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Insurance products on the Net

Calcutta, Dec. 10: Buying an insurance product is now just a click away. Birla Sun Life Insurance Company today introduced its e-commerce portal to enable consumers to purchase an insurance product on the Net.

In the first phase, the company will make its two vanilla products — Birla Sun Life Flexi SecureLife Retirement Plan (without life cover) and Birla Sun Life Single Premium Bond available online. Later on, other products will also be available on the Net.

The e-commerce portal requires a 3-step process to complete the transaction.

In the first step, a customer understands the life insurance requirements, identifies the right plan and familiarises with the features of the recommended plan.

The next step involves the creation of the policy illustration and the filling up of the application form.

The final stage is the payment page from where the customer can buy the policy online using credit or debit card. Citibank will provide the payment gateway.

After the customer pays the premium, a Birla Sun insurance officer will meet with the customer within 48 hours to collect the age proof and get the signature on the application form and policy illustration.

Birla Sun CEO Nani Javeri said, “This will emerge as one of the major alternate channels in the coming years. We are not concentrating on topline growth only. We want to provide comfort to our consumers also.”

Birla Sun has targeted Rs 450 crore premium income and aims at selling 180,000 policies in the current fiscal.

Till October, the company had earned a premium income of Rs 100 crore.

In the last fiscal, the company had earned a Rs 175 crore premium income and sold 75,000 policies.

In Calcutta, the company has sold 10,000 policies with a premium income of Rs 44 crore this year. The company has sold the maximum number of group insurance products from Calcutta.

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