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HDFC ERGO unveils 3-in-1 insurance; Lincoln National rolls out withdrawal rider

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HDFC ERGO unveils 3-in-1 insurance; Lincoln National rolls out withdrawal rider

Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

Nationwide Advisory Solutions rolled out a lifetime income rider and two enhancements to Nationwide Advisory Retirement Income Annuity.

Nationwide Advisory Retirement Income Annuity now offers Nationwide Lifetime Income Rider Advisory, an optional living benefit with a 7% interest roll-up. When combined with Retirement Income Developer, the variable annuity can provide unconstrained 100% equity exposure. The product also now has tiered pricing for its low-cost platform funds.

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Lincoln National Corp. launched Lincoln Wealth Pass, a withdrawal rider that is is available American Legacy, Lincoln ChoicePlus Assurance and Lincoln InvestmentSolutions variable annuities for an additional cost.

With Lincoln Wealth Pass, protected annual income begins immediately and continues until the full investment is returned over the annuity owner's life expectancy as long as they are still alive.

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SCAN Health Plan added CareMore Health Plan to its provider network in Los Angeles, Orange and San Bernardino in California, effective Aug. 1.

Plan members will have access to CareMore's digital and virtual care offerings and its care centers, which offer disease management, health education, exercise, behavioral health and nutrition education programs.

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Great American Life Insurance Co. made available its fee-based fixed-indexed annuity, Index Protector 7, on BNY Mellon's Pershing registered investment adviser custody platform.

Index Protector 7 features an optional guaranteed income rider, Income Keeper, which offers lifetime income payments.

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Lincoln Financial Group unveiled MoneyGuard III, its hybrid life/long-term care funding solution that includes a transitional care assistance benefit and a terminal illness rider.

Lincoln Financial Group is the marketing name for Lincoln National Corp. and its affiliates.

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Cigna Corp. expanded its individual healthcare exchange offering for 2020 into certain counties in Kansas, South Florida, Utah, Tennessee and Virginia.

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Austin, Texas-based insurtech startup Life by Spot Inc. unveiled a subscription-model injury coverage plan that covers out-of-pocket expenses, including insurance deductibles.

The plan covers up to $20,000 in out-of-pocket medical expenses due to injuries and up to $50,000 for accidental death and dismemberment. Coverage is available to residents of Texas, Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Michigan, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Wisconsin and Louisiana.

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United HealthCare Services Inc. partnered with Canopy Health to offer the UnitedHealthcare Canopy Medicare Advantage plan to more than 630,000 Medicare beneficiaries in Contra Costa, Alameda and San Francisco in California.

UnitedHealthcare is a business of UnitedHealth Group Inc.

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Canada-based on-demand insurance platform JAUNTIN' launched BasiCare Plus, its on-demand health program designed for freelance, gig economy or self-employed workers who do not qualify for employer-employee health insurance.

The program provides unlimited prescription drug coverage and telemedicine and telehealth services to individuals and their family members.

Property and casualty

Beazley PLC launched a policy for Title IX infringements that offers coverage for employment practices liability and sexual misconduct and molestation liability for federally funded educational institutions in the U.S., with limits of up to $10 million.

The policy covers losses resulting from any employment practices claim and any sexual misconduct and molestation claim, safeguarding costs resulting from any sexual misconduct and molestation circumstance, sub-limited employment event loss and sub-limited defense costs resulting from any wage and hour claim, any immigration practices claim and any citation from the Occupational Safety and Health Administration.

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QBE North America launched an admitted cyber form to The Solution for Cyber Risk, its risk management solution for businesses.

The admitted form has coverage for cyber liability; media liability for digital and electronic publication; data breach notification costs; asset rectification costs; regulatory defense and penalty costs; public relations fees; forensics; business interruption; and extortion and credit monitoring.

QBE North America is part of QBE Insurance Group Ltd.

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HDFC ERGO General Insurance Co. Ltd. launched a 3-in-1 insurance plan that integrates the benefits of its home insurance, personal accident insurance and E@secure insurance products, the Press Trust of India reported.

The 3-in-1 insurance plan includes home insurance coverage for home furniture, fixtures and electronics and cyberthreat coverage for unauthorized transactions, phishing and email spoofing, identity theft, e-reputation damage, cyberbullying, e-extortion and end-to-end legal costs incurred due to cyberthreats. The plan also provides personal accident coverage for permanent disablement, accidental medical expenses, mobility extension and daily hospital cash.

HDFC ERGO General Insurance is joint venture between the Housing Development Finance Corp. Ltd. and ERGO International AG.

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Etihad Credit Insurance and the UAE Federal Export Credit Co. signed a memorandum of understanding with Dubai Export Development Corp., which will allow the companies to collaborate in a joint organization that includes a mutually beneficial exchange of trade data, market and sector studies and research, Khaleej Times reported.

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Marsh LLC's Torrent Technologies Inc. unveiled FloodPlus Commercial, a primary flood insurance offering for the agents of its Write Your Own carrier clients.

The program provides up to $2.5 million flood coverage for buildings, building personal property and business interruption risks of small commercial property owners.

The offering is underwritten by Hiscox Ltd. through South Carolina-based managing general agent Johnson & Johnson Inc.

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Arch Insurance (UK) Ltd. partnered with Marsh & McLennan Cos. Inc. to launch Blue Vault, an insurance solution for digital asset risks.

The product provides limits of up to $150 million and covers for the loss of digital assets due to internal and external theft, including employee collusion, and the physical damage or destruction of private keys.

Blue Vault is backed by Lloyd's of London syndicates and underwriters, including Syndicates 2012 and 4444.

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Pearl Insurance Group LLC partnered with Connecticut-based General Star Management Co. to expand its custom professional liability program for accountants, Accountants ProtectionPlus.

The program was rolled out in 10 more states: California, Montana, Idaho, New Mexico, Arizona, Connecticut, New Jersey, Michigan, Wyoming and Maryland.

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Generali U.S. Branch launched its specialty insurance division, which will provide insurance and obligor services for warranty programs worldwide.

The division will provide warranty services and solutions for products including motor vehicles, watercraft, travel trailers, new homes, home systems, major appliances, televisions, consumer electronics and computers and other peripherals.

Generali U.S. Branch is the U.S. arm of Generali.

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Columbus, Ohio-based insurtech Branch Financial Inc. launched bundled home and auto insurance products using the technology of California-based insurtech ClarionDoor LLC.

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First Chicago Insurance Co. unveiled its paratransit insurance program. It was made available in Illinois, Indiana, Pennsylvania and Wisconsin.

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Century Insurance Ltd. signed an agri credit insurance agreement with Islamabad-based Askari Bank Ltd., which would provide insurance for agricultural loans, crops and machinery to the bank, Business Recorder reported.

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