Markets

Max Life Insurance to get into online sales of ULIPs

K.R.Srivats New Delhi | Updated on April 28, 2015 Published on April 28, 2015

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Private life insurer keen to grow its online market

After tasting some success in online sales of term plans, private insurer Max Life Insurance has now decided to sell ULIPs via electronic mode.

"We are starting off with a couple of ULIP products including a variant of a pension product", V Viswanand, Senior Director & Chief Operations Officer, Max Life Insurance told Business Line here.

This private life insurer expects the online market for Unit Linked Insurance Plans (ULIPs) to grow over time, although the current market is small.

"We are going to sell bunch of ULIPs online as customers who bought term plans online are asking for it", Viswanand said.

On an average, Max Life Insurance issues around 1,500-2,000 term policies every month for sales made through online mode.

With the new generation going digital, it makes eminent sense to grow the online sales channel and reap benefits over the next decade, he said.

All the controls of distance marketing will be followed, Viswanand said.

Insurance regulator IRDA had in April 2011 issued distance marketing guidelines allowing among other modes sale of insurance products through electronic mode.

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Published on April 28, 2015
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