Private life insurer Bharti Axa Life Insurance will shortly launch two new products, one a traditional participating retirement plan and the other a child protection plan, to tap the prospective offered by these segments.
The company hopes to cash on the increased sales of life insurance policies that happen during March when people look at a choice of investment avenues to save their tax liability.
"We hope to earn 20-25(%) per cent of our total premium from the retirement product segment. We are in the process of launching our new product Wonder Years Retirement Plan," chief marketing and operations officer Mark Meehan told IANS on phone from Mumbai.
Further with its new retirement policy Bharti Axa Life plugs the opening that resulted in this product segment after the withdrawal of its unit linked retirement policy post new regulations brought in by the insurance regulator last year.
As per the new scheme, a policyholders can to choose the sum of money they would like to receive at their 60th year (the vesting age) or 10 years (the vesting term) and pay the premium till that period.
If the policyholder dies during the course of the policy then Bharti Axa Life would pay the premiums paid to the legal heir or nominee. "We will pay back the premium received plus 8(%) per cent interest on that," Meehan said.
Bonuses declared by the life insurer will be added to the corpus to be paid at maturity.
At the end of that period the policyholder has the option of withdrawing one-third of the total savings tax free and has to buy annuity from Bharti Axa Life or from any other life insurance company and enjoy a monthly pension.
Speaking about the future child protection product Bright Stars Power Plus, Meehan said it has evolved out of couple of other offerings.
He said the new child protection plan is unique as it builds savings for the child's key life stages and provides the family a triple benefit of sum assured, waiver of premium, and annual income support in case something ill-timed were to happen.
No comments:
Post a Comment