Page 49 - Insurance Times March 2024

NEW PRODUCTS

New Product Launches

LIC launches a non-participating product toward setting new standards in the overall performance
and innovation, and a heightened sense of financial security,
'Amritbaal' for children ACKO said.
The Life Insurance Corporation of India (LIC) on Friday The plan is available with the VIDA V1, the first EV launched
announced the launch of a non-participating product - under the emerging mobility brand VIDA, from the house
'Amritbaal'.
of Hero MotoCorp, world's largest manufacturer of
It is a Non-Linked, Non-Participating, Individual, Savings, Life motorcycles and scooters.
Insurance Plan.
The plan covers the vehicle for the fourth and fifth year and
The plan is designed to meet the higher education and other up to 60,000 km. The plan helps eliminate customer
needs of the child. It facilitates the accumulation of a corpus concerns around the battery life and performance, paving
through Guaranteed additions at the rate of Rs 80 per the path toward better EV acceptance, the insurer said.
thousand basic sum assured at the end of each policy year The association also aligns with the Battery Waste
from the inception till the end of the Policy term, provided Management Rules (BWMR), ensuring responsible disposal
the policy is in force.
of used batteries.
The minimum entry age is 30 days, with the maximum being
13 years. The age of maturity has to be between 18 years ICICI Prudential Life Insurance launches
to 25 years at the last age of birthday.
'ICICI Pru Gold Pension Savings' plan
The Minimum Policy Term for Limited Premium Payment is
10 years, and for Single Premium Payment, it is 5 years, ICICI Prudential Life Insurance has recently introduced a new
whereas the Maximum Policy Term for Limited/Single pension product called ICICI Pru Gold Pension Savings. With
Premium Payment is 25 years, and for policies procured the aim of helping individuals build a substantial retirement
through POSP-LI/CPSC-SPV, it is 20 years. corpus, this tax efficient product allows customers to make
systematic contributions.
The Minimum Sum Assured is Rs. 2,00,000, with no limit for
the Maximum Basic Sum Assured. It is the first product in India to offer guaranteed capital
safety, complimentary health check-ups, and the ability to
Recently, during the post-earnings press meet, LIC Chairman
Siddhartha Mohanty said that LIC plans to launch a non- make partial withdrawals, according to the press release.
participating product in the child segment. One of the features of ICICI Pru Gold Pension Savings is the
option for customers to withdraw up to 25% of their
ACKO introduces first ever insurance for contributions after a three-year period. This gives individuals
removable batteries in two wheeler the freedom to meet any liquidity needs that may arise.
Additionally, the product offers annual bonuses, which can
electric vehicles further bolster the retirement corpus and subsequent
ACKO General Insurance has introduced an Extended Battery annuity.
Warranty plan tailored specifically for removable batteries As per press release, customers who choose ICICI Pru Gold
for Electric Vehicles (EVs). Pension Savings will enjoy guaranteed benefits and the
As per ACKO's EV report, 49% of EV owners believe battery potential to receive annual bonuses. This ensures that the
replacement costs are a significant part of EV ownership, maturity amount is augmented, providing individuals with
and to provide a solution to this, the extended coverage a stronger financial foundation for their retirement years.
safeguards the vehicle owner against unforeseen repair On maturity, individuals can make a tax-free withdrawal of
costs thereby instilling confidence in customers for owning up to 60% of their accumulated savings. The remaining
an electric vehicle. amount can then be converted into an annuity, providing
The association fosters an environment where the adoption individuals with a guaranteed source of lifelong income to
of electric vehicles is more sustainable. It also takes a step achieve financial independence.

44 March 2024 The Insurance Times