Page 50 - Insurance Times June 2023

NEW PRODUCTS

New Product Launches

Bajaj Allianz launches term product for About LIC Group Post Retirement Medical

Type 2 diabetics Benefit Scheme
The Group Post-Retirement Medical Benefit Scheme is a
Bajaj Allianz Life, has launched an exclusive term plan Bajaj
Non-Linked, Non-Participating, Life, Group Savings Insurance
Allianz Life Diabetic Term Plan Sub 8 HbA1c. This is the first
product. As a part of this plan, it will help meet the
of its kind protection plan in the Indian life insurance industry
employer's obligation to give Post-Retirement Medical
designed especially for Type 2 diabetic & pre-diabetic
Benefit to their employees. It also offers a fixed Life Cover
individuals.
Benefit (Sum Assured) to each employee.
Bajaj Allianz Life's Diabetic Term Plan Sub 8 HbA1c offers
Benefits of LIC Group Post-Retirement Medical
life insurance coverage by factoring in the nuances of the
health condition of those having diabetes. For pre-diabetic Benefit Scheme
or Type 2 diabetic individuals whose HbA1c is up to 8% (3) 1. As stated by LIC, the insured amount will be paid if a
the comprehensive plan will enable them to provide financial member dies while remaining in service before
security for their loved ones. retirement.
Speaking at the launch of this exclusive product, Mr. Tarun 2. Also, this will be given along with post-retirement
Chugh, MD & CEO, Bajaj Allianz Life, said, "As Life Goals medical benefits in accordance with the plan's rules on
enablers we continue to innovate and challenge ourselves, resigning or retirement.
so that more individuals can secure their life goals. With this
3. In case the scheme's rules and subject allow in line with
first-of-its-kind term plan designed for diabetics, I'm happy
the availability of funds in the group policy account,
that we will be able to help several Indians secure their
eligible family members of the insured members may
family's long-term financial plans by giving them the well-
also receive post-retirement medical benefits.
deserved peace of mind."
4. The plan will also provide every insured member with a
LIC launches Group post retirement fixed Life Cover Benefit (Sum Assured).

medical benefit scheme SBI General unveils Surety Bond BIMA
LIC has announced a new plan for employers who have 50
insurance product for infrastructure
or more employees. As a part of this scheme titled 'Group
Post Retirement Medical Benefit Scheme', employers can projects
help their employees with post-retirement medical benefits, SBI General Insurance, has announced the launch of the
thus giving each member a fixed life insurance payout (sum General Surety Bond BIMA (Conditional & Unconditional)
assured). Brought into effect this month from 2 May 2023, insurance product on Tuesday. The company said in its
any employer willing to fund their Employees' Benefit is release that the Surety Bond Insurance will act as a security
eligible for the scheme. arrangement for infrastructure projects and will insulate the

The Insurance Times June 2023 45