Bharti AXA life insurance forays into pension segment

Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .

Bharti AXA life insurance, a joint venture of AXA, a global financial service provider and Bharti group, on Thursday announced its foray into pension segment with the launch of its 'Dream Life pension'. Chief Finance Officer of Bharti AXA, V Srinivasan, announcing the launch, told a press conference in Chennai the scheme was basically meant for early planners who thought of retirement in their thirties. There was a great scope for its pension scheme, as a recent survey had revealed that that Indians found life insurance the most suitable retirement planning tool, he said. 'Dream life pension' envisaged policyholders to increase their premium commensurating with increase in their income, which helped them build 'a larger kitty' for their future, he said.