Bajaj Allianz crosses 3 m policies in current fiscal

Mumbai: Bajaj Allianz Life Insurance, one of the prima private life coverage companies in India, have issued more than than 3 million person policies in the current fiscal.

With this achievement, the company have go the first private sector life coverage supplier to traverse this milepost in a fiscal year.

"Our broad scope of value for money, flexible merchandises and services that lawsuit the demands of the emerging center social class have got helped us win assurance of the masses," said Kamesh Goyal, Bajaj Allianz's head executive director military officer and state manager.

He said the company have over 1,000 business offices in over 900 towns supported by over 275,000 agents and corporate agents to back up and function the customers' demands across the country.

Bajaj Allianz have developed coverage solutions that provide to every section and age-income profiles. Currently it have a merchandise portfolio of over 26 flexible and simple merchandises and more than need-based merchandises are in the pipeline.

IRDA norms for standalone health cos soon

CHENNAI: The Insurance Regulatory and
Development Authority (Irda) said that it would develop a separate regulation
for wellness coverage in six months. The wellness coverage segment, earlier
considered a loss-making portfolio is now garnering more than than attention, thanks to
de-tariffing and more participants getting into this segment. Irda
chairman cesium Rao told newsmen on Monday that the ordinance would use only to
standalone wellness coverage companies and not general coverage companies offering health
insurance. Currently, there are two standalone wellness coverage companies in
India â€" Star Health and Allied Insurance and the recently â€" launched
Apollo DKV Insurance. Mister Rao was in Madras to go to the fourth
annual conference of the Insurance Brokers Association of Republic Of India (IBAI). The
association also launched a website that catered exclusively to wellness insurance
products. Representatives of the association said that they were
concerned about claims direction and consultancy services which they were not
allowed to execute as Irda members. They sought to cut down the preparation period
for agents from 100 hours to 50 hours to forestall extra expenditure. Irda had constituted an expert committee, the GK Raman committee, to
review the ordinances governing the licensing of brokers. Irda is still
reviewing the commission studies and have not put a time-frame to give its
recommendations. “The function of agents is something that has
been talked about in the last three years. Through value addition, there are
plenty of chances to take part in this market. Brokers should see that
the growing is along the scientific lines to back up the development of the
insurance industry,” cesium Rao added.