Insurance
ICICI Lombard rolls out overseas travel insurance plan

ICICI Lombard's new travel insurance covers a host of other risks like political ones, catastrophic evacuation, emergency financial assistance, and home insurance cover besides medical insurance

Mumbai: Private sector general insurer ICICI Lombard has launched 'International Travel Insurance Plan' which provides overseas medical insurance, reports PTI.

 

"We have launched this product keeping in view that number of international travellers from India is increasing. Apart from medical insurance, this policy covers a host of other risks like political ones, catastrophic evacuation, emergency financial assistance, and home insurance cover," its vice-president for underwriting and claims Amit Bhandari said.

 

He also said the company has tied up with US-based healthcare provider United Health Care (UHC) to take care of bill settlement directly, along with cashless hospitalisation across a wide network of hospitals.

 

Total premium collected in travel insurance segment in the country stood at only Rs400 crore in the last fiscal.

 

ICICI Lombard is the largest private sector insurer which had a gross written premium (GWP) of Rs5,358 crore last fiscal.

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Bajaj Allianz launches life assure insurance plan

Bajaj Allianz's Life Assure is a unit-linked endowment plan which also offers three riders, accelerated critical illness, super premium waiver and extra cover benefit for enhanced protection

 
Mumbai: Private insurer Bajaj Allianz Life Insurance has launched a new market-linked life assure insurance plan that offers the benefit of protection along with financial planning, reports PTI.
 
Life Assure is a unit-linked endowment plan available at a minimum monthly premium of Rs1,000, which is the lowest in the industry, Bajaj Allianz Life said in a release issued here.
 
The plan offers two variants - Life Assure 'Sure' and Life Assure 'More' to cater to varying risk appetites of different customers.
 
It also offers three new unique riders to choose from for enhanced protection - accelerated critical illness, super premium waiver and extra cover benefit.
 
"We believe small savings on a regular basis is the best way to achieve a long-term financial goal, and this is the thought behind Life Assure Insurance Plan. The plan is ideal for those looking to invest in market-linked financial instruments but may not have large surplus funds or the investment know-how," Bajaj Allianz Life Insurance Head of Market Management Rituraj Bhattacharjee said.
 
"With a low monthly premium of only Rs1,000, we believe it will become more accessible to those who may have been apprehensive about doing so earlier," he said.
 
The minimum entry age for the plan is one year and 18 years in case of additional rider benefits, while the maximum entry age is 65 years and 50 years in case of accelerated critical illness rider benefits.
 
Similarly, the minimum age at maturity is 18 years and maximum age at maturity is 75 years in accelerated critical illness rider benefits.
 
The policy term is 10, 15 and 20 years and also provides tax benefits, it added.
 
Bajaj Allianz is a joint venture between Germany's Allianz SE and Bajaj Finserv (recently demerged from Bajaj Auto).
 

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Aviva Life Insurance launches Dhan Samruddhi plan

Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen

 
Mumbai: Private insurer Aviva Life Insurance has launched Dhan Samruddhi, a traditional money back plan with guaranteed returns, reports PTI.
 
The product has been designed to build a long-term corpus along with the flexibility to fulfil their short-term financial needs, Aviva Life Insurance said in a release.
 
Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen.
 
One also gets a payback of 125% of annual premium as survival benefit every five years.
 
"This product not only enables one to build a corpus for future financial needs, it periodically gives guaranteed money back during the policy term, so that one can continue to meet their ongoing financial requirements with ease," Aviva Life Insurance India CEO and Managing Director TR Ramachandran said.
 
The minimum entry age is 13 years and the maximum is 55 years last, while the maturity age is 23 to 70 years.
 
The policy term for the plan is 10, 15 or 20 years, subject to maximum maturity age and it also provides tax benefits, it added.
 
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group, one of UK-based insurance company.
 

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