New Insurance Products

ICICI Prudential has launched the unit-linked variant of its regular policy for children, SmartKid. It provides three scheme options: Maximiser, which has a skew towards equities; Protector, which is biased towards debt; and Balancer, a blend of the Maximiser and Protector. Withdrawals can be made after five policy years; a total of five withdrawals can be made over the policy term. On the death of the parent, the sum assured is paid out immediately; payment of all future premiums is waived and the policy benefits remain in force.

OM Kotak Mahindra Life has launched an investment-cum-protection plan - the Kotak Safe Investment Plan -- that offers safety of capital while permitting the policyholder to benefit from investment opportunities in the equity, debt and money markets. This unit-linked insurance plan is unique in that the various funds give the policyholder access to growth markets while the plan guarantees the sum assured - on maturity or death — regardless of the performance of the funds.

ING Vysya Life has launched "conquering life critical illness plan", a total protection plan combining a term life cover and a unique critical illness benefit. It plan covers the basic need for protection and also provides for cover against 10 major critical illnesses.

ICICI Bank has decided to offer `Life Time Pension Triple Advantage' exclusively designed life insurance product from ICICI Prudential Life Insurance to its high net-worth credit cardholders across the country. The product is a flexible unit-linked pension plan gives the customers the advantage of reducing their tax burden along with safeguarding their post-retirement years. Besides the tax advantage, the product also offers to provide the cardholders regular pension, guaranteed for life.

TATA AIG Life Insurance Co Ltd has launched `Nirvana', a pension plan for individuals. With a minimum cover of Rs 50,000, this policy is available for anyone between 18 and 55 years of age with the flexibility to retire between 50 and 65 years. The `Nirvana' policyholder has to pay premiums each year till retirement, when he/she gets a maximum of 25 per cent of the sum accumulated. This pension plan also offers a guaranteed addition of 10 per cent of the sum assured, which will be payable either on death or on survival at the time of retirement, provided the policy has been in force for 10 years.

Aviva Life Insurance has also launched two individual products - PensionPlus and Secure Life. Aviva is the fifth private insurance player to introduce a pension product. Others include-ICICI Prudential Life, HDFC Standard Life, OM Kotak Mahindra Life and Tata AIG Life.

Life Insurance Corporation of India has launched its first co-branded bancassurance product - Corp Jeevan Raksha, a group insurance scheme on the life of deposit holders of Corporation Bank. This scheme is available to all personal account holders of Corporation Bank including those having fixed deposits, savings account and current account provided they are between 18 to 55 years of age.

Those customers of Corporation Bank who opt for this scheme will be eligible for a life insurance cover of Rs 1 lakh in case of natural death & Rs 2 lakh for death by accident. In the absence of any bancassurance norms, Corpbank's role will be that of a facilitator for payment of premium to LIC and for payment of claims to deposit holders. The admission of claims will however be subject to clearance by LIC.