Life insurance companies have come forward with insurance plans with guaranteed returns to help people for achieving their different life goals. After the spread and scare of COVID-19, financial stability becoming quite difficult for most of the people in the society.
Most of the life insurance companies increased the proportion of non-participating saving products with guaranteed returns in the past few months as an alternative to the falling bank fixed deposit rates. Very recently, Bharti AXA Life Insurance, the leading private insurer introduced a different plan — Bharti AXA Life Guaranteed Income Pro. The plan offers life insurance along with maturity benefits and guaranteed returns. This plan aims aim to provide financial stability to people and ensure policyholders of the future income requirement. The plan ensures the dual benefit of savings and protection.
Similarly, IDBI Federal Life Insurance launched a Guaranteed Income Plan which was a non-linked, non-participating life insurance plan to provide a combination of guaranteed returns and protection. Karthik Raman, CMO and Head — Products, IDBI Federal Life Insurance expressed that a large section of individuals experiencing financial worries and stress in the prevailing uncertain scenario, it is necessary to protect the customer’s investment portfolio combined with a financial solution that offers guaranteed pay-outs.
On the other hand, Max Life Insurance had introduced its Smart Wealth Plan offers a life insurance savings plan with guaranteed returns and helps meet important life-stage needs. The plan is also designed to achieve a financially secure future. The Bharti AXA Life Insurance MD and CEO Parag Raja commenting on the introduction of the new protection-cum-savings plan that the Guaranteed Income Pro is an innovative solution that offers life insurance coverage and benefits of a savings product.
ICICI Prudential Life Insurance introduced ICICI Pru Guaranteed Pension Plan that guarantees life-long income after the policyholder retires. The policyholders have the flexibility to choose between Immediate and Deferred Annuity. Apart from protection benefits many life insurance plans like Tata AIA Life Guaranteed Return Insurance Plan and HDFC Life Sanchay Plus also offer assured returns.