Edelweiss Tokio Life Insurance has launched India’s first insurance product that can be bought at a point of sale (PoS). The product has been named ‘PoS Saral Nivesh’. It is the first product to be approved by the Insurance Regulatory and Development Authority of India’s guidelines on point of sale-life insurance products.
Insurance Regulator’s ‘Guidelines on Point of Sales – Life Insurance Products’:
In November 2016, Insurance Regulatory and Development Authority of India had issued ‘Guidelines on Point of Sales – Life Insurance Products’ in order to facilitate access to insurance products for general public and increase the overall penetration of insurance.
- In the guidelines, it has been directed that for all PoS products, the benefits have to be predefined and disclosed upfront at the time of sale itself. Moreover it should be very simple to understand.
- The name of all such insurance products should have a prefix ‘PoS’.
- These products should be offered as non-linked and individual products only.
Features of PoS Saral Nivesh by Edelweiss Tokio:
It is a non-linked,non-participating endowment life insurance plan which offers both risk cover and saving.
- The benefits are guaranteed and are payable in case of maturity or death, whichever is earlier.
- The sum assured ranges from Rs 50,000 to Rs 10 lakh. Customers can choose any sum assured in between in multiples of Rs 10,000.
- The policy tenure ranges from 10 to 20 years.
- The premium payment terms are 5, 7, 10 and 12 years.
- The policy comes with a waiting period of 90 days. If anything happens during this period, barring an accidental death, the claim is not paid.
- It also offers a guaranteed return.
About Edelweiss Tokio:
It is a joint venture between Edelweiss Financial Services, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (130 years old) and largest insurance companies in Japan.
- Formation Year: 2011
- Headquarters: Mumbai
- CEO: Dipak Mittal