L&T Insurance has come out with my:health Medisure Classic Insurance, which which offers flexibility at the entry age, enabling customers to buy the policy at any age during their life stage. If during the term of the policy, the entire sum insured gets used up and there is a subsequent hospitalisation due to an accident, the sum insured of the policy will be reinstated. Optional covers can also be added on payment of additional premium to empower the customer by allowing him to choose as per his requirements.
Bajaj Allianz’s plan for extended warranty
Bajaj Allianz General Insurance has launched an Extended Warranty Plan for Consumer Durables, which will help customers protect their appliances against any unforeseen manufacturing defects or poor workmanship for 12 months after the expiry of the manufacturer’s product warranty. A wide array of consumer durables, ranging from televisions, refrigerators, washing machines, air conditioners, microwave ovens and home theatre systems, can be covered. The coverage starts immediately after expiry of the manufacturer’s product warranty, thereby ensuring continued protection. The annual premium starts from R350 onwards. Launched in association with Bajaj Finserv Lending, the product is specifically for those customers who have availed the company’s 0% interest consumer durable finance for purchasing durables of their choice.
IndiaFirst Life’s Simple Benefit Plan
IndiaFirst Life Insurance has launched a Simple Benefit Plan that offers dual benefits of a life cover and assured savings. The plan promises to pay out a guaranteed amount plus additional earnings from bonuses on specific events like death or maturity. It offers a death benefit equal to the sum assured plus five times the annual premium, in case of the life assured’s untimely demise. The death benefit, along with the simple reversionary bonus accumulated (till death), will be paid out to the nominee. The sum assured, along with simple reversionary bonus and terminal bonus, if any, will be paid at the end of the plan term.
Customers can also access their money easily during any emergency by availing a loan of up to 90% of the surrender value. Tax benefits on the premium invested can also be enjoyed under Section 80C and maturity benefits under Section 10(10D), as per the Income Tax Act, 1961.
Moneyback term plan by Shriram Life
Shriram Life Insurance Company has launched Shriram Life New Money Back Term Plan, which is a non-linked, non-participating assurance plan designed to provide an affordable life cover while returning all the premiums to the policyholder at the completion of the policy term. The plan offers to pay a lumpsum payment on the death of the life assured during the policy term. On survival, all basic premiums paid during the policy term will be returned. The minimum sum assured is R2 lakh and the maximum R20 lakh.
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