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News in Brief

IDBI Federal Life Insurance launches Income Protect Plan

IDBI Federal Life Insurance on Aug 6 announced the launch of its‘Income Protect Plan’aimed at helping customers achieve their financial needs at every stage of life.

It is a term insurance plan, which offers replacement of monthly income with annual increase.

The insured person chooses the Monthly Income, Policy Term, Premium Payment Term and Frequency of the premium payment.

Depending upon these parameters, as well as the gender and age of the insured person, the premium amount is decided. At the unfortunate demise of the insured person during the term of the policy, the death benefit is paid to the beneficiary.

Bancassurance tie-up between HDFC Life & Vijya Bank

HDFC Life Insurance and PSU lender Vijaya Bank on Thursday announced their partnership under which bank customers will be offered need-based life insurance solutions.

Vijaya Bank has a pan India presence with 2,129 branches, and HDFC Life has a multi-channel distributor set up that ensures greater reach and penetration, with 163 bancassurance partners, 26 non-traditional distribution partners and an agency force of more than 77,000 individuals.

BAGI introduces IOT based PA cover for school children

Bajaj Allianz General Insurance has introduced an innovative group personal accident cover for school kids. It covers the kids during their travel hours in a pre-registered bus by school.

By using IoT, it tracks the bus & school kids providing real-time location through GPS and beacons inserted in the identity cards of kids.

Rishi Srivastava appointed as MD & CEO of Tata AIA Life

Tata AIA Life has appointed Rishi Srivastava as the new MD &CEO starting August 1, 2018, subject to regulatory approval from the IRDAI.

Srivastava will take over from current CEO Naveen Tahilyani who takes over as CEO , Group Partnership Distribution, AIA Group, Hong Kong.

Analjit Singh appointed as non-executive chairman on Max Financial Services Board

The Board of Max Financial Services (MFS) has appointed Analjit Singh, Founder and Chairman Emeritus of the Max Group as the non-executive Chairman of MFS. He replaces Ms. Naina Lal Kidwai who was appointed Chairman of Max Financial Services on 15th January, 2016.

Max Financial Services is the listed holding company for Max Life Insurance Company Singh is