MUMBAI: Aditya Birla Sun Life Insurance Company Limited (“ABSLI”), the life insurance subsidiary of Aditya Birla Capital, India’s leading diversified financial services company, today announced the launch of ABSLI Anmol Akshaya, a savings-oriented participating life insurance plan designed to help customers achieve future goals while safeguarding their families against life’s uncertainties.

 Exclusive offerings of the Plan:

1. My Child: Policyholders can choose milestone-based income pay-outs aligned to key stages of a child’s educational journey, from undergraduate studies and professional courses to post-graduation and career beginnings.

2. My Savings: Designed for customers looking to create a medium to long-term corpus for future goals such as daughter’s marriage, buying a house, retirement planning, etc., while also ensuring life insurance protection for their families.

3. HER Benefits: For women, the plan offers attractive savings for future goals and exclusive HER Benefits built into the plan. The proposition includes complimentary Health Management Services, providing access to medical consultations, health coaching, second medical opinions, and personal medical care management to support proactive health management.

ABSLI Anmol Akshaya offers customers added flexibility through optional protection enhancements such as the Extended Life Cover (ELC) option that enables customers to continue their life insurance cover beyond Maturity up to the age of 75 or 85. Additionally, the Policy Continuance Benefit (PCB) helps safeguard long-term financial goals of the family by offering an immediate death benefit, under specified conditions, on the death of the Life assured. Besides, this benefit also provides a waiver of future premiums upon the death of the Life Insured, while policy benefits continue till maturity.

Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Company Limited, said, “Financial planning today is increasingly centered around life goals rather than standalone products. From securing a child’s future, family’s future goal, and a savings corpus to address the evolving financial and wellness needs of women, customers seek solutions that support them through different stages of life. With ABSLI Anmol Akshaya, we have created a proposition that combines savings and protection, along with meaningful benefits, helping customers pursue their aspirations with greater confidence and financial resilience.”

As a part of the HER benefits offering of ABSLI Anmol Akshaya plan, it also features a Motherhood Benefit, under which eligible women can receive an accelerated payout equivalent to one annualized premium upon childbirth after a certain policy duration. Further, the Cancer Care Benefit provides an accelerated payout of 25% of the Guaranteed Maturity Benefit upon diagnosis of a covered woman-specific cancer.

The post Aditya Birla Sun Life Insurance Introduces Anmol Akshaya appeared first on NRI News.

MUMBAI: ICICI Prudential Life Insurance launched ICICI Pru Platinum, the Company’s first unit-linked product which aligns distributor payouts to their customers’ fund value – the distributor commissions are linked to their customers’ Assets under Management. This unique product incentivises distributors to encourage their customers to stay invested for the entire policy tenure. Notably, it offers customers a cost and tax-efficient route to build wealth over the long-term.

ICICI Pru Platinum provides unlimited free switches between asset classes, without any cost or tax implications. Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in the debt and balanced categories, besides offering an option of four portfolio strategies.

Announcing the launch, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “ICICI Pru Platinum, our Company’s first unit-linked product designed to make distributor payouts aligned to their customers fund value, promoting the long-term interests of both.

We endeavour to continuously innovate and introduce products and processes which are simple. This is in line with our philosophy of ensuring right product to the right customer at the right price and through the right channel. We have introduced pioneering products on the annuity and pension savings platform. These include an annuity product which offers a 100% refund of all premiums paid from the date of purchase. We also offer a traditional product which allows customers to make partial withdrawals to meet liquidity requirements.

Notably, we are the only life insurer in the country to payout commissions to distributors on the same day. Besides, achieving the milestone of issuing ~45% of our savings policies on the same day in FY2024.”

He further added “Life insurance is all about claims and as a customer friendly brand we aim to settle all claims speedily. This is reflected in our industry leading claim settlement ratio of 99.2% for FY2024 with an average turnaround time of just 1.3 days.”

ICICI Pru Platinum provides a choice between two life cover variants. The Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher. Whereas the Protect Plus variant offers the nominee both the sum assured and the fund value.

The post ICICI Prudential Life Insurance Launches Its First ULIP With Fund Value-Based Distributor Payouts – ICICI Pru Platinum appeared first on NRI News.