Page 50 - Insurance Times December 2023
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Pramerica Life RockSolid Future. This recently introduced plan Magma HDI General Insurance introd-
is an individual, non-participating, non-linked savings life
insurance plan. It provides policyholders with the flexibility to uces the Battery Secure Add On for
choose between guaranteed regular income or a lump sum privately owned vehicles
payout upon maturity, accompanied by tax benefits.
During this Diwali season, individuals who own electric
On the occasion of the launch, Pankaj Gupta, MD & CEO, vehicles (EVs) and hybrid electric vehicles (HEVs) in India now
Pramerica Life Insurance, said, We all aspire for a better have the opportunity to access a tailored insurance offering
tomorrow, not just for ourselves but for our loved ones too. designed exclusively for their vehicle batteries. Magma HDI
However, realizing a better life or lifestyle in the future General Insurance (Magma HDI) has introduced the Battery
necessitates proactive financial planning today. As a step in Secure Add On, an insurance product explicitly crafted to
that direction, I am excited to unveil the Pramerica Life protect the batteries of EVs and HEVs.
RockSolid Future, a forward-looking savings life insurance plan
with many customer-centric flexible features. The product Rajive Kumaraswami, Managing Director & Chief Executive
offering not only provides protection during lifes uncertainties Officer, Magma HDI General Insurance, elaborating more
on the launch said, We have developed the new product
but also assists individuals in attaining their financial life goals."
with a vision to commit to sustainable and eco-friendly
The product offers four distinct proposi-tions to mobility solutions. We believe this product will help alleviate
choose from: concerns related to battery insurance, instilling confidence
Income builder option and peace of mind among both current and prospective EV/
The strategy is well-suited for retirement preparation or HEV owners. Through this customized protection, EV and
establishing an additional source of income. Additionally, it HEV owners will have the specialized coverage they need,
delivers a steady income after the policy term concludes, thus facilitating the wider adoption of electric mobility."
along with a lump sum payment accompanying the final Both EVs and HEVs present cost-effective and eco-friendly
income installment. choices that have garnered widespread appeal, thanks to
Family income builder option their technological advancements and impressive
sustainability credentials. Nevertheless, the existing
This choice offers superior protection compared to the Income
Builder Option. It grants an immediate lump sum death insurance products available in the market were mainly
benefit and waives future premiums in the event of the designed with internal combustion engine (ICE) vehicles in
unfortunate demise of the life assured. The family receives mind, leading to certain coverage restrictions for EV and HEV
an income benefit from the following month, in addition to a owners. Given the distinct components and technologies
lump sum amount alongside the last income instalment. employed in these vehicles, there is a clear need for
specialized insurance solutions to address their unique
Fortune builder option requirements.
The policy grants the entire proceeds in a lump sum at the
conclusion of the term, empowering policyholders to pursue Magma HDIs new insurance cover for automobiles provides
the life they have always envisioned. comprehensive coverage for the following scenarios:
Repairs or replacement expenses related to the vehicles
Dream builder option
batteries and any associated costs resulting from an
This choice offers superior protection compared to the unforeseen power surge during the charging process.
Fortune Builder Option. In the event of the unfortunate
demise of the life assured, it provides an immediate lump- Compensation for consequential damages stemming from
sum death benefit and waives future premiums. Upon incidents like water ingress or short circuits, which lead to
maturity, it ensures the beneficiaries receive the promised loss or damage to the battery, electric motor, and HEV
maturity amount. system.
The distinctiveness of this plan is evident in the array of Battery packs serve as a pivotal element in every EV or HEV,
features it presents, including guaranteed benefits, a choice and experts in the field assert that the battery and its
of four plan options based on individual needs, the flexibility associated components make up approximately 45 per cent
to receive benefits as a lump sum or as income, heightened of the total cost of an electric vehicle. As a result, the
protection through options like the Family Income Builder expenses related to battery maintenance and replacement
Option and Dream Builder Option, and tax benefits in play a significant role in shaping the overall ownership
accordance with prevailing income tax laws. experience and cost.
The Insurance Times December 2023 45
