Edelweiss Tokio Life Insurance Company Limited, a new entrant in the life insurance space, on Monday said it planned to grow its business on the back of protection and savings-based insurance products combined with a customer-centric advise as a differentiator.
This year, the public sector Life Insurance Corporation (LIC) has been growing at 15 per cent as compared with the industry growth of 5 per cent. This is a clear indication that it is protection and savings plans that offer immense business potential to newly-entered insurance players like us, said Jun Hemmi, executive director of Edelweiss Tokio, which started its operations in July last year.
Private insurance companies had taken a major hit due to a sharp decline in sale of investment-based products (ULIPS) due to the changed investment scenario in the country and therefore his company was conservative on this product front, he said.
The company has collected about Rs 35 crore in life insurance premium so far by underwriting about 50,000 policies, according to Yash Mohan Prasad, chief agency officer of Edelweiss Tokio. Edelweiss has presence in eight states including Maharashtra, Gujarat, Delhi and the National Capital Region.