Money & Banking

Covid-19: How life insurers are building customer intimacy in these difficult times

KR Srivats New Delhi | Updated on April 06, 2020

In these trying coronavirus times, life insurers are going the extra mile to align themselves to the true needs of their individual customers. Several private life insurers have crafted different approaches including digital initiatives to provide seamless services to policyholders.

For instance, Tata AIA Life Insurance’s initiative — a first of its kind — promises an additional amount up to ₹5 lakh for death claims due to Covid-19. This will come at no additional cost. All policyholders of Tata AIA will get an additional benefit equal to the base sum assured or ₹5 lakh whichever is lower for valid death claims due to Covid-19.

This benefit is applicable for all valid death claims with date of death on or before June 30 this year. It will be available for all of the company’s retail policies, comprehensively covering all categories, be it term, TROP, endowment or ULIP.

Tata AIA Life Insurance has also extended the circle of protection to all its agents along with their spouse and children and will be reimbursed up to ₹25,000 in case of hospitalisation due to Covid-19.

“We are all collectively facing a situation like never before. This is an opportunity for each one of us to come forward and serve society. For us protection is the way to serve society. We have done this by digitally enabling our employees and agents to stay safe at home while continuing to be available for our consumers 24x7 for all their needs so that we uphold our promise to policyholders which is especially critical during such times,” said Rishi Srivastava, Managing Director & CEO.

In the case of SBI Life Insurance, the company has proactively recommended customers and distributors to use their intuitive consumer-friendly digital tools to manage their policy servicing needs such as premium payments, policy payouts, fund switch, claims or maturity filings from the comfort of their homes.

Bajaj Allianz Life has launched WhatsApp service for its customers to reduce human contact.

ICICI Prudential Life has said that death claims that qualify to be settled under the Claim for Sure initiative will be settled in one day after receipt of all mandatory documents.

IndiaFirst Life Insurance has said that all valid life insurance policies will cover death due to Covid-2019 illness. Post IRDAI-diktat, all the life insurers are giving extended grace period for premium payments.

Published on April 06, 2020

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