ICICI Lombard has come up with a superb product for our farmers who are the most important and yet the most neglected segment of our society. Lombard Insurance along with Weather Risk Management Services has come up with hybrid weather cum satellite imagery based insurance product for farmers in India. Although weather based crop insurance products are not new to Indian agriculture but the distinctive feature of this product is that it uses satellite based imagery to assess crop yields. With the help of this product farmers would take relatively lesser time to estimate the yield of an area by conducting crop cutting experiments. This new product would also help crop monitoring and predicting more accurate food grain production, thus benefiting the farmers tremendously to plan their sales and also the government to avert the possibility of any shortage in food grain production.
An initiative of a first of its kind taken by Tata AIG Life Insurance specially made to suit the needs of the rural sector. Navkalyan Yojna is a five year Micro Insurance plan that provides financial protection to the rural policy holder at reasonable rates. The policy also has the facility of adding an Accidental Death benefit rider that will provide additional benefit less than or equal to the sum assured in the case of an unfortunate event.
Sampoorn Bima Yojna:
Another attempt to provide assistance to the rural policy holder Tata AIG Life Insurance has come up with the Sampoorn Bima Yojna which promises to pay the policy holder a cover for 15 years on payment of a premium for 10 years.
Once again an attempt by Tata AIG Life Insurance to protect the rural segment of our country by coming up with the Ayushman Yojna policy. On the payment of a single premium at the beginning of the policy term for a period of 10 years the policy holder gets back 25% extra at the end of the plan.
The latest product launched by Max New York Life Insurance is known as ‘Secure Dreams’. This product as claimed by the company is the only product in the entire universe that offers the best of Unit Linked Life Insurance and Traditional products. The premium collected from this policy would not be invested in equities rather they would be invested in government or corporate bonds. For the first 3 months the customers would get an interest of 6.5% of the product, which would make it a fast moving product in the insurance market.
The life insurance arm of State Bank of India SBI Life Insurance Co Ltd has come up with an innovative unit linked product called Smart Ulip. The product promises to return a Net Asset Value of 168 fortnightly NAVs during the first seven years or NAV after maturity whichever is higher. The Smart Ulip also provides to its customers the benefit of shorter premium paying terms which could be as short as 3-5 years and further also give them the facility of tax benefit under section 80 C and section 10 (10 D) of the Income Tax Act.
Free Cover Plan:
The latest product offered by Aviva Life Insurance is meant ior new parents, which is known as Free Cover Plan. This plan provIdes lile cover to new parents up to Rs.6, 70,000 approximately if their new born baby is not more than 6 months old. This policy would last until the child’s first birthday. The basic idea behind taking such a step to provide free insurance to new parents is basically a way to tell young parents that the necessity of financial protection starts early.
New Accelerated Critical Illness Policy:
Future Generali India Insurance Company Ltd has launched its latest health insurance product which is termed as New Accelerated Critical Illness Policy. The extra ordinary feature about this product is that if claimed before the end of the term period the assured sum is paid to insured. To be a little more precise in the event of a diagnosed critical illness a person can claim the amount assured to him so that the treatment can start off immediately. It is a comprehensive plan with low rates of premiums to be paid. However the policy covers 12 critical illnesses.