16 January, 2021

Skip The Frills

Insurance policies may be tailored to your needs, but check the insurer's credentials

Saibal Das
Skip The Frills
The days of assured-return life insurance policies as investment or to save taxes are over. Today, insurance companies not only offer you risk protection and investment, they do so with a never-before-seen flexibility. While the life insurance sector has been opened to private players for three years now, the new companies are still way behind the market leader LIC (Life Insurance Corporation). But what they're behind in terms of size or span, they're covering through flexibility and education. Says Shikha Sharma, managing director, ICICI Prudential Life, India's largest private sector insurance company: "You need to educate the customer about financial planning, goals and structure of a product along with the outcome of the needs analysis."

This takes into account your age, the sum assured or amount of risk you wish to get covered for. Your health condition and the type of policy you wish to take determine the premium you pay. With typical insurance policy tenures being anywhere upwards of 10 years, these are undoubtedly long-term products. A new product is the unit-linked...


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