Insurance companies in India are now looking to add new features on policies in an effort to tap the insurance markets. According to industry reports, Bharti AXA Life Insurance Company is looking to offer riders that will compensate a policyholder in case of loss of employment. The company is also considering the option of providing a funeral expense rider.
V Srinivasan, CFO, Bharti AXA Life, said that the job loss rider will compensate a policyholder for a specified period if he loses his job. He added that they are also working towards a funeral expense plan as a part of the life insurance policy. Under this plan, funeral expenses will be paid out within 48 hours of an intimation of a death-claim, even if the full settlement takes more time.
Bharti AXA Life is a joint venture between India’s Bharti Enterprises having 74% stake and the remaining 26% stake by AXA Asia Pacific Holdings Ltd. They started operations in 2006 and offer a range of insurance products and services.
In India, the acceptability of life insurance is at a very nascent stage where people still view insurance as a savings tool. This is why sales of money back and ULIP policies constitute the maximum chunk of business of life insurance companies. In developed markets, insurance companies have an array of innovative products like art insurance, pet insurance etc to take care of various needs of a customer.
New and refreshing additions to existing policies can prove to be attractive and beneficial to the insurance customers in India.
