MAX NEW York Life Insurance Co. Ltd has launched four new unit-linked insurance plans (Ulips), which conform to the cost caps introduced by the Insurance Regulatory and Development Authority (Irda). The four Ulips— Fortune Builder, Unit Builder Plus, Smart Invest Pension Super and Smart Express—have some exclusive features.
Fortune Builder: This Ulip gives either the sum assured or the fund value, whichever is higher, as death benefit (type I Ulip). To encourage customers to invest for the long term, it pays a loyalty bonus, which is a percentage of the sum assured—120% for 10 years, 210% for 15 years and 290% for 20 years. It gives the option of increasing the sum assured periodically by paying extra premium and age-related asset allocation.
Unit Builder Plus: This has a limited premium-paying term and gives both the sum assured and the fund value to the nominee if the policyholder dies (type II Ulip). It has a fixed tenure of 20 years. You need to pay premiums only for 10 years. The plan offers loyalty bonus by adding 100% of the annual premium to the fund value at the end of 10 years. From the 11th year, it starts paying an annual income, which is 25% of the annual premium every year till maturity.
Smart Invest Pension Super: This is a pension plan that has no premium allocation charge. This means that there are no upfront costs. It is available in regular premium, limited premium and single premium-paying modes. This plan offers you a cover up to Rs10 lakh. This policy also pays a maturity bonus, up to 60% of your annual premium. These loyalty additions are available only if you pay premiums regularly.
Smart Xpress: This is a type I Ulip that gives you the option to systematically transfer your money from a debt fund to an equity fund to protect your money from market volatility. The premium gets invested into a debt fund and every month 1/12th of the fund value is systematically transferred to an equity fund. This option is available only if you choose the regular premium paying mode. For limited premium payment mode and single premium payment mode, you will need to choose from seven fund options.
Pay Insurance premium over the phone
FUTURE GENERALI, the insurance joint venture between India’s Future Group and Generali of Italy, is going to make it possible for you to pay your insurance premiums on the phone. The company is collaborating with tele-commerce solution provider Atom Technologies Ltd to allow customers to pay end-to-end premiums and renewal payments over the phone. Says Anup Seth, head (mall assurance), Future Generali, “End-to-end premium means that the customer can not only buy his policy online, but can also buy top-ups and do renewals on the phone itself.”
The payment process will go through the interactive voice response (IVR) platform. It won’t be very different from buying a cinema ticket on the phone.
To get this service, the customer would needs to call the insurer’s call centre. Once the policy details are explained and the customer makes up his mind to buy the policy, the company’s representative will connect the call to the IVR.
Says, Niranjan Gosavi, chief marketing officer, Atom Technologies, “Once the customer is connected to the IVR, he will get his policy details, such as the name of the policy, the policy number and the premium amount to be paid. The IVR will prompt the customer to feed in his credit card details. There is no human interaction in the process. Hence, it’s secure.”