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Case Studies and Management Resources
Asia's Most Popular Collection of Management Case Studies |
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Policyholders needed to pay premiums only for the first 12 years of the policy or until their depending on death whichever came earlier. Aviva launched three products in early 2002 – LifeLong, a whole life flexible protection plan, LifeSaver, a premium endowment savings plan, and LifeBond, a single premium investment bond. These three products were available under two options – 'unit linked' and 'unitized with profits.' Aviva was the first company in India which offered 'unitized with profit' products (like unit-linked products, under 'unitized with profit,' the premium was spilt into many units.
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A part of the investment returns were held back by the insurance company to offset market fluctuations during the term of the policy, and the surplus was distributed as terminal benefits). |
According to company sources, unitized products were more flexible, as the customer would be able to increase or reduce the level of protection or savings benefits.
With the above developments in the market, LIC too had to gear up for competition. In the year 2002, LIC introduced a new facility — the term assurance rider — that would accompany select life insurance policies. This facility provided an extra risk cover, which was double the existing risk cover under the plan, subject to an overall limit of Rs 25 lakh. In addition to Anmol Jeevan, it introduced a few other new policies in early 2002 – 'Jeevan Anand' (a combination of an endowment and a whole life plan), 'Jeevan Rekha' (a combination of money back and whole life plan), 'Jeevan Surabhi' (a money back policy) and 'Jeevan Mitra' (an endowment policy). The 'Jeevan Surabhi' policy offered early payment of survival benefits and money back facility.
Life Insurance Marketing in India (C) The Changing Product & Pricing Norms - Next Page >>>
Case Code : MKTG028
Themes: Pricing
Case Length : 14 Pages
Period : 2000-2002
Organization : ICICI Prudential, Max New York Life, ETC
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Insurance
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