{"id":640,"date":"2024-08-14T08:21:00","date_gmt":"2024-08-14T08:21:00","guid":{"rendered":"https:\/\/moneymita.com\/?p=640"},"modified":"2026-08-05T16:07:03","modified_gmt":"2026-08-05T10:37:03","slug":"4-key-insurence-news-tata-aia-lic-covrzy-and-icici","status":"publish","type":"post","link":"https:\/\/moneymita.com\/?p=640","title":{"rendered":"4 KEY INSURANCE NEWS: TATA AIA, LIC, COVRZY AND ICICI"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 ez-toc-wrap-left-text counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymita.com\/?p=640\/#4_Key_Insurance_News_TATA_AIA_LIC_Of_India_Covrzy_And_ICICI_Lombards_Big_Moves\" >4 Key Insurance News: TATA AIA, LIC Of India, Covrzy And ICICI Lombard&#8217;s Big Moves<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymita.com\/?p=640\/#Key_Insurance_News_TATA_AIA_Grabs_A_Seat_In_The_Global_TOP_10_Ranking_With_2584_MDRT_Qualified_Advisors\" >Key Insurance News : TATA AIA Grabs A Seat In The Global TOP 10 Ranking With 2,584 MDRT Qualified Advisors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymita.com\/?p=640\/#Who_Is_MDRT_In_Insurance_Sector_And_Why_It_Was_Formed\" >Who Is MDRT In Insurance Sector And Why It Was Formed ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymita.com\/?p=640\/#What_Is_A_MDRT_Ranking_In_The_Insurance_Sector\" >What Is A MDRT Ranking In The Insurance Sector ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymita.com\/?p=640\/#Criteria_Of_MDRT_Ranking_In_The_Insurance_Sector\" >Criteria Of MDRT Ranking In The Insurance Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymita.com\/?p=640\/#Why_does_The_Global_Ranking_Matter_In_The_Insurance_Industry\" >Why does The Global Ranking Matter In The Insurance Industry?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymita.com\/?p=640\/#Key_Insurance_News_LIC_Forms_Strategic_Alliance_With_IDFC_First_Bank_Under_%E2%80%9CCorporate_Agency_Arrangement%E2%80%9D\" >Key Insurance News : LIC Forms Strategic Alliance With IDFC First Bank Under \u201cCorporate Agency Arrangement\u201d<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymita.com\/?p=640\/#Benefits_Of_Strategic_Partnership_In_Insurance\" >Benefits Of Strategic Partnership In Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/moneymita.com\/?p=640\/#How_LIC_Of_India_Will_Gain\" >How LIC Of India Will Gain ?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/moneymita.com\/?p=640\/#How_IDFC_First_Bank_Will_Gain\" >How IDFC First Bank Will Gain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/moneymita.com\/?p=640\/#Key_Insurance_News_Covrzy_Grabs_Insurance_Broking_License_From_IRDAI\" >Key Insurance News : Covrzy Grabs Insurance Broking License From IRDAI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/moneymita.com\/?p=640\/#Long-Term_Goal_Of_Covrzy_From_Insurance_Broking_License\" >Long-Term Goal Of Covrzy From Insurance Broking License<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/moneymita.com\/?p=640\/#Key_Insurance_News_ICICI_Lombard_Presents_%E2%80%9CELEVATE%E2%80%9D_%E2%80%93_An_AI-Enabled_Health_Insurance_Product\" >Key Insurance News : ICICI Lombard Presents \u201cELEVATE\u201d \u2013 An AI-Enabled Health Insurance Product<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/moneymita.com\/?p=640\/#Salient_Features\" >Salient Features<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/moneymita.com\/?p=640\/#Frequently_Asked_Questions_FAQ\" >Frequently Asked Questions (FAQ)<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Key_Insurance_News_TATA_AIA_LIC_Of_India_Covrzy_And_ICICI_Lombards_Big_Moves\"><\/span>4 Key Insurance News: TATA AIA, LIC Of India, Covrzy And ICICI Lombard&#8217;s Big Moves<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">The insurance industry continues to evolve with dynamic shifts and strategic advancements. Leading companies are making notable strides, from securing global rankings to forming strategic partnerships and introducing innovative products. These developments reflect the industry\u2019s commitment to enhancing customer experience, expanding market reach, and leveraging technology to meet changing demands.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Insurance_News_TATA_AIA_Grabs_A_Seat_In_The_Global_TOP_10_Ranking_With_2584_MDRT_Qualified_Advisors\"><\/span>Key Insurance News : TATA AIA Grabs A Seat In The Global TOP 10 Ranking With 2,584 MDRT Qualified Advisors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tata AIA Life Insurance, a leader in India\u2019s life insurance industry, proudly announces it has reached a significant milestone by attaining the #6 spot in the prestigious Global Million Dollar Round Table (MDRT) rankings for 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Is_MDRT_In_Insurance_Sector_And_Why_It_Was_Formed\"><\/span>Who Is MDRT In Insurance Sector And Why It Was Formed ?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Established in&nbsp;<strong>1927<\/strong>, the&nbsp;<strong>Million Dollar Round Table<\/strong>&nbsp;(MDRT) is a<strong>&nbsp;trade association<\/strong>&nbsp;dedicated to assisting insurance brokers and financial advisors in developing exemplary business practices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The group originated when 32 accomplished life insurance agents convened at the Peabody Hotel in Memphis, Tennessee, USA, during the National Association of Life Underwriters\u2019 (NALU) annual meeting.<br>Their gathering aimed to enhance technical knowledge, boost sales skills, and uphold ethical standards within the industry by adopting the NALU code of ethics. The meeting in 1927 resulted formation of the organisation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_A_MDRT_Ranking_In_The_Insurance_Sector\"><\/span>What Is A MDRT Ranking In The Insurance Sector ?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MDRT membership is recognized all over the world as a high standard of excellence in the life insurance and financial services industry. MDRT members show exceptional professional skills, strong ethics, and give excellent customer service.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Criteria_Of_MDRT_Ranking_In_The_Insurance_Sector\"><\/span>Criteria Of MDRT Ranking In The Insurance Sector<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MDRT ranking is primarily based on&nbsp;<strong><em>\u201cPERSISTENCY RATIO\u201d<\/em><\/strong>. The&nbsp;<strong>ratio&nbsp;<\/strong>depicts the&nbsp;<strong>% of consumers<\/strong>&nbsp;who retain their trust and confidence in the same insurer by renewing the policies through the same registered advisors cum insurance agents of the insurer. The higher the ratio, the better the ranking.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>company<\/strong>&nbsp;is ranked&nbsp;<strong>No. 1 in four out of five persistency cohorts<\/strong>, a testament to its strong customer retention.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The list below shows the MDRT Advisor list of rankholders from India in 2024 where&nbsp;<strong>TATA AIA<\/strong>&nbsp;is leading with&nbsp;<strong>2584 registered MDRT\u2013 Qualified<\/strong> Life Insurance&nbsp;advisors,&nbsp;<strong>holding the 6th position globally.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes has-small-font-size\"><table><tbody><tr><td><strong>RANK<\/strong><\/td><td><strong>NAME O<\/strong>F&nbsp;<strong>THE COMPANY<\/strong><\/td><td><strong>OPERATE IN MARKET<\/strong><\/td><td><strong>NUMBER OF MEMBERS<\/strong><\/td><\/tr><tr><td>6<\/td><td>TATA AIA Life<\/td><td>India<\/td><td>2 5 8 4<\/td><\/tr><tr><td>24<\/td><td>HDFC Bank Limited<\/td><td>\u2013 Do \u2013<\/td><td>9 8 4<\/td><\/tr><tr><td>34<\/td><td>LIC Of India<\/td><td>\u2013 Do \u2013<\/td><td>6 6 0<\/td><\/tr><tr><td>48<\/td><td>MAX Life Insurance Co Limited<\/td><td>\u2013 Do \u2013<\/td><td>4 4 6<\/td><\/tr><tr><td>60<\/td><td>IndiaFirst Life Insurance Co. Limited<\/td><td>\u2013 Do \u2013<\/td><td>3 5 5<\/td><\/tr><tr><td>87<\/td><td>HDFC Life Insurance Co Limited<\/td><td>\u2013 Do \u2013<\/td><td>1 9 1<\/td><\/tr><tr><td>95<\/td><td>SBI Life Insurance Company Limited<\/td><td>\u2013 Do \u2013<\/td><td>1 6 1<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">\ud83c\udf10<strong>https:\/\/www.moneymita.com<\/strong><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>MDRT ADVISOR RANKHOLDERS FROM INDIA \u2013 2024<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-817ba45de5d13360af147a0f66c2b04a wp-block-paragraph\"><strong>SOURCE :-<\/strong>&nbsp;<a href=\"https:\/\/www.mdrt.org\/about-MDRT\/for-companies\/top-100-companies-global\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.mdrt.org\/about-MDRT\/for-companies\/top-100-companies-global\/<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among these, 1,238 are qualified&nbsp;<strong>Women MDRT Advisors<\/strong>, positioning the company as&nbsp;<strong>#1 in India<\/strong>&nbsp;and&nbsp;<strong>#7 globally<\/strong>&nbsp;for female MDRT members.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-6326bdd8db3b00c7fb7d40341f4be7f7 wp-block-paragraph\"><strong>SOURCE :-<\/strong><a href=\"https:\/\/www.mdrt.org\/pt-ao\/about-MDRT\/for-companies\/top-25-companies-by-female-members\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.mdrt.org\/pt-ao\/about-MDRT\/for-companies\/top-25-companies-by-female-members\/<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_does_The_Global_Ranking_Matter_In_The_Insurance_Industry\"><\/span>Why does The Global Ranking Matter In The Insurance Industry?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Life insurance solutions are long-term commitments, making it crucial for consumers to receive advice with a long-term perspective . A higher number of MDRT advisors gives a life insurer a distinct advantage, as expertly tailored financial advice during product sales leads to satisfied and loyal customers who renew their policies year after year.<br>It\u2019s no surprise that Tata AIA has thrived with a substantial number of employees and MDRT-dedicated agents towards client servicing and maintains its leadership in persistence. Now this #6 th global ranking validates the high quality and skill of TATA AIA advisors which in turn will increase their business nationally as well as internationally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Insurance_News_LIC_Forms_Strategic_Alliance_With_IDFC_First_Bank_Under_%E2%80%9CCorporate_Agency_Arrangement%E2%80%9D\"><\/span>Key Insurance News : LIC Forms Strategic Alliance With IDFC First Bank Under \u201cCorporate Agency Arrangement\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">LIC of India has increased its stake in IDFC First Bank from 0.20% to 2.68% via private placement on June 4, 2024.<br>A tie-up arrangement was signed between LIC India and the tech-savvy IDFC First Bank on July 16, 2024, to sell life insurance products to more than one (1) crore customers of the bank.<br>As the nation\u2019s premier insurer, LIC offers a comprehensive range of products, including Annuity, ULIP, Savings, and Term Insurance, catering to all segments of society.<br>On this occasion, LIC\u2019s MD, R Doraiswamy, stated that this collaboration will give IDFC First Bank\u2019s digitally savvy customers access to LIC\u2019s extensive selection of appealing products.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_Of_Strategic_Partnership_In_Insurance\"><\/span>Benefits Of Strategic Partnership In Insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This tie-up is an example of &#8220;Bancassurance-Corporate Agency Model&#8221;. This corporate agency agreement has given the edge to both parties \u2013 LIC of India and IDFC First Bank. Let\u2019s discuss it below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_LIC_Of_India_Will_Gain\"><\/span>How LIC Of India Will Gain ?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Leveraging the combined strength of LIC\u2019s extensive network of over 3,600 branches and Satellite Offices, along with IDFC First Bank\u2019s 1,000+ branches, this collaboration will significantly enhance life insurance penetration across the country and will try to reach the goal of providing life insurance protection to all by 2047.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The digital onboarding process is already underway and, once completed, customers will be able to purchase LIC policies directly through the Bank\u2019s website.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_IDFC_First_Bank_Will_Gain\"><\/span>How IDFC First Bank Will Gain?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In its ongoing commitment to boosting bancassurance, the participating bank, with more than 95 per cent of transactions conducted online, will offer its tech-savvy customers a seamless, end-to-end solution for their diverse life insurance needs.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-596b2b2324d028a3fda2e50b9df67e05 wp-block-paragraph\">To know more about Bancassurance, please read the Blog Post &#8220;<strong><em><a href=\"https:\/\/moneymita.com\/?p=1156\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/moneymita.com\/?p=1156\" rel=\"noreferrer noopener\">Bancassurance in India: Meaning &amp; Examples<\/a><\/em><\/strong>.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Insurance_News_Covrzy_Grabs_Insurance_Broking_License_From_IRDAI\"><\/span>Key Insurance News : Covrzy Grabs Insurance Broking License From IRDAI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Bengaluru-based&nbsp;<strong>Insurtech startup Covrzy<\/strong>&nbsp;has achieved a breakthrough by obtaining a direct broking (general) license from the Insurance Regulatory and Development Authority of India \u2013<a href=\"https:\/\/moneymita.com\/5-finance-news-picks-feb-2024\/\">&nbsp;<\/a><strong><a href=\"https:\/\/moneymita.com\/5-finance-news-picks-feb-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">IRDAI<\/a><\/strong><a href=\"https:\/\/moneymita.com\/5-finance-news-picks-feb-2024\/\">.<\/a><br>With its digital-first approach, Covrzy is dedicated to providing a seamless, customer-friendly insurance purchasing experience, particularly for startups, SMEs, and MSMEs in India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It offers comprehensive support for insurance and claims, democratizing insurance distribution in the country. Collaborating with leading insurers such as ICICI Lombard, Bajaj Allianz, and IFFCO Tokio, Covrzy offers a range of products, including commercial general liability, fire and theft insurance, product liability, cyber insurance, and asset insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Long-Term_Goal_Of_Covrzy_From_Insurance_Broking_License\"><\/span>Long-Term Goal Of Covrzy From Insurance Broking License<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">With just 1% of Indian MSMEs currently insured, Covrzy is set to bridge this gap through its comprehensive platform.<br>The startup aims to boost insurance coverage among MSMEs, targeting to serve over Ten Thousand (10,000 ) customers within the next twelve (12) to eighteen (18) months and extend its reach to one (1) million businesses in the years ahead.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Insurance_News_ICICI_Lombard_Presents_%E2%80%9CELEVATE%E2%80%9D_%E2%80%93_An_AI-Enabled_Health_Insurance_Product\"><\/span>Key Insurance News : ICICI Lombard Presents \u201cELEVATE\u201d \u2013 An AI-Enabled Health Insurance Product<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICICI Lombard, a leading private general insurer in India, is thrilled to unveil its groundbreaking health insurance product,&nbsp;<strong>\u2018Elevate\u2019.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elevate is set to redefine health insurance with features like&nbsp;<strong>\u2018Infinite Care\u2019&nbsp;<\/strong>and&nbsp;<strong>\u2018Power Booster<\/strong>\u2018 which set a new health insurance standard delivering unmatched peace of mind to insured persons in an ever-evolving world. Utilising the power of AI, \u2018Elevate\u2019 provides tailored coverage recommendations based on individual customer inputs, ensuring each policy is perfectly aligned with unique needs.<br>This innovative product boasts 15 built-in covers and a host of personalization options, including protection for 20 critical illnesses, personal accidents, maternity and newborn care, accommodation and travel benefits, preventive care, inflation protection, air ambulance, personalized home care, and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-2a320e3680013594bfaa3eb881bed6ed\"><span class=\"ez-toc-section\" id=\"Salient_Features\"><\/span>Salient Features<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Infinite Sum Insured :&nbsp;<\/strong>Addresses coverage limitations by ensuring policyholders never exhaust their coverage limit.<\/li>\n\n\n\n<li><strong>Infinite Claim Amount :<\/strong>&nbsp;Provides comprehensive financial protection with no limit on one-time claims throughout the policy\u2019s lifetime.<\/li>\n\n\n\n<li><strong>Power Booster Add-on :&nbsp;<\/strong>Offers a 100% cumulative bonus each year, regardless of claims, for an unlimited period.<\/li>\n\n\n\n<li><strong>Reset Benefit :&nbsp;<\/strong>Allows for unlimited coverage resets, ensuring ongoing protection no matter the number of claims.<\/li>\n\n\n\n<li><strong>Infinite Assurance :&nbsp;<\/strong>This add-on provides coverage for pre-existing conditions such as asthma, diabetes, hypertension, hyperlipidemia, and obesity starting from the 30th day, significantly reducing the typical industry waiting period of 3 years.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQ\"><\/span>Frequently Asked Questions (FAQ)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q1. What stands for MDRT&nbsp;<\/strong><strong>Globally?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans .<\/strong>&nbsp;Million Dollar Round Table, as the name says, is a premier association of Financial Professionals.<br>It is a prestigious, independent global organization comprising top-tier life insurance and financial services&nbsp;<strong>experts&nbsp;<\/strong>from over 700 companies across 80 countries and territories like The United States , China, Japan, Malaysia, Singapore, Mexico, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q2. What types of products are being dealt with by MDRI?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.<\/strong>&nbsp;It focuses on fostering ethical and effective strategies to boost client engagement with financial products, particularly&nbsp;<strong>risk-based products<\/strong>&nbsp;such as life insurance, disability insurance, and long-term care.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q3. What is Bancassurance ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans .<\/strong>&nbsp;A partnership between a bank and an insurance company to sell insurance products to a bank\u2019s customers. Very popular in Asia, Australia, Europe and Latin America. Bancassurance can take the form of&nbsp;<strong>BIM<\/strong>&nbsp;(Banking insurance model) or&nbsp;<strong>HIM&nbsp;<\/strong>( Hybrid insurance model \u2013 A&nbsp;<strong>mix<\/strong>&nbsp;of banking and traditional insurance models).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q4. Who is the Founder of Covrzy?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans<\/strong>&nbsp;. A new Insurtech start-up founded in 2023 by two (2) co-founders namely \u2013<br>1 .&nbsp;<strong>Ankit<\/strong>&nbsp;Kamra [<strong>CEO&nbsp;<\/strong>\u2013 Chief Executive Officer]<br>2 .&nbsp;<strong>Veera<\/strong>&nbsp;Thota [<strong>CTO<\/strong>&nbsp;\u2013 Chief Technology Officer]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q5. What is an \u201cINSURTECH\u201d ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.<\/strong>&nbsp;Insurtech, short for \u201c<strong>Insurance Technology,<\/strong>\u201d refers to the innovative use of technology to make insurance more efficient, transparent, and tailored to individual needs, often through startups and tech-driven companies in the insurance sector.<br>It involves leveraging digital tools, platforms, and solutions to improve various aspects of insurance, like Customer Experience, Claims Processing, Risk Assessment, Product Development, and Fraud Detection.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q6 . Define SMEs And MSMEs<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans .&nbsp;<\/strong>As the name says,&nbsp;<strong>SME<\/strong>&nbsp;stands for \u201c<strong>Small and Medium Enterprise<\/strong>\u201d and&nbsp;<strong>MSME<\/strong>&nbsp;stands for \u201c&nbsp;<strong>Micro,Small and Medium Enterprise<\/strong>&nbsp;\u201c. They are backbone to economy as they help to create jobs, boost exports and contribute in economic development of the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SME is a fundamental term whose Indian version is MSME . The difference between SME and MSME was abolished by&nbsp;<strong>MSMED<\/strong>&nbsp;[ Micro,Small and Medium Enterprise Development ]<strong>&nbsp;Act 2006<\/strong>&nbsp;as amended in 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The micro,small and medium enterprises engaged in manufacturing and or service sectors are defined in terms of two (2) criterias as&nbsp;<strong>A .&nbsp;<\/strong>Investment in Plant and Machinery or Equipment&nbsp;<strong>B .&nbsp;<\/strong>Annual Turnover.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q7. What stands for ICICI Lombard?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.<\/strong>&nbsp;ICICI Lombard General Insurance Company Limited is a prominent general insurance provider in India with headquarters in Mumbai, Maharashtra \u2013 India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 2001,&nbsp;<strong>ICICI Lombard is a joint venture<\/strong>&nbsp;between ICICI Bank, India\u2019s second-largest bank, and Fairfax Financial Holdings Limited, a financial services company based in Toronto.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q8. What assurance products are being sold by ICICI Lombard?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.&nbsp;<\/strong>It offers a diverse range of insurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance, and Weather Insurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q9. What is \u201cAdd-On\u201d in an insurance policy?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.<\/strong>&nbsp;An add-on in insurance is an additional coverage option that enhances or extends the benefits of a basic insurance policy, providing extra protection or features beyond the standard policy terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q10. What is Hyperlipidemia?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ans.<\/strong>&nbsp;Increased level of fat deposition in blood leading to heart attack,stroke and artery related disease which is life threatening too.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>4 Key Insurance News: TATA AIA, LIC Of India, Covrzy And ICICI Lombard&#8217;s Big Moves The insurance industry continues to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,28],"tags":[205,206,120,208,207],"class_list":["post-640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-titbits","category-news","tag-health-insurance","tag-icici-lombard","tag-irdai","tag-msme","tag-sme"],"_links":{"self":[{"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/posts\/640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymita.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=640"}],"version-history":[{"count":15,"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/posts\/640\/revisions"}],"predecessor-version":[{"id":1400,"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/posts\/640\/revisions\/1400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymita.com\/index.php?rest_route=\/wp\/v2\/media\/1283"}],"wp:attachment":[{"href":"https:\/\/moneymita.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymita.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymita.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}