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Straight from the Specialists

Why online is the right way forward in life insurance

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

Insurance in India is divided into two broad categories — life insurance and non-life insurance (also called general insurance). For the record, most retail non-life products such as health insurance, car insurance and travel insurance are already sold completely online by most insurers.

A couple of years ago, AEGON Religare did the hitherto unthinkable in the life insurance space by launching an online term insurance plan, and things have never looked the same.

In the beginning, there were a large number of sceptics, each with their own sound reasons. But in a very short period, nearly half of all life insurers have launched online term insurance plans. The sceptics have more or less vanished or have become reluctant adopters. And it is just a matter of time before remaining insurers adopt this method.

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