Fixed guarantee on surrender value will hurt insurers’ investment freedom

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SummaryThe insurance industry doesn't seem to be very keen on the proposed guaranteed surrendered value.

innovative pension and annuity products, which will provide customers with excellent returns over time.

How should distributors and agents be sensitised about selling insurance products to retail investors, especially after the spate of regulatory changes?

There is a continuous focus within the industry to promote a culture for need-based selling. This is being done with help of appropriate training and segmentation process. There is a thrust towards maintaining superior persistency.

There is a clear focus on right selling. If the product is sold right, a bulk of the job is done since the policyholder is fully aware of what he has bought. With a continued focus on empowering customers and further the cause of need-based selling, most companies have launched a host of pre-sales and post-sales initiatives.

Among the pre-sales initiatives taken up by BSLI, easy to understand product literature and welcome calling ensure that customers accurately understand the details of their purchase. In addition, there are several post-sales initiatives that have been put in place ,which include dedicated persistency cell, segmented focus on orphan and HNI clients, life cycle-based communication, etc.

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