ICICI Prudential Life launches guaranteed market-linked plan
ICICI Prudential Life Insurance has launched ICICI Pru Signature Secure, the Indian life insurance industry’s first Unit Linked Insurance Plan (ULIP) to include a built-in guaranteed maturity benefit.
The new individual savings plan is designed for customers seeking tax-efficient guaranteed returns alongside life insurance coverage.
The policy requires a single, one-time investment with a policy term of five years.
Upon maturity, the policyholder receives whichever is higher between the actual fund value or the guaranteed maturity benefit, which can reach up to 140% of the initial premium.
The product also features zero premium allocation and policy administration charges.
According to Vikas Gupta, Chief Product Officer at ICICI Prudential Life Insurance, the plan aims to provide better post-tax outcomes than traditional instruments like fixed deposits and bonds, whilst maintaining financial protection.
West Bengal announces mukhyamantri Swasthya Bima Yojana with Rs. 5 Lakh cover
The West Bengal Government has announced a new state-sponsored health coverage initiative, the Mukhyamantri Swasthya Bima Yojana, for residents who are not eligible for coverage under the Central Government’s Ayushman Bharat scheme.
Under the proposed scheme, eligible beneficiaries will receive health insurance coverage of up to Rs. 5 lakh. An important feature of the initiative is the proposed portability of benefits, with beneficiaries expected to be able to obtain treatment at empanelled hospitals across India rather than being restricted to healthcare facilities within West Bengal.
The scheme is intended to complement the implementation of Ayushman Bharat in the state and extend financial protection to people who may otherwise remain outside the Central scheme’s eligibility framework. Enrolment under Ayushman Bharat has commenced across districts, while the distribution of health insurance cards is expected to be undertaken in phases.
The State Government has also indicated that beneficiaries presently enrolled under the Swasthya Sathi programme would be brought within the Ayushman Bharat framework in a phased manner. The Mukhyamantri Swasthya Bima Yojana is expected to operate as an additional protection mechanism for those who do not qualify for Ayushman Bharat.
By offering coverage of up to Rs. 5 lakh and access to empanelled hospitals outside the state, the initiative seeks to improve healthcare access while reducing the financial burden arising from hospitalisation and major medical treatment.
ICICI Prudential Life launches iProtect Smart Plus with 10-Year cover option
ICICI Prudential Life Insurance has introduced ICICI Pru iProtect Smart Plus, a protection product featuring a fixed 10-year life cover option. The plan has been designed for individuals seeking substantial life insurance protection during a defined period when their financial obligations may be at their highest.
The 10-year cover option may be particularly relevant for customers managing home loans, business borrowings, children’s education expenses or other outstanding financial commitments. By limiting the protection period to a specific phase, the product seeks to offer relatively affordable life cover aligned with the customer’s immediate financial responsibilities.
The plan provides a 100 per cent payout upon diagnosis of a terminal illness, subject to policy terms. It also includes instant claim support of Rs. 3 lakh, intended to provide immediate financial assistance to the policyholder’s family during the claim-settlement process.
Nominees can select from different death-benefit settlement options. The proceeds may be received as a lump sum, regular income, increasing income or a combination of lump sum and income, depending on the family’s financial requirements.
The product also includes complimentary health and wellness services valued at up to Rs. 67,100. These services seek to extend the proposition beyond pure mortality protection by supporting the policyholder’s broader health and well-being requirements.
According to the insurer, the new cover option has been developed in response to the growing preference for goal-linked protection. Instead of purchasing life insurance only for a very long duration, customers may use the 10-year option to protect the period during which income dependency, debt exposure and family responsibilities are especially significant.
Canara HSBC Life introduces Promise2Secure Term Insurance Plan
Canara HSBC Life Insurance has launched Promise2Secure, a non-linked, non-participating, individual pure-risk premium life insurance plan offering life protection, optional spouse coverage and several additional benefits.
The product is available under two plan options: Life Secure and Life Secure with Return of Premium. The Life Secure option provides protection during the selected policy term, while the Return of Premium option returns the total eligible premiums paid if the policyholder survives until maturity, subject to the terms of the policy.
Customers can select either level or increasing cover. Under the increasing-cover option, the sum assured increases by 10 per cent annually, up to a maximum increase of 100 per cent of the original sum assured over ten years. The product also offers a life-stage enhancement facility through which eligible customers may increase their cover following events such as marriage, the birth or legal adoption of a child, or the purchase of a house.
A feature titled Block Your Premium Rate allows policyholders to lock in the premium rate at inception and increase the base sum assured by up to 100 per cent during the first five years, subject to the applicable conditions.
Optional protection is available against accidental death, accidental total and permanent disability, and 40 specified critical illnesses. The plan also provides an in-built waiver of future premiums following the diagnosis of a terminal illness. Depending on the options selected, future premiums may also be waived following accidental total and permanent disability.
The Child Care Benefit can provide an additional sum assured to support a child’s financial needs following the death of the insured. Death benefits can be paid as a lump sum, monthly income or a combination of the two. An instant payout facility is also available for eligible death claims.
Additional services include teleconsultations, diagnostic support, health assessments, fitness-related services and online will preparation. A premium-deferment facility of up to 12 months is also available without discontinuing the risk cover, subject to policy provisions.
Telangana launches new Employees Health Scheme
The Telangana Government has introduced the New Employees Health Scheme, providing healthcare coverage to state government employees, pensioners and their eligible dependent family members.
The scheme is expected to cover approximately 17.88 lakh beneficiaries and provide access to cashless medical and surgical treatment through an approved network of hospitals. It replaces or restructures the earlier employee healthcare arrangement with the objective of creating a more comprehensive and sustainable health-protection system for serving and retired government personnel.
The scheme covers state government employees and pensioners along with eligible family members and dependants. Treatment is to be provided through government hospitals and empanelled private healthcare institutions in accordance with the notified procedures and package rates.
A dedicated health scheme fund is to be supported through contributions from employees and pensioners. Government orders provide for a contribution equivalent to 1.5 per cent of basic pay or basic pension towards the Employees Health Scheme Fund. The contribution-based structure is intended to strengthen the financial sustainability of the programme while ensuring continuing access to cashless healthcare.
The scheme seeks to reduce dependence on the conventional reimbursement process, under which employees may be required to pay hospital expenses initially and seek repayment later. Cashless treatment can provide more immediate support, particularly in cases involving major surgery, critical illness or emergency hospitalisation.
By bringing employees, pensioners and their eligible family members under a unified framework, the New Employees Health Scheme represents a significant expansion of organised health protection for Telangana’s government workforce.
