India-based private insurance firm HDFC Life has rolled out a market-linked ULIP insurance plan, Click2Invest, which is designed to offer financial cover along with a range of investment options.
HDFC Life marketing, product, digital and ecommerce senior executive vice president Sanjay Tripathy was quoted by PTI as saying that the plan is a convenient, transparent and cost effective online buying experience, which is believed to transform the way life insurance cum savings plans are bought in the country.
"IRDA set out its customer focused regulatory changes by introducing Charge Cap regulations in 2010 making ULIPs cost efficient compared to earlier versions and now HDFC Life has taken a step further by launching Click2Invest.
"Keeping in line with our corporate value of customer centricity, we have launched Click2Invest which will pass on all benefits of investment and insurance to customers thereby enabling them to become smart investors," Tripathy added.
The new plan invests 100% of the premium and charges 1.35% fund management fee and a risk premium for mortality cover. Under the plan, the company does not charge any premium allocation, policy administration and discontinuance charges.