Financial Daily from THE HINDU group of publications
Thursday, Jul 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 29, 2004 |
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Money & Banking
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Life Insurance Marketing - New Products & Services AMP Sanmar launches unit-linked plan Our Bureau
(From left) Mr Mike Wood, Chief Actuary, AMP Sanmar Life Insurance Company Ltd; Mr S.V. Mony, Vice Chairman; Mr Graham Meyer, Managing Director; and Mr B. Natraj, Chief Operating Officer; at the launch of a unit-linked plan in Chennai on Wednesday. - - Bijoy Ghosh
Chennai , July 28 AMP Sanmar Life Insurance on Wednesday launched a unit-linked insurance policy that has been named Kanaka Shree. At the launch, AMP Sanmar's Managing Director, Mr Graham Meyer, said the unit-linked policy and the pension plan were likely to be the largest generators of premium in future. Kanaka Shree allows policyholders to choose from four investment options, which are designed to cover the entire spectrum of risk bearing capacities of policyholders. Mr Meyer said insurance agents who would be allowed to sell Kanaka Shree had been handpicked by the company, and given special training. Because of the complicated nature of the product, the company has decided to be cautious in promoting it. Mr Meyer said that AMP Sanmar would need a capital infusion of about Rs 30-40 crore over the next 12 months — the company's capital stood at Rs 160 crore in March 2004. In this context, on the heels of the Union Budget's proposal to increase the foreign investment cap in the insurance industry to 49 per cent from 26 per cent, Mr Meyer told Business Line that AMP's intention had always been to hike its stake in the company. In 2003-04, AMP Sanmar's premium income stood at Rs 31.1 crore (Rs 6.5 crore), and the lives covered came to 98,934 (28,101).
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