Life

Canada

BMO Insurance introduces Wealth Accelerator, a new option on its Whole Life insurance plan. Press release, September 23, 2020.
The Wealth Accelerator offers clients more liquidity in the early years, allowing themto get access to capital while still benefiting from valuable life insurance to protect their business or estate.

Ghana

Partnership to provide cover for customers. Middle East Insurance Review, September 10, 2020.
Korba, an electronic platform, has partnered with Prudential Life Insurance Ghana to provide life insurance cover at no additional cost for its existing customers. The two benefits include the hospital cash plan (HCP) and the death or total permanent disability (TPD) plan. The sum assureds up to GHS10,000 ($1,730) for death or TPD, and daily cash pay-outs of GHS100 for up to 30 days of hospitalization.

Hong Kong

FTLife launches ground-breaking On Your Mind insurance plan. PR Newswire Asia, September 11, 2020.
On Your Mind Insurance Plan (On Your Mind) is a comprehensive life protection policy boasting three first-in-market features: a built-in policy reverse mortgage function, severe dementia benefits, and a flexible death benefit settlement. There are two versions: Smart Version, which has lower premium levels, and the Superior version, which is tailored for customers who desire a return on their savings.

Fubon Life Hong Kong launches Fortune Bright Saver. PR Newswire, August 17, 2020.
Fortune Bright Saver is a 5-year-pay life insurance plan. The plan offers annual payouts that are 3% of the nominated amount of the policy for the first five years. The plan is designed for multigenerational wealth management. The customer can preselect succeeding Insured Person; the policyowner can also apply to designate a Contingent Insured Person..
 
FWD Hong Kong collaborates with Octopus to launch Cash-up Insurance plan. Life Insurance International, July 29, 2020.
The Cash-up insurance plan is a savings and protection plan with life protection. The crediting interest will be calculated daily and put into the client’s account and can be withdrawn at each policy anniversary.

AXA launches Wealth Ultra Savings Plan. Business Insider, July 6, 2020.
Wealth Ultra is a new savings plan with three unique features: flexible premium option, flexi continuation option, and no aggregate limit for bonus lock-in rate.

India

Bharti AXA Life Insurance launches new ULIP. Mint, September 22, 2020.
The Bharti AXA Life Wealth Pro Plan is a unit-linked individual insurance plan. It has an issue age of 91 days up to 99 years. It offers the triple benefits of regular savings, enhanced protection, and market-linked returns.

Aditya Birla Sun Life launches new insurance plan with flexibility to make unlimited withdrawals. CNBC, August 17, 2020.
The ABSLI Assured Flexi Savings Plan is a fully guaranteed, non-linked, non-participating life insurance plan. It allows policyholders instant access to their money by giving them the flexibility to make unlimited withdrawals from their policy. The plan returns 110% of total premiums paid back to the policyholder during policy maturity.

Active Income Plan: A three-generation income solution . PR Newswire, August 5, 2020.
The Active Income plan offers an optional flexible income benefit and aims to cover for three generations. The family benefit option provides income to the family and maturity benefits in case the policyholder is diagnosed with a critical illness or passes away. The individual can either choose the Early Income Benefit option to start receiving guaranteed income from the second policy year, or the Deferred Income Benefit option, to start receiving guaranteed income a year after the policy paying term ends.

PNB MetLife guaranteed Future Plan. Product Brochure, August 2020.
PNB MetLife Guaranteed Future Plan is an individual, non-linked, non-participating savings life insurance plan. The plan has four options: Endowment, Income, Income + Lumpsum, and Income + Boosters. The plan offers flexible premium payment options ranging from five, seven to 15 years, or single pay.

Tata Communications launches Secure Connected Digital Experience to help enterprises rebuild for a post-COVID world. Press release, August 4, 2020.
The Secure Connected Digital Experience (SCDx) is a new proposition for enterprises to help them rebuild and adapt their organizations for a post-COVID world. the proposition consists of three offerings. One of these is Tata Communications Digital Customer Experience Platform, which recreates the in-store experience online for B2C companies, with the next generation of enterprise commerce and video collaboration solutions for superior digital customer engagement.

Japan

Mitsui Sumitomo Primary launches a LTC rider attachable to currency selection type special whole life insurance. Press release, July 13, 2020. (Text in Japanese)
The rider has an issue age of 40 to 90 years of age. There is a single premium of USD30,000.  The LTC benefit is paid on diagnosis of dementia or LTC +1 or two.

Malawi

TNM Mpamba launches Tonthozo funeral policy. Nyasa Times, August 27, 2020.
The Tonthozo Funeral Policy is an affordable life insurance cover policy. The cover ranges from MK 75,000 to MK 500,000. The Family Cover provides cover for the subscriber, spouse, and up to two children. The registration, management, and processing of claims will be provided electronically.

Malaysia

Short-term commitment, longer protection with Allianz MoneyBack. Press release, September 4, 2020.
Allianz MoneyBack only requires policyholders to commit to a premium payment of six years to enjoy life protection coverage for 15 years. The plan offers a maturity benefit, which is a lump sum payment of the total premium paid over the last six years if no claim is made over the 15-year coverage period.

Allianz launches lifestyle protection insurance plan. Press release, July 7, 2020.
Allianz Lifestyle Protect is an all-in-one protection plan. The plan has an issue age of 16 to 65 years and is available in five different plans, from as low as RM85 per year. The plan offers a Rehabilitation Expenses benefit that reimburses the policyholder for consultation and treatment costs if the policyholder requires rehabilitation following hospital discharge due to an accident.

Mexico

HSBC strengthens its individual life insurance product. Eleconomista, July 14, 2020. (Text in Spanish)
HSBC Mexico reported new coverage for its individual life insurance which now includes serious illness. The serious illnesses covered include any type of cancer, acute heart attack, stroke, or end-stage renal failure. In addition, an optional coverage includes survivor insurance, which will pay the contractor 35% of premiums paid during the five years of the policy.

Philippines

Medical insurance for kids launched. PhilStar, September 16, 2020.
AIA Med-Assist for children is a variable life insurance plan with a medical benefit rider. The issue age is from 0 to 17 years. It covers 90% of in-patient hospitalization and other medical expenses.

Manulife PH, Manulife China Bank make term insurance more accessible. Sunstar, July 20, 2020.
Manulife Philippines has lowered the minimum premium for its one-year term life product from Php 12,000 to Php 10,000. The term life plan is available in the Philippine Peso (PHP) and U.S. dollar. The plan offers flexible quarterly, semi-annual or annual payment options.

Singapore

Singtel offers insurance savings plan on Dash app. Business Times, June 29, 2020.
Dash EasyEarn is an insurance savings plan. There is a minimum of S$2,000 and a maximum of S$20,000 in initial premium. Policyholders get a guaranteed return of 1.5% per annum for the first policy year. Interest is earned only if the minimum policy amount of S$2,000 is maintained at all times.

South Africa

Telkom launches life insurance business with Guardrisk. Press Release, August 4, 2020.
Telkom Financial Services launched a life insurance business that will initially sell funeral insurance underwritten by Guardrisk Life. They will soon launch a digital wallet service for customers to buy products and pay for services via its Yep! app.

United States

Policygenius expands marketplace with accelerated life insurance from Lincoln Financial Group. PR Newswire, September 15, 2020.
Lincoln TermAccel offers life insurance protection for 10-, 15-, 20- or 30-year terms. If offers a streamlined, digital-first application process, eligible customers can secure coverage within just a few weeks without a medical exam.

ERIExpress Life from Erie Insurance makes life insurance buying experience quick and easy. PR Newswire, August 12, 2020.
ERIExpress Life is a quick-issue term and whole life product designed to make the life insurance purchase experience quicker and easier. It offers a convenient application process, no physical exam, and competitive rates. The product will be available from August 2020, allowing customers to choose from a range of term or whole life policies, with coverage amounts from $10,000 to $500,000.

Haven Life launches Haven Secure, an innovative term life insurance option that provides a steady monthly benefit for your loved ones. PR Newswire, August 12, 2020.
The Haven Secure new term life plan can be purchased 100% online. It will initially be sold through partners, including fintechs, insurance brokers, parenting websites, and more. There is no need for a medical examination. It offers a minimum monthly payout for a duration of five years.

The Savings Bank ​Mutual Life Insurance Company of Massachusetts (SBLI) launches final expense whole life insurance. Business Wire, July 28, 2020.
The Final Expense Whole Life Insurance policy offers a cash payment that customers can use for more than just funeral costs.
The issue age is from 50 to 80 years. The policy can be used to pay unsettled medical bills, credit card balances, and any purpose the beneficiary chooses.

Lincoln Financial Group launches retirement plan solution to help Americans protect savings from volatility with guaranteed income for life. Business Wire, July 15, 2020.
Lincoln PathBuilder enables retirement savers to turn 401(k) savings into retirement income. When participants invest their first dollar in the Lincoln PathBuilder investment option, their Income Base — how much they have invested — is set on that date. The Income Base is reset annually.

Transamerica Life Bermuda launches Wealthassure Universal Life to meet evolving needs of high net worth customers. PR Newswire, July 7, 2020.
Wealthassure Universal Life is a universal life plan specially designed for high net worth individuals who are seeking a life insurance solution that offers capital preservation and stable returns. The plan has two payment options; the insured can choose to pay the premium either through a single premium payment option or a periodic premium payment option spread over five years.

Foresters Financial launches Children’s Whole Life Insurance. PR Newswire, July 6, 2020.
BrightFuture is a standalone whole life insurance policy for children. It is designed specifically for those currently under the age of 18. The policy can cover up to six children. The owner can transfer the ownership to the child at any age and time of their choosing.

Ameritas launches updated term life insurance product. Press release, July 1, 2020.
Enhancements to the Ameritas Value Plus Term Life Insurance (Value Plus Term) include the ability to convert the policy to any currently offered Ameritas permanent single life insurance policy. Protection is provided for 1-, 10-, 15-, 20- and 25-year terms.