Product Trends

LIFE

MetLife and Itaú Expand Retail Partnership. Segurosbr, May 3, 2022.

MetLife has just announced the expansion of its partnership with Itaú Unibanco and will offer individual life insurance to retail customers. The product is 100% customizable according to the customer's needs. One of the benefits included is Einstein Conecta telemedicine. (Text in Portuguese)

Omint Seguros Presents a Novelty in Life Insurance. Segs.com.br, May 2, 2022.

Vital 10S provides lifetime protection with the possibility of discharge in 10 years. The instalments do not increase with age. The capital insured is from R$100,000. (Text in Portuguese)

Metropolitan Life Insurance Launches New Life Insurance Product. News Ghana, May 23, 2022.

The Family Financial Wellness Plan (FFWP) is a new life insurance policy designed to provide income protection for the immediate family of the deceased breadwinners in the event of critical illness, permanent, or temporary disability.

Manulife Provides Life Insurance to HIV+ Individuals as Part of its Drive to Build an Inclusive and Equitable society. Press Release, June 2, 2022.

Same-sex married partners can now purchase life insurance policies for their loved ones. Manulife customers in Hong Kong and Macau can also name policy beneficiaries from an expanded list of family members, including their sibling, grandparents, grandchildren, parents-in-law, stepchildren, same-sex partners, legal guardians and more. The application process is simple, and no medical examination is required.

Manulife Launches ManuGlobal Saver to Help People Accumulate Wealth. Press release, May 18, 2022.

ManuGlobal Saver is available in U.S. Dollar (USD), Hong Kong Dollar (HKD), Renminbi (CNY), Canadian Dollar (CAD), Australian Dollar (AUD), British Pound Sterling (GBP), and Singapore Dollar (SGD). The plan has a currency switch option allowing customers to change their policy currency to meet evolving needs.

Prudential rolls out "Love-to-share ‧ Thankyou Rewards" and "One Family, Double Refund" Premium Refund Promotions. Press release, April 2022.

Customers can now enjoy premium refunds of up to HK$2,400 and supermarket coupons when they share the offer with their loved ones. From now through 30 June 2022, existing Prudential customers will be offered three exclusive premium vouchers valued at HK$800 each (total value HK$2,400). They can use the premium voucher to purchase selected individual life insurance plans with a designated first-year annualised premium and enjoy a HK$800 premium refund for each eligible policy.

Max Life and Policybazaar Come Together to Launch Smart Fixed-return Digital Plan, a Short-term Online LI Savings Plan for Millennials. Press release, June 21, 2022.

The Max Life Smart Fixed-return Digital Plan is a non-linked, non-participating, individual life insurance savings plan. The monthly premiums are as low as Rs. 3000.

LIC launches Dhan Sanchay Savings Life Insurance Plan: All You Need to Know. CNBCTV18.com, June 14, 2022.

Dhan Sanchay Savings scheme is a non-linked, non-participating, individual, savings life insurance plan. The plan is available for a minimum term of five years and is available in four options – A, B, C and D.

Life Insurance Corporation Launches New Product 'LIC's Bima Ratna.' GkSeries, June 1, 2022.

'LIC's Bima Ratna' is non-linked, non-participating, individual, savings, life insurance plan. The key features of the plan include death benefits, survival benefits, maturity benefits, guaranteed additions, settlement options, grace period and revival solutions, among other things.

Max Life Insurance Launches Max Life Flexi Wealth Advantage Plan to Accelerate Customer’s Long-term Wealth Creation Goals . APNNews, May 9, 2022.

Max Life Flexi Wealth Advantage Plan is a unit-linked, non-participating, individual life insurance plan. The plan offers flexibility to choose between 11 fund options and five different investment strategies. The customer can customize the plan with unlimited switches and premium redirection free of cost at different stages of the growth journey.

Bajaj Allianz Life Insurance to Offer Flexi-cap Fund with Ulip Plans . Bharat Times, May 6, 2022.

The Bajaj Allianz Flexi Cap Fund will be available with all the major unit-linked insurance products (Ulips) offered by the company. The Bajaj Allianz Flexi Cap Fund plans to focus on new age businesses and emerging sectors.

Allianz Life and HSBC Malaysia Launch the Allianz Life Elite Income Fund. Press release, June 16, 2022.

Allianz Life Elite Income Fund invests in an underlying fund, the PIMCO GIS Income Fund. It is the first PIMCO fund that is offered as an IL fund in Malaysia. It gives customers the opportunity to access fixed income funds globally.

Allianz Life Provides Some Certainty During Uncertain Times. Press release, April 15, 2022.

Allianz UltimateLink is a regular premium ILP that has a wide range of mix-and-match optional benefits in just one plan with comprehensive life coverage. The medical rider HealthInsured is a Hospitalisation and Surgical (H&S) rider plan that provides high overall annual limit up to RM5 million for comprehensive medical coverage.

Allianz Nigeria Launches Funeral Expenses Insurance Cover . The Free Library, April 13, 2022.

Allianz Nigeria has introduced a new family protection plan that will provide help to families of the deceased through insurance coverage of the funeral expenses. The cover enables the family to give the departed a desired and befitting burial.

Faysal Bank, TPL Life Insurance to Offer 'Women Takaful Coverage.' Pakistan Observer, April 14, 2022.

Faysal Bank Limited and TPL Life Insurance (Window Takaful Operations) (TPLL), have joined hands to offer "Women Takaful Coverage" to Faysal Islami Amal Women's Account holders. The plan will provide coverage for major critical illnesses, along with unlimited online health consultation access via TPL Life’s mobile app.

MCBL Offers Affordable Life Insurance Plan for as Low as P1/day. Press release, April 23, 2022.

Secure Pinoy is an affordable term insurance plan that offers life protection, or accident and medical reimbursement, for as low as Php1 a day*, or Php 500 a year. Secure Pinoy is available in four annual premium plans: Php500, Php1,000, Php2,500, or Php 5,000. The plan can also be extended to cover family members.

Pru Life UK Launches Free Personal Accident Coverage to Make Life Protection More Accessible to Filipino Families. Press release.

The free one-year accident coverage is part of Pru Life UK’s efforts in helping Filipinos get the most out of life by making it easily available via Pulse. The offer provides an accidental death and disablement/dismemberment benefit of PHP 50,000 in the unfortunate event of the registered user’s death or injury due to an accident.

AIA Singapore Partners with Franklin Templeton to Introduce the First Shariah Balanced ILP Fund in Singapore Catering to a Fast-growing Muslim Consumer Base. Press release, June 7, 2022.

AIA Singapore today launched the AIA Shariah Global Diversified Fund which will available to customers through these investment-linked plans (ILPs): AIA Pro Achiever, AIA Pro Achiever 2.0, AIA Pro Lifetime Protector, AIA Pro Lifetime Protector (II), and AIA Invest Easy (Cash/ Supplementary Retirement Scheme (SRS). Existing customers of these plans may perform a fund switch or a top-up into this fund.

StarHub Launches Travel Insurance Product. Coverager, June 7, 2022.

Travel Protection is a new travel insurance product that covers medical expenses up to $200,000. This protection can be extended to travel companions. Customers can buy Travel Protection via the My StarHub app, and the fees will be merged with their monthly bill.

NTUC Income launches new travel insurance to protect customers by the hour. ICMIF, April 28, 2022.

FlexiTravel Hourly Insurance is Singapore’s first travel insurance that enables travellers to purchase travel protection as needed by the hour. It is available for those travelling only to Bintan, Batam and Malaysia.

Getlife Wants to Democratize Life Insurance in Europe. Tech Crunch, May 4, 2022.

The new Getlife customer completes a long list of questions so the company can learn more about you. Once you’re done filling out the form, the startup seamlessly matches you with the right insurance product specifically for you. There are no medical exams required to subscribe to Getlife.

ComBank's 'Anagi' Partners with Insurance Companies to Offer Affordable Insurance to Female Customers. Press release, May 27, 2022.

A female customer of Commercial Bank between the ages of 18 and 45 can sign up for a Rs 1 million policy by just paying an annual premium of Rs 1,100. The spouse can obtain the same policy for Rs 1,500. Women between ages 46 and 65 can opt for the same sum assured with an annual premium of Rs 2,200 if the policy is taken for themselves, or Rs 2,750, if the policy is taken to cover the spouse. The cover can be purchased at multiples of the unit rates of Rs 1,100 or Rs 2,200.

Prudential Thailand Recognizes Diverse Types of Families and Strives to Provide Inclusive Insurance Solutions. Press release, June 15, 2022.

The company strives to provide solutions that are accessible, inclusive, and affordable to ensure that all diverse types of families have access to insurance protection for their health and financial needs. Policyholders can name their same-sex partner, stepparent or adopted child as a beneficiary.

SimplyBiz Expands Protection Insight with YuLife Partnership. Press release, April 26, 2022.

YulIfe has partnered with SimplyBiz as a protection partner. SimplyBiz offers insights into market trends and the use of technology and gamification in the protection space.

HCG Secure Launches Home Life Secure, an Innovative Hybrid Life Insurance and Long-Term Care Solution. PR Newswire, May 25, 2022.

HCG Secure is an affordable life and long-term care insurance product. It offers a simplified medical underwriting process and guaranteed premiums.

Symetra Introduces Accumulator Ascent IUL. BusinessWire, April 12, 2022.

The new version of Symetra Accumulator Ascent IUL has been launched. The Accumulator Ascent offers eight interest crediting options: seven indexed strategies, plus a fixed interest option. Exclusive to Symetra are new Putnam Dynamic Low Volatility Excess Return Index™ Strategies (Putnam Index Strategies), which seek to generate index credits based on the Putnam Dynamic Low Volatility Excess Return Index.

Western & Southern Life Introduces New Whole Life Product. Press release, May 2, 2022.

Easy Choice Life is a simplified issue whole life insurance product. It does not require a medical exam or a blood test. Some of the features include premiums payable for 20 years or up to age 100 and a death benefit of $49,999. An accelerated death benefit rider can be attached at no extra cost.

Bestow, the Leading Life Insurance Technology Company, Launches New Plug-and-Play Embedded Insurance Solutions for Businesses of All Sizes . PR Newswire, May 3, 2022.

Bestow Protect is a suite of embedded solutions that enable fintechs, financial institutions, P&C carriers, and others to bundle life insurance within their existing customer ecosystem. Their platform Protect integrations enable partners to embed a fully hosted, 100% digital term life insurance buying experience.

Goose Offers Instant Coverage Life Insurance Policy for US Customers. PR Newswire, April 26, 2022.

To purchase coverage using the Goose app, consumers answer questions about their age, height, weight, lifestyle, and tobacco usage; as well as verify their identity via government-issued identification. Customers can then choose their coverage amount and term length.