Page 51 - Insurance Times January 2023

offering developed basis a consumer insight study helps the 5. Higher benefits offered for higher premiums paid, as
customers meet short-term financial goals with a minimum per the chosen goals
policy tenure of five years. The plan offers guaranteed tax-
6. Special benefits for women customers: 0.25% additional
free returns up to 6.14%2 along with life cover protection
maturity benefit for five years' policy term; 0.5% for ten
at monthly premiums as low as Rs. 3000/-* and is also
years' policy term
available to purchase on Max Life's website and
7. Option of taking a loan against policy to help in case of
Policybazaar.com.
financial emergencies
The Smart Fixed-return Digital Plan targets the digitally-
8. Tax benefits on premiums paid and tax-free maturity
savvy millennials who prefer quick and hassle-free online
benefits, depending on the chosen variant, as per
onboarding. Offering higher returns as compared to
prevailing tax laws4
traditional savings instruments, this product innovation
combines guaranteed, tax-free offering and protection
Canara HSBC Life Insurance Launches
cover of life insurance, allowing young consumers to enjoy
the dual benefits of savings and protection within a single Non-Participating 'Guaranteed Fortune
product proposition.
Plan'
V Viswanand, Deputy Managing Director, Max Life said, Canara HSBC Life Insurance's new "Guaranteed Fortune
"Developing products to respond to customers' needs has Plan" is a non-linked, non-participating individual savings
always been Max Life's focus, and we are committed to scheme offering life cover and a lump sum amount on
introducing innovative, digitally-enabled flexible life outliving the policy term.
insurance products in the marketplace. The Smart Fixed-
The product, offers two plan options: Guaranteed Savings
return Digital Plan is designed for a generation that wants
Option and Guaranteed Cash Back Option.
a short-term guaranteed product with tax-free returns
According to the Canara HSBC Life Insurance, the first
topped with life insurance. The combination of easy liquidity
option provides a lump sum on outliving the policy term. The
and agile on boarding makes this new-age product a
second option offers customers guaranteed cashback at the
valuable fit in the millennials' savings journey."
end of every fifth policy year, with an opportunity to defer
Sarbvir Singh, CEO, Policybazaar.com commented, "Our
the amount till maturity or withdraw it earlier.
consumer insights reveal that most millennials prefer short-
In addition to cashback, the second option also gives
term savings products with high returns, thereby indicating
policyholders a lump sum payment at the end of the policy
an apparent demand for such a product. The launch of this
term.
plan, which is a short-term offering with guaranteed tax-
The plan also includes a unique feature called CARE Pay
free returns and life insurance cover, would certainly address
Benefit. This in-built benefit pays 100 per cent of total
the needs of this segment. We are excited to work with Max
premiums paid (excluding underwriting extra premiums and
Life in making this innovative savings-cum-protection
taxes) on intimation of death.
instrument accessible to millennials who need quick and easy
investment solutions." It is paid immediately upon notification, and the remaining
death benefit is paid after the claim assessment is
Key features of 'Max Life Smart Fixed-return
completed.
Digital Plan':
Additional Benefits:
1. Simplified on-boarding process along with instant
Additional benefits include guaranteed yearly additions to
confirmation of issuance after journey completion3
boost maturity benefit payout, flexible premium payment
2. Fully guaranteed returns payable as a lump sum at
terms, and policy term options.
maturity
Commenting on the plan, Anuj Mathur, MD and CEO of
3. Flexibility to pay premiums monthly or annually for just
Canara HSBC Life Insurance, in a press release, said the plan
five years
will enable customers to"maximise savings for milestones
4. Flexibility to choose between different variants, tailored and achieve financial goals, and provide dynamic returns,
to meet different financial security needs crucial in today's scenario."
The Insurance Times January 2023 45