Page 17 - Insurance Times November 2020

Private Life Insurance

News

Pandemic may change in- realising that people can work from created a need for securing one's hard-
home even on permanent basis. "It earned savings through a guaranteed
surance sector's landscape
means you don't need people to come pay-out solution, laced with a protec-
in India : IndiaFirst Life to office daily. You can save on office tion cover. IDBI Federal Life's Guaran-

Deputy CEO space and you can save on rent as well teed Income Plan offers an assured
as number of offices. People might guarantee to meet unpredictable fu-
The current pandemic will change the continue with the work from home ture requirements. The new plan is a
landscape of the insurance sector in strategy," Gandhi said. So overall there comprehensive solution offering both
the country in a big way as it is ex-
will be fairly large savings on the ex- life protection and guaranteed returns
pected that insurance penetration will
pense side, he added. "The second - as a lumpsum or as annual income,
increase, expenses of companies will thing which will happen in my mind is depending on the option chosen. In
come down and there will be a con- that there will be very-very conscious the event of the unfortunate death of
scious shift in the product-mix,
shift in the insurance product mix," he the insured person during the term of
IndiaFirst Life deputy CEO Rushabh added. the policy, the plan provides a death
Gandhi said. benefit to one's nominees.
IDBI Federal Life Insurance
On cost front, insurance companies will Aegon Life Insurance
also be saving a lot as they have an launches Guaranteed In-
option to allow their employees con- come Plan with lumpsum launches 'Life + 36 critical
tinue work-from-home, leading to sav- illness Insurance' plan on
ings on office expenses, rent etc, he or annual income options
added. "The pandemic will change the IDBI Federal Life Insurance has Flipkart - Check features
landscape of the insurance industry. launched a non-linked, non-participat- Aegon Life Insurance has announced
The cost base of insurance companies ing life insurance plan titled IDBI Fed- the launch of 'Life + 36 critical illness
will go down. It will go down because eral Life Insurance Guaranteed Income Insurance' on Flipkart at the starting
will only incur the expenses which are Plan. The plan provides a combination premium of just Rs. 153 for a life cover
critical and expenses which are 'luxu- of life insurance and guaranteed re- of Rs 1 lakh plus Critical Illness cover
rious' will reduce extensively," the turns and offers a choice of Income of Rs.10,000. This means that the poli-
IndiaFirst Life Insurance Company Ltd and Endowment options, basis an cyholder gets the benefit of life protec-
deputy CEO told. individual's financial needs and life tion along with a lump sum pay-out on
goals. the diagnosis of any of the 36 critical
IndiaFirst has managed over 90 per illnesses. This plan provides one with
cent efficiency working out of home, The prevailing uncertain scenario and comprehensive insurance cover
he said adding that the company is unpredictable market conditions has against COVID-19, that can be availed

The Insurance Times, November 2020 17