Irda panel for Rs 1 lakh capital for corporate agents

New Delhi, May 13 Persons and houses with a low working capital of Rs 1 hundred thousand can move as corporate agents of coverage and sell policies through their agents, if the Irda accepts the recommendations of its commission on statistical distribution channels.

"The present bounds (of Rs 15 lakh) is very burdensome and the bounds of one hundred thousand proposed is reasonable", said the study of the Insurance Regulatory and Development Authority (Irda) committee.

The less working capital demand will assist houses and NGOs to set about coverage intermediation, the study said.

Under the present Corporate Agent's Regulations, with a lower limit share working capital of Rs 15 hundred thousand can work as corporate agents of coverage , the study said, adding it "needs to be done away with."

A corporate agent Acts as an coverage agent for a life and general coverage company and procure concern on behalf of the insurance through its executives.

Regarding the wage of the agents, the committee have suggested that the commission rates cap should be removed. And, urban co-operative banks, RRBs, micro finance institutions, NGOs registered as trusts, should be permitted to administer micro coverage policies, the commission study said.

It further have proposed to spread out the scope of micro coverage federal agency by including any physical thing registered under the Societies Act. Current ordinances make not allow derived function pricing of products.

Stressing that the manner of payment for the claim colony or fillip and adulthood should be flexible like allowing cash, the Committee have got recommended that limited wage merchandises should have higher committees just like the involvement rates for micro-finance is higher thanbank rates.

The commission have got also recommended that specified people of a bank, and a company promoted by a bank, who work as corporate agents, should not have to travel for compulsory coverage agent training.

—PTI

Kotak Life plans health product

Kotak Mahindra Old Mutual Life Insurance (KMOMLI) Limited, a joint venture between Kotak Mahindra Depository Financial Institution and London-based Old Mutual plc is planning to establish a standalone wellness coverage merchandise in the first one-half of 2008-09.

"The wellness coverage that we are going to establish volition be probably in the word form of a Unit Of Measurement Linked Insurance Plan (ULIP) and is likely to offer cashless transcation installation to the subscribers. We mean to restart dialogues with the different infirmaries for our wellness coverage strategy in the adjacent fiscal", Arun Patil, vice-president (training and direction development) of KMOMLI said.

The new wellness coverage merchandise would also offer an option to the endorsers for investment in equity but it will not transcend 50 per cent.

At present, Kotak makes not have got a full-fledged wellness coverage merchandise but have health covers for disabilities, critical unwellness and major surgeries.

These wellness covers come up in the word form of riders with Kotak's Life coverage merchandises to those endorsers who pay an other insurance premium for them.

Kotak Life Insurance which have already achieved a insurance premium aggregation of Rs 800 crore in this financial have put a mark of Rs 1,000 crore by the end of this fiscal.

"We are aiming at a insurance premium of Rs 2,000-2,500 crore in the adjacent fiscal. Kotak Life Insurance which now have 110 subdivisions in Republic Of India is also targeting to spread out its pan-India web to over 200 subdivisions by March 2009", Patil added.

Patil was there in the metropolis for a tie-up of Kotak Life Insurance with the Kolkata-based Aashika Insurance Broking and Hazard Management Limited for a novel strategy called 'Empowered Women' on the International Women's Day.

According to this scheme, women would have got to salvage a lower limit of Rs 1,000 per calendar month for twenty old age and on adulthood they would acquire Rs 5,51,257.

"We are looking to mobilise the nest egg of atleast a thousand women in the adjacent three years. This strategy initialy launched in Kolkata will be subsequently extended to other Indian cities", Narendra Kumar Tulsian, president of Aashika Insurance Broking claimed.

ICICI Pru Life ties up with UAE Exchange for premium payment

MUMBAI:
Private sector life insurance company ICICI Prudential Life on Monday entered into an
agreement with Dubai-based UAE Exchange House for collecting first and renewal
premia of NRI clients in the Gulf region. The tie-up would help
customers of ICICI Prudential addition entree to all subdivisions of the exchange spread
across the UAE to do first and renewal premia, ICICI Prudential Life said in
release. The understanding comes
in the background of ICICI Prudential Life allowing its clients to directly
remit money towards coverage insurance premium from their ICICI Depository Financial Institution NRE business relationship into the
life insurer's account. Speaking on the partnership,
ICICI Prudential Life Insurance Executive Vice-President Anita Pai said, "with
this tie-up, our NRI clients can now do their first and renewal payments at
an exchange house closer to them." The agreement would help
serve clients in a better manner and supply them more than insurance premium paying facilities,
she said. ICICI Prudential
Life Insurance Company is a 74:26 per cent articulation venture between ICICI Depository Financial Institution and
the UK-based Prudential plc.