Page 17 - Insurance Times April 2024

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Centre okays wage Max Life launches SWAG
Canara HSBC launches
increase for LIC employees Pension Plan
new life insurance plan
The Centre has given its approval for Max Life Insurance Company has
Canara HSBC Life Insurance has insurance behemoth LIC of India to launched Smart Wealth Annuity
launched iSelect Guaranteed effect a wage increase for its Guaranteed (SWAG) Pension Plan, a
Future Plus, a plan that provides employees from August 1, 2022. The Non-Linked, Non-Participating
with life insurance and guaranteed overall hike for the employees stands Individual/Group General Annuity
benefits to secure goals. The plan at 17 per cent. Savings Plan. Keeping in line with new-
provides financial security and This will benefit more than 1,10,000 age consumers' needs for solutions
stability to individuals and their LIC employees. The revision tailored to their specific needs, SWAG
families for different life stages and incorporates an enhancement in NPS Pension Plan redefines the landscape
milestones, the insurer said. contribution from 10 per cent to 14 per of retirement planning, combining
cent for a better future of nearly flexibility, security, and personalisation
The product provides a life cover 24,000 employees who had joined for individuals and groups alike.
that acts as a safety net for the after April 1, 2010.
policyholder and their loved ones, Max Life's India Retirement Index
The revision includes a one-time ex- Study 3.0 reveals a significant worry
offering financial security in gratia payment to LIC pensioners as a among urban Indians, with almost
uncertain times. With 100% gesture of appreciation of their three in five expressing apprehensions
guaranteed benefits, the plan valuable contribution to the about their savings depleting within a
assures certainty in achieving organisation. This will benefit more mere ten years of retirement. SWAG
financial goals, it said. than 30,000 pensioners and family
Pension Plan draws from this insight
pensioners. The government had
"Additionally, the plan allows and offers a robust solution to ensure
earlier enhanced quantum of family
policyholders to build a financial lifetime income aligned with the
pension which had benefited more
corpus for eventful milestones such than 21,000 family pensioners. customers' lifestyles, securing not only
as marriage, retirement and child their future but also that of their loved
This holistic revision would have a ones. This unique offering empowers
education through guaranteed
positive impact on past and present customers to tailor their own policies,
lump-sum benefits at the end of
generation of LICians and also make LIC choosing from a diverse array of
the policy term. The option to
a more attractive employment annuity options, all while keeping up
receive the total premiums paid at proposition to the future generation, with growing inflation* and enjoying
maturity further provides and according to a LIC statement.
edge, ensuring a tangible financial the flexibility of personalised income
LIC undertakes wage revision exercise timing. Further, the customers have
return on investment," Canara
for its employees once in every five the freedom to select from a range of
HSBC Life Insurance said. years. Return of Premium options.

16 April 2024 The Insurance Times