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Product launches back in insurance industry

Travel, international travel insurance to see additional traction

M Saraswathy  |  Mumbai 

in the industry that had stopped for the past few months, have begun yet again. players, in both life and non-life sector have begun new on a full swing. ICICI Lombard with the forthcoming launch of its new travel 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 launched a term plan called 'AEGON Religare Save Guard Plan'. IndiaFirst Life also launched its 'Simple Benefit Plan', an endowment-based policy. Shriram Life launched a 'Money Back Term Plan'. Similarly, Bajaj Allianz General launched an 'extended warranty plan' for consumer durables.

"The industry has shied away from formal 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 in the next few weeks," said the chief actuary of a private life company.

ICICI Lombard's new travel plan comes at a time when the travel season at its peak. 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 is an area which will see additional traction.

First Published: Fri, November 16 2012. 19:21 IST