Page 15 - The Insurance Times June 2020

Private Life Insurance

News

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 Edelweiss Tokio Life - Simply Protect
As companies are learning various les- comes with four life cover variants to
growing awareness for insurance cover sons to deal with this pandemic situa-
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- Premiums on accidental total and per-
services amid the year. manent disability, and Life cover with
break and with the subsequent
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
driven lockdown, he told even as the options make this plan all-inclusive.
slow growth.
life insurance sector has been posted This plan has three different premium
"Over the last 2 months of the negative growth in the new business
lockdown, the life insurance sector has premiums, the company is among a paying term options to choose from:
been posted negative growth in the limited pay, regular pay, and one-time
few companies to have bucked the pay. Limited pay premium option al-
new business premiums. I expect the trend.
industry growth to be muted, in the lows paying premiums for a shorter
short-term," as he told PTI in an inter- "Supported by robust technology infra- period to avoid liability in post-retire-
action. Although, the increased aware- structure and a culture of agility, we ment years. With regular pay option,
have been able to re-imagine our ad- one can continue to pay premiums for
ness and also demand for life insurance
visory and client experience to match a longer duration in regular install-
might bode well in the medium to
longer-term and "we should see the the new normal," as Rai told. ments. One-time pay enables one to
industry growth coming back to the Talking about the industry, Rai told pay off the entire life insurance pre-
normal levels", as he added to the that as the pandemic situation is not mium in a single go. One can stay pro-
statement. yet put behind, various challenges tected up to 80 years of age with the
term plan.
Adapting to the new normal, as he would continue to exist in the immedi-
ate future. Edelweiss Tokio Life - Simply Protect
told, that barring a small proportion of
clients who buy online, life insurance in "We will need to follow the social dis- offers an Income Benefit option that
provides the nominee 1% of the sum
India has largely relied on face to face tancing norms, and client interaction
advisory, as until recently. for a large part would continue to hap- assured every month for 130 months,
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

The Insurance Times, June 2020 15