Private insurer HDFC Life has rolled out its new traditional offering, dubbed as HDFC Life Super Income Plan, designed with profits plan under savings category.
Under the new product regime introduced by the Indian Insurance Regulatory development Authority (IRDA), HDFC Life recently unveiled 11 traditional plans and 10 ULIPs.
HDFC Life products vice president Sanjay Tiwari said, "HDFC Life Super Income Plan will help customers to fulfill multiple needs like planning for child’s education, retirement planning or simply to save for increasing expenses in future.
"This product offers higher death benefit to the customers in line with new regulations and also helps customers to secure their future with Guaranteed Regular Income."
Apart from protection coverage, HDFC Life Super Income offers regular income after the end of premium payment term, while the customer gets a guaranteed regular income for a payout period of eight, 10, 12 or 15 years.
The company said that the product is suitable for individuals who want to save for a limited term and need regular income at their disposal in future.
Founded in 2000, HDFC Life offers individual and group insurance products including protection, pension, savings, investment, and health.