Bajaj Allianz Life Insurance plans to launch individual and group insurance plans under the new product guidelines.
The company plans to launch two individual life insurance plans, Save Assure and Invest Assure with a guarantee element and one whole life plan Life Long Assure, Bajaj Allianz Life said in a release issued here today.
"We are launching three new insurance plans, which will cover the needs of individuals at their different life stages," Anuj Agarwal, Bajaj Allianz Life Insurance Managing Director & CEO, said.
"We have plans with a guarantee element, with a feature of premium payment for limited period and extended cover for few more years. We will be launching a suite of online and channel specific insurance plans by end of Jan 2014," he said.
The plans also offer flexibility to choose the policy and payment term and come with an option to take policy benefit in monthly installments.
Save Assure is a traditional endowment plan that protects finances by providing guaranteed returns with policy terms of 15 and 17 years, premium payment terms of 10 and 12 years, no premiums payable in the last five policy years and guaranteed return of 115 per cent of the sum assured, the company said.
Invest Assure is a traditional endowment plan that assures protection to the consumer and his family by providing financial benefits, it said.
The plan has two life cover variants - Invest Assure Gold and Silver - with key features like option to choose life cover, which is 1.25 or 2 times of the sum assured. It also offers compound reversionary bonus and terminal bonus, limited premium payment terms and option to take policy benefit in monthly installments.
Life Long Assure is a non-linked whole life plan with a cover up to age of 100 years, cash bonus starting from end of 6th year, guaranteed cash back starting from end of premium payment term and guaranteed benefit of up to 300 per cent of sum assured on maturity or death, whichever is earlier, the release said.
Bajaj Allianz Life, a joint venture between Bajaj Finserv and world leading insurer Allianz SE, will also launch six group insurance plans - Group Credit Protection Plus, Group Term Life, Group Term Care, Group Superannuation Secure, Group Employee Benefit and Group Term Care.