HDFC Life has launched two new pension plans, HDFC Life Super Plus, a regular premium unit linked plan and HDFC Life Single Premium pension super, a single premium unit linked plan.



On the occasion of these launches, MD and CEO of HDFC Life, Mr. Amitabh Chaudhry expressed that HDFC has been the one of the first companies among the private insurance companies in India to have launched 2 new Pension Plans under the new rules of the IRDA. Their team conducted a study to identify the current...  Read More »

Reliance Life Insurance, one of India’s leading private life insurance company shared its plans to launch a new pension insurance plan sometime in October 2012. Reliance Life is in the process of obtaining the approval for this product from IRDA.

Earlier IRDA had issued guidelines stating that life insurance companies have to offer a guaranteed return of 4.5 percent due to which almost all the life insurance companies were pondering whether or not to offer a pension product. But after the...  Read More »

Life Insurance Corporation (LIC) of India has finally joined the online bandwagon. LIC has enabled the purchase of its existing annuity plan Jeevan Akshay VI through the website www.licindia.in. Customers who buy online may get an additional benefit of enhanced annuity. 

Life insurance, which is mainly distributed by Individual agents, brokers and banks found a new distribution channel in the form of internet. In 2010-11, private life insurance companies embarked on this fast and efficient...  Read More »

January to March is the tax-saving season which sees high number of customers flocking towards financial products to avail tax benefits. This is the time when insurance companies try to cash-in on these customers and maximize their revenues. But this quarter may be a little disappointing for customers looking to invest in pension plans as well as for the private life insurers.
The reason for this is the withdrawal of existing pension or retirement plans from the markets because of the new...  Read More »

Last November, the Insurance Regulatory and Development Authority (IRDA) had released new guidelines for pension plans scrapping the 4.5% guaranteed annual return clause. This move was welcome by the insurers as it meant more flexibility without having the burden of offering a guaranteed return. At the same time, the regulator said that the pension products should carry an ‘assured benefit’ which the insurers must disclose at the time of sale.

With effect from January 1, 2012, life insurance...  Read More »

Insurance regulator has released new guidelines for pension products offered by all the life insurance companies in India including LIC. According to the new circular life insurance companies will no longer have to guarantee a minimum return of 4.5% on pension products. However, pension plans will have a defined assured benefit that would be applicable on vesting, on surrender and on death. This assured benefit must be disclosed at the time of sale by the insurance company, said IRDA in its...  Read More »

LIC of India has made an important announcement for all its policyholders and beneficiaries in newspapers and on its website.

To increase security and privacy of the policy money, and to speed up the credit process, Life Insurance Corporation of India (LIC) will be crediting all payments directly to the policyholder’s bank account.  Payments include Maturity Benefit, Survival Benefit, Surrender Benefit, Pensions; Money on Group Schemes, Loans etc.

LIC has requested all its Policyholders /...  Read More »