Context-based products: The future of insurance

Millennials comprise almost 40% of India’s population today, making them a formidable force. They take risks and prefer experiences rather than long term investments. For example, 47% of millennials surveyed in a poll said that they would rather save money and travel than save for a property down payment. They prefer using Uber, Ola and car-pooling services to buying their own car. To cater to millennial trends, insurance companies have launched innovative need-based products which are small-ticket sized. When we think about insurance we think about life, health and motor…

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Life Insurance: More customer-friendly products in the offing

For all linked and non-linked products, the insurer will follow the extant ‘File and Use’ procedure for filing new or modified products/riders. In order to make life insurance products more customer-friendly, the insurance regulator has introduced changes in filing new or modified products and procedures for modifications of the existing products. For all linked and non-linked products, the insurer will follow the extant ‘File and Use’ procedure for filing new or modified products/riders. For products and riders which fully comply with extant norms and regulations, the regulator will endeavour to…

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