Page 39 - The Insurance Times May 2025

New Product Launches

New Product Launches in India's Life In- SBI Life Expands Product Line with Two
surance Industry: Focus on Women and New Child Insurance Plans

Children SBI Life Insurance has introduced two distinct insurance
plans-"Smart Future Star" and "Smart Platina Young
India's life insurance landscape continues to evolve with
Achiever"-to help parents secure their children's long-term
customer-centric innovations. Two recent product launches-
Bajaj Allianz Life's "Superwoman Term Plan" and SBI Life financial future.
Insurance's two new child-focused insurance offerings-re- Smart Future Star is a participating life insurance plan de-
flect the industry's growing emphasis on inclusivity and life- signed to build a long-term corpus through bonuses and flex-
stage specific financial planning. ible maturity payouts. It includes:
Waiver of Premium: Premiums are waived off upon the
Bajaj Allianz Life Launches 'Superwoman parent's death or disability, ensuring policy continuity.

Term Plan' for Women Customizable Payouts: Parents can choose maturity
Bajaj Allianz Life Insurance has introduced the "Superwoman benefits to align with key milestones such as education
Term Plan," a protection-oriented policy tailored exclusively or marriage.
for women. Recognizing that women's financial and health
Smart Platina Young Achiever is a non-participating savings
needs are often underserved in mainstream insurance, this
plan focused on guaranteed maturity benefits, ideal for risk-
plan aims to provide comprehensive protection along with
averse parents.
value-added benefits.
Guaranteed Returns: Ensures fixed benefits at matu-
Highlights of the Plan: rity, offering certainty and financial security.
Critical Illness Protection: The policy covers 60 critical Waiver of Premium: Like the previous plan, this one
illnesses with specific focus on women-centric diseases includes a premium waiver benefit in case of proposer's
like breast, cervical, and ovarian cancers. death or disability.
Childcare Support: An optional feature provides a
monthly payout for the child's education in the event Both plans reinforce SBI Life's commitment to supporting
of the policyholder's demise, ensuring continued finan- families in future planning with the added benefit of pro-
cial security for the family. tection, particularly during uncertain times.
Wellness Services: Policyholders receive annual health
These product launches indicate a growing trend in India's
management services worth up to ?36,500, including insurance market: designing life insurance policies that not
preventive health checkups, pregnancy support, diet
counseling, emotional wellness, and fitness tracking. only offer protection but also address the emotional and fi-
nancial priorities of customers. Whether it's empowering
Tax and Monthly Income Benefits: The plan offers life
women through tailored term plans or helping parents in-
cover along with tax savings up to ?54,600 and the vest in their children's futures, insurers are moving toward
option to provide monthly income to family members.
more inclusive and need-based solutions.
With this product, Bajaj Allianz is redefining term insurance
by offering a blend of financial security, healthcare support, Such innovations are expected to enhance insurance pen-
and family-focused benefits, all designed around the unique etration across diverse demographics while aligning with
needs of women. the broader objective of financial security for all.

36 May 2025 The Insurance Times