Pvt Life Insurers Rush To File Pension Plans
Private life insurance companies are making a beeline to file their pension plans with the Insurance Regulatory and Development Authority (IRDA) before formation of the pension regulator.
Over 75 per cent of the chief executives of insurance companies are worried that pension products may be removed from their ambit.
This will affect their business plans and curtail their ability to capture a vast segment of the virgin market.
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Allianz Bajaj Life Insurance Company has filed its pension plan with the regulator. Some companies have also drawn out their annuity plans and are in the process of filing them with the IRDA.
ICICI Prudential Life and HDFC Standard Life were among the first to launch pension products. Recently, OM Kotak Mahindra Life and Birla Sun Life introduced pension plans. SBI Life Insurance proposes to introduce its annuity plan shortly.
The IRDA itself has designed a special pension plan targetting rural masses which will be marketed by life insurance companies. Presently, the authority is examining the plans and will give the feedback soon.