Page 52 - Insurance Times February 2023

NEW PRODUCTS

New Product Launches

LIC introduces Jeevan Azad The policy also offers options of single pay and limited pay
for all three plans, along with death and maturity benefits.
LIC has introduced a new plan LIC's Jeevan Azad. This is a
non-participating, individual, savings life insurance plan For Invest Plus, the minimum and maximum entry ages are
which offers a combination of protection and savings. 0 years and 70 years, respectively. The minimum and
maximum maturity ages are 18 years and 80 years,
This is a Limited Premium Payment Endowment Plan
respectively.
providing financial support for the family in case of
unfortunate death of the life assured during the policy term For Premium Plus and Life Plus, the minimum entry ages are
and also takes care of liquidity needs through loan facility. 18 years, while the maximum entry ages are 50 years and
It also provides guaranteed lumpsum amount to the 70 years, respectively. The maturity ages for Premium Plus
surviving life assured on the date of maturity. are minimum 28 and maximum 80 years, while for Life Plus,
the maturity age is up to 100 years.
Death benefit payable on death of the life assured during
the policy term after the date of commencement of risk but The minimum annual premium is Rs. 1.25 lakh per annum
before the date of maturity, shall be "sum assured on death" on a yearly mode, and Rs 16,667 on a monthly mode for all
where "sum assured on death" is defined as higher of 'Basic the three options. The minimum premium comes to Rs.
Sum Assured' or '7 times of annualised premium'. This death
75,000 on a half-yearly mode and Rs. 43,750 on a quarterly
benefit shall not be less than 105 per cent of "total premiums mode.
paid" up to the date of death.
According to the insurer, the product has been designed for
The minimum Basic Sum Assured per life is Rs. 2 lakh and
those who are looking for a fool-proof plan for their financial
Maximum Basic Sum Assured per life is Rs. 5 lakh. The policy
protection.
can be taken for term of 15 to 20 years with premium paying
"The product recognises the importance of financial goals
term calculated policy term minus 8 years. The minimum
that an individual may set for his/her various life stages, and
age at entry is 90 days completed and maximum age at
will help fulfil them along with providing an added shield of
entry is 50 years (nearer birthday).
life insurance to protect the life assured and their family
against various unforeseen uncertainties," the insurer said
Canara HSBC Life Insurance Launches
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.
accumulated wealth according to the individual's needs with
Named Wealth Edge, the product offers three different plans systematic withdrawal option and/or milestone withdrawal
depending on an individual's need and current requirements. option.
Invest Plus provides life coverage during the policy term as Anuj Mathur, managing director and CEO, Canara HSBC Life
well as accumulated fund value at maturity. Premium Plus Insurance says: "Wealth Edge has been designed to help
handles all financial responsibilities in the absence of the life fulfil the life goals of an individual by providing utmost
assured, while the last option, Life Plus, aids retirement flexibility. The need of the hour was to develop a product
planning and provides the life assured with cover till the age that ensures that the customer's needs are met while at
of 100 years. the same time offering them a shield in case of

46 January 2023 The Insurance Times