Correct Answer :   Tata AIA

Tata AIA Life Insurance (Tata AIA) has introduced digital payments via WhatsApp and Unified Payment Interfaces (UPI).

This feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.

India currently has around 500 million WhatsApp users and more than 300 million UPI users. This option allows consumers a new channel to pay their premiums on an app that they are already familiar with.

This is also part of Tata AIA's goal to improve its Net Promoter Score (NPS), a system used to measure how well the company is meeting its consumer's needs and improving consumer behaviour.


Source : Business Standard

Correct Answer :   ICICI Lombard

General insurance company ICICI Lombard on Monday (26th June 2023) announced the launch of three insurance products focusing on MSMEs — MSME Suraksha Kavach Policy, Property All Risk (PAR) Policy, and i-Select Liability to make MSMEs more risk aware and provide them with the benefit of comprehensive coverage to safeguard their businesses.  

The MSME Suraksha Kavach Policy is a bundled product to protect MSMEs against loss or damage to property due to defined insured perils.

The policy offers the benefits of optional coverage for STFI (Storms, Typhoons, Cyclones, Tempest, Tornados, Hurricanes, Floods and Inundation), and Terrorism, providing businesses with the flexibility to choose the right level of protection.

The PAR policy covers a range of properties, including buildings, machinery, stocks, and furniture, against loss or damage caused by accidents or misfortunes, unless specifically excluded in the policy.

Lastly, the i-Select Liability Add On is to further enhance the comprehensive Club Royale policy of ICICI Lombard by offering multiple additional covers such as security upgrades, cover on valuables like jewellery or any home event cancellation.

Sanjeev Mantri, Executive Director of ICICI Lombard, said, “In today’s dynamic business landscape, all businesses, especially MSMEs, must have a robust risk management and contingency plans. Insurance plays a pivotal role in this process, offering crucial financial protection and empowering businesses to withstand turbulence and uncertainties.

Our new insurance solutions are specifically designed to empower MSMEs with a wider suite of products, a more comprehensive cover for property related risks and convenience of bundled offering in a singular plan.”..

Source : Financial Express

Correct Answer :   Life Insurance Corporation

National insurer Life Insurance Corporation (LIC) on Friday (23rd June 2023) launched a new close-ended plan Dhan Vridhhi. The new plan will be on sale from June 23 through September 30, 2023, the insurer said in a statement.

* LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings.

* This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured.

* The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option.

* The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected.

* The plan offers a minimum basic assured sum of Rs 1,25,000 and can be opted for more in multiples of Rs 5,000.

* The guaranteed additions shall accrue at the end of each policy year, throughout the policy term, and ranges from Rs 60 to Rs 75 in the first option and Rs 25 to Rs 40 in the second option for every Rs 1,000 of basic sum assured. The guaranteed additions are higher for a higher sum assured..

Source : Economic Times

Correct Answer :   Go Digit Life Insurance

The Insurance Regulatory and Development Authority of India (Irdai) on Friday (9th June 2023) said it has granted life insurance business licence to Go Digit Life Insurance Limited.

Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business.

With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26.

"Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India".


Go Digit General Insurance’s IPO :

Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes.

Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers. It is one of the first non-life insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners..

Source : Mint

Correct Answer :   Bajaj Allianz Life

Bajaj Allianz Life has launched a Diabetic Term Plan Sub 8 HbA1c to specifically provide insurance coverage to pre-diabetics and Type-2 diabetics in India.

The plan considers HbA1c levels and offers a 10 per cent premium reduction for those meeting health goals.

The policy term ranges from five to 25 years, and premiums can be paid monthly or annually. Bajaj Allianz Life announced in a press statement that many diabetics struggle to obtain comprehensive life cover, thus hindering their ability to secure their family’s future.

Tarun Chugh, managing director and CEO, Bajaj Allianz Life, said that the Diabetic Term Plan Sub 8 HbA1c is the first-of-its-kind in the Indian life insurance industry, specifically designed for Type-2 diabetics and pre-diabetics.


​​​​​Premium and features of plan :

* It is a non-linked, non-participating, pure-risk premium life insurance plan. As a pure-term insurance product, no benefit is payable upon survival till maturity, and there is no surrender value either.

* Premiums are determined based on factors, such as age, gender, health status and HbA1c level. HbA1c is a blood test, in which pre-diabetics have HbA1c level in the range of 5.7-6.4 per cent, while diabetics have HbA1c level of 6.5 per cent or above.

* The minimum and maximum entry age is 30 years and 60 years, respectively.

* According to the insurer, for a sum assured of Rs 50 lakh, a 35-year-old male, non-smoker will have to pay an annual premium of Rs. 11,802 for a 10-year policy term, and Rs. 14,887 for a 20-year term.

* Likewise, a 45-year-old would pay Rs. 23,656 and Rs. 31,879 annually for 10- and 20-year terms, respectively.

* The plan pays a sum assured on death of the insured.

The amount is higher of either  :

a) 10 times the annualised premium
b) 105 per cent of total premiums paid till the date of death or
c) sum assured.

The policy also allows a grace period of 15 days for premiums paid on a monthly mode, and 30 days for other modes. During the grace period, the life assured will be covered for the death benefit..

Source : Outlook India

Correct Answer :   Aegon Life Insurance

Aegon Life has become the first insurance company to launch a policy that covers surrogate mothers and egg donors. This initiative aims to support the financial well-being of surrogate mothers and egg donors.

* The new cover aligns with the Surrogacy (Regulation) Act, 2021 and the Assisted Reproductive Technology (Regulation) Act, 2021, introduced by the Ministry of Health & Family Welfare.

* The innovative coverage provides a three-year life cover for surrogate mothers and a one-year cover for egg donors, offering protection against any life-threatening complications that may arise from these procedures.

* The policy provides financial protection to their nominees in the event of their death. This group plan is available through fertility and surrogate clinics registered with the Assisted Reproductive Technology (ART) regulatory body. Since the beginning of this year, Aegon has already provided coverage for more than 100 surrogacy procedures.

* Surrogate mothers and egg donors were earlier not covered under insurance despite the health risks posed by the process. Aegon Life is a joint venture betwen Dutch insurance group Aegon and the TimesGroup which publishes the Times of India.

* Satishwar B., the Managing Director and CEO of Aegon Life Insurance, said the company's advanced digital infrastructure enabled the swift development of this comprehensive and affordable solution..

Source : India Times

Correct Answer :   Reliance General Insurance

Reliance General Insurance has made history by becoming the first general insurance company to accept the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) e-Rupee (e₹) for premium payments.

The insurer has partnered with YES Bank to facilitate the collection of premiums in digital mode using the bank’s e-rupee platform.

Easy, safe, instant, and green payments : Customers who have an active e-rupee wallet with any bank can scan Reliance General Insurance’s CBDC QR code to make easy, safe, instant, and green payments. This move has eliminated the need to handle physical cash, which can be risky during the ongoing COVID-19 pandemic.

Digital token equivalent to a banknote : e-rupee is a digital token that is equivalent to a banknote, and it is legal tender or sovereign currency backed by the RBI. It removes all the issues of handling physical cash and offers the same anonymity as a banknote. Moreover, since all transactions are done through an RBI-regulated entity, it reduces banknote-related risks such as anti-money laundering and the counterfeiting of currency.

Complement existing digital payment systems : “YES Bank is pleased to partner with Reliance General Insurance in promoting CBDC, an industry first in the insurance sector. With higher familiarisation and wider adoption, we expect CBDC transactions to complement existing digital payment systems considering features such as authenticity, interoperability, and settlement finality,” said Arun Agrawal, Country Head-Institutional & Government Banking, YES Bank.

Physical e-rupee QR code available at select branches : Currently, Reliance General Insurance’s physical e-rupee QR code is available at select branches for walk-in customers to scan and pay instantly. It plans to make it available at all branches across the country, on its website, and on the Reliance Self-i app in the next few months. This move is expected to make the payment process more convenient for customers who prefer to make digital payments..

Source : The Hindu Businessline

Correct Answer :   Royal Sundaram General Insurance

Royal Sundaram General Insurance Co. Ltd. has unveiled three add-on covers for private car and two-wheeler insurance policies.

* Smart Save
* Roadside assistance
* Return-to-invoice

The Smart Save add-on, which comes at zero cost, would help the customer to get an upfront discount in own damage insurance premium for repairing their cars at Royal Sundaram’s identified trusted repair shops and garages in the event of a claim, the company said.

For two-wheelers, the company’s Roadside Assistance policy covers 11 emergency services for an immobilised vehicle. The services can be requested for electrical, mechanical, or accidental breakdown.

The company’s Return to Invoice cover comes with two plans which will protect the customers to get their invoice value of the vehicle in case of a total loss, including theft of the vehicle. As per the plan chosen, road tax, registration charges and insurance cost are also covered for the customer, Royal Sundaram said in a statement..

Source : The Hindu

Correct Answer :   ICICI Lombard General Insurance

Private sector general insurer ICICI Lombard on Thursday (23rd March 2023) launched an 'Anywhere Cashless' feature for its health insurance policyholders, which allows customers to avail cashless facilities even at non-empanelled hospitals.

* Under this facility, which the company claimed is an industry-first initiative, customers will not have to bear any out-of-pocket expenses, which has been one of the major pain-points for customers.

* The new feature can be availed of through the 'IL takecare' app. However, the company said the 'Anywhere Cashless' feature is subject to each hospital offering cashless facility and that for one to use this feature the policyholder must inform the company 24 hrs before admission.

* The feature provides a hassle-free experience through all aspects of the hospitalization -- from admission to discharge.

* It also lets customers choose a nearby or recommended hospital and focus on their family's well-being instead of dealing with insurance details at the time of treatment, said Alok Agarwal, the executive director of the company..

Source : OI

Correct Answer :   Niva Bupa Health Insurance

Niva Bupa Health Insurance on Thursday (23rd February 2023) announced the launch of health insurance policy 'ReAssure 2.0'. The first of its kind indemnity plan offers lock-in of entry age until a policyholder makes his/her first claim, thereby helping customers save on premiums.

* Niva Bupa Health Insurance MD and CEO Krishnan Ramachandran said with this product, "we have addressed the prevailing concerns of customers which act as a hindrance during health insurance purchase.

Aim : To encourage customers to start investing for their health and financial security at an early age.

* This new-age indemnity plan offers 'live healthy' benefit that gives premium discount of up to 30 per cent on policy renewal basis health points earned.

* Other benefits include, no capping on room rent, any hospitalisation of 2 hours and above to be covered, Smart Health+ rider - offering unlimited tele consultations - and Day 1 coverage for diabetes and hypertension.

* The product is available as an individual, multi-individual and family floater starting from Rs 5 lakh to Rs 1 crore for the age bracket of 18 years to 65 years..

Source : India Times