'Bharti AXA Life iProtect' - the first online term insurance product of Bharti AXA Life Insurance was recently launched by the company.
In the last 5 years, internet penetration in India has doubled as per recent studies. It is expected to triple to over 250 million users by 2015. For the last 3 years, e-commerce in financial services has grown over 30%, with insurance being a significant part of it.
Consumer preference has played an important role in Bharti AXA Life's online distribution strategy. Online as a distribution channel requires a different perspective of looking at insurance sales. Studies indicate that affordability, convenience and access are the main motivators for consumers to buy online insurance.
iProtect is an online term plan where claims are settled immediately. During periods of distress, the family of the deceased may require immediate money to meet unforeseen expenses. Bharti AXA's unique Family Care Benefit ensures that Rs. 100,000 is released within 48 hours of claim intimation.
Bharti AXA Life is the private life insurance joint venture between Bharti Enterprises and the world's largest insurance company AXA.