There have been a spate of financial products available for the investing community at the moment, and there will be more on offer in times to come. And, there will be many more service providers. ING Vysya Life Insurance, one of the service providers, has been expanding rapidly. Kshitij Jain, MD& CEO of ING Vysya Life Insurance took some time out to answer some snappy queries posed by Akash Joshi of The Financial Express. Excerpts:
How would you differentiate between your products and that of the competition?
Our products are customer-centric and offer excellent value. The products are easily customisable for premium paying terms (single, limited and regular), simple and easy to understand.
How would you rate your performance in the Indian market?
We have been growing at over 60%, and have 1.2% market share in individual new business premium. Last year, we undertook a major expansion, and ING Life has established its footprint in 231 cities. We have over 7,00,000 customers and over 50,000 advisors selling our products across the country. We aim to grow at a minimum of double the market growth.
Do you see any changes in customer/investor preference for insurance products in the market?
Interest in ULIP continues to be positive, and customers want to participate in the upside of the market. People are becoming more aware of insurance products and are investing more time in financial planning, which is a positive trend. Customers are beginning to plan their financials at a younger age. In the recent past, we have also noticed an increase in retirement products.
What is the strategy your organisation is employing to battle these uncertain times? What is the investing approach you would employ?
Our approach has been simple –Life insurance is for the long term. Short-term cyclical instabilities should not be a cause of concern. Investment in life insurance should be made with a long-term perspective and not short-term gains.
What are the key sectors you would be looking at right now?
We would continue to focus on pension and long-term savings segments. The two sectors have shown immense potential and we are confident that this will only continue to grow in the future.
What would your wish-list for regulatory change be?
That's a good question. The industry is looking forward to an increase in FDI cap to 49%. This will bring in the required capital to grow the market. Life Insurance companies should also be allowed a longer period for availing a set-off of carry forward of losses, as it has a longer gestation period.
What are your current plans and offerings in the Indian market?
ING Life has a large product portfolio to suit the needs for every life-stage of our customers. We have 11 traditional and 9 ULIP plans. Our products offer solutions for protection, savings, retirement, and investments.
Some recent products that were launched were two new protection plans – ING Term Life and ING Term Life Plus and a retirement plan on ULIP platform, called the ING Golden Life.
Source: The Financial Express
No comments:
Post a Comment