Financial Daily from THE HINDU group of publications
Sunday, Jan 06, 2002
Columns - Insurance Round-up
Bajaj Allianz online travel insurance
GALILEO Systems India and Bajaj Allianz General Insurance have arrived at an arrangement that will allow travel agents provide Bajaj Allianz's travel insurance policies through the Internet.
Bajaj Allianz provides travel insurance cover for short and long stays and special corporate packages. Agents would be able to download the policies from the Net, countersign, collect and hand them over to customers. This will help travel agents tap alternative though related revenue streams, as they could earn up to 15 per cent in commissions on each policy sold, while keeping in line with IRDA norms.
Max New York Life
appoints Gram Sahayaks
appoints Gram Sahayaks
As a part of its strategy to cater to the rural insurance sector (which is also mandatory), Max New York Life Insurance has appointed the first batch of three Gram Sahayaks in Maharashtra. The company has put together an easy term policy to meet the needs of the rural sector under which the insured can obtain a life cover of Rs 10,000 for an annual premium of Rs 100, up to the age of 60.
The Gram Sahayaks recruited from Bhiwandi, Kalyan and Shahpur taluks will act as distribution and information channels for the company. Such rural intermediaries have already been appointed in Karnataka, Andhra Pradesh, Gujarat and West Bengal.
Siksha Sahayog Yojana from LIC
Life Insurance Corporation has launched the Siksha Sahayog Yojana Scheme for those below or marginally above the poverty line. This new social security scheme provides educational funds of Rs 300 per quarter per policy to every child between the IX and XII standard. However, the policy will operate only if the child's parents are covered under the Janashree Bima Yojana, a social security scheme started for the poor in 2000.
The Siksha Sahayog Yojana will be administered through the Pension and Group Schemes departments at divisional offices of the LIC. Nodal agencies will distribute the scholarships, maintain records, submit certificates and other details of utilisation periodically.
Cover for IIT-M students
The Indian Institute of Technology, Madras, has entered into an agreement with New India Assurance Company under which the latter will provide insurance cover to students enrolled in various programmes at the institute, from this month.
The tie-up is in response to the need for a cover that addresses medical costs mainly because of road accidents or extra-curricular activities. Some benefits under the arrangement are immediate admissions to city hospitals and direct settlement of insurance claims.
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