Insurance products with an innovative touch - ULIP NAV

1
ULIP NAV
2
Insurance products with an innovative touch
3

• In the last six years, the insurance sector has
  introduced innovative products. The wide range of
  products are designed as per the needs of the
  people. Here are some of the interesting
  insurance products offered by different
  insurers.

4
General insurance

• Event cancellation insurance
• It is designed to cover loss caused in case an
  event gets cancelled, relocated or postponed for
  defined triggers. Events like musical concerts,
  dance programmes, weddings and cricket matches
  can be covered under this product. Premium
  charged differs as the risk associated with each
  event is different. Poor weather conditions, non
  appearance of the performers and relocating the
  events due to security reason are a few triggers
  which may lead to cancellation of events.
• This insurance also covers public liability
  policies, where it can cover for any liability on
  the host or event planner for causing bodily
  injury or property damage to the guests at the
  venue. For wedding insurance, the premiums range
  between Rs2,200 and Rs8,200, where the cover is
  anywhere between Rs20 lakh and Rs73 lakh.

5
Card sure package policy 

• This covers customers of banks, financial
  institutions and customers from any other banking
  and financial service Industry (BFSI) which
  provide a credit, debit, ATM (automated teller
  machine) or any other cards launched by them. A
  person will be covered if he is a customer,
  account holder, unit holder (in case of mutual
  funds) or has taken loan from that respective
  financial institution. The policy offers
  combinations of coverages and the insured can opt
  for the relevant sections depending on the
  coverage requirements and limit of liability
  required by the insured. The premium ranges from
  Rs3 to Rs1000, where as the sum assured offered
  is from Rs10,000 to Rs50 lakh.

6
Critical illness 

• This policy insures a person against the risk of
  various critical illnesses like cancer, heart
  attack (covers only first attack), kidney
  failure, organ transplantation and stroke. A
  guaranteed sum assured is paid in case of death
  if the person is diagnosed with critical illness
  as specified by the insurance company. The
  premium starts from Rs800 to depending on the
  cover one takes. And the sum assured ranges
  between Rs1 lakh and Rs50 lakh.
• Some insurers may prefer only one time claim
  payment for this product. It is better to buy a
  critical illness rider than a stand-alone plan as
  it works out cheaper because standalone policies
  need to be bought every year where as riders get
  auto renewed with base policy for term of policy.

7
Highest NAV (net asset value) guarantee

• The rising concern of the customers during the
  financial crisis has led to the design of such a
  product. It provides security against the market
  fluctuations. It is a typical Ulip NAV
  (unit-linked insurance plan) which gives returns
  on the performance of the funds NAV. Under this
  plan, even though the NAV is low on the maturity
  date, policy holder will be entitled to receive
  the maturity amount on the basis of highest NAV.
• In this plan, the fund is proportionally divided
  into equity and debt market. When the highest NAV
  under the plan is reached, it is secured by
  shifting equity proportion to debt and by doing
  so the customer will get the highest NAV on
  maturity. But it cannot promise a high return.
  People who are risk averse can opt for this plan
  and it is costlier than a normal Ulip.

8
Life stage based products (LSBP) 

• The emergence of LSBPs ensures the fulfilment of
  specific customer needs falling into various age
  groups. Child plans and retirement plans fall
  under this category. Child plan covers the risk
  and helps parents in keeping sufficient amount
  for their childs future. Both, traditional and
  Ulip plans are available under this. Increasing
  longevity and rise in cost of living makes people
  worried about their retirement hence, making
  retirement products more popular.
• Source http//www.dnaindia.com/money/report-insur
  ance-products-with-an-innovative-touch-1570456

9
Follow us on
https//www.facebook.com/bajajallianzlifeinsurance
ltd
https//www.linkedin.com/company/bajaj-allianz-lif
e-insurance-co-ltd-
http//plus.google.com/bajajallianz/posts
https//twitter.com/bajajallianzLIC
https//www.youtube.com/user/jiyobefikar
https//instagram.com/bajajallianzlifeinsurance
10
Click to know more on ULIP NAVhttps//www.bajaja
llianz.com/Corp/ulip-plans/ulip.jsp
Thank You ..!!