Insurance Plans Reviews and Articles

Life Insurance Simulator Launched by Canara HSBC OBC

Posted in life insurance by kishosingh on August 7, 2011

Recently, Canara HSBC Oriental Bank of Commerce launched Life Insurance Simulator (LIS). The policy is aimed to make the customer make aware of importance of financial planning.

An online news portal – economictimes.indiatimes.com about business and economy writes about Life Insurance Simulator, “LIS is an interactive financial need assessment software that takes the customer through a series of simple steps to assess the amount he requires for each of his needs and if his current savings and investments are adequate to fulfill them. LIS is available in English, Hindi, Punjabi and Kannada.”

So, Life Insurance Simulator of Canara HSBC OBC is being recognized as the interactive financial need assessment software. It assesses the amount of requirement for each need of customers. The LIS is available in many languages like English, Hindi, Punjabi and Kannada.

Further it quotes a statement of Rishi Mathur who is the company’s Senior VP (Products and Marketing), “LIS has been designed with an objective to educate the customers about the importance of financial planning. It will also help them in making their financial planning more effective as it focuses on four essential life stages – family protection, child’s future requirements, wealth creation and retirement.”

So, Life Insurance Simulator has been introduced to understand the objective and educate the customers about the importance of financial planning. It helps in financial planning in different stages of life.

About the company, the news portal writes, “Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June, 2008 and is jointly owned by Canara Bank (holding 51 per cent), Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent). The company has a capital base of Rs 825 crore with assets under management of Rs 2,820 crore.”

Canara HSBC OBC has already launched Life Insurance Future Smart ULIP. Life Insurance Simulator (LIS) is the send most appreciating plan of Canara HSBC OBC.

Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart ULIP Launched

Posted in insurance by kishosingh on January 26, 2011

Recently, Canara HSBC Oriental Bank of Commerce Life Insurance Company announced the launch of a new unit linked plan. The Unit-Linked Plan aims at providing cover to a child’s future and fulfilling the financial needs.

An online news portal about business and economy – economictimes.indiatimes.com, quotes a statement about the Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart, “The Company has entered into child protection space by launching Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan.”

Further it adds another quotation from the statement, “Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart is a unit linked insurance plan that provides long-term investment opportunity to build a bright future for your child.”

So, it provides long-term investment opportunity to build a bright future for our child. It is an investment plan for the career of the children.

Further the news portal writes, “The Company is owned by Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).”

Mario Perez who is the Canara HSBC OBC Life Insurance Director (Sales, Marketing & Products) said to ET, “Our Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event.”

So, the plan ensures that the future financial needs. The plan helps in case of an unfortunate event.”

About the benefit of the plan, the news portal writes, “The product offers tax benefit to customers on premiums paid under Section 80C and Section 10(10D) respectively, of the IT Act, 1961.

The company also has two more ULIPs in its product basket – Canara HSBC OBC Life Grow Smart Plan and Canara HSBC OBC Life Dream Smart Plan.” The plan is as impressive as Saral Maha Anand New ULIP of SBI Life.

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Reliance Life Launched Traditional Investment Plan with Guaranteed Return

Posted in insurance by kishosingh on May 29, 2010

ADAG group company Reliance Life Insurance announced to launch a traditional investment plan. The plan provides life protection and regular savings with annual guaranteed investment returns.

About the insurance plan economictimes.indiatimes.com, an online news portal about business and economy quotes a statement of Life Insurance President Malay Ghosh, “The Reliance Life Traditional Investment Insurance Plan combines life protection and regular savings with complete transparency and flexibility features and advance guaranteed returns.”

So, the Reliance Life Traditional Investment Insurance Plan offers life protection and regular savings. The insurance plan has complete clarity and flexibility with advanced guaranteed returns.

Further the news portal quotes his statement about the plan, “The new scheme is a regular premium plan offering guaranteed investment returns, which are declared at the beginning of every financial year during the product term.”

Further the news portal writes about the availability of the plan, “The plan is available to children aged less than 30 days and senior citizens aged up to 70 years, with monthly, quarterly, half-yearly and yearly payment options available.”

So, the plan is available for almost all age group of customers. It has flexibility of monthly, quarterly, half-yearly and yearly payment option.

The news portal adds about the maturity and cover of the plan also, “Besides the maturity and tax benefits, the plan also offers a health-related cover, which will pay a lumpsum to the customer for as many as 33 specific surgeries including Open Heart, Kidney Transplant, and 25 critical conditions, respectively. These riders can be added by paying an additional premium.”

You can get the benefits of health-related cover also paying a lumpsum with this insurance plan.

In the series of fund investment, Reliance Mutual Fund already has launched fixed maturity plan. DLF Pramerica Life Insurance Dhan Suraksha policy is also one of the best policies like Reliance Life Traditional Investment Plan with Guaranteed Return.

New ULIP Plan Launched by ICICI Prudential Life Insurance

Posted in insurance by kishosingh on December 29, 2009

Recently, Prudential Life Insurance launched a new ULIP plan that is called ICICI Pru LifeTime Maxima. The insurance policy follows two different portfolio strategies – fixed and trigger portfolio. Fixed portfolio strategy provides an option to choose from any of the seven funds — Opportunities Fund, Blue-chip Fund, Multi-Cap Growth Fund, Multi-Cap Balanced Fund, Income Fund, Money Market Fund and Return Guarantee Fund.

On the other hand, trigger portfolio strategy is a market base portfolio to generate good funds from the market.

If you invest your money in trigger portfolio strategy then your investments will be distributed between two funds: Multi-Cap Growth Fund and Income Fund in 75:25 ratios. In this plan, fund manager maintains the asset allocation between the Multi-Cap Growth Fund and Income Fund at 75:25.

First year premium allocation charge is 7.5% in this investment. Second and 3rd year charge will be only 3% while it is 0% from the fourth year onwards. In this investment, fund management charge would depend upon the choice of funds between 0.75-1.35 percent.

Administration charge for the policy will be necessary for 1st five years in this plan that would be 0.8-0.9 per cent.

The policy offers some good features such as changing of portfolio strategy once a year free of cost, top-up option and partial withdrawals from the sixth year up to a maximum of 20 per cent.

You can withdraw minimum Rs 2,000. You can withdraw your funds in a systematic way yearly, half yearly, quarterly or a monthly basis on maturity. During the settlement period, you can withdraw your entire fund.

You should go in trigger portfolio strategy because it works in a volatile market. Your fund is managed by professional fund manager who understands the vagaries of the stock market.

The analysis is taken from Economic Times. It is nothing but an investment with a secure policy. Basically, it is the market policy. Recently, TATA AIG had also launched Life InvestAssure Superstar ULIP but it was not market based plan.

Guarantee Builder Launched by Bharti AXA Life

Posted in life insurance by kishosingh on June 9, 2009

Private life insurance joint venture between Bharti Enterprises and AXA, Bharti AXA Life Insurance, launched an innovative premium guarantee product – Guarantee Builder.

Nitin Chopra who is the CEO of Bharti AXA Life said,

“This premium guarantee product addresses the needs of those traditional and new investors who are wary of market volatility – as is the case currently – but would still like to participate in the Indian growth story.”

Guarantee Builder would be a package for long-term customer to get benefit, as per the Chopra statement. Guarantee Builder will provide customers the benefit of increasing GMV (guaranteed maturity value). It is a first-of-its-kind benefit product to Indian customers.

Economic Times online news paper writes about the premium,

“GMV is the sum of the investment premiums payable over the term of the policy. Guarantee Builder provides customers the comfort of the GMV increasing by 1% each year till it reaches 115% of GMV at maturity.”

Guarantee Builder would be the new guarantee fund to Build & Protect. It will provide customers the option for the long-term to remain invested in equity up to 40%. It gives the flexible option to move out of the guarantee to switch out of Build & Protect Fund.

At the end of the 10th and 15th year a special addition of 2.5% of average policy fund value will be provided customers the benefit of wealth creation over the long-term. Guarantee Builder will provide death benefit of sum assured plus fund value. It would be with sum assured for ten times on the annual investment premium.

Latest news shows that Bharti AXA Life has also plan to invest Rs 100 crore into the life company in the July-September quarter.

Bharti AXA Life has many plan and investment option nearly to the new customers. The company is trying to invest almost all growing industries.