Online sale of term life insurance products gains traction, says Max Life Insurance

Key benefits of buying health insurance on monthly installments

In an interaction with PTI, Viswanand said the average age of policyholders buying a policy online is 36 years and the company has introduced some innovative schemes for online customers based on their feedback.

"We also introduced a lot of financial auto underwriting, leveraging with credit bureau tie-ups. So, we don't ask for any additional documentation from 60 percent of our e-commerce customers because of our bureau tie-ups. This has reduced a lot of friction for customers," he said.

The company is also offering a premium holiday for customers after few years without any question asked, he said, adding, there are special exit options as well.

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Attributing to the outbreak of the COVID-19 pandemic, he said, it has led to rising awareness about insurance and adoption of technology has gathered pace during the period.

"In the first wave, we saw elderly going to hospital and mortality happening, but in the second wave, we saw that it had no bias for age. It had no bias for co-morbidity. Mortality was widespread and I think people realised that they're not infallible as far as their own life is concerned. Just because you have good health now, it doesn't mean you'll have good health tomorrow," he said.

The pandemic has brought in a lot of awareness among the people and this is evident from the fact that the sale of pure protection plans has seen a significant jump post-COVID-19.

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