Page 86 - Life Insurance Today January-June 2020

Private Life Insurance

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Life insurance sector to engagement models and structures to and also digital enablement of the pro-
increase digital connect. cesses to the realign to this change,"
see witness growth in long
"Over the past 2-3 months, we have as he added.
term already built a learning tool and en-
The growth of the life insurance indus- abled customer segmentation, for per- Edelweiss Tokio Life
try may be slow in the short term but sonalized customer experience," Rai launches Simply Protect
it will be back to the normal levels in added.
the medium and also long term during As companies are learning various les- Edelweiss Tokio Life - Simply Protect
growing awareness for insurance cover sons to deal with this pandemic situa- comes with four life cover variants to
in the wake of corona virus, as accord- tion, as he told Edelweiss Tokio Life choose from: Basic life cover, Life cover
ing to Edelweiss Tokio Life Insurance. expects those learnings to make way with inbuilt Accidental Death Benefit,
According to MD and CEO of Edelweiss for some the innovative products and Life cover with inbuilt Waiver of Future
Tokio, Sumit Rai, the corona virus out- services amid the year. Premiums on accidental total and per-
break and with the subsequent manent disability, and Life cover with
lockdown led to sluggish business ac- Speaking of the company's perfor- inbuilt Waiver of Future Premiums on
tivities across the sectors which led to mance during this pandemic situation- critical illness. These inbuilt benefit
options make this plan all-inclusive.
slow growth. driven lockdown, he told even as the
life insurance sector has been posted This plan has three different premium
"Over the last 2 months of the paying term options to choose from:
lockdown, the life insurance sector has negative growth in the new business
premiums, the company is among a limited pay, regular pay, and one-time
been posted negative growth in the pay. Limited pay premium option al-
new business premiums. I expect the few companies to have bucked the
industry growth to be muted, in the trend. lows paying premiums for a shorter
period to avoid liability in post-retire-
short-term," as he told in an interac- "Supported by robust technology infra- ment years. With regular pay option,
tion. Although, the increased aware- structure and a culture of agility, we one can continue to pay premiums for
ness and also demand for life insurance have been able to re-imagine our ad- a longer duration in regular install-
might bode well in the medium to visory and client experience to match ments. One-time pay enables one to
longer-term and "we should see the the new normal," as Rai told.
pay off the entire life insurance pre-
industry growth coming back to the Talking about the industry, Rai told mium in a single go. One can stay pro-
normal levels", as he added to the
that as the pandemic situation is not tected up to 80 years of age with the
statement.
yet put behind, various challenges term plan.
Adapting to the new normal, as he would continue to exist in the immedi- Edelweiss Tokio Life - Simply Protect
told, that barring a small proportion of ate future. offers an Income Benefit option that
clients who buy online, life insurance in "We will need to follow the social dis- provides the nominee 1% of the sum
India has largely relied on face to face tancing norms, and client interaction assured every month for 130 months,
advisory, as until recently.
for a large part would continue to hap- after the policyholder's demise. This
Among others, the life insurance sec- pen digitally I see the entire industry enables the family to receive a steady
tor is building automated customer that focusing on technology innovation income for many years. The plan offers

86 January - June 2020 Life Insurance Today