Product Trends

LIFE

FSG Partner With Hollard Life. African News Agency, July 4, 2023.

Hollard Life Botswana has partnered with Funeral Services Group (FSG) to create an affordable convenient funeral insurance package. Benefits include a 10% claim bonus (10% of premiums paid as cash back), and a reduction in the age of entry for policy holders from 21 to 18 years.

Nubank Launches New Insurance Product. Coverager, June 20, 2023.
The product, Nu Vidas Juntas, allows a person to take out two life insurance policies while gifting one policy to an individual. The process is done entirely online. Once the policy is active, the policyholder can name beneficiaries for the policy, which offers coverage for death, funeral expenses, and short-term disability.

Bradesco Vida e Previdência Launches 'Bradesco Temporary Pension'. Apolice, April 10, 2023.

Bradesco Temporary Pension aims to provide income to a designated beneficiary, for a maximum period determined, regardless of the degree of kinship. The amount and period of the pension granted to the beneficiary may vary between 5, 10, 15 and 20 years. (Text in Portuguese.)

N26 Launches New Insurance Services. Paypers, May 22, 2023.

N26 has launched new insurance services for its ‘You’ and ‘Metal’ personal and business account holders. ‘You’ and ‘Metal’ account holders benefit from improved protection in the event of disruptions to their travel plans. Travel delays will be covered after just a two-hour delay (instead of four), and baggage delays after four hours (instead of 12). In addition, the coverage has been updated to include personal liabilities up to EUR 500.000 per trip and now covers the family or travel companions of premium account holders.

CPIC Life (HK) Launches "Everlasting Joy Savings Insurance Plan". PR Newswire, April 10, 2023.

Everlasting Joy Savings Insurance Plan is a whole life insurance plan integrating asset accumulation, whole-life protection, and legacy planning. The plan provides high flexibility and allows customers to plan their financial needs with ease.

IMG Launches New Plan for Expats & Globally Mobile Citizens, Global Prima Medical Insurance. BusinessWire, April 6, 2023.

Global Prima Medical Insurance is a new IPMI offering. Global Prima provides long-term cover to individuals, families, and groups living or working outside of their home country typically for one year or longer. The plan has varying coverage options that can cover cancer, chronic conditions, and complementary medicine.

AXA Launches "5-Year GoalSaver" . Press release, April 03, 2023.

5-Year GoalSaver is a non-participating savings plan that helps customers achieve fast-track short-term financial goals with life protection for a peace of mind. The new 5-Year GoalSaver offers an extra short premium payment term of just 2 years with an annual premium as low as USD 625.

LIC Launches New Life Insurance Plan with Guaranteed Death Benefit and Savings Component. Live Mint, June 23, 2023.

LIC's Dhan Vriddhi is a new non-linked, non-participating, individual life insurance plan with a guaranteed death benefit and a savings component. The plan is only available in the domestic market. It offers a guaranteed death benefit, savings component, and a premium waiver benefit.

Aditya Birla Sun Life Insurance Launches Nishchit Pension Plan. CNBC TV 18, June 29, 2023.

Nishchit Pension Plan is a non-linked, non-participating, individual pension plan. The plan provides accrued guaranteed additions during the policy term and a loyalty addition at the end of the policy term.

Max Life Launches 'Smart Wealth Advantage Growth Par Plan'; Combines Bonus-Based Income with an In-built Guarantee for Long-Term Financial Protection. Asian News, June 12, 2023.

'Smart Wealth Advantage Growth Par Plan” is a non-linked participating individual life insurance plan. The plan combines the power of protection, liquidity, and flexibility into a simple solution. The plan assists in retirement planning by offering an enhanced income with minimum guarantee.

Shriram Life Unveils Unit-Linked Policy with Life Goal, Legacy Options. The Hindu Online, June 7, 2023.

Shriram Life Insurance has unveiled a new unit-linked policy with life goal and legacy options offering policyholders financial control with multiple fund options and investment strategies. The Legacy plan offers three premium-paying term options: single pay, limited pay, and regular pay. It also gives customers two death benefit options to choose from.

Ageas Federal Life Insurance; iSecure Plan Helps to Financially Secure Families at an Affordable Cost. Outlook India, May 5, 2023.

The ISecure plan is a family life insurance scheme available exclusively online. It provides two optional add-on benefits. The first is the “enhancement of life stage cover” at various life stages, such as marriage and child birth. The second optional benefit is an accidental death benefit (ADB).

Canara HSBC Life Insurance Launches "Smart Guaranteed Pension". Capital Market, April 18, 2023.

The Smart Guaranteed Pension Plan is a guaranteed annuity product. It offers premium payment flexibility and ensures a regular guaranteed income stream.

Reliance Nippon Life Insurance Unveils the 'Nishchit Bhavishya' Plan. Product brochure, April 12, 2023.

The Nishchit Bhavishya Plan is a non-linked, non-participating individual savings life insurance plan. The plan offers the flexibility to pay for a limited period of 8 to 10 or 12 years. It offers a high death cover during premium payment term.

Meeting the Needs of Premium Customers, AIA and BCA Launch Maxi Infinite Link Assurance Plus (MILA Plus) with Life Protection Benefits Starting from RP2 Billion . Press Release, May 24, 2023.

MILA Plus is a life protection solution with Sum Insured benefits starting from IDR 2 billion, and a protection period of up to 99 years. (In Malay language.)

Manulife Indonesia to Provide Life Insurance Coverage for Persons Living with HIV as Part of its Commitment to Building an Inclusive Society. Press release, May 17, 2023.

It now offers life insurance coverage to people who have been diagnosed as Human Immunodeficiency Virus (HIV) positive. Manulife Indonesia will also allow customers to appoint beneficiaries other than immediate family members.

SAUDIA Signs Agreement with Al-Rajhi Takaful to Launch Digital Travel Insurance with Special Prices . Press release, May 24, 2023.

SAUDIA guests traveling from the Kingdom to various parts of the world will be equipped with comprehensive travel insurance at a special price. The service can be used digitally during the completion of travel procedures through SAUDIA’s website (www.saudia.com) and smart phone application.

Great Eastern Launches First-of-its-Kind Insurance Plan. Asia Advisers Network, May 25, 2023.

Great Eastern Life Malaysia (GELM) launched Great Multi-Gen Wealth, a wealth accumulation plan at its head office recently. It is the first-of-its-kind insurance plan in Malaysia which helps the policy owner to have long-term savings and transfer it to multiple generations.

YuLife, Leading UK Insurtech, Expands to South Africa to Transform the Insurance and Wellbeing Industry. PR Newswire Europe, April 17, 2023.

YuLife's Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral Cover) includes everything in a traditional group insurance policy. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, to earn YuCoin, YuLife's virtual well-being currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing, and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean.

Discovery : Osidon, Discovery launch one-of-a-kind AI service offering to South African taxpayers (marketscreener.com). FA News, April 4, 2023.

Osidon, in association with Discovery, announced the launch of an innovative and industry-first tax advisory solution that will benefit individuals — as well as business taxpayers – in South Africa by leveraging bespoke artificial intelligence software and advanced analytics and data.

Ibercaja Launches a 15-Month Savings Insurance with a Guaranteed 2% Per Year. Eleconomista.es, June 5, 2023.

Ibercaja Vida launches its new Seguros Vida Riesgo range and a new guaranteed savings insurance with the aim of expanding the offer available in the Spanish market. This range has three products: Ibervida Esencial (Essential Ibervida), which offers basic coverage for death and disability; Ibervida Personal, which adds coverage for cancer and an additional compensation payment; and Ibervida Familia, which covers serious illnesses of children, with additional compensation capital for specific cases. (Text in Spanish)

HAYAH Launches Pioneering Plan for Affordable Wealth Creation. PR Newswire, June 19, 2023.

Simple Saver has an intuitive digital platform, and a minimum investment of only US$20 per month. Simple Saver offers clear, trackable investments in a diversified global portfolio managed by BlackRock.

New York Life Launches New Suite of Term Life Products. Press release, May 23, 2023.

New York Life’s updated Term Life suite is designed for individuals and small business owners. The plan level term is available in 10-, 15- and 20-year periods and has a yearly renewable term. The plan also gives customers the option to purchase additional living benefits.

MetLife Worldwide Benefits Adds Will Preparation and Estate Resolution Services for Members. PR Newswire, April 26, 2023.

Two new services, Will Preparation, and Digital Estate Planning and Estate Resolution, are now available to members enrolled in life insurance at no additional cost through MetLife’s Worldwide Benefits business. This gives members access to an extensive network of more than 18,000 participating plan attorneys, including unlimited access to the attorney network for will preparation and estate resolution needs.

FOXO Technologies Announces Direct-to-Consumer Launch of Longevity Report Beta Product. BusinessWire, April 18, 2023.

FOXO Technologies announced the direct-to-consumer launch of its beta version wellness product, the FOXO Longevity Report. The FOXO Longevity Report combines state-of-the-art epigenetic biotechnology, artificial intelligence, and proprietary algorithms to produce longevity and wellness indicators developed from rich epigenetic datasets. The Longevity Report assesses an individual's health and scores users across four categories: metabolism, inflammation, cardiovascular, and indulgences (smoking and alcohol).

Pacific Life Launches New Variable Universal Life Product for Wealth Transfer Market . Press Release, April 18, 2023.

Pacific Protector VUL is a new protection-focused variable life insurance product aimed at the wealth transfer market. It is available with the Premier Chronic Illness Rider, an accelerated death benefit rider for chronic conditions.

Symetra Introduces Accumulator Ascent IUL. BusinessWire, April 12, 2023.

Symetra announces a new version of its Accumulation Ascent IUL. It offers eight interest crediting options: seven indexed strategies plus a fixed interest option. The new Putnam Dynamic Low Volatility Excess Return Index Strategies (Putnam Index Strategies) seeks to generate index credits based on the Putnam Dynamic Low Volatility Excess Return Index. This dynamic index pursues attractive returns with a focus on managing volatility and avoiding unwanted surprises.

Voya Launches New Advisory Services Solution for Retirement Plan Participants . BusinessWire, April 4, 2023.

Voya’s new VRA program includes two solutions to provide greater support for participants when it comes to saving for their future tailored to their own planning needs, including online investment advice as well as managed accounts (fee-based professional management).

Penn Mutual Introduces Protection Whole Life. WinkIntel, April 3, 2023.

Protection Whole Life is a permanent life insurance product that provides guaranteed lifetime protection at a competitive premium rate. The death benefit is guaranteed to 121 years of age. It also offers guaranteed premiums and guaranteed cash value.

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.