbreviation

IRDAI Insurance Regulatory and Development Authority of India

PE Private Equity

IMF Insurance marketing firms

KYC Know Your Customer

POSP-LI Point of Sales Persons- Life Insurance (POSP-LI)

CPSC Common Public Service Centers

ABHICL Aditya Birla Health Insurance Co. Limited

PAYU Pay-As-You-Use

PHYU Pay-How-You-Use

ULIP Unit Linked Insurance Plans

NFO New Fund Offering

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AIF Alternative Investment Fund

IITL Industrial Investment Trust Limited’

ULIP Unit-Linked Individual Savings Insurance Plan

MWO Milestone Withdrawal Option

SWO Systematic Withdrawal Option

AUM Assets under Management

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