Vol :2 Issue 1&2 April 2014
We are pleased to release our 1st and 2nd quarterly newsletter on the life insurance
industry in India, covering developments during October to March 2014.
The macroeconomic challenges facing life insurers in India have intensified in the last six
months, in particular due to the weakening of the rupee, tightening of the monetary policy
to stem capital outflows and fiscal pressures due to lower revenue and higher expenditure
than planned. The Asian Development Bank (ADB) projects the Gross Domestic Product
(GDP) to grow by 5.7% in 2014, a downward revision from its previous forecast of 6.5%.
These macro-economic challenges as well as certain industry specific issues continue to
impinge on life insurers' ability to grow their businesses in India in the short term. Despite
the challenges, the private life insurers recorded a small increase in new business
premium collections, although the overall growth in the industry remained negative due to
contraction in the Life Insurance Corporation's (LIC) new premium income.
The last few months have also seen companies laying greater emphasis on maintaining
renewal premium volumes and boosting persistency as they begin to start focussing on
servicing existing business and counter the long standing issues of high lapse rates in the
industry.
The regulatory front has been relatively quiet this quarter, as the focus has been to get
approvals and launch the products filed in compliance with the new guidelines.
Consequently, there has been a slew of new products over the past quarter as life
insurance companies released plans conforming to the linked and non-linked product
regulations. A significant regulatory development, though, has been the issuance of draft
guidelines on provision of insurance cover for people affected with HIV/AIDS.
We provide an overview on these and other market developments in this edition of the
newsletter. We hope you continue to find the newsletter interesting and informative and
look forward to receive your feedback.
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“The focus of life insurers is shifting to maintaining persistency and renewal
premium growth. They are also exploring the option of offering insurance policies
in dematerialised format following guidelines on insurance repositories. Notably,
there have not been any major shareholding shifts in the industry in the last quarter.”
Mergers and Acquisitions
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Jammu & Kashmir Bank plans to divest its 5% stake in PNB MetLife. The bank
currently holds 102.2 million shares in the company and had reduced its holdings
from 11% to 5% as a part of the purchase of a 30% stake in the joint venture by
Punjab National Bank in FY2012-13.
Company news
Insurers including Aviva Life, the LIC, PNB MetLife and Reliance Life are reportedly
offering incentives for the revival of lapsed policies in an attempt to increase their
renewal premiums and improve persistency rates. The incentives include lower
penalties, medical waiver, revival fees waiver and waiver of interest on revival of lapsed
policies.
India First Life and Reliance Life have announced the availability of their policies in
dematerialised format following the launch of the insurance repository system by the
IRDA in September 2013. Reliance Life has also tied up with all the five repositories
that have been approved by the regulator to facilitate the process. The LIC is also
reportedly considering the provision of policies in dematerialised form by January
2014.
India First Life is reportedly targeting a 20% growth in its new business premiums in
FY2013-14. The company expects a surge in its group business and plans to focus on
health insurance. It is currently in its fifth year of operation and targets to break even in
the sixth year. This is a revision to its earlier estimate of eight years. The company
attributes the reasons for the same to its excellent expense control and profitable
growth strategy.
Life Insurance Corporation of India has outperformed private life insurance
companies in most parameters used for measuring consumer friendliness.
LIC had fewer lapses, higher claim settlement and no penalties from the Insurance
Regulatory and Development Authority (IRDA).
The claim settlement ratio of LIC was better than that of private life insurers. Its
settlement ratio increased to 97.73% in FY13 from 97.42% in the previous year. And
the percentage of rejections was only 1.12% compared to 1.30% earlier.
Private insurers reported a decline in settlement ratio to 88.65% from 89.34% in FY12
Canara HSBC Oriental Bank of CommerceLife Insurance Company, a pioneer in
introducing innovative and customer centric modes of servicing, has launched an
online facility to revive policies. A significant effort to ensure persistency, it enables the
customers to reinstate a lapsed policy and pay their premium online, thereby, making
the complete process convenient, faster and effortless
Appointments
The Finance Ministry has reportedly asked the LIC to appoint board members in the 50
companies in which it has a stake and no representation. Press reports suggest that
the company plans to invest INR400 billion in domestic equities in FY2013-14 of which
it has already invested INR320 billion by October 2013.
Anuj Agarwal has succeeded V Philip as the Managing Director (MD) and Chief
Executive Officer (CEO) of Bajaj Allianz Life. Prior to this appointment, he was the
Chief Financial Officer and Chief Risk Officer at P T Asuransi Allianz, Indonesia.
Pankaj Razdan has been appointed as the MD and CEO of Birla Sun Life, subject to
regulatory approval. Previously, he had held leadership positions at Aditya Birla Group
and Prudential ICICI Asset Management Company.
Edelweiss Tokio Life has recently appointed NileshParmar as the Chief Operating
Officer in charge of operations and technology. Prior to this appointment, NileshParmar
has worked at HSBC for 18 years and held various management positions in
operations.
Ashwani Kumar has been appointed as Member on the Board of the LIC.
Usha Sangwan has become the first woman to have been appointed as the MD of the
LIC. She started her career with the company as a direct recruit officer in 1981.
Tarun Chugh has been appointed as the MD of PNB Met Life, subject to regulatory
approval. Prior to this, he served as the Chief of Distribution, Operations and Marketing
at ICICI Prudential Life. He would be succeeding Rajesh Relan, who will be appointed
as Met Life's Head of Bank Distribution for the Asia region.
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Regulatory update
Clarifications on investment regulations
The IRDA has released a circular to make certain clarifications on investment
regulations covered in the IRDA (Investment) Regulations, 2000 and various IRDA
circulars and guidelines related to investments.
Listed below are the highlights of the circular
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The regulator has now approved fixed deposits (FDs) by the insurers in their promoter
group scheduled banks within the ceiling of 5% prescribed for promoter groups and
subject to the overall limits on FDs. Time limit for submission of investment returns has
been reinstated to 45 days. It was earlier reduced from 45 days to 30 days through the
Fifth Amendment to the Investment Regulations in February 2013.
The regulator has also relaxed the requirement for insurers to make daily product and
fund related disclosures on their respective websites. Nevertheless, insurers are
required to comply with the reconciliation process, obtain its certification from the
auditors and submit the same to the regulator along with the concurrent audit report.
The Investment Committee of the insurers must select their primary and secondary
exchanges from Bombay Stock Exchange and National Stock Exchange and value
Equity shares on the basis of the closing price of their primary exchange. Any changes
in the selection of primary and secondary exchanges must be approved by the
Investment Committee. Insurers must comply with the above rule within 30 days of the
release of the circular.
The regulator has also raised the investment limit in a particular industrial sector from
15% to 20% of their total investment except for banking and financial services (BFSI)
where the limit is 25% and infrastructure sector where there is no such limit.
Investment in Infrastructure Debt Fund (IDF)
The regulator has also released a circular stating that the investment by insurers in
IDF- Mutual Fund Schemes launched by asset management companies shall be
deemed as investments in the infrastructure sector provided it is limited to 20% of the
assets under management of these schemes, subject to exposure limits.
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Launch of Insurance Repository System
The insurance repository system was launched on 16th September 2013 for life
insurance policies by the Union Finance Minister. Five entities have been given the
license by the IRDA to act as Insurance Repositories. These will act as single point of
service for all electronic policies held by a policy holder for convenience. The
policyholders can open an e-insurance account with an Insurance Repository and can
have only one such account. A unique number will be provided to them and all their
existing e-policies will then be credited to such account thereby digitalising them.
Paper policies can also be converted into electronic form. The policyholders covered
under insurance repository system will not be required to furnish additional details
every time a policy is taken.
The IRDA has also set up iTrex, an insurance transaction exchange to facilitate data
exchange between repositories and insurance companies.
Guidelines on Common Service Centres (CSCs)
The IRDA has recently released guidelines on the distribution of insurance policies
(both life and non-life) through the CSCs which are planned to be set-up across the
country as a part of the national e-governance plan. The main purpose of these
guidelines is to enhance insurance penetration in rural areas. This is as per an IRDA
circular released in September 2013.
The key applicable points in the guidelines for life insurers
The CSCs will be required to obtain a license from the IRDA to act as insurance
intermediary. Such a license would be valid for a period of three years from the date
of issue and can be renewed for another three years.
Life insurers would be required to separately design products to be sold via the CSCs
with the sum assured not greater than INR 0.2 million. Such products should be
approved by the regulator.
The CSCs would deploy IRDA approved Rural Authorised Persons (RAPs), who would
be an individual registered and authorised to operate the CSC, to solicit insurance
business on its behalf. The CSCs would assist the RAPs in undergoing training and
examination as specified and continuously monitor their activities.
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Circular on advertising norms
The IRDA has issued a circular on strict advertising norms for life insurers. The key
points included in the circular are :
Advertisements should not include award/reward points, discounts and rebates except
those approved by the regulator. In case more than one product and their benefit
combinations are being offered in a single advertisement, insurers should disclose
complete details about each individual product as specified.
Details include a reference to the respective product name, premium particulars,
Unique Identification Number and its sales literature. When filing such advertisements
for approval with the IRDA a certificate by the appointed actuary confirming the fairness
of benefits representation in the advertisement must be attached.
Exposure draft on trade logo
The IRDA has released an exposure draft on the usage of trade logo of promoting
partners by insurers to minimise the risks associated with its misuse and has noted that
it could potentially impact the choices made by prospective policy holders.
The highlights of the draft are:
If the insurer adopts the trade logo of any of its partners, there should be a clear
declaration about the insurer being a separate entity and names of all the joint venture
partners should be provided. A written agreement must also be effected by the
concerned parties highlighting the underlying terms and conditions and a reasonable
consideration amount should be specified therewith and such agreements must be
filed with the authority.
Draft guidelines on Insurance Clearing House (ICH)
The IRDA plans to set up an ICH in order to manage the inter company balances in
re-insurance and co-insurance business and has recently released draft guidelines
governing the same.
Main features of the guidelines are:
ICH will be registered as a public limited company under Companies Act 1956 with
minimum paid-up share capital of INR1 billion. It would be promoted by Indian insurers,
reinsurers and the IRDA and no single insurer or reinsurer can hold more than 10% of
its paid-up capital.
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The main purpose of ICH would be to ensure efficient and transparent conduct of
reinsurance and coinsurance business and quick settlement of balances.
The draft also contains details on the registration and constitution of ICH, its
membership criteria, its external audit requirements and the powers vested in the IRDA
to carry of enquiry into its affairs.
Others
The IRDA has released guidelines on 9th October 2013 on the reporting of key Persons
in insurance companies and has thereby provided a comprehensive definition of the
same.
Insurers are required to provide particulars on the Key Persons in specified format
within 30 days of the release of these guidelines. In case of a change in the individual
holding such position, information would need to be filed with the IRDA Within 30 days
from such change. The IRDA has further directed the insurers to immediately notify any
vacancy arising in the position of key Persons and such position shouldn't remain
vacant for more than 180 days. Insurers are also required to disclose the name and
designation of these key persons on their websites.
In order to curb mis-selling, the IRDA reportedly plans to offer special training to
country's agency force after they pass the basic examination required to become
licensed insurance agents. The regulator is reportedly in talks with the government in
order to involve the National Skills Development Corporation to create a country-wide
infrastructure for this purpose.
The Life Insurance Council plans to create an insurance bureau to put a check on
fraudulent policyholders with multiple insurance plans from various companies and
without adequate disclosures. It targets to make the bureau functional in six months
subject to insurers' willingness to share their data. Meanwhile, the council is also
looking to create a customer satisfaction index to promote the designing of need-based
products.
The Insurance Regulatory and Development Authority (IRDA) has created a
committee to study 100% Foreign Direct Investment (FDI) in insurance intermediaries
and Third Party Administrators (TPAs).
IRDA said that it had received references from various stakeholders requesting them to
consider the foreign holding in insurance brokers from existing 26% to 100%.
The 10-member committee has representatives from life and non-life insurance
companies, broking firms, IRDA officials and industry bodies headed by Suresh
Mathur, senior joint director, IRDA, the committee will submit its report in three months.
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The Insurance Regulatory and Development Authority (IRDA) has formed a working
group to explore the possibility of introducing an intermediary called Insurance
Marketing Firm (IMF), in the sector.
The working group will also study the report of the Govardhan Committee on
distribution channels, which was constituted in 2007. It will submit the
recommendations by February 28.
The group will study the issue and recommend to the authority on requirement of
capital, geographical spread within which the Insurance Marketing Firm can operate
and distribution costs among other related aspects of the proposal.
The Insurance Regulatory and Development Authority (IRDA) opened a regional office
in New Delhi, upgrading its existing establishment. The new office located at
Parliament Street will focus on spreading consumer awareness and handling
grievances. It will also provide support for inspection of insurance Companies located
in the northern region. IRDA said one more regional office will be opened shortly in
Mumbai.
The Insurance Regulatory and Development Authority (IRDA) has deferred
implementation of various provisions in its Standard Proposal Form for Life Insurance.
IRDA clarified these regulations did not apply to micro insurance products and those
distributed through the Common Service Centre channel.
All Life Insurers are required to have their own company specific persistency criterion
for renewal of Individual and Corporate Agency from 1 July 2014
The Insurance Regulatory and Development Authority (IRDA) said all life insurers were
required to have their own company-specific persistency criterion for renewal of
individual and corporate agencies from July 1. Renewal of Individual Agency License
and Corporate Agency License will not be subject to meeting the Persistency Rates,
IRDA said in a notification.
All Life Insurers are required to have their own company specific persistency criterion
for renewal of Individual and Corporate Agency from 1st July 2014.
The IRDA asked insurers to take steps so as ensure timely pay out of dues to
policyholders, amid a rising trend in amounts lying unclaimed with companies.
In 2012-13, about Rs 4,865 crore remained unclaimed with insurance companies. The
same was at Rs 3,037.46 crore in 2011-12, Rs 1,945.93 crore in 2010-11 and Rs
1,372.64 crore in 2009-10.
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"In order to minimise the unclaimed amount, insurer shall endeavour to keep the
policyholder and beneficiary informed about any updates, changes and maturity
details by SMS alerts or e-mail or any other mode as may be specified by the Authority
on regular basis.
It also directed the insurers to reduce unclaimed amount by identifying the insured and
creating awareness.
The IRDA has granted certificate of registration to five entities to dematerialize
insurance policies and store them in an electronic form. These are NSDL Database
Management Ltd; Central Insurance Repository Ltd; SHCIL Projects Ltd; Karvy
Insurance Repository Ltd and CAMS Repository Services Ltd.
The above mentioned Repositories are opening electronic insurance accounts for the
purpose of dematerialization.
IRDA allows advance premium collection
The premiums collected in advance can only be adjusted on the due date of the
premium.
In order to allow advance premium collection IRDA has revised its linked and nonlinked insurance products regulations.
“Collection of advance premium shall be allowed within the same financial year for the
premium due in that financial year.
According to the regulator, if the advance premium is collected for the next financial
year, then insurers can collect the same “for a maximum period of three months in
advance of the due date of the premium”.
The premiums collected in advance can only be adjusted on the due date of the
premium. Further, the commission shall only be paid after adjustment of premium on
due date.
Key development: life insurance policy for HIV / AIDS patients
In a significant development, the IRDA has issued draft guidelines proposing life cover
for people living with HIV/AIDS (PLHA), that were previously considered among
common exclusions by life insurers. The circular, if formalised, will come into effect
from 1st April 2014.
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Distribution update
Life insurers are seen to be focusing on enhancing the productivity of and incentivising
the agency force in order to boost renewal premiums and persistency rates. The trend
of using technology and mobile-based applications to make the sales process more
efficient continues.
IRDA may direct all banks to become insurance brokers
The Insurance Regulatory and Development Authority (IRDA) has supported the
finance ministry's decision to allow banks to sell products of multiple insurers.
At a meeting in Hyderabad IRDA said that it is in favour of banks selling products of
multiple insurance companies.
At present, banks are allowed to sell products of one life, one non-life and one-health
insurance company.
The finance ministry had asked all public sector banks to start broking - selling products
of multiple insurance Companies - from January 15th. The insurance regulator said
private banks should also start doing so. Out of more than 1 lakh bank branches, only
20,000 are estimated to be selling insurance products of any kind.
Bajaj Allianz Life has tied up with Axis Bank, Allahabad Bank and service outlet
Suvidhaa to use their branch networks for collection of renewal premiums. The tie-up
with Allahabad Bank is currently restricted to Maharashtra.
ICICI Prudential Life sales process which includes the provision of tablets to sales
personnel to enable them to sell policies more efficiently.
IndiaFirst Life plans to recruit over 5,000 agents in FY2013-14. It has recently
announced the availability of its policies in dematerialised format and aims to enhance
its distribution by entering into tie-ups with insurance depositories.
PNB MetLife has launched a technology-based pilot project for sales via the
bancassurance channel and plans to extend it to the agency channel.
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SBI Life has tied up with Andhra Pradesh Grameena Vikas Bank to use the branch
network of the latter for collection of premiums using electronic-fund-transfer.
Shriram Life is planning to open 86 new branches by March 2014 as a part of its
strategy to attain a pan-India presence. The new branches will primarily be opened in
Tier-II to Tier-IV towns and cities.
Tata AIA Life has launched a programme called 'Fenomena' targeted at recruiting
female agents. In the second quarter of FY2013-14, almost half the agents recruited
have been women.
It plans to launch e-based insurance products and has recently launched five mobilebased applications to enable consumers to identify products that meet their needs.
In an attempt to increase persistency rates, life insurers like AEGON Religare Life,
Reliance Life and PNB MetLife are offering incentives like persistency-linked
commissions to agents.
Life insurers are also looking to boost the number of their agents achieving Million
Dollar Round Table (MDRT) qualification. MDRT is an international association of
financial professionals and requires an agent to record premium collections of
USD182,000 or commissions worth USD91,000.
Reported targets set by some life insurers in this regard are highlighted below:
HDFC Life plans to increase the number of agents and direct sales representatives
qualified under MDRT to be more than 300 in FY2013-14 as compared to 184 in
FY2012-13.
The LIC targets to have 10,000 agents to be a part of the MDRT in FY2013-14 and
plans to recruit 200,000 agents this fiscal.
Max Life reportedly expects the number of MDRT qualifiers to exceed 100 this fiscal as
compared to 92 in the last fiscal. Initiatives to increase agent productivity include a
mentor programme where agents could train under existing MDRT qualifiers.
Reliance Life is reportedly planning an almost six-fold increase in its MDRT qualifiers
this fiscal from the existing base of 150. Steps taken to achieve this include special
trainings to agents.
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Products Update
There has been a plethora of new product launches by life insurers as the industry
gears up to ensure compliance with the new individual product regulations released in
early 2013. The product mix of companies is increasingly weighing towards traditional
products from unit-linked products. A number of companies (including Max Life and the
LIC) have notified withdrawal of products non-compliant with the latest guidelines well
in advance of the revised deadline of 1 January 2014. A brief description on the new
products launched in the reported quarter including re-launches is covered below.
AEGON Religare Life (1)
Guaranteed Growth Insurance
Traditional; non-participating anticipated endowment. It provides guaranteed annual
benefits for eight years from the end of the policy term.
Aviva Life (15)
i-Life*
Traditional; non-participating term assurance, sold online
i-Life Secure
Traditional; non-participating term assurance, sold online. It provides an option of
annual guaranteed payments for 15 years after death.
i-Shield *
Traditional; non-participating endowment.
Next Innings Pension
Traditional; non-participating endowment facilitating retirement savings. It provides
guaranteed pay-outs on death and a lump-sum at maturity which can be converted to
an immediate annuity or a deferred annuity.
Freedom Life Advantage *
Unit-linked; non-participating endowment.
Young Scholar Advantage*
Unit-linked; non-participating endowment.
LifeBond Advantage*
Unit-linked; non-participating endowment.
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Live Smart *
Unit-linked; non-participating endowment.
Health Secure*
Traditional; non-participating critical illness product.
Jana Suraksha*
Traditional; non-participating term assurance.
Life Shield Plus*
Traditional; non-participating term assurance.
Life Shield Platinum*
Traditional; non-participating term assurance.
DhanSamruddhi*
Traditional; non-participating endowment.
Wealth Builder*
Traditional; non-participating endowment.
Life Shield Advantage*
Traditional; non-participating anticipated endowment.
Birla Sun Life (3)
Vision Life Secure
Traditional; participating whole life product offering guaranteed benefits and attaching
bonus on death or maturity. It also offers a lump sum on death after the policy term up to
the age of 100 years or survival till then.
Savings Plan
Traditional; participating endowment offering guaranteed additions and bonus on
maturity and death.
Easy Protect
Traditional; non-participating term assurance which provides the option of level and
increasing benefits.
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DLF Pramerica Life (3)
Smart Cash Protect
Traditional; participating endowment; with return of reversionary bonuses accrued at
the end of the 15th policy year, regular annual bonus from the 15th policy year and a
lump sum benefit and terminal bonus on maturity.
Future Idols Gold Plus
Traditional; participating endowment targeted at meeting child needs that provides an
immediate, monthly recurring and final benefit in case of death and lump sum on
maturity.
Rakshak Plus
Traditional; non-participating endowment with lump sum and accrued guaranteed
additions on maturity. An option to receive the death benefit as monthly pay-out is
available.
Edelweiss Tokio Life (3)
Single Pay Endowment Assurance*
Traditional; non-participating single-premium endowment.
Save n Prosper [WA]
Traditional; participating endowment which offers flexible premium paying modes and
provides a lump sum including bonus on maturity and death.
Guaranteed Income
Traditional; non-participating anticipated endowment offering guaranteed annual
payments following maturity for the entire payout period. A lump sum will be payable on
death within the policy term.
Future Generali Life (2)
Pearls Guarantee
Traditional; non-participating anticipated endowment offering periodic annual pay-out
from end of premium paying term and lump sum at maturity.
Immediate Annuity
Traditional; non-participating immediate annuity with an option of return of purchase
price on death.
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HDFC Life (2)
Group Pension *
Traditional; participating group pension product.
Group Unit Linked Pension *
Unit-linked; group pension product.
ICICI Prudential Life (2)
Savings Suraksha
Traditional; participating endowment which offers guaranteed benefit, guaranteed
additions and bonus on maturity.
Easy retirement
Unit-linked; non-participating pension which offers loyalty additions in terms of pension
boosters and is also sold online.
ING Life (2)
Mera Aashirvad
Traditional; non-participating anticipated endowment which offers fixed death and
maturity benefits. The latter can be availed in five periodic pay-out or as lump sum.
Guaranteed Income Insurance
Traditional; non-participating anticipated endowment providing guaranteed income
post the premium payment term until the end of policy life. An option to receive the
death benefit as monthly pay-out is available.
Kotak Life (2)
Assured Savings
Traditional; non-participating endowment also providing guaranteed yearly additions
on death or maturity.
Premier Endowment
Traditional; participating endowment which provides death or maturity benefits in lump
sum or in instalments and guaranteed additions.
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Max Life (5)
Life Perfect Partner Super
Traditional; participating anticipated endowment which offers guaranteed annual
payments from on attaining 61 years to 75 years and lump sum maturity benefits.
Platinum Protect II
Traditional; non-participating term assurance.
Online Term Traditional; non-participating term assurance sold online in three
variants basic life cover, life cover with monthly income and life cover with increasing
monthly income.
Group Super Life Plus
Traditional; non-participating group term assurance with flexible death benefits.
Group Gratuity Plus
Unit-linked; non-participating group plan which combines insurance benefits with
gratuity benefits.
Reliance Life (1)
Super Money Back
Traditional; non-participating anticipated endowment which provides lump sum fixed
benefits payable at five year intervals, monthly annuity payable from the end of
premium term and additional guaranteed fixed pay-outs at the end of each of premium
term and policy term.
SBI Life (2)
Cap Assure Gold
Traditional; non-participating group pension product which covers group schemes
such as gratuity, leave encashment, superannuation together with offering insurance
benefits.
Smart Power
Unit-linked; non-participating endowment providing options of level of increasing cover
and in-built accidental benefit. The product is targeted at the younger population.
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Star Union Dai-ichi Life (2)
Elite Assure
Traditional; non-participating anticipated endowment offers monthly, annual or
guaranteed maturity benefits.
Bright Child
Traditional; non-participating anticipated endowment providing benefits focussing on
career or wedding of child.
Tata AIA Life (1)
iRaksha TROP*
Traditional; non-participating endowment
LIC of India (11)
New Endowment Plan
Single Premium Endowment Plan
New Jeevan Anand
New Bima Bachat
New Money Back Plan 20 years Term
New Money Back Plan 25 years Term
New Jeevan Nidhi( Pension/Annuity) Plan
New Jeevan Akshay – VI (Immediate Annuity Plan)
Anmol Jeevan II (Term Insurance plan)
Amulya JeevanII (Term Insurance plan)
Jeevan Arogya (Health Insurance Plan)
Note:
1. Source: company websites and press reports.
2. * denotes a re-launched product, where explicitly identifiable in the source.
3. The numbers in [ ] represent the total number of products launched over the period as per information
sourced from company websites and press reports.
4. No information on product launches in the relevant period could be sourced from the above mentioned
sources for Bajaj Allianz Life, Bharti AXA Life, Canara HSBC OBC Life, IDBI Federal Life, India First Life,
PNB MetLife, Sahara Life and Shriram Life.
Disclaimer: The India Market Life Insurance Update has been prepared by NFSIS for general information purposes
only and does not constitute professional advice. The information, opinions and projections contained in this
Newsletter are derived from various sources and have not been independently verified by NFSIS.
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