Edelweiss Tokio releases India’s first point-of-sale life product

Easily accessible and low-premium life insurance policy available over the counter, bypassing all intermediaries

Edelweiss Tokio releases India’s first point-of-sale life product

Insurance News

By Gabriel Olano

Edelweiss Tokio Life Insurance, a joint venture between the Indian and Japanese firms, has released an over-the-counter life insurance product in India called POS Saral Nivesh.

The policy is a non-linked, non-participating endowment life insurance product which offers both protection and savings benefits. It has a minimum premium of INR5,000 (US$77.50) annually or INR1,000 (US$15.50) monthly, with the sum assured ranging from INR50,000 (US$775) to INR1 million (US$15,500).

According to the company, POS Saral Nivesh is the first point-of-sale insurance product to launch after the Insurance Regulatory and Development Authority of India’s (IRDAI) decided last year to allow insurers to sell policies over the counter.

Subhrajit Mukhopadhyay, chief actuary at Edelweiss Tokio Life, said that the product will help in boosting India’s low life insurance penetration and allow the insurer to reach a wider segment of the population to offer affordable insurance products.

POS insurance products usually have simple features, low premiums, guaranteed benefits, and do not require medical examinations. These policies are easily available and sold direct to the consumers, which could spell bad news for agents, brokers, and other intermediaries.


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