This week in insurance: New life and savings products roll out, bancassurance deals expand across Asia

An Indian insurer has also partnered with a bank to expand coverage in the market.

The insurance industry from 5 to 9 January saw several product launches and distribution partnerships this past week, as insurers across Asia expanded their savings, investment, and income-focused offerings to meet evolving customer needs.

Tata AIA Life Insurance Co. Ltd. launched two new equity-oriented funds, the Tata AIA Multicap Opportunities Fund and the Tata AIA Multicap Opportunities Pension Fund, aimed at investors seeking diversified exposure to India’s equity market through unit-linked insurance plans (ULIPs). 

Canara HSBC Life Insurance Company Limited has entered into a bancassurance partnership with Equitas Small Finance Bank to distribute life insurance across India. 

Heng An Standard Life (Asia) Limited (HASL Asia) and Barings have partnered to expand the range of income-focused funds available on HASL Asia’s investment-linked insurance platform in Hong Kong. 

Manulife Hong Kong has launched two new participating life insurance savings products, the Genesis Centurion Insurance Plan and the Prestige Achiever Insurance Plan, as it expands its savings and wealth planning offerings in the city. 

HSBC Life Singapore launched a new indexed universal life (IUL) plan which aims to provide lifetime income, wealth accumulation and protection. The product, called HSBC Life Indexed Flexi Income, allows policyholders to receive income for life once payouts are activated, with payments continuing up to age 120.

Meanwhile, PNB MetLife India Insurance Company Limited (PNB MetLife) has partnered with Shivalik Small Finance Bank- India’s first Small Finance Bank; to broaden insurance access in semi-urban and rural India. 

Through this partnership, over one million existing and prospective customers of Shivalik Bank will gain access to PNB MetLife’s life insurance solutions, including savings, protection, and retirement plans.