Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) for ‘POS - Saral Nivesh’, which will be sold over the counter for the first time in India under the POS (Point of Sale) guidelines. Edelweiss Tokio Life is the first to receive approval from IRDAI to sell such a product through POS, a category which is being explored for the first time ever in India. POS – Saral Nivesh will be launched soon.
Buying such a product will be useful for someone who is buying life insurance for the first time, as it is simple to understand and easy to buy. The product will be apt for those looking for a simple proposition and seeking instant gratification, as the decision of buying can be made in just a few minutes due to the transparency and simplicity of the product. The life insurance product will be made available offline as well as online, to ensure that the buying process is seamless for customers.
Speaking about the development, Deepak Mittal MD and CEO of Edelweiss Tokio Life said, “We are excited to have received an approval on POS - Saral Nivesh, which allows a customer to buy insurance at an affordable premium over the counter in just a few minutes. The purpose of introducing such a product is to give access to life insurance to a larger section of the society, thereby increasing insurance penetration in India. With POS – Saral Nivesh, Edelweiss Tokio Life continues its practice of offering differentiated solutions to its customers. IRDAI has done a commendable job in conceptualizing POS guidelines, which will benefit cutomers in many ways, as well as help in increasing distribution footprint.”