Product Trends

LIFE

Rico Starts Offering Life Insurance via App. Apolice, December 30, 2022.

The plan covers accidental death, funeral assistance from the holder, and protection in life with coverage in the case of partial or TPD by accident and has funeral assistance included in all contracts. The product can cost from R$ 0.44 per day or from R$ 13 per month for a person aged under 35 years. The life insurance coverage ranges from R$ 100,000 to R$ 300,000. (Text in Portuguese)

Mapfre and Genial Announce Partnership in Life Insurance Redeemable. Apolice, November 17, 2022.

Bién Vivir is a product that enables lifelong redemption. In the partnership between the companies, Bién Vivir will be available on the insurer's website and marketed by the 300 dedicated offices of the investment platform and its commercial advisors. (Text in Portuguese)

MetLife Europe D.A.C., Branch for the Czech Republic – Garde 6.0. Penize.cl, December 16, 2022.

Garde 6.0 Life Insurance Garde 6.0 is a flexible product that reflects the needs in all life situations and covers the client against various risks. The MetLife Fair program rewards clients for a healthy lifestyle and less risky jobs at a discount of up to 37%. (Text in Czech)

Sanlam Launches Family Love Plan . Daily Guide Network (Ghana), November 30, 2022.

The Family Love Plan includes burial repatriation, a one-week celebration, family income, first anniversary, double accident, and funeral cover benefits. It comes in three variants: six (6) benefits under the Inclusive Love Package, twelve (12) benefits under the Classic Love Package, and fourteen (14) benefits under the Prestige Love Package.

AIA Hong Kong Launches Brand-New AIA “Wealth Elite 2 – Sapphire” Life Insurance Plan. Press release, November 23, 2022.

AIA’s Wealth Elite 2 – Sapphire life insurance plan helps high net worth customers plan for their legacy with greater flexibility. The plan provides a first-in-market Pre-Underwriting Option 2 of up to US $20,000,000 pre-approved sum assured. The plan includes the Mental Incapacity Option, which allows policyholders to designate a family member in advance to withdraw policy value on their behalf to meet the financial needs of their families.

Klook, AXA Launch Travel Protection Product. ITIJ, December 20, 2022.

Klook Travel Care is a travel protection product that provides coverage for COVID-19–related protections for medical expenses as well as standard activities.

LIC Launches New Dhan Varsha Plan: Benefits, Maximum Insurance Cover, Premium Payment. The Economic Times, October 19, 2022.

The Life Insurance Corp. of India (LIC) rolled out Dhan Varsha, a non-linked, non-participating, individual, savings, single-premium life insurance plan. The product offers financial support for families in the event of a life assured's death. The surviving life assured will receive a guaranteed lump-sum amount on the date of the plan's maturity. Optional riders under the plan are LIC's accidental death and disability benefit rider, and a new term assurance rider.

Bajaj Allianz General Insurance Announces the Launch of “Respect Senior Care Rider” . United News of India, December 24, 2022.

Bajaj Allianz General Insurance announced the launch of its unique health insurance rider, “Respect Senior Care Rider.” The rider will offer 360-degree assistance to senior citizens and is available in three plans. The price of the product ranges from INR 700 to INR 7,500.

Canara HSBC Life Insurance launches “Guaranteed Fortune Plan”. Product brochure, December 12, 2022.

Canara HSBC Life Insurance launches the Guaranteed Fortune Plan, a non-linked, non-participating individual savings life insurance plan. The plan offers a guaranteed payout at the end of the policy term.

LIC Launches Two New Term Assurance Plans . NDTV, November 23, 2022.

New Jeevan Amar and Tech Term are non-linked, non-participating plans, which means that policyholders pay fixed premiums and receive guaranteed returns. The customer also has the choice of a flexible premium payment.

Max Life Launches Life Insurance Plan, Smart Wealth Advantage Guarantee. Livemint, November 16, 2022.

The Smart Wealth Advantage Guarantee Plan is a non-linked, non-participating individual life insurance savings plan. The plan offers four variants: Lump-sum, Short-Term Income, Long-Term Income, and Whole-Life Income.

ICICI Prudential Life Insurance Launches Long-Term Savings Product, ICICI Pru Sukh Samruddhi . Press release, November 14, 2022.

ICICI Prudential Life Insurance has launched a new participating savings product, ICICI Pru Sukh Samruddhi, a new participating savings product. The plan offers two options: a lump sum or an income plan. The lump sum plan gives the customer a lump sum on maturity at the end of the policy term. The income plan offers a regular guaranteed* income (GI) after the completion of a premium payment term.

Federal Bank Credit Card Holders to Get Up to Rs. 3 Lakh Life Insurance Cover . Mint, October 31, 2022.

On Monday, the Federal Bank launched the sachet life insurance product Group Credit Shield for its credit card holders in association with Ageas Federal Life Insurance. The insurance product is exclusively available to Federal Bank credit customers.

Aegon Life Launches Savings Plan. United News of India, November 2, 2022.

The iGuarantee Max Savings Plan offers the dual benefit of high returns and life cover. The minimum monthly contribution for the plan is Rs. 500. The plan can be applied for online.

Launched Healthcare Service Brand “MSA Care” and Introduced New Services. Press release, October 27, 2022.

M is a healthcare service brand aiming to provide total support for customers’ health. MSA Care will be launched and expanded. It introduces five new healthcare services, including the prevention and early detection of diseases. It also offers life insurance. (Text in Japanese)

Allianz Legacy Plus to Offer Customers Peace of Mind. Press release, November 4, 2022.

Allianz Legacy Plus is a limited-pay, universal life plan that covers policyholders up to age 88. If the customer dies prior to that age, the money will be paid to the next of kin. If the customer is still alive, the money can be passed on as a gift.

Free Personal Accident Insurance Policy for Spectranet Customers. Product brochure, November 2022.

Spectra Life is a Free Accidental Life Insurance Cover for Spectranet customers in partnership with Mutual Benefits Assurance. In the case of an accident that leads to either death or disability, Insured Customers (or their beneficiaries) will be eligible to receive up to 1,000,000 Naira in claims. The insurance cover is for one year.

Sun Life Launches Limited-Offer Product with Guaranteed Returns. Press release, October 5, 2022.

Sun Life of Canada (Philippines) launched Sun Wealth Prime 7, a new single-pay life insurance plan that provides protection and various other guaranteed benefits. The Sun Wealth Prime 7 is available for a limited time only. Those interested may contact their Sun Life adviser or get in touch with one via www.sunlife.co/TalkToAnAdvisor.

Zurich Launches Two New Life Products with Guaranteed Capital. Press release, November 21, 2022.

The Zurich PPR Future Reform Savings Plan and the financial Zurich Future Investment are two new life insurance plans with guaranteed capital. Zurich Future Investment is available for subscription starting at age 18. The Zurich PPR Futuro plan, designed for those seeking an individual retirement complement, can be subscribed to starting at age 48. (Text in Portuguese)

FinFit Launches First Life Insurance Plan in Puerto Rico to Reward Exercise . News is My Business, November 18, 2022.

FinFit Life will offer residents financial tools and products combined with physical wellness. Policyholders can access a financial fitness program that establishes physical activity goals to earn points that give access to rewards and discounts that even include paying less for life insurance.

Manulife Singapore Launches Manulife SmartRetire (V), a Retirement Insurance Policy That Gives the Flexibility to Customize Your Goals. Press release, October 07, 2022.

Manulife SmartRetire (V) is a whole-of-life, regular premium, investment-linked insurance policy. Policyholders can choose to receive a stream of income or a lump sum. They can receive this as early as 40 years of age, or at 70 years.

India International Insurance to Launch New Travel Policy, i-Journey. Yahoo, October 12, 2022.

i-Journey is a new travel policy. Its extended coverage will consist of COVID-19-related benefits, such as incurred medical expenses and the repatriation of mortal remains to Singapore or a country of origin for non-Singaporeans. It also includes overseas hospital expenses, overseas quarantine allowance, and any follow-up treatment once back in Singapore.

1Life Insurance Launches Multi-Cover Buy Online Insurance – a Digital Market Leader for South Africa . Press release, December 12, 2022.

1Life Insurance has extended its digital offering to allow consumers to obtain fully tailored comprehensive life insurance, completely underwritten, online in 15 minutes or less. 1Life new buy online insurance allows customers to quote and purchase life, dread disease, disability cover, and funeral cover for up to 16 family members. The application can also be made via WhatsApp.

Kakao Pay Insurance Launches First Product. The Korea Times, October 11, 2022.

Kakao Pay Insurance officially launched its first insurance plan. The product protects insurance holders from cyber financial crimes, such as various online phishing scams and online commerce fraud.

MetLife Korea Launches New Traditional Whole Life Insurance. Korea Times, November 8, 2022.

Whole Life Insurance for Million People, a new product, shares the features and structure with the insurer's hit foreign exchange product, USD Whole Life Insurance for Million People, launched in 2019. The new whole life insurance product carries a rider that allows a policyholder to convert the plan to a U.S. dollar savings insurance if certain terms are met.

AIA Life Insurance Launches (Non-) Golden Time Pension Insurance Ⅱ (KRW) .Press release, October 4, 2022.

AIA Life Insurance (CEO Nathan Chop) announced that it will launch its steady-seller (Non-)Golden Time Pension Insurance II as a won-denominated product. (Text in Korean)

SLIC Launches “School Fee Protector”.Colombo Gazette, October 28, 2022.

The national insurer Sri Lanka Insurance (SLIC) launched the School Fee Protector Life Insurance plan to ensure an uninterrupted education for children studying in private and international schools. When the policy is taken, parents between 18 and 65 years of age can purchase the School Fee Protector. Parents can choose the policy term and cover value. The cover can be taken at any time.

Muang Thai Project for Seniors with Peace of Mind (for the Elderly). Product brochure, November 2022.

The Muang Thai Peace of Mind 90/90 plan for seniors covers Three in 0ne: life up to 3,000,000 baht, accident coverage for medical expenses up to 25,000 baht, and a daily compensation of up to 4,500 baht if one is hospitalized after an accident.

LIC International Launches “Single Premium Wealth Creator” – Equity Linked Plans (ULIP) for UAE . Market Gulf News (Dubai), November 22, 2022.

The Single Premium Wealth Creator is an equity Linked Single Premium whole life plan. The plan has been designed to cater to the needs of savings and investment and can be customized to meet the investor’s objectives.

SelectQuote, Symetra, and Munich Re Life U.S. Partner to Launch SwiftTerm Select, a Transformative Instant-Issue Term Life Insurance Product. Business Wire, October 13, 2022.

SwiftTermSelect is an instant-issue term life insurance product. The issue age is 18–60 years of age. Customers can acquire up to $2 million in same day coverage without a medical exam.

Transamerica Introduced Transamerica Universal Life Insurance, a Universal Life Insurance Policy Designed To Be a Voluntary Workplace Benefit. Press release, October 18, 2022.

Transamerica Universal Life insurance policies are designed to help workers and their families financially during periods of chronic illness. Some of the benefits include guaranteed issue with no health questions to qualified applicants, multiple premium rating structures, and rates that do not increase solely because of aging.

Prudential Financial Launches FlexGuard Life, a Next-Generation Life Insurance Product That Goes Beyond Death Benefits. Press release, November 14, 2022.

Prudential FlexGuard Life is an innovative Indexed Variable Universal Life product. It offers buffered index strategies with the potential for strong cash value accumulation. It also provides levels of downside protection during periods of market volatility.

Symetra Introduces Protector IUL. Press release, November 10, 2022.

Symetra introduced a new version of its protection-focused indexed universal life insurance (IUL) product – Symetra Protector IUL. Enhancements include improved pricing, higher index cap and participation rates, and new index strategies.

Penn Mutual Introduces New Survivorship Indexed Universal Life. Press release, November 2, 2022.

The Survivorship Indexed Universal Life (SIUL) is a permanent life insurance product for two people in one policy. SIUL provides death benefit protection paid to beneficiaries after the death of the second covered individual, whether that person is a spouse, domestic partner, or even a business partner. The product offers flexibility and customization through 10 built-in and optional riders.

Fabric by Gerber Life Launches Industry-leading Term Life Insurance So You Can Plan Like a Parent. Press release, November 1, 2022.

The term life product comes with an online application experience. Customers can apply for a term life insurance policy in less than 10 minutes and receive an instant offer and competitive final pricing.

Branch Adds Term Life Insurance. Yahoo Finance, October 26, 2022.

Branch launched a term life insurance product underwritten by Assurity. Customers must answer a few simple questions before completing the application. A decision will be provided online.

YuLife Expands to the U.S. to Develop Its Global Financial Services Brand and Inspire Life for U.S. Employees. PR Newswire, October 25, 2022.

The YuLife offering allows employees to earn rewards by completing everyday wellness activities, adding value and engagement in the workplace, thus helping businesses benefit from healthier, more motivated teams. The innovative, game-like YuLife app attracts high levels of engagement.

Foresters Financial Expands Its Accidental Death Term Insurance to Six More States. PR Newswire, December 6, 2022.

Prepared II offers accidental death term insurance available from issue age 18 to age 70, with coverage up to $500,000 and level premiums to age 80. This product is now available in Arkansas, California, North Dakota, New Jersey, New Mexico, and Oregon. It also offers up to three optional riders – Waiver of Premium rider (Accident Only), Disability Income rider (Accident Only), and Return of Premium rider.

Cover Genius and Turkish Airlines Launch Partnership to Bolster Embedded Protection to Global Travelers. Press release, October 6, 2022.

Turkish Airlines passengers will be protected for international and domestic trips directly in the booking path by Cover Genius’ award-winning global distribution platform, XCover. Customers can dynamically bundle and unbundle coverage to protect them against their unique concerns, should something go wrong during their travels.