• Customer Service
    • Report A Claim
    • Renew Your Policy
    • Payment Receipt
    • Premium Paid Certificate
    • Fund Statement
    • Register for E-Nach
    • Claim Tracking
    • Register Complaint
    • Update FATCA/CRS
    • Update Contact Detail
    • Unclaimed Amount
    • Contact Us
    • NB Payment Link
  • Our Products
    • Edelweiss Tokio Life – Premier Guaranteed Income – A guaranteed income plan

    • Edelweiss Tokio Life – Wealth Secure+ – A new generation ULIP

    • Edelweiss Tokio Life – Wealth Plus – A savings and investment plan

    • Edelweiss Tokio Life – Zindagi Plus – A comprehensive term plan

    • All Products
  • Resume Application
  • Blogs
  • Knowledge Center
    • Life Insurance
    • Term Insurance
    • Unit Linked Insurance Plans
    • Retirement Insurance
    • Health Insurance Plans
    • Child Plans
    • Covid Insurance
    • NRI Insurance
    • Investment Plans
    • Endowment Plans
    • Group Insurance
    • Micro Insurance
    • Sabse Phele Life Insurance
    • Income Tax
  • About Us
    • Why Choose Us
    • Public Disclosure
    • Awards & Recognition
    • Testimonials
    • Our Funds
    • Careers
  • Login
    • Customer Login
    • Partner Login
  • Icon
    • FOR CUSTOMER SERVICE
      ( 8 AM TO 11 PM)
      1800 2121 212
      FOR PRODUCT QUERIES
      ( Give a missed call on )
      022 6611 6040
      • Customer Login
      • Partner Login
    Icon
    Icon

    Thank You!!

    Icon

    Error Message!

    Error

    Icon

    Error Message!

    Error

    In the News

    Seeing a major shift in customer mindset towards protection plans

    21 Novemebr 2018

     

    In an exclusive interview, Subhrajit Mukhopadhyay of Edelweiss Tokio Life Insurance shares his views on the latest trends in the life insurance industry, as also how customer needs and behaviour have changed over the past few years

    What are the major changes you have seen in the term plan category? Has customer awareness increased?

    The changes in the term space are a reflection of the customer behaviour and perception of term plans. Over the years, price has been the major criteria for customers to consider a term plan. With more people embracing the digital ecosystem, we have observed an increased awareness about insurance, particularly term plans. With online space opening up a whole new world, though price still continues to remain an important element of consideration, it is not the only criteria considered for buying a term life. Earlier, term plans were offered until a certain age, but now there are plans that offer coverage beyond working years, reflecting the increase in life expectancy.

    What change have you seen in terms of customer needs and behaviour over the past few years? How has that contributed to change in product designing across industry?

    There has been a major shift in customer needs, behaviour and more importantly, the customer mindset over the last few years prompted by rapid increase in digital adaption. While a few financial needs are intrinsic and mapped to various life stages, these are now perceived differently and customers want immediate gratification, attractive prices and convenience in services. With more awareness among individuals, particularly in metros, it provides an opportunity to move from the traditional way of designing products and be more cognizant of these changes.

    Given the change, we continuously attempt to offer product solutions that are dynamic, future-ready and abreast with the newer world. In line with our way of working, we engage with customers to identify their concerns, observe their behavioural patterns which help us gain deep insights about their mindset. This gradually helps us identify the right set of problems and enables us to develop differentiated products.

    Many life insurers are laying a greater emphasis on protection policies. What are your plans?

    Protection is the core of insurance business. Hence there was always an emphasis on these plans from our side. We are observing a shift in customer mindset and the way protection plans are now perceived and accepted. This also helped us in gaining fresh perspective towards term plans and this in turn facilitated us in designing a product with unique features which we recently launched, named Zindagi Plus.

    For Zindagi Plus, we gathered many insights during the designing process which helped us create a comprehensive, all-inclusive solution that remains relevant in the absence of the breadwinner. With this product, we have enabled our customers to provide a financial protection for their dependents and go a step forward and covers their spouse as well.

    We are keen on this segment and it will continue to be our focus. We will continue to closely monitor the evolving needs and customer behaviour providing us a clue to design products in this space.

    What advice would you give our readers on both protection and investment?

    When it comes to presenting solutions to our customers, we follow a need-based approach wherein as per the need of the customer, the suitable product is offered.

    I would hence advice the readers to be conscious about their finances and plan for various life-stage financial needs from an early stage. I would suggest to prudently assess your current as well as future financial needs before you select a solution – whether protection or savings. This should be done after taking into consideration your current annual income, your expenses, and your standard of living, analyse all these along with your plans for the future, and select a plan that best suits your needs.

    In addition, it is very important to know your risk-taking ability and that will help you in choosing an appropriate savings/ investment product.

    Have Ulips truly become better? How are the new-age Ulips different from the predecessors?

    The real change has come in the way the new age ULIPs address varying and evolving needs of the customers by offering attractive solutions. These solutions enable the customers to stay invested for a longer period, thereby fulfilling their objectives of long-term wealth creation for various purposes coupled with the protection cover.

    How is Edelweiss Tokio Life’s need-based customer approach unique?

    When it comes to presenting solutions to our customers, we follow a need-based approach wherein as per the need of the customer, the suitable solution is offered. At the very beginning of our journey, we recognised that we must take the onus of equipping people with the right tools to understand insurance better and provide the right advice to them. With this aim, we created an analytical tool, called Vijaypath, to help our customers understand their needs and offer the best-possible solution to them

     

    Original Source-

    https://www.financialexpress.com/money/insurance/seeing-a-major-shift-in-customer-mindset-towards-protection-plans-subhrajit-mukhopadhyay-edelweiss-tokio-life-insurance/1388585/

    1

      Top Press Release

      #news

      A tech solution to the fraud conundrum

      04 Apr 2022

      15
      #news

      First time buying life insurance? Here’s what you should know

      08 Feb 2022

      18
      #news

      Govt’s focus on ‘Digital’ paves way for new India

      05 Feb 2022

      13
      #news

      Big trends that will define marketing in 2022

      23 Jan 2022

      10
      #news

      Five trends that will shape the life insurance

      15 Jan 2022

      8
      #news

      Before and After Covid

      01 Jan 2022

      9
      #news

      Step-by-Step approach to retirement planning

      29 Dec 2021

      14
      #news

      Limited pay for an unlimited future with Edelweiss Tokio Life–Total Protect Plus

      12 Dec 2021

      17
      #news

      How much life insurance cover does one need

      27 Nov 2021

      13
      #news

      PRs perception problem

      17 Nov 2021

      8
      • About Edelweiss Tokio
      • All Plans
      • Customer Service
      • Legal
      • Support
      • About Edelweiss Tokio

        • About Us
        • Board of Directors, Committees and Resignations
        • Key Management Persons
        • Edelweiss Tokio Life CSR Policy
        • Terms and conditions of appointment of the Independent Directors
        • Testimonials
        • Customer Advisory
        • Our funds
        • Become An Advisor
        • The Buzz
        • Notice & Scrutiniser Reports
        • Careers
        • Sitemap
        • Whistle Blower Policy
        • Remuneration Policy
        • Annual Return
        • Awards & Recognition
        • Branch List
      • All Plans

        • Term Insurance Plan
        • Term Insurance Plans - Hindi
        • Unit Linked Insurance Plans
        • Investment Plans
        • Child Insurance Plans
        • Retirement Insurance Plans
        • Retirement Insurance Plans - Hindi
        • Group Insurance Plans
        • Endowment Plans
        • Micro Insurance Plans
        • Sabse Pehle Life Insurance
        • Life Insurance Plan
        • NRI Insurance Plan
        • COVID-19 Insurance Plan
        • Health Insurance Plan
      • Customer Service

        • Service Parameters & TAT
        • Renew Online
        • Riders
        • E-Statements
        • NAVs
        • Grievance Redressal
        • Products and Riders
        • Unclaimed Amount
        • Payment options
        • Account Value Declaration
        • Fund history
        • Application Tracker
        • NB Payment Link
      • Legal

        • Terms & Conditions
        • Privacy Policy
        • Chat Policy
        • Fund Benchmark
        • Email Disclaimer
        • Institutional Disclaimer
        • Insurance Disclaimer
      • Group Companies

        • Edelweiss Financial Services Limited
        • Tokio Marine Holdings Inc.
      • Support

        • File A Complaint
        • Live Chat
        • Call Back
        • FAQ
        • Pre-sales process
        • Contact Us
      • Important Links

        • IRDAI
        • Life Insurance Council
        • Insurance Ombudsman
        • Anti Fraud Policy
        • Public Disclosure
        • Premium Calculator
        • Do Not Call Registry
        • Corporate Agents
        • Discontinued Products & Riders
        • Bonus Rates
        • Public Disclosure-Agent List
        • Goods and Services Tax
        • Consumer Education
        • Pre-Sales Process
        • Downloads
        • Terminated agents
        • IRDAI on Spurious Call
        • Electronic Insurance Account
        • mVikram
        • Edelweiss Tokio CSR Policy
        • T&C of Appointment of ID
        • Proposal Forms
        • Notice on cash collection
        • Compounding Calculator
        • Retirement Calculator
        • Income Tax
        • UW Philosophy for PLHA
        • UW Philosophy for Disability / Mental Illness
        • UW Philosophy for Transgender Persons
        • Organ Donation
        • Simplified Claim Process
      Registered & Corporate Office: 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai – 400070
      T: 1800-212-1212 F: (022) 6117 7833care@edelweisstokio.in https://www.edelweisstokio.in

      Edelweiss Tokio Life Insurance Company Limited. All Rights Reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. IRDAI Regn. No.: 147. CIN: U66010MH2009PLC197336. Tax benefits are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale. Flower & Edelweiss (as displayed above) are trademarks of Edelweiss Financial Services Limited; "Tokio" is Trademark of Tokio Marine Holdings Inc. and used by Edelweiss Tokio Life Insurance Co. Ltd. under license. Edelweiss Tokio Life Insurance Company Limited. Registered & Corporate Office: 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai – 400070.  Toll Free No.: 1800 212 1212 | Fax No.: +91 22 6117 7833 | www.edelweisstokio.in This is a Private website owned by the Company. Unauthorized scanning of vulnerabilities and exploitation of the same is strictly prohibited. If you have been found to do so, Company may bring Civil and/or Criminal action and/or legal proceedings against you which shall be entirely at your costs and consequences.

      BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS

      IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

      Copyright © 2019 Edelweiss Tokio Life Insurance Company Limited. All rights reserved.
      • Term of Service
      • Privacy Policy
      • Term of Service
      • Privacy Policy