The insurance industry faces new challenges of changing demographics, volatile financial markets, disruptive technology, and intensifying competition. The recent COVID-19 pandemic might increase the need and urgency to develop new solutions and adopt new practices.

This paper presents a large set of flexible products that can be easily tailored to meet individual customer demand, using mass-customization and technology enabled personalization. These are structured products that combine components of saving and insurance, which include an upside linked to a market index on the one hand, and a downside protection on the other hand. We define the fair valuation as the expectations taken under the physical measure discounted by the risk- free rate. We focus on a detailed presentation and discussion of three families of such products and their valuation, first in a general formula, later by mathematically solving typical examples, and lastly by proving numerical examples.