From its primordial role of providing basic protection against losses, the insurance industry in India has come a long way. It is safe to say that insurance has become an indispensable pillar of support in Indias economic growth by accounting for risks and even driving social security.
With the Government of India liberalising the insurance industry in March 2000, foreign players have entered the markets.
At present, India has 57 insurance companies combining life, general and health.
Here we present a list of 20 most innovative insurance products currently available.
Activ Health
Aditya Birla Health Insurance offers Activ Health is a comprehensive and innovative approach at ‘putting health at the heart of health insurance’. Its unique and engaging aspects include an incentivised wellness programme, management of chronic conditions, worldwide medical assistance and health rewards through its mobile app.
Wealth Ultima
Coming from the house of Edelweiss Tokio Life Insurance Company, Wealth Ultima is a unit-linked product offering three benefits in one plan—systematic money plan, systematic transfer plan and systematic withdrawal plan. It is being recognised for its simplicity, convenience as well as cost-effectiveness.
Bajaj Allianz Individual Cyber Safe Policy
A product of Bajaj Allianz General Insurance, the policy provides cyber protection to policyholders. The personal data exposed in the digital world every day has created a gamut of cyber risks. This is where a product like Cyber Safe Policy comes to the rescue.
IRCTC Travel Insurance
The Indian Railways Catering and Tourism Corporation (IRCTC) in collaboration with Royal Sundaram General Insurance, Shriram General Insurance and ICICI Lombard General Insurance offers travel insurance for a premium amount of 68 paisa per passenger. The policy provides cover for death up to 10 lakh, permanent total disability up to 10 lakh; permanent partial disability up to 7.5 lakh, hospitalisation expenses for injury up to 2 lakh, and transportation of mortal remains up to 10,000.
LIC Jeevan Shanti
This story is from the October 2018 edition of Outlook Money.
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This story is from the October 2018 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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