Product Trends

LIFE

UMB launches 2 new life insurance products with SIC Life. Press release, February 1, 2023.

Universal Merchant Bank and SIC Life Limited last week launched two new life insurance solutions, the UMB Education Plan and the UMB Funeral plan. The UMB Educational Plan ensures that the account value at maturity is substantial enough to meet educational expenses of the assured. The UMB Funeral Plan is designed to provide immediate cash pay out to meet funeral expenses of the assured or any other designated beneficiaries.

Canada Life announces first-of-its-kind charitable giving product, empowers Canadians to leave a legacy. Newswire, March 30, 2023.

My Par Gift. Is first of its kind participating life insurance product designed for charitable giving. It gives clients the ability to choose a registered charity who will be both the owner and beneficiary of the policy. It provides clients with a simple, one-time payment option that is eligible for a donation tax receipt.

Spirica unveils its new instant life insurance cash-in feature: a first on the market. Press release, February 17, 2023.

Spirica is today introducing a new instant redemption option on its life insurance policies and capitalisation. A first in the French life insurance market, customers will be able to immediately cash-in part of their savings. Spirica is offering customers quick and straight-forward access to their savings. Customers will be able to use their mobile phone to view the maximum amount they can redeem instantly*, complete their redemption request and obtain their funds a few minutes later.

Meyon launches Meyon Life , a new fully-digital life insurance policy insured by Spirica. Press release, January 20, 2023.

Meyon Life is an innovative, tailored, fully digital life insurance solution insured by Spirica. The Meyon app allows a customer to take out a policy in less than ten minutes. The user experience offers customers one of the lowest minimum initial investment amounts (€1,000) and fee structures (0% entry/switching fee and a 0.5% management fee p.a. on unit-linked policies*) on the market.

AIA Hong Kong is Most Preferred Brand for Multi-Currency Savings Plans　Further Enhances AIA "Global Power Multi-Currency Plan 2" to Offer Greater Flexibility. Press release, January 18, 2023.

AIA Hong Kong announces the launch of its enhanced AIA "Global Power Multi-Currency Plan 2" with more flexible offerings to empower customers to grasp global currency opportunities for all-round financial planning. The newly added Euro (EUR) and Singapore dollar (SGD) options, coupled with the existing seven currencies, including Renminbi (RMB), US dollar (US$), British pound sterling (GBP), Australian dollar (AUD), Canadian dollar (CAD), HK dollar (HK$) and Macau pataca (MOP2), enable customers to exercise the Currency Exchange Option.

PNB MetLife Genius Plan. Product brochure, March 9, 2023.

PNB MetLife Genius Plan is an individual, non-linked, non-participating savings life insurance plan. The plan offers increasing income benefits with Wealth booster additions growing at 5% every five years. It also features life cover protection throughout the policy term.

Aditya Birla Sun Life Insurance (ABSLI) Nishchit Aayush Plan launched. BusinessLine (The Hindu), March 5, 2023.

ABSLI has announced the launch of a new-age savings solution ABSLI Nishchit Aayush Plan.
It is a non-linked non-participating individual savings life insurance plan. It offers the choice of two benefit options the flexibility to choose between long term income and whole life income.

Aviva India launches Aviva Signature Guaranteed Income Plan. Check details. Mint, February 21, 2023.

Aviva Life Insurance has launched Aviva Signature Guaranteed Income Plan. It is a non-linked, non-participating savings life insurance plan. The plan offers up to three times guaranteed returns on total premiums and provides customers with tax-efficient early and deferred income option.

Trip Money partners Cover Genius to offer 'Cancel for any Reason' travel protection plan.
Mint, February 9, 2023.

Trip Money, the fintech arm of MakeMyTrip, has joined hands with Cover Genius, an insurtech firm, to introduce embedded travel protection on MakeMyTrip for its global customers through XCover. The integration will also provide ‘Cancel For Any Reasons’ (CFAR) travel protection.

HDFC Life launches Guaranteed Income Insurance Plan. Product brochure, February 2023.

HDFC Life has launched HDFC Life Guaranteed Income Insurance Plan. It is A Non-Linked Non-Participating Individual Life Insurance Savings Plan. It provides guaranteed, regular, tax-free benefits and guaranteed death benefit.

Max Life debuts Pure Growth Fund for customers. PR Newswire, February 1, 2023.

The Pure Growth Fund is an ethical fund catering to the growing demand of customers, including Non-Resident Indians, seeking socially responsible investment avenues in the Indian market. This new fund will not invest in companies that derive a considerable share of their income from sectors like alcoholic beverages, tobacco, certain animal produce, gambling, entertainment, banking, financial services.

Edelweiss Tokio Life Premier Guaranteed STAR Plan: Features, Benefits and How it works. Financial Express Online, January 24, 2023.

Edelweiss Tokio Life Insurance has launched Premier Guaranteed STAR, a new plan offering a simplified guaranteed income solution. The plan also offers the option of guaranteed regular income and/or a guaranteed lump sum on maturity. Customer can choose a survivor benefit in the form of Income Payout during the policy term.

LIC launches new life insurance plan Jeevan Azad; Check how you can get Rs 5 lakh at end of tenure. Economic Times, January 22, 2023.

Life Insurance Corporation of India (LIC) has launched Jeevan Azad (Plan No. 868), which is aimed at individual savings and life insurance. Jeevan Azad is a non-linked non-participating premium endowment plan. The minimum basic sum assured under LIC Jeevan Azad is Rs 2 lakh while the maximum basic sum assured has been set at Rs 5 lakh.

Canara HSBC Life Insurance Launches Wealth Edge Ulip. Press release, January 23, 2023.

“Wealth Edge”is a Unit Linked Individual Savings Insurance Plan (ULIP), especially for those who are looking for a full proof plan for their financial protection. The plan comes in three variants: Invest Plus, Premium Plus and Life Plus. The plan offers customers to choose from 8 diverse investment funds.

Future Generali launches revised version of 'Long Term Income Plan' with increased guaranteed benefits. Financial Express, January 12, 2023.

A revised version of the Future Generali Long Term Insurance plan has been launched. It is an individual, nonlinked, nonparticipating savings life insurance plan. It offers guaranteed income for up to 50 years, it also provides an Option to secure the income benefits and maturity benefit for the family.

Star Union Dai-ichi Life Insurance (SUD Life) Century Gold Brings Flexible Premium Benefits and Accrued Maturity Returns. Financial Express, January 11, 2023.

SUD Life has introduced a new product - SUD Life Century Gold - to its existing product portfolio. It is a non-linked, non-participating individual savings life insurance plan. It offers the flexibility to choose between Goal Sure and Edu Sure. Customers have the freedom to choose to choose premium, premium payment term, and policy term.

Aegon Life Insurance launches iTerm Prime Insurance plan. Know the details Mint, January 4, 2023.

Aegon Life Insurance has launched iTerm Prime Insurance plan. The plan caters to the need of self-employed individuals with a special 10% discount on first-year premium. The product can be purchased via the website, the buying process is completely paperless, with no documentation uploads required.

Manulife Indonesia Launches MiPASSION. Press release, January 19, 2023.

MiProsper Assurance for Pension (“MiPASSION) a traditional insurance product that not only offers individuals full protection during their productive years but also provides them with health benefits on their postretirement days. In addition to health benefits and daily hospitalization compensation, MiPASSION includes various benefits such as death, accidental death, and maturity. Premiums start from Rp 5 million per year for protection up to 85 years of age.

Kenyan insurtech Lami teams with Unchorlight to provide insurance for 1.5mn motorcycle riders. Business News Africa, February 17, 2023.

Digital insurance provider Lami Technologies has partnered with Unchorlight Kenya to provide passenger transport motorcycle riders in the country with access to suitable and reliable insurance covers. Lami, UNK will offer its riders protection with motorcycle insurance and personal accident cover.

Mercado Pago reinforces Insurtech: launches life insurance in Mexico. Archworldys, March 4, 2023.

The new product, developed thanks to a regional alliance with Prudential y Klimberg was initially launched for 50 percent of Mercado Pago users in Mexico. Customers can apply for insurance directly from the app. The product also includes teleconsultations and medical prescriptions without the need to go to a pharmacy.

Alicia raises €7 million. Coverager, January 3, 2023.

Alicia Insurance a Rotterdam-based insurance startup with an embedded insurance for freelancers proposition, has raised €7 million in seed funding. One partner is digital banking company Knab, which offers banking services for the self-employed. The bank features a variety of insurance products by Alicia on its site.

EFU Life, HABIBMETRO Bank launch new product for women. Press release, March 2, 2023.

The launch of “EFU Ladies Insurance & Investment Plan”. The plan is designed for HABIBMETRO Ladies account holders. It is a unit-linked protection and savings plan bundled with micro-critical illness cover and a new paperless distribution channel “Telesales”.

Sun Life launches new insurance option. Manila Bulletin, February 16, 2023.

Sun Life of Canada (Philippines), Inc. has launched Sun Legacy a limited-pay whole-life insurance product with a savings component. Sun Legacy’s guaranteed cash benefit is equal to 2.15 percent or 2.25 percent of the total premiums paid.

Manulife and MCBL launch wealth management product WealthOne. Press release, February 2, 2023.

WealthOne is a comprehensive single-pay variable life insurance plan that enables Filipinos to grow their wealth and preserve their legacy by investing in a wide variety of funds that fit their preferences and goals. WealthOne provides customers with flexible life insurance coverage that can go as high as 500% of their single premium and a guaranteed start-up bonus equal to 1.5%.

FWD launches “The One” to offer customizable coverage for Filipinos across multiple generations. Press release, January 31, 2023.

FWD’s The One is a customizable coverage plan to meet the lifestyle and financial needs of multiple generations of Filipinos, from Gen Z to 70 years old. It’s easy to buy customers can buy the plan through FWD’s online shop. Premiums start as low as Php 330. Customers can add coverage against 42 critical illnesses and accidental death benefit.

Transcorp Hotels Calabar Promises Guests Peace of Mind with Heirs Life’s Term Assure Plan - Transcorp Hotels Plc
Press release, February 2, 2023.

Transcorp Hotels Calabar has collaborated with life insurance company, Heirs Life Assurance (HLA), on an affordable add-on life insurance package for guests.

Swiss Re’s iptiQ and WiZink partner to offer digital insurance solutions. Reinsurance News, February 10, 2023.

iptiQ and WiZink have entered into a bancassurance deal to design over ten Life & Health and Property & Casualty insurance solutions for clients in Spain and Portugal. Under the arrangement, WiZink will offer its two million customers a diversified suite of simple, personalised and fully digital insurance products that will be marketed through its website and app.

Jubilee Insurance unveils new products for elders, children Daily News, January 20, 2023.

Two new products are launched for elders and children. The products are named ‘J Care Senior’ and ’J Care Junior’. ‘J Care Senior’ insurance cover is meant to serve elders from the age of 61 years old. This insurance cover offers, a full body test, lifestyle management programme, health club for elders and other components. ‘J Care Junior’ intends to serve children under the age of 17 without being dependent on their parents.

Orient Insurance, Mashreq to launch guaranteed returns savings plan. Zawya, February 6, 2023.

Orient Educare is a new guaranteed returns savings, investment, and insurance plan.
It is designed to provide Mashreq customers with a low-risk savings plan that offers investment growth and insurance.

LIC International launches equity-linked whole life plan. Khaleej Times, January 1, 2023.

LIC International, has launched a new unit-linked insurance plan (ULIP) product for the UAE Market. The Single Premium Wealth Creator Plan is an equity linked whole life plan.

Vitality transforms its Income Protection cover offering. Press release, February 9, 2023.

The Vitality’s three Income Protection products (Income Protection Plus, Income Protection and Short-term Income Protection (STIP) have been consolidated into one comprehensive Income Protection product.
The Vitality Income Boost – a new feature embedded in all new Income Protection policies, boosting the pay-out by an extra 20%, for up to six months, where they are active. Recovery Benefit: introduction of additional support to help members back to work sooner.

SunLife partners with iptiQ on over-50s life insurance. Insurtech Digital, January 22, 2023.

UK insurer SunLife has partnered with iptiQ, to launch an innovative life insurance product for customers aged over 50. The newly launched product, called the 'Guaranteed Inheritance Plan', is designed to assure an inheritance for customers' loved ones when they die.

Santander launches £125 cashback on new life insurance policies. Press release, January 9, 2023.

Santander has announced the launch of a £125 cashback offer when new and existing customers purchase a life protection policy from 9 January 2023. The life insurance policies eligible for the cashback offer are Santander Life Insurance Plan, Life & Critical Illness Plan, Critical Illness Plan, and the Over 50s Life Insurance Policy.

Aflac adds Beneficiary Companion(R) services to its group Premier Life Absence Disability Solutions portfolio. Press release, March 30, 2023.

Aflac is partnering with Iris® Powered by Generali ("Iris"), to provide Beneficiary Companion® services for individuals insured by Group Life Insurance from Aflac's Premier Life, Absence and Disability Solutions. The services provided include guidance on how to obtain death certificate, 24/7 live information and advice, Beneficiary Companion Guidebook, and access to Beneficiary Assistance Coordinators.

Brighthouse SmartCare launches in NY. Coverager, March 7, 2023.

Brighthouse Financial’s flagship life insurance product, Brighthouse SmartCare, is now available in the state of New York. Brighthouse SmartCare is a hybrid life insurance product that provides a guaranteed death benefit and is designed to help protect clients from the unexpected costs of long-term care (LTC) through guaranteed LTC benefits.

John Hancock expands access to cancer screening technology . Coverager, February 23, 2023.

John Hancock is expanding access to GRAIL’s Galleri multi-cancer early detection test to eligible life insurance customers participating in the John Hancock Vitality PLUS program.

Haven Life increases coverage of Haven Simple’s no-medical exam life insurance to $1 million. Coverager, February 22, 2023.

Haven Life announced a coverage increase of its no-medical Simplified Issue product, Haven Simple, from a maximum of $500,000 to $1,000,000.

New Enhancements to Leading Instant Decision Term Product (prnewswire.com). PR Newswire, February 9, 2023.

Ash Instant, a term life insurance product, rolled out a conversion option, among other enhancements. Enhancements also include an upgraded software platform and improved underwriting. The contracting process now allows an adviser to be the writing agent on a policy. Ash Instant is underwritten by Ameritas and reinsured by Scor SE.

AmeriSave Mortgage Partners with Ladder. Press release, January 25, 2023.
Coverager, January 25, 2023.

Direct-to-consumer mortgage lender AmeriSave Mortgage Corporation has partnered with Ladder Insurance, giving customers the option to apply for life insurance online.

Lincoln Financial Group Offers Faster Route From Planning to Protection With New, Fully Automated Life Product.
Press release, January 24, 2023.

Lincoln WealthAccelerate is an indexed universal life product with a streamlined, electronic process from application to policy management. WealthAccelerate is available to customers ages 20 to 55 with protection needs from $100,000 to $1.5 million. It offers a fully electronic underwriting process.

Shinhan Life Vietnam launches new life insurance solution Vietnam News Summary, January 3, 2023.

“Shinhan – Song Khoe with Fantastic Four S-Plus” is a flexible individual term life insurance product that protects against life's biggest risks with 100 percent of the Sum Assured being paid in the event of the Insured's death. This is a flexible insurance solution that offers a wide range of options to optimize protection for each customer.