Business Standard

SBI Life to relaunch 10 plans by Jan 1

IIrda extended deadline for implementation of new individual product regulations for life insurance industry by three months to Dec 31

Related News

SBI plans to relaunch about 10 products by January 1, as part of regulatory compliance to make the policies more customer-friendly.     

"We have some approval from the regulator IRDA. I think we would relaunch about 10 products," Insurance Managing Director Atanu Sen told PTI.

The Insurance Regulatory and Development Authority (Irda) had extended the deadline for implementation of new individual product regulations for the life insurance sector by three months to December 31, to enable insurers to cope with the system readiness.     

The new guidelines are aimed at making insurance policies more customer-friendly.     

"All the existing group policies and all the existing individual products not in conformity with the provisions of this regulation shall be withdrawn from August 1, 2013 and January 1, 2014, respectively," had said in a circular.     

With regard to group policies, the life insurers have been asked not to enroll these policies after the immediate policy anniversary falling due after July 2013. However, it had said, all group policies at the time of renewal of such policy shall be given an option to switch over to the modified version of the group product, if any, once introduced.     

During 6 months ended September, 2013, the new business premium of SBI Life declined by 8.3 per cent to Rs 1,726.77 crore as against Rs 1,884.76 crore in the same period of the previous fiscal.

Read more on:   
|
|

Read More

LIC outshines pvt sector in H1 premium collection

However, ICICI Prudential, HDFC Standard Life and SBI Life, witnessed a decline in premium collection during the April- Sept period

Quick Links

More news from Finance Rss icon

PSBs may soon raise funds to meet capital needs

The government has provided for Rs 11,200 cr for bank capitalisation in the Budget for the current financial year

RBI will cut interest rate at the right time: Sandhu

With the central bank keeping its short-term lending rate unchanged citing inflationary risks, Financial Services Secretary G S Sandhu on ...

Private insurers shift focus to regular premium products

Insurance executives said that Life Insurance Corporation of India will play a large role in this space going forward

Back to Top