Amp Sanmar Unveils Group Risk Scheme

The Chennai-based AMP Sanmar Assurance Co Ltd today announced the launch of its group insurance scheme aimed at corporates. AMP Sanmar Assurance Co Ltd is a joint venture between AMP, Australia's leading financial services company, and the Sanmar Group with business interests spanning chemicals, shipping and engineering.

AMP Sanmar's brand ambassador, former Australian test captain Steve Waugh, launched this product at a function held at Chennai today.

AMP Sanmar's group term assurance offers corporates a customized yet cost effective term assurance cover for their employees.

AMP Sanmar's group term assurance is a one year Renewable Term Assurance contract and the benefit is payable on the happening of the contingency during one year.

Subject to approval by the Provident Fund Commissioner, this policy can be used as a replacement for the Employees Deposit Linked Insurance (EDLI) Scheme under the Provident Fund Act. This policy also offers options to provide benefit on disablement and for the employees to continue their cover with AMP Sanmar under an individual policy.

Commencing operation in March 2002, AMP Sanmar's network today comprises 43 customer service centres spread over 30 locations. The company has on board over 800 insurance advisors and two of the advisors have achieved business exceeding Rs 1 crore in a short time.

The company plans to spread to other parts of the country shortly, incorporating learnings gathered from establishing the network in the four southern states.

"Our initial strategy is to tap the second and third level cities," said S V Mony, CEO of the company. Speaking on the company's strategy, Mony added, "Our business plan is to achieve critical volumes faster, to compensate for the late entry into the insurance market. Our goal is to achieve top of mind recall among 1 in 4 people in our target key elements in this."