Aims at reaching Rs. 1,700 crore in respect of premium income including existing products
Star Union Dai-ichi Life Insurance announced on Tuesday the launch of a traditional endowment plan, Dhan Suraksha Platinum. The plan offers a guaranteed return at the end of ten years and a guaranteed death benefit of five times the premium paid.
Addressing presspersons here M. Nakamura, Deputy CEO, said the aim was to collect a premium of Rs. 500 crore from this policy which is available till March. There was a good demand for traditional insurance products and the company was aiming to reach Rs. 1,700 crore in respect of premium income including existing products. The product was targeted at high networth individuals and the upper-middle income segment, he said.
According to D. Krishnamurthy, Regional Manager, the minimum premium amount was fixed at Rs. 1 lakh and the sum assured at Rs. 5 lakh, working out to five times the single premium. In a 10-year period, the return after taking into account the tax benefits would work out to Rs. 1.97 lakh.
The guaranteed death benefit to the policyholder would be five times the premium paid, he said.
The minimum age for entry is 8 years and the maximum 55 years. Apart from tax benefits, the product provides additional benefits for large, single premium policies, like 2 per cent on a single premium of Rs. 5 lakh to Rs. 40.90 lakh and 3 per cent for policy premium of Rs. 50 lakh and above. He said the company would continue to focus on its bancassurance model.
Cholas MS to focus on growing retail portfolio
Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan, is focussing on growing its retail portfolio through new products in motor, health and other lines of businesses. The company had already introduced five new retail products and was planning to launch 2-3 new products in the last quarter of the current financial year, said S. S. Gopalarathnam, Managing Director.
The Company has achieved a gross written premium (GWP) of Rs. 1,000 crore during the first three quarters of the current financial year registering a growth of 40 per cent over the same period in 2010-11.