The country's first, and perhaps the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched.
Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has launched an over-the-counter life insurance product in India called 'Edelweiss Tokio Life – POS Saral Nivesh’.
POS Saral Nivesh is a non-linked, non-participating endowment life insurance plan with dual benefits of protection and savings. One can avail this product by paying a minimum premium of Rs 5,000 annually or Rs 1,000 monthly with sum assured ranging between Rs 50,000 and Rs 10,00,000 respectively.
In a media statement, Edelweiss Tokio Life said that POS Saral Nivesh is the first product to be approved under Insurance Regulatory and Development Authority of India’s (IRDAI) recent Guidelines on Point of Sale – Life Insurance Products.
Life policies under this category have simple product features, where benefits are guaranteed and stated upfront. POS products are sold over the counter as they are easy to understand and simple to buy without the requirement of any medical tests.
Subhrajit Mukhopadhyay, Chief & Appointed Actuary at Edelweiss Tokio Life, said that given the low level of insurance penetration in India, the introduction of such a product would enable them to offer life insurance to a larger section of society over the counter at affordable premium rates.