Page 50 - Insurance Times April 2023

NEW PRODUCTS

New Product Launches

Canara HSBC Life Insurance Launches against various unforeseen uncertainties," the insurer said
in a press release.
Wealth Edge Ulip
The policy also allows the policyholders to choose from eight
Canara HSBC Life Insurance launched a new unit-linked
diverse investment funds with a facility to access the
insurance plan (Ulip) with savings option.Named Wealth
accumulated wealth according to the individual's needs with
Edge, the product offers three different plans depending on
systematic withdrawal option and/or milestone withdrawal
an individual's need and current requirements.
option.
Invest Plus provides life coverage during the policy term as
well as accumulated fund value at maturity. Premium Plus
Max Life Insurance Company Ltd
handles all financial responsibilities in the absence of the life
assured, while the last option, Life Plus, aids retirement launches Smart Capital Guarantee
planning and provides the life assured with cover till the age
Solution
of 100 years.
Max Life Insurance Company Ltd. has launched Smart Capital
The policy also offers options of single pay and limited pay
Guarantee Solution, a life insurance product solution that
for all three plans, along with death and maturity benefits.
combines three benefits. Merging the benefits of 'Max Life
For Invest Plus, the minimum and maximum entry ages are Smart Wealth Plan' and 'Max Life Flexi Wealth Advantage
0 years and 70 years, respectively. The minimum and Plan', the product will offer wealth creation through
maximum maturity ages are 18 years and 80 years, market-linked returns along with a guarantee on premiums
respectively. paid at maturity with additional financial protection, the
company said.
For Premium Plus and Life Plus, the minimum entry ages are
18 years, while the maximum entry ages are 50 years and "As per the latest India Protection Quotient survey, over 46%
70 years, respectively. The maturity ages for Premium Plus of consumers prefer financial products as a mix of
are minimum 28 and maximum 80 years, while for Life Plus, guaranteed and market-linked instruments. While the
the maturity age is up to 100 years. consumers want to get the upside of the market-linked
products, there is a latent need to ensure the protection of
The minimum annual premium is Rs. 1.25 lakh per annum
the invested capital, along with additional financial
on a yearly mode, and Rs 16,667 on a monthly mode for all
protection. With this insight, we have designed the Smart
the three options. The minimum premium comes to Rs.
Capital Guarantee Solution," said V Viswanand, deputy
75,000 on a half-yearly mode and Rs. 43,750 on a quarterly
managing director, Max Life.
mode.
Key features of Max Life Smart Capital Guarantee
According to the insurer, the product has been designed for
those who are looking for a fool-proof plan for their financial Solution:
protection. 1. Capital guarantee through maturity benefit of Max Life
Smart Wealth Plan; market-linked returns through a
"The product recognises the importance of financial goals
part of the premium paid towards the Max Life Flexi
that an individual may set for his/her various life stages, and
Wealth Advantage Plan
will help fulfil them along with providing an added shield of
life insurance to protect the life assured and their family 2. Unique and customised storyboards tailored to meet

The Insurance Times April 2023 43