Generali Central Life launches ULIP-Term hybrid plan to drive financial growth
Generali Central Life has launched a new insurance product that blends the benefits of a Unit-Linked Insurance Plan (ULIP) with term life insurance, aiming to support long-term financial growth alongside robust protection. This innovative plan, tailored to appeal to India’s emerging middle-class and wealth-conscious consumers, offers a dual advantage: wealth creation through market-linked returns and life coverage for financial security.
The policy allows customers to invest premiums in a variety of funds ranging from equity to debt, depending on their risk appetite. At the same time, it ensures that the insured’s family receives a death benefit in case of an untimely demise. Policyholders can switch between funds, opt for partial withdrawals, and track portfolio performance through digital channels, providing greater transparency and control.
A key highlight is the plan’s flexibility—customers can choose premium payment terms, policy duration, and fund options, making it suitable for goals like children’s education, retirement planning, or wealth accumulation.
Generali Central Life has positioned this hybrid plan as part of its broader strategy to offer need-based, tech-enabled insurance products to India’s evolving demographic. The launch aligns with the company’s focus on financial empowerment and long-term savings, especially in a post-pandemic economy where both protection and growth are in demand.
LIC launches ‘Amrit Bal’ policy to secure children’s future with guaranteed benefits
Life Insurance Corporation of India (LIC) has launched a new plan named Amrit Bal, designed specifically to build a strong financial foundation for children. The policy caters to parents and guardians who wish to invest in their child’s future educational and life needs while also ensuring financial protection in case of unforeseen events.
The Amrit Bal policy is a non-linked, non-participating, individual savings life insurance plan, offering both savings and protection features. The proposer (typically a parent or grandparent) pays the premiums, while the life cover is on the child (the life assured). The entry age for the life assured is a minimum of 30 days and a maximum of 13 years, and the minimum age at maturity is 18 years.
Key features of LIC Amrit Bal policy:
- Guaranteed maturity benefits: A lump sum is paid out at maturity, which can help cover significant life expenses like higher education, marriage, or business startup.
- Flexible premium payment terms: Premium can be paid for limited terms (such as 5, 7, or 10 years), depending on the chosen policy term.
- Risk cover after deferment period: The life cover begins after a deferment period (2 years or when the child turns 8, whichever is later).
- Death benefit: In case of the unfortunate demise of the child after commencement of risk, the sum assured on death is paid along with accrued guaranteed additions.
- Guaranteed Additions: The policy offers guaranteed additions at Rs. 80 per Rs. 1000 sum assured for the first 5 years and Rs. 85 per Rs. 1000 from the 6th year onward till policy maturity.
- Loan facility: Policyholders can avail of loans after two years of full premium payment.
- Tax benefits: Premiums paid may be eligible for tax deduction under Section 80C, and maturity/death proceeds under Section 10(10D) of the Income Tax Act.
The Amrit Bal plan aims to ensure that parents can systematically build a corpus for their children’s future, while also offering a safety net in case of emergencies. This new policy aligns with LIC’s vision of combining traditional savings with long-term protection, and caters especially to Indian families looking to secure their child’s dreams with disciplined financial planning.
The plan is now available for purchase across LIC branches and authorised agents nationwide.
