The Changing Face of Life Insurance in India

Customer experience will be more enhanced now. Insurers will proactively reach out to you through technology and will have all your details. More often than not, the underlying trigger for life insurance purchase is a change in life stage e.g. new job, change in job, promotion, marriage, child birth, etc. Suppose there's an existing customer is in the hospital and his wife has just delivered a baby. While his joy knows no bounds, he also feels an additional sense of responsibility towards his new born and his family.

At this point of time, he will get a message from his life insurance company congratulating him on this event. The message will also explain how buying a child education plan that matures 20 years hence would help them cover their child's college education and that a friend of his recently bought a similar plan. And this could be availed of at the click of a button, with no additional documentation.

Every time the parent gets a promotion or a pay hike, the life insurer will make a targeted reach out with a customized message for cover enhancement or top-ups. The possibilities are limitless with the right data capture and use of analytics and technology. You will see insurers adopting a lot of scenario- or situation-based sales and these engagement options will be inserted into your regular journeys.

According to World Bank data and projections, it is estimated that India will have over 350 million people over the age of 50 years by 2030. Couple this with the increasing life expectancy for urban Indians, which has grown substantially over the past few decades and is already more than 70 years for men and over 73 for women. And that will be even higher for the more aware segment within urban India. You are likely to experience a comprehensive ecosystem of services for the elderly serving a range of needs including experts catering to their travel requirements, mental health counselors, health care providers, will services, estate planning agents etc. And all of these offered on a single holistic platform where financial contributions, vested benefits, periodic payouts are readily accessible.

It is clear that the face of Life Insurance in India is changing and evolving to stay relevant with the times.

HDFC Life offers a wide range of insurance policies to help you plan your financial future. Choose the best for yourself policy as per the above points and secure your Family's financial future.

https://www.hdfclife.com/life-insurance-plans.

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