Edelweiss Tokio Life Insurance leads in getting approval from IRDAI for first-ever POS- Life Product
24 April 2017
Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has obtained approval from IRDAI for ‘POS - Saral Nivesh’ , which will be sold over the counter for the first time in India under the POS (Point of Sale) guidelines. Edelweiss Tokio Life is the first to receive approval from IRDAI (Insurance Regulatory & Development Authority of India) to sell such a product through POS, a category which is being explored for the first time ever in India.
Buying such a product will be useful for someone who is buying life insurance for the first time, as it is simple to understand and easy to buy. The product will be apt for those looking for a simple proposition and seeking instant gratification, as the decision of buying can be made in just a few mintues due to the transparency and simplicity of the product. The life insurance product will be made available offline as well as online, to ensure that the buying process is seamless for customers.
Speaking about the development, Deepak Mittal MD & CEO, Edelweiss Tokio Life said, “We are excited to have received an approval on POS - Saral Nivesh, which allows a customer to buy insurance at an affordable premium over the counter in just a few minutes. The purpose of introducing such a product is to give access to life insurance to a larger section of the society, thereby increasing insurance penetration in India. With POS – Saral Nivesh, Edelweiss Tokio Life continues its practice of offering differentiated solutions to its customers. IRDAI has done a commendable job in conceptualizing POS guidelines, which will benefit cutomers in many ways, as well as help in increasing distribution footprint.”
Edelweiss Tokio Life will soon launch POS Saral Nivesh.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited (‘the Company’), registered with Insurance Regulatory and Development Authority of India (Regn. no. 147), is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Fire Nichido Insurance Company Limited (a Japan based company), having a shareholding of 51% and 49% respectively in the Company. This lineage brings together a deep understanding of customer needs and international expertise. The Company offers proprietary need-based solutions to help customers meet their life stage financial goals.
Edelweiss Tokio Life Insurance Company Limited is the “Winner – Best Life Insurer of the Year”, presented at the 15th Annual Outlook Money Awards 2016.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
To learn more about the Edelweiss Group, please visit www.edelweissfin.com
To learn more about the Tokio Marine Holdings Inc., please visit www.tokiomarinehd.com/en
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