Page 16 - Insurance Times Janaury 2021

Private Life Insurance News

Aviva New Wealth Builder depending on the policy term online sales in the last five years.
selected.
from Aviva Life In the online sector, about 60 per cent
The plan boosts the corpus with guar- of the business comes from web
Aviva Life Insurance launched Aviva
anteed additions and bonus contribu- aggregators and direct channel or its
New Wealth Builder (ANWB), an
tions. The guaranteed additions are own website brings in 40 per cent of
individual non-linked, non-participating payable up to 40 per cent of the ma- sales.
savings life insurance plan, offers the
turity sum assured, through the policy
twin benefits of protection and "Digital is our choice of preference as
term. The plan provides guaranteed
investment. Besides guaranteed payouts, according to chosen time at the core of our strategy is the
returns, the plan also gives customers customer. In digital channels, there is
frames, to help the policyholder fund
more options with respect to premium less friction, things (can be done) at the
the crucial milestones of his/her child's
payment terms basis their convenience life, such as education and marriage. click of a button and there is
and higher entry age. personalisation for the customer," said
Viswanand, adding that it also
The plan has a death cover of 11 times Max Life sees growth in generates instantaneous feedback.
annualised premium for regular pay
options and 1.25 times for the single online sales channels The insurer has been investing in online
pay option. The plan also offers Max Life Insurance is hoping to gain channels and a lot of new customer
accidental benefit cover by way of market share through its online sales acquisition has been through digital
rider. The entry age to this policy is channels, which has seen good growth means.
between six and 60 years. The since the current pandemic. "We started seeing demand for do-it-
maximum policy term offered is up to "We have been seeing huge call out in yourself tools and calculators, especially
20 years. e-commerce channel," said V from millennials. So we refurbished all
Viswanand, Deputy Managing our tools," Viswanand noted. However,
IDBI Federal Life Insurance Director, Max Life. bancassurance continues to be the
major contributor to sales.
launches new plan Noting that there has been a big pull
for protection products since the
IDBI Federal Life Insurance launched a pandemic, Viswanand said this led to Life insurance companies
non-linked, participating, savings plan
called IDBI Federal Life Insurance a spurt in online sales. For the insurance record first fall in new biz
industry as a whole, digital channels
Young Star Plus Plan. The plan helps premiums growth since
have come into the spotlight since the
policyholders financially secure and
support their children's future. The pandemic and social distancing. July
policyholder has the flexibility to Max Life Insurance has seen a com- Latest data from the IRDAI showed
choose the premium payment term, pounded growth of 42 per cent in that the NBP in November for life in-

16 The Insurance Times, January 2021