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Says life insurers well prepared to deal with Covid claims
Not only are more people buying life insurance but the average premium and cover size has also increased, said Kshitij Jain, Managing Director and CEO, Exide Life Insurance, adding that despite the second wave of the Covid-19 pandemic, he expects the life insurance sector to do well this fiscal. “We are selling more policies than last year and we are selling bigger premiums. More people are taking bigger covers. Overall in premium term, industry will see growth this year,” Jain told
BusinessLine in an interaction.
On an industry-wide basis, the average premium size has increased every year for the last three years, he said, attributing it to the attractive guarantee products that life insurers are offering. “Over the last three years at Exide Life Insurance, we have increased the average ticket size by as much as 40 per cent. My expectation is that this year, we will grow it by another 20 per cent,” Jain further
›Exide Life targets 30 pc growth in new biz premium this fiscal; to focus on protection, rider plans
Exide Life targets 30 pc growth in new biz premium this fiscal; to focus on protection, rider plans
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Exide Life targets 30 pc growth in new biz premium this fiscal; to focus on protection, rider plansPTI
Last Updated: May 23, 2021, 05:05 PM IST
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Synopsis Last year when the pandemic hit and afterwards people got used to dealing with the new normal, we found that we had an improvement in customers paying their renewal premium. We had improvement in persistency figure as well, Exide Life Insurance MD and CEO Kshitij Jain told PTI in an interaction.