HDFC Life launches Sampoorn Samridhi

Sampoorn Samridhi offers the benefits of both an endowment plan and a whole life plan

Private insurer HDFC Life has launched a traditional product, Sampoorn Samridhi, which offers the benefits of both an endowment plan and a whole life plan.

“Sampoorn Samridhi is a flexible and affordable life insurance product for all customer segments, which offers a lump sum payout at the end of the selected term to fulfil long term goals,” HDFC Life executive director and COO Paresh Parasnis said in a release.

HDFC Life Sampoorn Samridhi provides the flexibility in premium paying frequency —monthly, quarterly, half-yearly and annual as well as the options in deciding the term of the policy, he said.

Customers, whose sum assured is Rs5 lakh and above, can avail of a discount of 5% on the basic premium, Parasnis added.

The eligibility for HDFC Life Sampoorn Samridhi is from 18 till 60 years with a minimum premium of Rs12,000 annually. Premiums paid are eligible for tax benefits, it said.

It is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life plc, the leading provider of financial services in the United Kingdom.

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Standard Chartered launches mobile banking application

Standard Chartered Bank has launched an innovative mobile banking application in India, called Standard Chartered Breeze

Standard Chartered Bank has launched an innovative mobile banking application in India, called Standard Chartered Breeze. The product gives customers greater ease of use and a higher degree of convenience, through an intuitive and design rich interface.

Standard Chartered is one of the first players in India to deliver a comprehensive and rich mobile offering, compatible on over 700 handsets. Breeze has been developed based on extensive consumer research.

Standard Chartered Breeze is designed with the consumers’ mobility needs in mind. Customers can access Breeze with their existing online username and password eliminating the need for multiple passwords making the offering secure and convenient.

Matthew Norris, chief information officer, India and South Asia, Standard Chartered Bank also said, “Breeze is a comprehensive banking platform that enables our customer to personalise how they see, move and manage their money with ease. This new application by Standard Chartered will serve as a key customer touch point that complements the Bank’s physical branch network.”

The Breeze application was built for Android devices using Adobe Creative Suite and Platform technologies including Flex, Adobe Flash Builder, and Adobe AIR 2.5. All other instances of Breeze and associated mCommerce was built in partnership with Monitise, Monitise plc is a leader in Mobile Money solutions.

Standard Chartered has created a micro-site that includes a more detailed product description, demo and tips on how to use Breeze.

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IndiaFirst Life Insurance surpasses IRDA’s rural and social targets

IndiaFirst has surpassed its rural and social obligations laid down by the insurance regulators—IRDA

IndiaFirst Life Insurance, a joint venture between two public sector banks—Bank of Baroda and Andhra Bank along with UK’s risk, wealth and investment company Legal & General, has achieved nearly 14% of its overall business for 2010-11 from the rural sector. 

IndiaFirst has surpassed its rural and social obligations laid down by the insurance regulators—Insurance Regulatory and Development Authority (IRDA). IndiaFirst has not only acquired 14% of its business from the rural areas but has also covered over 5 lakh lives in the social sector in the first year of its operations–taking the benefits of life insurance to the door steps of customers across the country, irrespective of their location.

IndiaFirst initially focused on the bancassurance model, leveraging the existing customer base of its promoter banks—Bank of Baroda and Andhra Bank. Both the banks put together provide IndiaFirst access to over 50 million customers and a distribution network of over 4,500 branches across the country. Both banks also have a huge semi urban and rural network. The challenge for IndiaFirst will be to optimally exploit the entire potential provided by them. 

IndiaFirst has also tied up with SERP (Society for Elimination of Rural poverty), an autonomous society of the Department of Rural Development, Government of Andhra Pradesh to provide cover to all members of Self Help Groups in Andhra Pradesh. The project will cover 1.5 crore to 1.75 crore women who take small loans from the banks.

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