HDFC Standard's 2 new schemes

MUMBAI, OCT. 8. HDFC Standard Life Insurance Company will declare a bonus for policyholders at the end of its first year of operations even as it introduced two new insurance plans today.

``We will declare a reversionary bonus at the end of our first year, which will be added to the sum assured to be paid at the time of maturity or in event of death of policyholder,'' according to Mr. Deepak Satwalekar, Managing Director and CEO.

On the two new products, term assurance plan and loan cover term assurance plan, he said the former was a pure protection plan under which the sum assured was payable in case of death of the life assured during the term of the contract.

Customers can opt for optional benefits such as accidental death benefit, critical illness benefit and accelerated sum assured, he said adding, since this was a pure risk cover plan no benefits were payable on survival to end of policy term. Loan cover term assurance plan was designed to help a person's family repay the outstanding loan in case of death.

As outstanding loan decreases as per the loan schedule, the cover under the policy decreases as per the policy schedule.

Mr. Satwalekar said both these products came with joint life term assurance. Mr. Keki Mistry, managing director said they were talking to two companies for foray in non-life insurance sector. ``We expect to announce something by the end of this calendar year.'' Mr. Satwalekar said for its group term insurance plan, the company was introducing a choice of five optional benefits - accidental death, critical illness, terminal illness, total permanent death benefit and total and partial permanent disability benefit.

At present, HDFC Standard Life Insurance was talking to new companies for group term insurance plan, he said adding, they would also take up this policy for discussions with reinsurers in case of armed forces.

The group size could start from 25 members and go up to even five lakhs. The company was discussing with one entity for group insurance of five lakh members, he said.

HDFC Standard Life has set a target of 25,000 policies in the first year, which would be achieved. On unit-linked products, he said ``We are working on it and will be launched it only next year.'' The company today opened its new office in Thane, taking the total to 13, he said adding, by the end of this fiscal they would have 18 branches.

HDFC Standard Life also offers other plans including endowment assurance, money back and single premium whole of life.

- PTI

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