The need to simplify life insurance product names in India
If you have ever bought life insurance in India, you have most certainly gone through various products from different life insurance companies in your search for the perfect plan, and come across insurance product names like:
(if you are not yet insured, now is the time to do so! Reach out to us and we will tell you how life insurance protection works)
With the exception of a few which explicitly mention ‘term plan’ in their name (or being easily identifiable with a ‘Jeevan’ in their names), it is quite evident that these products offer no hint as to the type of coverage they offer, and you are only left wondering –
Is this a term plan? A savings plan? A retirement plan? An investment linked plan?
You have no idea, despite a couple of them claiming to be ‘smart’.
This confusion would then require you to hunt down these products on the websites of those life insurance companies and investigate.
Or you would simply ask your agent or broker!
(yes, insurancepe can most definitely simplify your life in this regard!)
Professionals with years of experience in the insurance industry may find identifying the type of product from its name quite straightforward or even obvious, but a fundamental fact to keep in mind is that a flashy name does not necessarily mean increased sales.
Do you see where the problem lies?
In a country where convincing an individual to protect himself with life insurance is hard enough, an unsimplified system of naming insurance products is only complicating India’s efforts in ensuring Insurance for All by 2047.
Transparency is key.
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