Rushikulya Gramya Bank and Bajaj Allianz Life enter into ‘Bancassurance pact’

Rushikulya Gramya Bank (RGB), a premier Regional Rural Bank (RRB) of Orissa operating in Ganjam and Gajapati districts, has joined hands with Bajaj Allianz Life Insurance, India’s leading private life insurance company to provide life insurance solutions through its branches.

Under the arrangement, Rushikulya Gramya Bank will offer insurance products through its distribution network of over 79 branches, spread over in two districts.

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world’s largest insurance companies, and Bajaj Auto, one of the biggest two and three wheeler manufacturers in the world.

The insurance firm possesses the strongest distribution network in the country with its 1200 owned branches across more than 950 towns and rapidly extending Bancassurance partnerships.

2 new retirement plans launched by Future Generali

The insurance venture between Future group India and Generali group Italy, the Future Generali India, announced two new retirement plans. The plans will be called Future Pension Plan and Future Pension Advantage Plan (Which is a ULIP)

The Future Generali India Life Insurance’s CEO & Managing Director Jayant Khosla told reporters “We are launching two retirement plans which offer distinct and relevant advantages to customers in line with their needs and aspirations. The Future Pension Advantage plan will have 40-80 years age band.”

The Future Pension Plan:

• Offers a way to create a regular stream of income after retirement.
• Guaranteed addition of 5 per cent to accumulated pension fund after 15 years.

The Future Pension Advantage Plan:

It offers a minimum policy term of 2 years under single premium and 5 years under regular premium.

There is also a tax benefit under section 80 C and 10 (10D) of the Income Tax Act.

Future Generali is targeting achieving 4 lakh policies in FY’09. Both the promoters have infused Rs 200 crore capital and are adding around Rs 75-100 crore every quarter, Khosla said. “We are targeting 25 per cent of our sales through mallassurance and 75 per cent through our alliances and distributors.

We have started offering insurance products through 300 Future Group malls out of 450. The Future group plans to add 1,000 malls in the next two years period,” Khosla said. Generali is keen on replicating Future’s mallassurance concept globally, he added.

IDBI Fortis opens its branch in Pune

As a part of its aggressive 100-branch plan, IDBI Fortis Life Insurance Co Ltd on Friday formally opened its branch in the city. The branch is located at Erandwane.

“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances,” said G V Nageswara Rao, MD & CEO, IDBI Fortis Life Insurance Co Ltd.

The company has launched operations in March this year, leading with its innovative product Wealthsurance. It has already collected premium over Rs 100 crore in five months. The company plans to have 13 branches in the State, out of the 30 branches in the western region in total, stated a release.

Wealthsurance aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds. “The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them,” Rao added.

IDBI Fortis Life Insurance is a joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, a leading private sector bank and Fortis, Europe’s banking and insurance giant.

Murali Iyer, national head, Agency & Alliances, IDBI Fortis, said, “Pune is the most industrialised district in western Maharashtra and a famous IT hub in the country, all this makes the city more attractive in terms of economic development. We at IDBI Fortis see a major opportunity in Maharashtra not only to expand our business but to harness the state’s talent pool.”