HDFC Life has launched a pre-approved insurance policy called InstaInsure, which comes with a pre-approved sum assured. The company claims that it pre-approves a policy before contacting a prospect, smoothening the policy approval process for customers.
InstaInsure offers instant policy issuance. It comes with a pre-filled proposal form, offers customers to buy a policy in just 3-clicks. The minimum premium and sum assured the policy offers depends on the customer profile. However, it can vary from Rs 50 lakh to up to Rs 3 crore. The policy is available for HDFC partners’ existing customers that match the required user profile.
Even though it is similar to applying for a term policy online, those policies come with a waiting period before the policy is approved. After which there is generally, a proposal form to be filled which makes it a lengthy process. HDFC’s InstaInsure pre-approves the policy for its existing customer and makes it a seamless process for buying insurance.
Parvez Mulla, Chief Operating Officer, HDFC Life on the launch of InstaInsure said, “With InstaInsure partner and their customers will experience the benefits of the simplified product, partner integration, and data management. This avant-garde tool now offers the potential to attract a whole new untapped customer base via a digitized platform that allows buyers to purchase policies in a few simple steps. We hope to see this result in increasing the penetration of insurance in India.”