Travel, international travel insurance to see additional traction
Product launches in the insurance industry that had stopped for the past few months, have begun yet again. Insurance players, in both life and non-life sector have begun new product launches on a full swing. ICICI Lombard with the forthcoming launch of its new travel insurance product, International Travel Insurance, is among the other players in the industry to follow this trend. ICICI Lombard will be launching this new product next week.
Last week, several new products were launched. AEGON Religare Life Insurance launched a term plan called 'AEGON Religare Save Guard Insurance Plan'. IndiaFirst Life Insurance also launched its 'Simple Benefit Plan', an endowment-based policy. Shriram Life Insurance launched a 'Money Back Term Plan'. Similarly, Bajaj Allianz General Insurance launched an 'extended warranty plan' for consumer durables.
"The insurance industry has shied away from formal product launches for the last few months either due to the reason that product approvals were very slow. However, now the product approvals are back with full pace and we will several product launches in the next few weeks," said the chief actuary of a private life insurance company.
ICICI Lombard's new travel insurance plan comes at a time when the travel season at its peak. Insurance players, are of the view that since the number of Indians going for trips abroad has increased couple with the rise in frequency of the travel, international travel insurance is an area which will see additional traction.
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