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Tuesday 7 January 2014

400-plus life insurance products set to hit Indian market in 2014




















Soon, you will have more options to choose from different life insurance products.
The Indian consumer is set to witness a churn in the life insurance market with hundreds of new products, which are more customer-friendly, slated to hit the market by early next year.

The Insurance Regulatory and Development Authority (IRDA) has already approved 400 products and with competition intensifying in the segment, the customer is likely to benefit the most.

According to  IRDA’s new guidelines, which would be applicable from January 1, 2014, insurance products need to be more customer-friendly and transparent.

Public sector giant Life Insurance Corp of India (LIC) is set to withdraw several of its products including Jeevan Saral, Jeevan Anand and Jeevan Madhur and launch new products in their place.

In fact, several insurers such as ICICI Prudential, HDFC Life, Max Life, Reliance Life Insurance,  PNB MetLife have already announced the launch of new products which include protection, savings, retirement, investment and health.

The government is slated to take up the much-awaited insurance bill, which seeks to raise foreign direct investment limit in the sector to 49% from the current 26%, soon.

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