Child Insurance: The Biggest Player In Insurance
What’s the latest buzzword in life insurance? Yes, it’s child insurance.
In 2008-09, almost a fifth, or almost Rs 18,000 crore, of the new business premium income came from child plans. Insurers expect that growth of this segment will be faster than the industry average.
Poonam Dosi, head, product and customer management, InsuranceMall, told: “Now parents are very concerned about a child’s education and protection. Above all, the parents are looking for options where they receive surplus returns to take care of their children’s education and marriage before their retirement.”
“Right now, one-third of premium income comes from only child insurance,” she concluded.
And to woo buyers, insurers are introducing innovative products with the offers like death benefit, policy continuation and premium waiver.
Even, unlike earlier, insurance companies are now covering hobbies, talent and other skills.
And if the buyers complete a certain number of years of policy, the insurers offer bonus benefit. For instance, Aegon Religare, India’s prominent insurer gives bonus option after the 10th year of the policy.
The latest Nielsen study suggests that between 2008 and 2009, the focus of insurance has shifted from retirement, earlier the main need for policyholders to child.
Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.
InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy.
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