LIC targets 3000 clients in Fiji

LIC launched its microfinance product “Microlife” four months back in Fiji and since then has sold it to approximately 300 clients.  LIC now has an aim to increase this to 3000 by the end of this financial year.

The premium of Microlife is 2 dollars a week for a minimum cover of 2000 dollars, and the maximum cover is 7000 dollars. In the insurance cover, natural death, accidental death, permanent disability and funeral are covered for a period ranging from 5 to 10 years. Anyone between the age group of eighteen to sixty years can purchase this policy with no need of medical examination.

LIC has partnered with Vodafone to pay the policy premium through its mobile money platform “M-PAiSA”. This action will result in LIC’s widened reach to far-flung areas, rural areas and outer islands.

LICI presently has 59% market share in Fiji and is also the biggest insurance company in the country with a balance sheet of 302 million dollars.

IndiaFirst Life Insurance New Ad Campaign a Big Hit

IndiaFirst Life’s new ad campaign for its unique ‘Money Back Health Insurance Plan’ has proved to be a big hit across all media verticals including Digital Space Television and Outdoor Media. The ad campaign highlights the Unique Selling Point of this singular plan.

IndiaFirst Life Insurance is one of the latest entries into life insurance market in India. IndiaFirst Life is a joint venture between India’s public sector Bank of Baroda, Andhra Bank and UK’s Legal & General.

Bank of Baroda holds a 44% stake, Andhra Bank have 30% stake and Legal & General hold a 26% respectively. The company is headquartered in Mumbai and have a capital base of Rs. 455 crore. 

Money Back Health Insurance Plan is one of its kind plans in India having main feature ‘protection with returns’. In this scheme, a significant part of the premium is credited into client’s policy account and this is invested in several funds as per one’s choice to get optimal returns. 

The policy is cashless in 4,956 network hospitals in India.

Aviva Life Insurance front-runner for tying up with Syndicate Bank

Syndicate Bank is likely to choose Aviva Life Insurance Company for its upcoming insurance joint venture. As per industry sources, the Syndicate Bank in all probability is likely to acquire 26% stake in Aviva Life. The deal is still has to be finalized and Syndicate Bank has yet to decide on the insurance partner.

A senior bank official said, "We have just finished receiving the financial bids and would shortlist three-four players on the basis of financial bids. Then, we would take the final call." said. Nevertheless, according to inside sources, Aviva Life is much ahead of other companies as it is offering better deal.

Syndicate Bank had shortlisted Birla Sun Life, Aviva Life, Max New York Life HDFC Life, Metlife India Life, and three new upcoming companies Sumitomo Life Insurance Company, Avantha Ergo and Mitsui Sumitomo Insurance Company Limited.