Life insurers line up 500 schemes for launch next year
New Delhi: As many as 500 new insurance schemes are all set to hit the market in the next couple of months, following the approval of industry regulator IRDA as part of its new guidelines applicable from January 1, 2014. The regulator has cleared over 500 products in line with the new design norms which are being introduced by the domestic life insurers, an IRDA official said adding that most insurers have already redesigned their products and also obtained approvals. Insurance Regulatory and Development Authority (IRDA) had issued new guidelines to make policies more customer-friendly. The new guidelines have introduced three broad categories of products — traditional insurance plans, variable insurance plans (VIPs) and unit-linked insurance plans (ULIPs). Insurance behemoth LIC has already decided to stop selling as many as 48 insurance plans, including Jeevan Anand, Jeevan Madhur and Jeevan Saral, to comply with new regulatory guidelines, and planned to unveil a slew of new insurance schemes. Private sector insurer Reliance Life Insurance has lined up over two dozen new insurance schemes, which include protection and retirement, for their launch in the next three months.
MF industry’s asset base grows by Rs 1 lakh crore in 2013
New Delhi: Following a smart turnaround in 2013 with an increase of over Rs 1 lakh crore in its asset base to nearly Rs 9 lakh crore, the mutual fund industry is looking forward to 2014 in the hope that it would be even better. MF industry’s assets under management hit a record high of Rs 9.58 lakh crore in August 2013 and have remained near Rs 9 lakh crore as the year draws to a close. Fund houses are upbeat about an even better performance in 2014 on account of various measures initiated by market regulator Sebi as well as plans of individual players to expand the distribution network across the country, particularly to smaller cities. Association of Mutual Funds in India, chairman and leading fund house Reliance MF chief Sundeep Sikka said that “2014 would be one of the best year for the