How Demonetization Helped Life Insurance Industry

Demonetisation also brought about a mindset shift among consumers, moving them to digital payments from cash.Life insurance premiums are sourced in three ways: cash, cheques and online payments. Of course, soon after demonetisation the industry witnessed a sharp spike in cash payment of premiums but over time,households from Tier-2 cities that preferred cash are  getting comfortable with NEFT (National Electronic Funds Transfer) and ECS (Electronic Clearance Service) mandate.This huge behaviour change has significantly improved contactibility and will reduce unclaimed funds.

HDFC Life has smart Life insurance policies to help you make the right choice for your future.