Page 37 - The Insurance Times April 2025

Product

New Product Launch

Policybazaar introduces India's first without financial strain while setting a new benchmark for
the industry."
monthly mode car insurance policy
Policybazaar has launched a new "monthly mode" car in- SBI Life Insurance Expands Product Line
surance policy, a first for the motor insurance industry. This
option allows customers to pay premiums on a monthly basis, with Two New Child Insurance Plans
unlike traditional car insurance policies that require annual SBI Life Insurance, one of India’s leading private life insur-
or long-term payments. ers, has launched two new child insurance products—‘SBI
Life – Smart Future Star’ and ‘SBI Life – Smart Platina Young
How it differs from existing car insurance poli-
Achiever’—to help parents secure their child’s financial fu-
cies ture. With the rising cost of education, evolving career as-
Payment flexibility: Traditional car insurance requires an pirations, and increasing lifestyle expenses, these products
upfront annual premium, whereas the new policy spreads aim to provide assured financial safeguards, ensuring chil-
payments across monthly instalments. dren can pursue their dreams without financial constraints.
Policy issuance: Unlike standard policies, which remain valid Key Highlights of SBI Life’s New Child Insurance
for a year, the new monthly policy is renewed with a fresh Plans
policy number each month.
1. SBI Life – Smart Future Star
No Claim Bonus (NCB): In annual policies, NCB is accumu- Type: Individual, Non-Linked, Participating Life In-
lated over time. In the monthly mode, if a customer defaults surance Savings Product.
on payment, NCB resets to zero.
Long-Term Financial Growth: Benefits from bo-
Insured Declared Value (IDV): While annual policies adjust nuses, helping parents build a strong financial cor-
IDV at renewal, the new policy keeps IDV constant for 12 pus.
months unless an endorsement is made. Standard IDV re-
ductions apply after the 13th policy renewal. Waiver of Premium Benefit: Ensures financial se-
curity in case of the proposer’s death or Acciden-
E-mandate for payments: Unlike annual renewals that re-
tal Total Permanent Disability (ATPD).
quire manual payments, customers can automate monthly
deductions via UPI or net banking for uninterrupted cover- Flexible Maturity Payout Options: Designed to
age. meet evolving financial needs.
Key features of the monthly mode policy 2. SBI Life – Smart Platina Young Achiever
Type: Individual, Non-Linked, Non-Participating Life
Coverage duration: One-month coverage per policy, with
a fresh policy issued each month. Insurance Savings Product.
Guaranteed Maturity Benefit: Provides financial
Underwriting guidelines: Remain the same throughout the
security for child’s education, career, or marriage.
12-month period.
Automatic renewals: Payments can be auto-deducted to Waiver of Premium Benefit: Ensures financial sup-
ensure continuous coverage. port in case of proposer’s death or ATPD.
Flexible Maturity Payouts: Offers customizable op-
Paras Pasricha, Business Head – Motor Insurance at
Policybazaar, said, "Introducing the monthly option for car tions to meet changing financial needs.
insurance is a strategic move to enhance affordability and Risk-Free Savings Approach: Ideal for parents seek-
financial flexibility. This allows customers to pay premiums ing guaranteed returns.

34 April 2025 The Insurance Times