IDBI Federal Insurance to sell policies online

According to ,GV Nageswara Rao, M.D and C.E.O, IDBI Federal Life Insurance,“There is an increasing awareness for life insurance plans sold over the internet in India, with almost 10 million searches every month.

IDBI Federal Life Insurance, a pioneer in product innovations in the life insurance sector in India, today announced the launch of its maiden, unique online product IDBI Federal Termsurance Seniors Insurance Plan that will be available for purchase online at www.idbifederal.com.

Termsurance Seniors Insurance Plan, IDBI Federal’s first insurance plan to be sold online, is a unique whole of life insurance plan with no medical tests for people in the age group of 50-85 years.

Announcing the launch of the online platform, GV Nageswara Rao, Managing Director and Chief Executive Officer, IDBI Federal Life Insurance, said, “There is an increasing awareness for life insurance plans sold over the internet in India, with almost 10 million searches every month.

Customers increasingly today prefer to make an informed decision about purchasing life insurance plans by going through the details and even comparing options. The interactive online platform enables them to research the plan, calculate premium amounts and make payment online directly to the company to receive the insurance policy in the comfort of their homes.”

According to industry experts, internet usage in India is growing at a very healthy rate and currently stands close to 100 million users across age groups. The regulatory body is also considering the option to ‘dematerialize’ insurance policies in the near future, making the online platform very important for the life insurance industry.

Rao pointed out: , “According to the National Online Survey Report for Review of National Policy of Older Persons – April 2010, ‘Insurance’ is reported as amongst the top five issues that require attention in the lives of senior citizens in India. There are a sizable number of people who would have missed taking an insurance cover when young. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. This would also help parents become self-reliant when their children start a family of their own. With Termsurance Seniors, a first-of-its-kind insurance plan in India, it will never be too late to get covered.”

Unique features:

Unique plan for people aged 50-85 years: This is a uniquely created whole of life insurance plan for people in the age group of 50-85 years

No Medicals. Guaranteed Acceptance: Customers will not have to go through any medical tests, submit medical reports or answer any health questions

Whole Life cover: The cover is for whole of life i.e. the sum assured will always be paid to the nominee upon death of the insured person. The premium payment term is till the age of 90 years and the plan is designed to keep the premiums same from the start, while the cover will continue for the whole of life of the insured person.

“The unique feature of ‘no medicals’ in Termsurance Seniors has helped us design a simple and easy 3 step online purchase process. Customers have to just calculate the premium, enter nominee details and make the payment to secure a policy. With Termsurance Seniors, we plan to turn a new leaf in terms of our alternate channels. The immense potential of the online medium can help us be in direct touch with our customers and create a differentiated experience, guiding us in developing new products and services that can be customized to this medium”, said Aneesh Khanna, Head – Marketing and Product Management, IDBI Federal Life Insurance.

Termsurance Seniors can be bought online through credit card, debit card or internet banking. The premium paid is entitled for deduction of tax under section 80C of the Income Tax Act, 1961.

Under the Plan, in case of death of the insured person after 2 years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of the premiums have been made. In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.

http://www.indiainfoline.com/Markets/News/IDBI-Federal-makes-online-debut/5421362254