Product Trends

LIFE

AIA NZ partners up with Snap Fitness and extends AIA Vitality Fitness Assessment coverage. Press release, September 21, 2023.

AIA NZ partners up with Snap Fitness and extends AIA Vitality Fitness Assessments coverage. Snap Fitness has 60 24/7 locations nationwide, and the partnership will significantly extend AIA’s gym access into the South Island.

Bolivia is not prepared for growing demand for mental health care (latinoinsurance.com) . PicPay lanza seguro de vida con Icatu desde R$ 7,70 al mes (latinoinsurance.com). Latinoinsurance, July 28, 2023.

PicPay has just expanded its insurance hub offering with the launch of life insurance. Starting at R$ 7.70, the new product is offered in partnership with Icatu and covers natural or accidental death, accidental disability, and funeral assistance. The product covers all professions, and the price does not change. The coverage limit can reach R$ 250,000, and acceptance is automatic and instantaneous. (Text in Spanish)

BNP Paribas Cardif starts offering life insurance in Brazil. Latinoinsurance, August 25, 2023.

Banco BRB and Corretora BRB Seguros extend their partnership with the launch of Life Insurance. The comprehensive offering with insured sums ranges from R8,000 to R800,000 and covers natural death, accidental death, total or partial permanent disability due to accident, and serious illness. In addition, the risk analysis is individualized and digital. (Text in Portuguese)

Emma and Segic Join Forces to Provide Simplified, Personalized Fully Online Life Insurance Coverage. Insurance-Canada, July 17, 2023.

The strategic partnership will integrate Emma into Segic’s Platform Benefits Marketplace, providing a fully online life insurance option to members of benefit programs. The three products offered will be term life insurance, permanent life insurance, and child protection.

SCOR to develop life insurance product concepts with CancerCARE. Press release, July 12, 2023.

SCOR Life & Health in the U.S. and CancerCARE are announcing an innovative program to develop a concierge-style CancerCARE program for life insurance policyholders.

Huize Partners with China Pacific Life Insurance (HK) to Launch ‘Jin Man Yi Zu Multi-Currency’ - A Customized Whole Life Insurance Product for the Hong Kong Market. Press release, August 11, 2023.

Jin Man Yi Zu Multi-Currency is a whole life insurance product. The product has both protection and savings elements. The policy also can be converted between U.S. dollars and Hong Kong dollars.

Sun Life Hong Kong Introduces ESG-focused life plan. Press release, July 14, 2023.

SunGuardian and SunGuardian (Care Version) are participating insurance plans that offer whole life protection for senior clients. SunGuardian (Care Version) provides further support in the form of the Severe Dementia Accelerated Benefit. SunGuardian, SunGuardian (Care Version), and SunProtect also incorporate ESG (Environmental, Social, and Governance) elements in the investment strategies.

IndiaFirst Life launches single premium plan. CNBCTV18, September 14, 2023.

The Guaranteed Single Premium Plan is a non-linked, non-participating, individual, single premium savings plan. It offers guaranteed returns to the customer over a long policy term. The plan offers flexibility to customers in choosing their desired life cover option, ranging from 1.25 times to 10 times against the single premium.

Bharti AXA Life Insurance launches Wealth Maximizer - a return of all charges ULIP plan - exclusively available on PolicyBazaar. Press release, September 22, 2023.

Wealth Maximizer is a one-of-its-kind ULIP plan in the industry. The unit-linked, non-participating individual life insurance plan is the only plan in the ULIP category providing 118% return of all charges applicable during the premium paying term. Loyalty Additions of 0.2% of the fund value credited to the fund at the end of each policy year up to maturity reward the patronage of the customers.

Bharti AXA Life Insurance launches ‘Income Laabh’ to simplify insurance with enhanced consumer protection. CNBC TV18, September 11, 2023.

Bharti AXA Life Income Laabh provides customers a steady stream of guaranteed income for 10 to 12 years, depending on the policy term they choose.

Bajaj Allianz Life launches a new savings plan. Benefits, other details here. Business Journal, September 5, 2023.

Bajaj Allianz Life ACE is a non-linked, collaborating, early-income life insurance plan designed to supply enhanced flexibility to clients in tailoring their money flows. Clients can decide on their desired revenue, and they can choose an early or deferred income option. There is also an additional benefit option especially for women.

ICICI Pru GIFT Pro: A long-term savings product with built-in flexibility. Product brochure, September 1, 2023.

ICICI Pru GIFT Pro is a protection and savings-oriented life insurance plan. Customers have the flexibility to choose a guaranteed income option or increasing the guaranteed option. They also have the flexibility to choose the moneyback benefit.

IndiaFirst Life Insurance launches ‘Guarantee of Life Dreams’ plan: Check key features. CNBC TV18, July 31, 2023.

IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.) plan is a non-linked, non-participating, individual life insurance plan. The plan offers flexible Premium paying terms of six, eight, and 10 years for a policy term of 30 years or 40 years. Premiums start from 4,176 per month.

LIC launches ‘Jeevan Kiran’ plan: How to purchase, maturity benefits and more. Economic Times India, July 27, 2023.

LIC has launched Jeevan Kiran policy, a non-linked, non-participating individual savings and life insurance plan. The plan has differential rates for smokers and non-smokers.

ICICI Prudential Life Insurance launches ICICI Pru Protect N Gain. Press release, July 24, 2023.

Protect N Gain offers a comprehensive life insurance cover and protection against accidental death and permanent disability. It offers a life insurance cover up to 100 times the annual premium. Customers can maximize their returns by offering 18 fund options spread across equity and debt.

Acko gears up to disrupt the life insurance space. The Economic Times, July 11, 2023.

Bengaluru-based tech first insurance startup Acko is preparing to launch its first product in the next two months. It will be a pure play term life product aimed at customers who are comfortable buying products online.

Edelweiss Tokio Life launches Zindagi Protect to provide for different life stages. Press release, July 07, 2023.

Edelweiss Tokio Life Insurance has introduced a new term insurance plan called Zindagi Protect, which offers a range of benefits to cater to the evolving financial needs of customers during their life stages. This plan has three optional benefits: Child's Future Protect Benefit, Better Half Benefit, and Premium Break Benefit.

Allianz Malaysia introduces three more ‘Insurans Rahmah’ products for Private Car and Life Insurance. Press release, September 15, 2023.

Allianz Kasih4All is a new life insurance product. It is a yearly renewable, non-participating term plan with coverage up to 71 years old. The product offers hassle-free enrollment with no health questions asked and no medical examination required. The product comes in two available plans, with premium rates for Plan 1 and 2 starting at RM35 and RM55 for those in the age band between 16 and 40.

Start Early to Build Your Legacy of Love with PRUWealth Enrich. Press release, September 7, 2023.

PRUWealth Enrich is an investment-linked insurance plan that gives you control over your family’s security and protection. It offers a RM300,000 basic sum assured with affordable premium. In addition, the plan includes complimentary increasing coverage up to 50%, meaning you get more protection as you stay with the plan.

InLife launches Abundance, a new limited-pay with guaranteed regular payouts plan | InLife (insularlife.com.ph). Press release, August 2, 2023.

Abundance is a savings and life insurance plan offering life insurance coverage for 20 years, or up to age 65. Abundance gives guaranteed cash payouts equal to 10% of the sum insured.

Sun Life Grepa partners with ExpressPay to reach underinsured population. Business Mirror, July 27, 2023.

Sun Life Grepa has partnered with ExpressPay Inc., the leader in payment services franchising, with the objective of making insurance simpler and more accessible. Affordable Sun Life Grepa insurance plans will be made available across ExpressPay branches nationwide.

Sun Life Singapore launches innovative Indexed Universal Life policy for HNW and UHNW families amid strong wealth inflows into Singapore. Press release, July 14, 2023.

]SunBrilliance Indexed Universal Life features two Indexed Accounts linked to the S&P 500 index performance and a Fixed Account. The Legacy plus feature allows the death benefit to be paid out in annual installments for up to 10 years. The policy also includes announcing its inaugural Philanthropic Pledge in partnership with Community Chest. This marks an incorporation upfront of charitable giving into a life insurance solution to encourage philanthropy and charitable giving.

Manulife Singapore Elevates the InvestReady (III) Plan with ReadyCare Riders to Help Customers with Holistic Financial Planning. Press release, July 4, 2023.

Manulife Singapore launches ReadyCare Riders to help customers with holistic financial planning. Customers can add on the optional ReadyCare Riders to the Manulife InvestReady (III) plan. Customers may now enjoy additional protection coverage until age 85 while building savings for their evolving financial needs.

Clark UK and Swiss Re’s iptiQ Expand Strategic Partnership with New Product Launch. FF News, July 20, 2023.

Winston is an “over 50s” life insurance product. It is dedicated to people aged between 50 and 80 who are looking to leave their families with a lump sum payment upon their death. This lump sum may be used to cover the costs of a funeral or as a gift to the surviving dependants. There is no need for a medical examination.

Introducing Life Benefit by Wysh. Coverager, September 5, 2023.

To ride the embedded insurance wave, Northwestern Mutual is using its direct-to-consumer insurance brand to offer Life Benefit. It’s essentially life insurance baked right into a deposit account. The holder automatically qualifies for this coverage just by opening and maintaining one of these accounts - without the need of a medical exam.

Fourth Announces Strategic Partnership with Pendella to Bring Individual Life Insurance Benefits to Restaurant and Retail Employees. Business Wire, August 17, 2023.

The strategic collaboration will provide individual life insurance offerings to Fourth’s human resources (HR) and payroll customers. Pendella life insurance technology seamlessly merges with Fourth's workforce solution platform to create a completely digital process to shop, compare, and buy financial coverage within minutes.

FinFit Life Launches Game-Changing Life Insurance with John Hancock's Vitality Program. Yahoo Finance, July 20, 2023.

FinFit Life will focus on offering life insurance solutions combined with a state-of-the-art wellness program, Vitality. This innovative program allows customers to earn savings on their premiums, shopping gift cards, and travel discounts for everyday healthy habits like exercising, eating well, and getting regular health checks.

Pacific Life Unveils New Survivorship Variable Universal Life Product for Cost-Effective Legacy Planning. Press release, July 10, 2023.

Pacific Life today announced it has added a new competitively priced survivorship variable universal life insurance (VUL) product designed to help clients maximize their financial legacy. The product offers a streamlined, yet diverse, selection of market-driven investment options across asset classes.

Aflac reimagines term life insurance to help close the financial security gap for more Americans. Press release, July 25, 2023.

Aflac Group Life Term to 120 will provide worksite life insurance with flexible living benefits and affordable rates. The product gives the employee freedom to use benefits with options, such as managing conditions like chronic illness or paying for at-home or nursing care or funeral costs.

Brighthouse Financial Expands Life Insurance Product Suite with Brighthouse SmartGuard Plus℠. Press release, July 17, 2023.

Brighthouse SmartGuard Plus is a registered index-linked universal life insurance policy. The policy offers clients guaranteed Distribution Payments that can be used to supplement income in retirement and a guaranteed death benefit. The policy offers a Lifetime Lapse Prevention Benefit, which guarantees that the policy will not lapse while the GDR is in force if scheduled required premiums are paid, beginning at the policy start date.