Trends And Outlook For Life Insurance In 2018
Well! A new year is on its way with lots of new resolutions and planning. We all are looking forward to a great year in each every aspect and when it comes to investment or insurance our expectation are a little bit high as compared to the last one. We all are expecting some great insurance policies and investment plans in this year so that we can get good returns and avail tax benefits as well. Are you looking for the same! Let's explore what 2018 holds for us when it comes to 'Life Insurance'.
If you think about different factors such as working age population, growth in financial savings, huge financial inclusion and different penetration with the help of the digitization, then you would observe that the life insurance industry is all set for a rapid growth in the coming year.
Protection or Insurance outlook for 2018: The life insurance industry refers to be the growing sector of the insurance industry in India and this industry seems to expand its protection solutions in the coming year. As we all know that the interest rates are falling and in such situation people are looking more and more towards the wealth conservation, secured life insurance policies,etc., that will also help in gaining prominence. With the growing stock market, ULIPs would be able to hold the current momentum of growth. To increase the number of penetration and to offer life insurance, lots of new life insurance solutions will be there for customers that will provide the needful assistance to each and every person.
Distribution outlook: Different distribution channels that include agency, bank assurance, and online distribution which have widened the reach has reduced the costs for life insurance firms. The appearance of the open architecture with some banks adopt the same aided growth for the sector.
The industry will control the open architecture model with more banks, which are selling insurance solutions for more than one life insurance company. With this, there will be more and better policies for customers to choose.
2018 will be the witness of unique distribution models that includes India Post Payments Bank (IPPB) getting into selling insurance products.
Such channels along with the traditional agency will make sure about the better penetration of life insurance policies.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
Naval Goel is Founder & CEO, PolicyX.com