Page 49 - Insurance Times June 2024

NEW PRODUCTS

New Product Launches

TATA AIG debuts India’s first satellite its first ULIP with fund value-based
liability insurance distributor payouts
TATA AIG has unveiled India’s first satellite in-orbit third- ICICI Prudential Life Insurance has launched ICICI Pru
party liability insurance policy, targeting the specific needs Platinum, the company’s first unit-linked product (ULIP)
of satellite operators and manufacturers within the country’s which aligns distributor payouts to their customers’ fund
rapidly growing space industry. value. The distributor commissions are linked to their

This policy offers coverage for third-party injuries and customers’ Assets under Management (AUM), the insurer
property damage resulting from satellite operations, said.
complying with global standards and practices. In a ULIP, the premiums paid by customers are invested in
As India’s space industry is projected to experience various funds, and the returns on these investments are
substantial growth, with market estimates reaching into the linked to the performance of those funds.
tens of billions of dollars, the nation is positioning itself to What sets ICICI Pru Platinum apart is that it aligns the
capture a significant portion of the global launch market, commissions paid to distributors with the value of their
expected to value at $47.3 billion by 2032, according to the customers' funds.
World Economic Forum.
Essentially, distributors will receive payouts based on the
The increased frequency of satellite launches emphasised performance and growth of their clients' investments in the
the critical need for comprehensive risk management ULIP.
strategies.
This move aims to promote the sustained growth of assets
Sushant Sarin, president of commercial business at TATA AIG under management while providing customers with a cost
General Insurance, commented on the new product launch. and tax-efficient avenue for wealth accumulation over
“We are thrilled to be the first private insurer in India to extended periods, ICICI Prudential Life Insurance said.
offer a satellite insurance cover. The initiative aligns Another aspect of ICICI Pru Platinum is its provision for
perfectly with our vision of providing comprehensive risk unlimited free switches between asset classes, devoid of any
management solutions across traditional and emerging associated costs or tax implications.
sectors. This innovative product caters to the growing needs
of satellite manufacturers and operators in the Indian space It consists of 21 funds encompassing equity, debt, and
sector, especially in the wake of recent solar storm that balanced categories, along with four portfolio strategies.
highlights the potential hazards faced by orbiting spacecraft. ICICI Pru Platinum offers customers a choice between two
We are confident that this will empower Indian satellite life cover variants: Growth Plus and Protect Plus, each
companies to operate with greater confidence and catering to varying preferences regarding nominee
contribute to the nation’s spacefaring ambitions,” he said. entitlements.

Amit Palta, Chief Distribution Officer at ICICI Prudential Life
ICICI Prudential Life Insurance launches Insurance, highlighted the company's commitment to

The Insurance Times June 2024 45