The new rules had changed the product structure and surrender benefits, making products more transparent for customers. Due to these changes, insurance companies were required to stop the sales of existing products and introduce new ones, according to the revised guidelines. While some insurers have introduced new versions of existing products, others have come up with entirely new sets of products.
Manish Dubey, senior vice-president and head (marketing), ICICI Prudential Life Insurance, said last year had seen significant changes in the life insurance industry, providing a much stronger proposition for customers, both in terms of products, as well as distribution. He added based on interactions with customers and partners, it was realised many of them weren’t fully aware of the changes.
“Hence, there was a need to communicate this in a manner that could be understood by the larger part of the population,” he added.
ICICI Prudential has taken its campaign, which highlights the changes the life insurance sector has seen so far, across the country. “We are covering more than 75 cities and adjoining areas through our radio, outdoor, cinema and internet presence,” Dubey said.
He added the company would continue to communicate the improvement in offerings on a regular basis. He said at times, this might be through focused communication, aimed at specific geographies.
As part of the new guidelines, the 23 life insurance companies in the country will introduce 400-500 new insurance products, approved by the Insurance Regulator and Development Authority, in the next few months.