Two private sector life insurers, Aviva and Bajaj Allianz, on Friday launched a slew of unit-linked insurance products (ULIPs) following the new guidelines issued by the Insurance Regulatory and Development Authority (IRDA).
While Aviva introduced three new insurance plans, Pune- based Bajaj Allianz launched two ULIP schemes.
The two ULIP plans of namely Freedom Life Advantage, Life Saver Advantage offer enhanced value to the customers, Aviva said in a statement. Besides, the term plan Life Shield Advantage offers a feature with the return of premium with optional protection against disease and disability, it said.
These plans are in line with the current norms and have more investor-friendly features to provide for long-term savings and protection needs of our customers, said Aviva CEO T. R. Ramachandran.
Meanwhile, Bajaj Allianz launched Max Advantage and Wealth Insure. Max Advantage that locks the highest NAV (net asset value) guarantee during the entire policy period of 10 years, while the other product is a single premium endowment ULIP that provides a hassle-free way of investing money as well as taking care of insurance needs.
Bajaj Allianz is a joint venture between Bajaj Finserv and Germany-based Allianz.
Life insurance companies are coming out with new ULIP products as the insurance regulator IRDA had changed the guidelines on ULIP a couple of months ago to make such instrument more transparent and simple for investors.