LIC Samridhi Plus was launched by India’s Life Insurance Corporation under the range linked with insurance based on security, protection and growth.
This is mostly directed towards policy holders protection the investments from any fluctuations that may hit the market.
This was also confirmed by the corporation stating that Samridhi Plus is a protection plan policyholders investments.
Another important feature of this policy is the life cover plan that stretches across a plan term of 10 years and covers around Rupees 50 lakh based under positive terms and conditions of the policy.
To avail Samridhi Plus an entrant’s minimum age limit should be 8 years while the maximum should be 65 years.
The range of minimum premium of this policy depends and can vary between Rs 1500 (through ECS) to Rs30, 000(by premium in a single go). It may also be in the form of a yearly payment of Rs 1 lakh for a payment period of 5 years.
The sale of this plan will be available throughout a term of 3 months from the launch date. Dual withdrawals are also sanctioned after the completion of the 5th anniversary.
Under the situation of death of the policy holder within the term of policy particularly when the life cover is at its full application, the person held as nominee will get a higher sum during the policy over the fund value of the policy holder.
Accident benefit as mentioned is also a part of this effective policy. The range of sum over the annualized premium ranges between 10-20 times below the age limit of 45 years under the premium term of 5 years of this policy.
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Monday, February 28, 2011
Friday, February 25, 2011
New ULIP Plan Lunched by LIC
Life Insurance Corporation of India launched 'Samridhi Plus' under its unit linked portfolio offering insurance protection, safety and growth.
Samridhi Plus safeguards policyholders' investment from market fluctuations, LIC said in a statement here.
Accident benefit option is also available under this plan that will be equivalent to the life cover up to a maximum of Rs 50 lakh, subject to positive conditions.
The policy term for the plan is fixed for 10 years, it said.
The minimum age at entry level for Samridhi Plus is 8 years while the maximum age is 65 years.
The minimum premium ranges from Rs 1500 (monthly - ECS) to Rs 30,000 (single premium) depending on the mode of payment while the maximum is Rs 1 lakh per annum under any mode for the 5 year premium paying term.
Samridhi Plus safeguards policyholders' investment from market fluctuations, LIC said in a statement here.
Accident benefit option is also available under this plan that will be equivalent to the life cover up to a maximum of Rs 50 lakh, subject to positive conditions.
The policy term for the plan is fixed for 10 years, it said.
The minimum age at entry level for Samridhi Plus is 8 years while the maximum age is 65 years.
The minimum premium ranges from Rs 1500 (monthly - ECS) to Rs 30,000 (single premium) depending on the mode of payment while the maximum is Rs 1 lakh per annum under any mode for the 5 year premium paying term.
Tuesday, February 22, 2011
Ulips to be a third of our products
With a focus on long-term savings plan and protection, Max New York Life Insurance has planned its traditional and Ulip products to suit the changing market dynamics. In an interview with FE’s Debojyoti Ghosh, the company's chief executive and managing director, Rajesh Sud, says the insurance company is looking at a healthy 33:67 mix of Ulip versus traditional over the next few years.
In the current market what kind of business do you foresee?
The year 2011 will be a year of change and adaptation for the life insurance industry. Life insurance industry will need to focus on and be sold as long term contractual savings and protection tool. It will also need to focus on providing consumers with a much more balanced product portfolio. The true value of a professional dedicated agent advisor will become truly visible since the product changes and disclosure requirements will ensure a higher seller and customer engagement at the time of the sale. Some select customer segments may also use the internet for simple products such as term plans.
Distribution trends may also under go changes. Much of the growth in life insurance is expected from increased agents' productivity.
Are you looking at a change in product mix and cost rationalisation?
A sustainable profitable growth is only possible through customer centricity. We will drive profitability in the business by reducing acquisition expenses and increasing persistency. We will enhance our focus on renewal income which obviously comes at a lower cost. For the period January to August, our product mix has been 30:70 (traditional: lips) and 85:15 for September to December. This significant skew toward traditional products has been mainly due to the limited Ulip offerings. We currently do not have pension and growth Ulips in our range which contributed 40(%) per cent in the first 8 months of 2010. We are looking at a healthy 33:67 mix of Ulip versus traditional over the next few years.
Is there any change in your investment scheme?
There has been no change in our investment philosophy. We follow a prudent investment philosophy to minimise risk.
The investments made by the company are in safe instruments – top 5 debt investments are AAA rated and majority of equity investment are in large cap, which are safe and provide good returns in the long run....
In the current market what kind of business do you foresee?
The year 2011 will be a year of change and adaptation for the life insurance industry. Life insurance industry will need to focus on and be sold as long term contractual savings and protection tool. It will also need to focus on providing consumers with a much more balanced product portfolio. The true value of a professional dedicated agent advisor will become truly visible since the product changes and disclosure requirements will ensure a higher seller and customer engagement at the time of the sale. Some select customer segments may also use the internet for simple products such as term plans.
Distribution trends may also under go changes. Much of the growth in life insurance is expected from increased agents' productivity.
Are you looking at a change in product mix and cost rationalisation?
A sustainable profitable growth is only possible through customer centricity. We will drive profitability in the business by reducing acquisition expenses and increasing persistency. We will enhance our focus on renewal income which obviously comes at a lower cost. For the period January to August, our product mix has been 30:70 (traditional: lips) and 85:15 for September to December. This significant skew toward traditional products has been mainly due to the limited Ulip offerings. We currently do not have pension and growth Ulips in our range which contributed 40(%) per cent in the first 8 months of 2010. We are looking at a healthy 33:67 mix of Ulip versus traditional over the next few years.
Is there any change in your investment scheme?
There has been no change in our investment philosophy. We follow a prudent investment philosophy to minimise risk.
The investments made by the company are in safe instruments – top 5 debt investments are AAA rated and majority of equity investment are in large cap, which are safe and provide good returns in the long run....
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