Latest Updates in the Insurance Sector

  1. Bharti Airtel Payments Bank Partners with Bharti AXA Life

Airtel Payments Bank has partnered with Bharti AXA Life Insurance to provide the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive chain of banking points in India. This insurance plan is a pure life term plan aimed at the under-insured and uninsured segments in the country. Both the partners will take care of the vast network in order to address the deep rural pockets and serve the under-insured.

This insurance plan is for individuals between the ages of 18 to 55 can enrol for this plan. It is not tough to buy this plan; interested person can purchase this Yojana through the simple and secure process at their banking points. At the initial phase, this policy is available at the 25,000 retail outlets of Airtel Payments Bank; it will soon be expanded to cover over 60,000 banking points.

  1. The CEO of Aditya Birla Sun Life Insurance, Pankaj Razdan Resigns

The CEO of Aditya Birla Sun Life Insurance, Pankaj Razdam has announced his resignation from his current position in Aditya Birla. According the news, the present managing director of the retail arm of Kotak Securities, Kamlesh Rao will take Razdam’s position. As per the report, Pankaj is going to work in Indian Film Production. He has produced a Marathi film recently during his stint with Aditya Birla Group and now is the co-producers of an upcoming Hindi movie.

In his role in Aditya Birla, Pankaj has provided the firm strategic direction and leaded the insurance team towards achieving rapid flourishing and productivity. Although Razdam said that he is not quitting the financial services industry. Further, he said that his resignation was not triggered by differences with the management.

  1. LIC Launches New Assurance Plan, Navjeevan

The Life Insurance Corporation launched a new assurance called Navjeevan. This Navjeevan is a non-linked “with profit” endowment assurance insurance plan. Under this plan, one will have numerous payment alternatives; he can pay premiums either a lump sum, as a single premium or under the Limited Premiums option under a five-year payment term. It is a comprehensive plan that offers financial support to the family in case of unfortunate death of the policyholder at any time.

The best part is that it is very easy to enrol in this scheme. The interested person can buy this plan easily through the online application process or can visit the nearest branch for it. This insurance is for ages 90 days to 65 years with an option to risk sum assured from age 45 years onwards. In this limited premium, there will be two options, option 1 and option 2. Option 1 is only available for the persons aged between 90 days to 60 years. And, option 2 is available only for 45 to 65 years age group. This plan will have advantages under section 80C and Section 10.

  1. Government Launches Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana

Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana has been launched by the Indian government to offer pension coverage to the trading community. The primary benefit of this scheme is that under this plan, each subscriber of the scheme will receive a minimum assured lifelong pension of Rs 3000 every month after attaining the age of 60 years.

Under this Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana, those who are self-employed and working as shop-owners, retail traders, rice mill owners, oil mill owners, small hotel owners, restaurant owners, workshop owners and other small traders can get coverage with this insurance plan, and any unorganized sector worker whose income is less than Rs 15,000 can subscribe Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana and take benefit.

One important factor about this plan is that to be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme, and the Employees’ Provident Fund.

 

  1. Airtel Partners with HDFC Life to Offers Prepaid Plan with Insurance Cover

Recently, Bharti Airtel partners with HDFC Life Insurance and announced the launch of a Rs 249 prepaid bulled plan that will come up with Rs 4 lakh life cover. This recharge is valid for 28 days, and the policy will provide the coverage until the research is active. As per the news, this plan is available for all Airtel customers.

Interested customers need to enrol for the insurance after the first recharge through My Airtel App, retailer, SMS, it said, adding that the insurance renews automatically for subsequent recharges. This policy is available for all customers aged 18 years to 54 years. There is no need for any paperwork or a medical examination. This tie-up will bring great improvement in insurance penetration in India. This deal leverages digital platforms and the distribution reach of Airtel. It will allow people to get a life cover every time they recharge their phone.

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