SBI Life Insurance to relaunch 10 plans by Jan 1
New Delhi: SBI Life Insurance plans to relaunch about 10 products by January 1 as part of regulatory compliance to make the policies more customer-friendly.
"We have some approval from the regulator IRDA. I think we would relaunch about 10 products," SBI Life Insurance Managing Director Atanu Sen said.
The Insurance Regulatory and Development Authority (IRDA) had extended the deadline for implementation of new individual product regulations for the life insurance industry by three months to December 31 to enable insurers to cope with the system readiness.
The new guidelines are aimed at making insurance policies more customer-friendly.
"All the existing group policies and all the existing individual products not in conformity with the provisions of this regulation shall be withdrawn from August 1, 2013 and January 1, 2014, respectively," IRDA had said in a circular.
With regard to group policies, the life insurers have been asked not to enroll these policies after the immediate policy anniversary falling due after July 2013.
However, it had said, all group policies at the time of renewal of such policy shall be given an option to switch over to the modified version of the group product, if any, once introduced.
During 6 months ended September, 2013, the new business premium of SBI Life declined by 8.3 percent to Rs 1,726.77 crore as against Rs 1,884.76 crore in the same period of the previous fiscal.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20