Page 19 - The Insurance Times July 2020
P. 19

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                                  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

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