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While HDFC has a trusted brand name going for it, pricing and the ease of documentation and process time will play an important role in helping the product stand out in the clutter
ith age, our commitments increase. Be it your child, wife or parents, they all demand financial security. And this is the very thought that HDFC Life Insurance plays on as it launches its online term insurance Click 2 Protect. The campaign, consisting of five different commercials, delineates different life situations that require a man to secure his family, in case he meets with death. The campaign, says the company, is aimed to make the potential consumer feel concerned. To put things in perspective, HDFC Lifes Click 2 Protect Plan is a term insurance plan which can be purchased online. This protection plan pays a lump sum amount to the nominee in the event of death of the policy holder. This is a pure
been among the less preferred products for distribution channels like agents. The other challenge is misuse of insurance. Also, the lack of facilities to keep a structured medical history in the country is a hindrance. In the absence of these, insurers are required to conduct several medical tests, thus increasing the cost of providing coverage. But challenges do not worry the company which believes there is enough scope for growth in the online space. The increasing penetration of internet in India is fuelling growth of the e-commerce space. The young demographic which is a key target audience is a fast growing segment, spends a considerable amount of time online and is comfortable completing the purchase of an insurance policy with little or no assistance from a broker or planner. Recently the IRDA (insurance regulatory and development authority) came up with a regulation that you do not require a physical signature and can use a digital signature. This will further boost sales, says Sanjay Tripathy, executive vice-president & head (marketing), HDFC Life. HDFC Life is investing heavily behind its website to boost sales. We had our ULIPs online and are using those learnings here, says Tripathy. Our website is customer friendly and navigation is easy, claims Tripathy. The company has also invested in back-end service to ensure it offers a seamless experience. Online customers who buy from websites like Flipkart and Snapdeal.com are wellinformed and expect high levels of service. The plan has been launched for 750 cities, a high number by any measure. So far the company has received 1 lakh clicks, claims Tripathy. In fact the company also believes 90 per cent of all business will move online in the next three months. Yet as Jain of insurancemall.in feels, while HDFC has a trusted brand name going for it, pricing and the ease of documentation and process time will play an important role in helping the product stand out in the clutter.