Chennai: SUD Life, a joint venture of Bank of India, Union Bank of India and Dai-ichi Life, has launched a new product e-Wealth Royale.
According to a press note, it is an unit linked non-participating, individual life insurance plan providing life cover with flexibility to choose your wealth creation on your own terms.
‘The product provides you, the flexible option of choosing a platinum or platinum plus, with an inbuilt waiver of premium in case of death, total and permanent disability. You also have the option of increasing the premium paying term (PPT) and policy term at a later date,’ it added.
New terrms for reinsurance
Munich Re has come out with new terms for supporting the reinsurance programs of life insurance companies.
Munich Re has also proposed to hike its rates by as much as 50 per cent. Reinsurance rates are one of the inputs for determining the insurance rates on term policies. The increase would not get fully reflected in term insurance premium as only a portion of the risk is reinsured. Besides reinsurance rates, Indian insurers price policies based on the industry’s experience in respect of mortality.