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Finance Made Simple with Anuj Mathur | Greater focus on Protection Plans in Life Insurance

Video Translation

Vivek Law: Hello and welcome to this special series Finance Made Simple. Joining me today is Anuj Mathur who's the managing director and chief executive officer at Canara HSBC OBC Life Insurance. Thank you very much Anuj. Great talking to you. Anuj, is there a greater focus now on protection from a life insurance company's perspective for whatever reasons life insurance was you know sold from an investment point of view largely over the years. And term insurance or pure protection you know seemed to lag way behind for whatever reasons historical reasons you know given what we've seen during COVID of people wanting to first ensure that protection. Are you as a company also putting greater emphasis now with your distribution force on term insurance?

Anuj Mathur: Yes. And if you ask me actually the need for protection has gone up and as you rightly said. I think because of this COVID times people realized that before actually they save for future needs immediate requirement is actually immediate protection. So, we saw very good kind of business coming in on protection side in the first nine months. And I think that segment will grow but as I mentioned like now we are seeing a lot of savings products also gaining kind of momentum. And protection needs will always be there but I think depending upon the life stage of the customer we are seeing that people are actually going more for guaranteed products now. So, protection will always be our area of focus but as I mentioned just now that the savings products ideally will also give higher revenue to insurance companies and is going to be beneficial for the customers.

Vivek Law: All right Anuj. Thank you very much for joining me and sharing your perspective with our viewers.

Anuj Mathur: Thank you my pleasure. Thank you very much. Thanks a lot.

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