As many as 500 new insurance schemes are all set to hit the market in the next couple of months, following the approval of the Insurance Regulatory and Development Authority (IRDA) as part of its new guidelines applicable from first January 2014.
The IRDA has cleared over 500 products in line with the new design norms which are being introduced by the domestic life insurers. Most insurers have already redesigned their products and also obtained approvals.
The IRDA has issued new guidelines to make policies more customer-friendly. The new guidelines have introduced three broad categories of products –traditional insurance plans, variable insurance plans (VIPs) and Unit-linked insurance plans (ULIPs).
Insurance behemoth, Life Insurance Corporation of India (LIC) has already decided to stop selling as many as 48 insurance plans, including Jeevan Anand, Jeevan Madhur and Jeevan Saral, to comply with new regulatory guidelines, and planned to unveil a slew of new insurance schemes.
Private sector insurer Reliance Life Insurance has lined up over two dozen new insurance schemes, which include protection and retirement, for their launch, in the next three months. Reliance Life said that traditional plans will contribute 80% while the ULIPs will contribute around 20% to the top-line in the new product environment.
Aviva Life Insurance has already launched 13 products that are compliant with the new traditional product guidelines.
Another player, Max Life Insurance has plans to launch four new products by the first week of January in line with the revised IRDA guidelines. The company has already launched 13 products.
Bajaj Allianz Life Insurance has received approvals for its individual and group insurance plans under the new product guidelines and planned to launch three new insurance schemes. These plans will cover the needs of individuals at their different life stages. The company will also be launching a suite of online and channel specific insurance plans by next month.
HDFC Life will make available 21 products to consumers from first January 2014 which will be compliant with new regulations issued by IRDA.
Others life insurers including ICICI Prudential, Birla Sun Life, TATA AIA and SBI Life are also planning to launch their product suit next month.
vinay mohanty
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