Aegon Life, launched life insurance cover tailored for surrogate mothers and egg-donors, effectively backing their financial well-being. This initiative supports the implementation of provisions in the Surrogacy (Regulation) Act, 2021, and the Assisted Reproductive Technology (Regulation) Act, 2021, spearheaded by India’s Ministry of Health & Family Welfare. Notably, the innovative coverage provides a life cover of three years for surrogate mothers and one a year for egg donors to provide protection against any life-threatening complications arising out of the said procedures.
The Insurance companies in India must focus on launching innovative products if they wish to increase the market size and want to attract new customers in the insurance net. Coupled with innovative products, good aftersales services and timely claims settlement the companies can achieve the objective of insurance for all by 2047.
Insurance Agency force which has been the traditional channels for sale of life insurance product needs to be sharpened with reskilling of the agency force with modern tools and techniques. Now since the cap of management expenses has been removed the agents may get a better deal if they procure more business. However the insurers must keep a strict vigil on avoiding misselling at any cost and prepare system and processes which can detect misselling if any. This will help to generate confidence in minds of customer and help in business growth.
Like India, Bangladesh has also taken the initiative to increase the penetration in the country. The current insurance penetration in Bangladesh is around .40% which is quite less. Recently a Conference was organised by Bangladesh Insurance Association and BIMTECH for bridging the penetration gap. The Insurance Times Journal was media partners at the event. The event was very well attended by cross section of the industry with more than 200 delegates turning out for the event.
