Generali Central Life Insurance Co. Ltd. (GCLICL), a joint venture between global insurer Generali and Central Bank of India, has launched the Sunehra Pension Plan, a participating, non-linked pension and savings-oriented life insurance product aimed at helping individuals build a long-term retirement corpus while offering complimentary wellness services. The launch comes amid growing concerns over India’s ageing population, which is expected to rise from 10.5 per cent in 2022 to around 20.8 per cent by 2050, while pension assets remain at only 17 per cent of GDP compared with nearly 80 per cent in developed markets.
The Sunehra Pension Plan offers flexible policy terms ranging from five to 40 years, with bonuses accruing from the first policy year. Customers can opt for Single Pay, Limited Pay or Regular Pay premium options and access partial withdrawals during financial emergencies. At vesting, policyholders receive the higher of the Sum Assured on Vesting along with accrued bonuses or 105 per cent of total premiums paid. In the event of death during the policy term, nominees receive the higher of the assured death benefit plus bonuses or 105 per cent of premiums paid. The plan also allows customers to purchase immediate or deferred annuities, opt for a mix of lump-sum withdrawal and regular income, or enable full lump-sum payment in case of a death claim. Optional riders further enhance protection.
Besides retirement savings, the product offers discounted annual health check-ups, diagnostic lab tests, teleconsultation-based second medical opinions and online physician consultations. Managing Director and CEO AlokRungta said the plan has been developed to address the country’s growing retirement planning needs by combining long-term savings with the benefits of a participating insurance product.
In Guwahati, the new pension plan is expected to attract salaried professionals, government employees, entrepreneurs and self-employed individuals seeking disciplined retirement solutions. With rising financial awareness and increasing demand for long-term savings products in Assam, insurance offerings that combine retirement planning with wellness benefits are likely to witness stronger adoption, creating new business opportunities for insurers operating in the region.
