Since the time the life insurance sector in India was liberalised in 2000, the market has seen a slew of insurance products like critical illness plans, term plans and ULIPs. The internet revolution has also given rise to a new line of business through e-commerce. But the question is whether all these new products are giving the customer what he should get in terms of coverage? Is there space for any more new products that can add value to the customer’s insurance portfolio.
The type of plans that are available in the market are endowment plans, child education plans, endowment plans, pension and annuity plans, Unit Linked Insurance Plans(ULIPS) apart from term and critical illness plans. Do customers need a new plan?
Perhaps yes. The customer needs a plan that will give him comprehensive and total protection. A plan that protects him from losing his income and occupation due to a critical illness and at the same time, gives his family the necessary financial protection in the event of his untimely demise. This may not only give him the convenience of having both kinds of protection in the same plan, but also peace of mind knowing that he has made a provision for peace of mind in the event of loss of income by any manner.
It would be the need of the hour to give the customer something that he needs rather than something that the insurance industry feels would satisfy his need in the best possible manner.
A New Plan For A New Need
With online shopping having caught the fancy of the customer, it is not a surprise that even life insurance is being increasingly sold online. But are the online products catering to the customer’s needs given the fact that life insurance products have a lot of scenario-based calculations! Although online life insurance plans provide convenience to the customer, do they provide the kind of solution that the customers need.
Most of the plans being offered online are term plans, critical illness plans, and endowment plans. In term plans, although the plans which are offered provide security against loss of income due to the untimely demise or occurrence of a critical illness to the policyholder, they are not complete. A complete and comprehensive plan should cover death and occurrence of all major illnesses which involve huge spends in terms of therapeutic care and ultimate recovery.
Today, than ever before, in the history of life insurance, does the customer need a comprehensive term plan that not only offers security to his family in the event of his death, but also supports him financially when he is beset by a critical illness.
The time has come for the life insurance industry to bring forth a product that not only gives coverage against risk of death, but also protects the customer from loss of income due to a critical illness.
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