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ICICI Prudential Life partners with Dignity Foundation to launch ActivAge
2007-10-02 07:28:00
October 1 every year is observed as World Elders day. Old age is often described as second childhood, when people crave for attention and help. But whether they get those benefits or are well off, depends lot more upon circumstances.To cheer up on this day, we have some initiatives taken jointly by ICICI Prudential Life Insurance, one of India?s leading life insurers and Dignity Foundation , an established organization dedicated to the cause of productive ageing. They have come together to lauch ActivAge a platform that will work towards promoting and facilitating the concept of productive ageing amongst the senior citizens in India. It entails a comprehensive engagement program for the fifty-plus segment, involving them in activities that will help them lead a holistic post-retirement life.Speaking at the launch, Ms. Shikha Sharma, Managing Director and CEO, ICICI Prudential Life Insurance said, ?While financial independence is a key determinant for a satisfying life post-retiremen...
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SBI to enter Non-Life insurance sector
2007-10-02 06:49:00
State Bank of India (SBI), the country?s largest public sector bank, after sucessfully setting up its life insurance business, is now looking ahead to make an entry in the non-life insurance sector. ?We are interested in the general insurance business and are talking to some foreign companies in this regard. We expect to make a formal announcement in 3-6 months?, said chairman Om. Prakash. Bhatt.A total of 6-7 companies from Australia, Europe and United States have evinced an interest in the proposed joint venture. ?We are in the process of short listing 2-3 companies?, Bhatt said, without divulging any further details.Since the insurance business is very technical, the bank was interested in a partner who knew the rules of the game. "We are looking for a partner having product development expertise in sectors such as micro-insurance?, Bhatt said.While the economy is booming, growth is confined to big corporates, export-oriented industries and small and medium enterprises (SMEs), wh...
More About: Life , Insurance , Life Insurance , Enter

Bill to punish hospitals for turning away emergency patients
2007-10-02 06:21:00
New Delhi(PTI): Private hospitals and practitioners will not be able to turn away an emergency patient if a bill drafted by the Law Commission takes the shape of a law. The Commission in a draft bill on accident victims and emergency patients, which includes expecting women, seeks to make it binding on the hospital or the doctors to admit, stabilise or transfer, if required, to another hospital irrespective of whether victim can pay or has medical insurance or not.The hospital cannot refuse the accident victim even on the ground that it was a medico-legal case and that it can be attended to only by a designated hospital of the jurisdiction, the draft bill says.Under Indian laws, the case of a person getting an injury, whether by accident or inflicted, must go through the process of court. Thus, he can be examined and treated only by the designated government hospitals, which are usually few and far between.The private hospitals turn away such patients as the treatment may be viewed ...
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Kotak latest product offering "Eternal Life Plans" based on whole life
2007-09-29 21:42:00
Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), has launched ?Kotak Eternal Life Plans ? a new-generation participating whole life plans that provides enhanced protection till age of 99, even while bringing two significant benefits of wealth creation and protection.The Company said that, the plans will provide a high cover at lower premiums, cash lumpsum benefits at the end of Premium Payment Term and increased choice through a range of plan options with two unique variants, the product has been packaged to suit different sets and needs of customers:Eternal Life Premier Shield ? Offering a Comprehensive Whole life cover till age 99 with premiums that match income and lifestyle.Eternal Life Classic Shield ? Offering a Comprehensive Whole life cover till age 99 along with guaranteed level premiums and flexible premium payment term.The Premier Shield is a first-of-its-kind offering in the industry and offers a fixed 5% increase per year in the premium to a young...
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Max New York Life tie-up with District Cooperative Central Bank Ltd, Mahabu
2007-09-29 20:52:00
Max New York Life (MNYL) announced a strategic referral tie-up with District Cooperative Central Bank Ltd, Mahabubnagar in Andhra Pradesh on September 28, 2007. Max New York Life will utilize the branch network of the bank to sell its life insurance products. The tie up with District Cooperative Central Bank Ltd., Mahabubnagar will further strengthen Max New York Life?s rural presence in Andhra Pradesh.Max New York Life?s insurance products will be sold through a network of 120 branches of The District Cooperative Central Bank Ltd., Mahabubnagar. This alliance enables Max New York Life to reach its customized life insurance solutions to more than 2.5 lakh customers of District Cooperative Central Bank Ltd, Mahabubnagar With deposit base of Rs. 71 crore and loans to the tune of Rs 356crores the bank has a paid up capital of Rs 33.5 crores (The key objective of the bank has been to serve the rural people by providing financial assistance and guidance for various developmental and pro...
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Max New York Life launches SMART Steps - Unit linked Child Plans
2007-09-29 20:41:00
To facilitate your child?s aspirations and goals Max New York Life , today launched SMART Steps - Range of Unit Linked Child Plans. Higher education, marriage, financial security of our children are some of the most important milestones that we all save for. However, with rising cost of living in today?s world, simple saving instruments would not be enough to meet the aspirations for one?s children. SMART Steps Unit Linked Child Plans are a range of smart plans that facilitate planning for children?s needs and provide financial protection.Complete surety for a secure future for your childIn case of unfortunate event of death of the parent (the life insured) the nominee/beneficiary is entitled to receive guaranteed 100% sum assured immediately. In addition, Max New York Life will continue to operate the Unit Account until maturity of the policy. All future premiums are funded to the policy by Max New York Life on behalf of the life insured until policy maturity thereby ensuring that t...
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Indication for amendments in Corporate Governance & Financial Reporting Nor
2007-09-29 20:13:00
SMC Global (SMC), one of reputed financial services providers in India and ASSOCHAM organized a National Conference on "Corporate Governance & Fina ncial Reporting Norms" A US GAAP & IFRS Perspective on 20th September, 2007. Mr. P.C. Gupta, Hon'ble Minister of Company Affairs, Mr Sunil Talati, President, ICAI, Mr M Ramadoss, CMD, Oriental Insurance Co. Ltd. and D.K. Mehrotra, Managing Director, Life Insurance Corporation discussed various issues on Corporate Governance and Financial Reporting norms. CFOs from top 500 Indian companies and multinationals had also participated in the event.According to Mr. P. C. Gupta, ?Government has been keen to extend all possible help and we want our professionals to seize the opportunities emerging today in view of globalization of the market place. In order to achieve these objectives, it has been necessary to take steps to bring greater transparency and accountability.He also said, that ?the Govt is considering a major revision in Compan...

Target of 10 times growth for Kotak Life
2007-09-28 19:55:00
Liife insurance major Old Mutual Plc is bullish on the Indian market and is targeting 10 times growth for its joint venture with Kotak Mahindra.The London-based Old Mutual Plc has operations worldwide in life insurance, asset management, banking and general insurance and is present in India through a life insurance joint venture with Kotak Mahindra. Old Mutual Plc?s funds under management in the US and UK stand at £158 billion and £57 billion respectively, with South Africa close behind at £41 billion"We are bullish on Indian markets and are targetting 10 times growth from the present level," Old Mutual's Chief Executive Jim Sutcliffe told reporters here today."We believe in offering simple, transparent products to our customers." Old Mutual has committed USD 110 million towards strengthening the distribution channel and product development in the joint venture Kotak Mahindra Old Mutual Life Insurance ."We have a commitment of USD 110 million for Indian markets for building the dist...
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ICICI Bank launches the Probationary Officer Programme for Banking and Insu
2007-09-28 19:42:00
ICICI Bank , India?s second largest bank, today announced the ?Probationary Officer Programme.? It is a first of its kind, nation wide initiative to attract bright graduate students to pursue a career in banking.Applications will be invited from graduates across the country and aspirants who are selected under this programme will go through an intensive one-year residential training program. On successful completion of the program they will be awarded a Diploma in Banking & Insurance and absorbed in a managerial position at ICICI Bank. They will also have an opportunity to pursue an e-MBA while working. All the costs incurred on the training will be borne by ICICI Bank and the students will be paid a monthly stipend to take care of their expenses.The selection will be through a multi stage selection process and those selected will be eligible for the requisite training. The training program will cover knowledge, skill and etiquette in various business areas, which will be deliver...
More About: Education , Life

Sam Ghosh: Large potential in Middle East region for Insurance services
2007-09-26 08:35:00
Bloomberg: Allianz SE, Europe's biggest insurer, named Sam Ghosh chief executive officer for the Middle East region, where the company sees ``growth potential'' for all its businesses.Ghosh, who is Allianz's country manager in India, will take up the position on Oct. 1 and the regional headquarters will be in Bahrain, the Munich-based company said in an e-mailed statement today.``We see large potential for profitable growth in the region,'' Ghosh said in the statement. Demand for insurance and financial services is growing in the Middle East, he said.Note: Indian Insurance brokers and agents who have access to Indian population in the Middle East can make note of the fact.
More About: Services , General , Sales

ICICI Prudential Life SMS helpline services for policyholders
2007-09-25 16:30:00
ICICI Prudential Life Insurance announced the launch of its SMS Helpline service, today. This innovative service will enable the company?s policyholders to receive instant update on their policies through a simple SMS to 56767.ICICI Prudential Life?s policyholders can now know the policy status, due date for paying premium, policy NAV and portfolio fund value by sending a simple SMS from their mobile phones. Policyholders can get these details by typing PST followed by space followed by their policy number and sending an SMS to 56767.Commenting on the new service, Ms. Anita Pai, Executive Vice President, ICICI Prudential Life Insurance said: ?In tune with our philosophy of providing innovative products and services for customer convenience, we have now launched the SMS Helpline. Today, the mobile technology has reached far and wide and it was the apt time for us to leverage the technology and connectivity to our advantage. The SMS Helpline is a customer-friendly service that will be...
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LIC agents image make over to 'Customer Relation Manager'
2007-09-25 08:13:00
The introduction of new economic policies and consequent financial sector reforms have brought number of changes in Insurance sector. The privatization of the insurance sector has seen setting up of shop by many companies with most of them in joint ventures with companies from the developed markets.This has brought a huge change in the indian markets which till 2000 was monopolistic with Life insurance Corporatio of India (LIC) being the only player.To gain a share of the market the private companies have adopted aggressive tactics, including advertising campaigns, well-trained salesmen and modern selling ways.The public sector giant Life Insurance Corporation of India (LIC) continues to lead in the market, but private players have been steadily improving its market share. LIC?s higher market share in the number of policies sold compared with premium income means private life insurers are cornering a larger share of high premium policies. The private players have been able to agress...
More About: Agents , Sales , Customer

Satyam partners with SISTRAN to help insurance customers expand into global
2007-09-24 20:30:00
Satyam Computer Services Ltd., a leading global consulting and information technology services company, today announced a global partnership with SISTRAN, a leading software and services provider for the insurance industry. The combination of Satyam services and SISTRAN solutions enables insurance organizations to more efficiently extend a common platform to offices around the globe. The extended, end-to-end solutions resulting from the partnership also help insurance companies more easily serve high-growth markets around the world.Many of our insurance customers are focusing on expanding into high-growth markets, primarily in Europe, Asia, and the Middle East," said Tim Montgomery, leader of Satyam's Global Integrated Insurance Business. "To meet the challenges associated with this new frontier, these customers need management systems that are quickly adaptable and scalable, and SISTRAN's suite of tools accommodates those requirements perfectly. The suite provides the flexibility...
More About: Technology , Customers , Partners

How have 'Critical Illness Insurance' sales developed in the UK?
2007-09-24 19:44:00
Critical illness insurance, origin of South Africa arrived in the UK in the year 1985. Some companies tried to market the product but in vain. It was not until the late 1980?s that the real success for critical illness cover came.In the year 1990, people seemed interested in having a critical illness cover. Therefore, around 100,000 critical illness policies could have been sold in that year. Market surveys revealed that the growth of critical illness cover sales would be continuous for the coming years. The reason behind was that many people could have been interested with the direct benefits offered. Thus, by 1997, sales of approximately 633,000 critical illness policies could be counted in the UK. Furthermore, in the year 1998, sales had further increased to 695,000 with considerable rise recorded in the years 1994/95. By the end of 1998, about 2.25 million critical illness policies could be found in the UK.Moreover, critical illness cover was sold in two different formats known ...
More About: Insurance , Sales , Illness , Critical , Critic

PAN, a detterent for investments in MF vis-a-vis Insurance : AMFI chief
2007-09-24 06:51:00
Association of Mutual Funds in India Chairman A P Kurian said on Saturday that canalising household money into mutual funds has become a challenge.Income tax permanent account number requisite, know your customer norms, and lack of level playing field between insurers and mutual funds are the key reasons for the problem, he said.?We need to see inflows increase from households into mutual funds. This is a constant challenge and struggle for the industry due to some policy framework,? he said.Kurian was referring to the PAN requirement for investing in mutual funds, and the absence of the same requirement in the insurance industry.From July 2, the Securities and Exchange Board of India has made it mandatory for existing as well as potential investors to submit a copy of the PAN or an evidence of having applied for the same until the year-end.From January, no mutual fund applications without a copy of PAN card will be accepted. This has led to slowdown of retail participants in the eq...
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Pantaloon and Future Generali, Italy tie-up for JV in Life and Non-Life
2007-09-22 07:35:00
IRDA has issued certificates of registration to Future Generali, the insurance joint venture of Pantaloon Retail India and Italian insurance firm The Generali Group.Future Generali India Life Insurance Company Limited to transact life insurance business.Future Generali India Insurance Company Limited to transact general insurance business.Pantaloon will hold 74%, while the rest will be held by the JV partner. Future is the new brand name being promoted by Pantaloon Retail. Future Generali will have a start-up capital of Rs 2 billion.Pantaloon and Generali are betting on a 15-20% growth in the insurance business in India. High savings and the opening up of the insurance industry are seen as positives for the insurance sector.Said Kishore Biyani, Chief Executive of the Future Group that owns Pantaloon: "India is a very young country with 60 percent of the population below 30 years of age. These are the new insurance buyers of India tomorrow who spend a significant time at modern retai...
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IRDA boost for Hyderabad bridge collapse victims
2007-09-22 06:44:00
The insurance regulator may step in if insurers to Gammon India?s ill-fated Hyderabad bridge refuse to pay claims as per clauses in the contract, reported Economic Times today.It is alleged that insurers including ICICI Lombard and Reliance General insurance could refuse to pay claims citing wilful negligence and faulty design-risks which are not covered under such policies.The state government appointed an enquiry committee, which is expected to submit its report shortly. If investigations reveal that the collapse was due to wilful negligence and faulty design, insurers will not pay out claims. Both ICICI Lombard and Gammon India officials refused to comment.Risks such as wilful negligence, faulty design and workmanship, normal exclusions like war and nuclear perils are not covered under such covers. Not only will basic claims not be paid, even third party claims may be ruled out, said sources.It is understood that Oriental Insurance Company also has exposure to the Gammon India pr...
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Private Cos have created a niche in Insurance
2007-09-22 06:12:00
Insurance sector in India has attracted over 540 million dollar of FDI and is poised for tremendous expansion said Shri Pawan Kumar Bansal, the Minister of State for Finance while addressing a meeting of Insurance Australia Group on 21st September 2007 in Sydney.Banks also have entered the insurance sector in the form of corporate agencies or under referral arrangements to utilize the extensive and broad reach for marketing of insurance products.The private companies have created a niche for themselves, he said, adding they have been able to increase their share in the insurance market in competition with their counterparts in the public sector. As per the current regulation, foreign entity is allowed equity upto 26 percent in the sector.The growth seen in insurance sector has been significant, and the sector has a great potential to unfold and create many opportunities and services. India ranks 78th in terms of insurance density and 54th in terms of insurance penetration. The world...
More About: Life , Insurance , Private , Niche , Riva

SBI Life rated 'AAA/stable' by CRISIL
2007-09-19 13:16:00
CRISIL has assigned ?AAA/Stable? to SBI Life Insurance Company Ltd, reflecting the highest degree of financial strength to meet policyholder obligations. The rating is centrally based on the strong support that SBI Life derives from its parent, State Bank of India which holds a 74% stake. It also factors in the distribution advantages and distinctive product strategy of SBI Life, and the flexibility available for further capital infusion into the company. These rating strengths are, however, partially offset by SBI Life?s weak earnings profile and limited track record.CRISIL?s rating factors in SBI Life?s flexibility to raise capital from its promoters, SBI and Cardif S.A. (Cardif). Cardif is the life insurance company of BNP Paribas, a European leader in banking and financial services.SBI also extends operational support by allowing SBI Life to sell products through the SBI group?s vast network of more than 14,500 branches. This ?bancassurance? channel accounts for almost 40 per ce...
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Bank of India in life insurance JV with Dai-Ichi of Japan
2007-09-18 06:39:00
Public-sector "Bank of India " has formalised an agreement with Dai-Ichi of Japan for setting up a Rs 250-crore life insurance firm, and will have a 51 per cent stake in the joint venture, a top bank official said on Friday. Dai-Ichi, the sixth biggest life insurer in Japan, will have a 26 per cent stake in the JV, while another partner Union Bank of India will hold 23 per cent, BOI Executive Director K R Kamath told a press meet here. It has been reported the registration process was going on, and the name of the company, is likely to be 'Star Union Dai-Ichi'.
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LIC reports surplus valuation, declares high bonus
2007-09-18 06:16:00
Life Insurance Corporation (LIC), the country's largest life insurance firm, has reported a higher bonus for its policyholders on the back of a 22% rise in its valuation surplus.After taking into account all claims and other expenses, a surplus of Rs 15,127 crore has been reported. The valuation surplus of Rs 15,127 crore has taken into account all claims and other expenses. LIC declared a bonus of Rs 70 per Rs 1,000 assured for its whole life type plan against Rs 66 declared last year. The bonus for `Jeevan Tarang' is Rs 48 for every Rs 1,000 assured against Rs 32 declared last year, while bonus on `Jeevan Anurag' is Rs 44 against Rs 35 last year.LIC chairman TS Vijayan said that the life insurer has also met the solvency margin of 150% for March 2007, which amounts to Rs 36,472 crore. Until last year, LIC was probably the only insurance company to have a lower-than-stipulated solvency margin of 125%.Mr Vijayan said that LIC has targeted a total investment of Rs 1,17,000 crore f...
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Directory: Non-Life Insurance companies in India
2007-09-17 21:20:00
Bajaj Allianz General Insurance Co. Ltdhttp://www.bajajallianz.comICICI Lombard General Insurance Co. Ltd. www.icicilombard.com"IFFCO Tokio General Insurance Co. Ltd. http://itgi.co.inNational Insurance Co.Ltd. http://www.nationalinsuranceindia.comThe New India Assurance Co. Ltd www.niacl.comThe Oriental Insurance Co. Ltd http://orientalinsurance.nic.inReliance General Insurance Co. Ltd. http://www.reliancegeneral.co.inRoyal Sundaram Alliance Insurance Co. Ltd http://www.royalsundaram.inTata AIG General Insurance Co. Ltd. http://www.tata-aiggeneral.comUnited India Insurance Co. Ltd. http://www.uiic.co.inCholamandalam MS General Insurance Co. Ltd http://www.cholainsurance.comHDFC-Chubb General Insurance Co. Ltd http://www.hdfcchubb.comExport Credit Guarantee Corporation of India Ltd www.ecgcindia.comAgriculture Insurance Co. of India Ltd http://aicofindia.nic.inStar Health and Allied Insurance Company Limitedwww.starhealth.in
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Directory: Life Insurance Companies in India
2007-09-17 20:00:00
Allianz Bajaj Life Insurance Co. Ltdwww.allianzbajaj.co.inBirla Sun Life Insurance Co. Ltdwww.birlasunlife.comHDFC Standard Life Insurance Co. Ltdwww.hdfcinsurance.comICICI Prudential Life Insurance Co. Ltdwww.iciciprulife.com ING Vysya Life Insurance Co. Ltdwww.ingvysyalife.com Life Insurance Corporation of India www.licindia.com/Max New York Life Insurance Co. Ltdwww.maxnewyorklife.com Met Life India Insurance Company Pvt. Ltdwww.metlife.co.inKotak Mahindra Old Mutual Life Insurance Ltdwww.kotaklifeinsurance.com SBI Life Insurance Co. Ltdwww.sbilife.co.in Tata AIG Life Insurance Co. Ltdwww.tata-aig-life.comReliance Life Insurance Co. Ltdwww.reliancelife.co.inAviva Life Insurance Co. India Pvt. Ltdwww.avivaindia.com/ Sahara India Life Insurance Co, Ltdwww.saharalife.com Shriram Life Insurance Co, Ltdwww.shriramlife.com Bharti AXA Life Insurance Co. Ltd www.bharti-axalife.com
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The Giant?s Baby - [Inspirational Stories]
2007-09-17 19:48:00
Paul came home one evening with a baby in his arms. When his wife opened the door she was surprised and wanted to know whose was the baby he had brought home with him. The husband replied that the baby belonged to a Giant from the mountains who wanted a family to adopt his child. Paul had given the Giant a commitment that he would take care of the baby as long as he lived. The speciality of the baby, said Paul, was that he would wake up once a year, have his meal and fall off to sleep again. He would occupy only a corner of the house and hence would not be a hindrance to anyone.The wife and children of Paul were very upset by the fact that the baby would be a permanent resident at their home. The children tried to convince their father to return the baby back to the Giant. But Paul was firm by the commitment he had made.A few years passed and Paul continued to feed the baby when he awoke once a year. The Giant?s baby was only a foot tall would consume food worth nearly 10% of Paul?s...
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How to prepare the Prospect File
2007-09-17 18:54:00
1) Decide area of operation. Where would you be doing Business? Let us say take for an example: Area as Mumbai City. You decide to work from Borivali to Cuffe Parade on the western line only.2) Divide your area of operation into four Zones. A Zone should be an Area where we can travel from one end of zone to the other end in 30 minutes like Haji Ali to Cuff Parade could be one Zone, Worli, Parel up to Haji Ali another zone.3) Make a file of the prospecting call sheets given to you. The file should have at least 50 sheets.4) Put partition cards after 12 sheets in such a way that there are four partition cards in the file denoting each Zone.5) Write the name of a different zone on each of the partition cards.6) Designate four days in a week purely for meetings with customers both new and follow up. Allot a different zone to each of those four days.7) Paste the Schedule on the front inside cover of the file.8) Fill up the prospect file with names, Tel no?s, addresses and reference deta...
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7 PRINCIPLES OF PROSPECTING
2007-09-17 18:33:00
Prospecting Principle No.1: Go on asking different Prospects on the same day till you get the desired no of appointments. How many calls do you need to make to get 5 appointments on a good day. No guesses , go on calling till you get 5 appointments.Prospecting Principle No.2 : Go on asking the same Prospect on various occasions till he gives an appointment. How long should you call ? No guesses , till you get his appointment.If somebody says ?No? it means ?No? for the day. It does not mean No forever.Prospecting Principle No.3 : Always be in front of ProspectsBe in front of prospects always as there is a time for each Prospect and he will buy when he wants not when you wantPeople who says ?No? in one month may buy some other month, so always keep in front of people. You don?t know when they would be ready to buy.Prospecting Principle No.4 : Dedication & CommitmentMany a time the customer will deliberately go on delaying and ask for more and more clarifications. What they want to...
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Asia Pacific/Oceania Financial Advisor Conference
2007-09-17 13:31:00
LIMRA International hosted its ?Asia Pacific /Oceania Financial Advisor Conference? in India for the first time. The conference was attended by more than 300 financial advisors mostly MDRT members from all over the region.Speaker from different parts of the globe shared their success stories. Prominent among them were, Tony Gordon, former president, MDRT-UK. Bharat Parekh, agent, Life Insurance Corporation of India, Thangiah Vijayanath, Manager-business development, Ceylinco Insurance (Sri Lanka) & Deepak Shah, advisor ING Vysya Life Insurance. Gary Aluise, corporate vice president & MD, LIMRA international & Gary Bennett, MD & CEO, Max NY life insurance delivered the opening ceremony address.For nearly a century, LIMRA International has offered its clients insight in the form of research and value-added marketing and distribution expertise. Insight that helps the client identify trends, evaluate options, and implement solutions. As a member-owned organization, LIMRA ...
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Feedback / Submit Article
2007-09-15 10:11:00
We would like to receive comments, suggestions and feedback from our readers.You can mail us at isrbindia@gmail.com
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About Us
2007-09-15 09:50:00
Insurance Samachar Research Bureau provides services related to information in insurance sector in India. It is located in Mumbai, the commercial city of India.Globally, India, today is one of the happening markets in the Insurance, and happens to be a mega opportunity considering its size and huge population, and has the record of having the largest number of insurance policies in force.Insurance Samachar is an endeveaur to promote a blog community among insurance professionals and all other people who are interested in insurance as a subject.The blog would contain postings which has relevance to the insurance industry like New Product Development, Bancassurance, Risk Management, Retailing, Logistics, IT, Customer Service, Intermediaries.
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JV by Canara, OBC, HSBC enter Life Insurance sector
2007-09-11 12:06:00
A joint venture by Canara Bank, HSBC Insurance (Asia-Pacific) Holdings and Oriental Bank of Commerce (OBC) has announced the formal signing of an agreement to set up a life insurance company in India.The new company proposed to be named Canara HSBC Oriental Bank of Commerce Life , is expected to launch its products in the first quarter of March 2008In the joint venture, Canara Bank will have a major stake at 51%, followed by HSBC 26% and OBC 23%. The strong network of Canara Bank and OBC along with HSBC' expertise in insurance products will enable the company to gain entry in the life insurance market.The banks would be able to expand its product portfolio and provide insurance services to its customers. The company plans to market products to various demographic segments and tap the existing potential in rural, semi-urban cities, and urban population.
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