After a long hiatus, life insurance companies are launching unit-linked pension plans. ICICI Prudential Life Insurance has launched Shubh Retirement plan, which one can opt for between age 35 and 70 years. The maximum maturity age is 80. A customer has the flexibility to choose his investment strategy aggressive, moderate and conservative with varying levels of equity participation based on his risk appetite. This would enable a consumer to build a corpus during his working years and receive assured regular pension after retirement. Similarly, Birla Sun Life Insurance has launched its non-participating unit-linked pension plan, BSLI Empower Pension. The plan can help a customer accumulate premiums and the investment returns into a corpus for his retirement. The plan offers a customer the choice to select the premium amount, vesting date and risk profile and the premium accumulated till the vesting period will be invested in equity or debt, depending on the risk appetite of the customer. Both the plans enjoy tax benefits under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961.
Max Bupa launches Health@Companion
In its revamped website, Max Bupa has launched Health@Companion, designed for individuals and families. The product offers tiered pricing based on the customers city of residence customers living in non-metro cities pay a lower premium because of lower healthcare costs. The policy comes with sum insured of R2 lakh, R3 lakh, R4 lakh and R5 lakh and one can opt for a two-year policy tenure online and avail discount. The policy has lifelong renewal plan, cashless facility and covers all daycare procedures. All claims are processed directly by the internal customer services team and medical treatment taken at home, which would otherwise have required hospitalisation, can also be claimed. The policyholder will also get tax benefits under Section 80D of the Income Tax Act. The website has a product recommendation tool, which can help customers select and purchase a product best suited for their health needs and one can customise the offering.
Edelweiss Tokio Lifes endowment plans
Edelweiss Tokio Life Insurance has launched its Life-Save n Grow Plan, a participating endowment plan with increasing protection over the policy term and Edelweiss Tokio Life-MultiGain Plan, a participating endowment scheme with regular cash back. Both these plans address the wealth accumulation needs of a customer and protect the family against any eventuality. The Life-Save n Grow Plan is designed for customers who have a mid- to long-term investment horizon for regular accumulation of wealth like funding for home, childs education and marriage. The plan offers a policy term of 15, 20, 25 and 30 years and the customer has an option of paying premium for only 10 or 15 years or paying it throughout the policy term. The MultiGain Plan is a moneyback plan designed for customers with a short-term investment horizon to plan for holidays, buying a car, etc, and is suitable for customers who have low or medium risk appetite.