MUMBAI: In a bid to widen the term insurance market, Aegon Life has developed innovations targeted at the two ends of the market. The first is Akhil Bharat — a term insurance plan that can be purchased in minutes for a maximum sum insured of Rs 5 lakh — while the second is a high-value term insurance plan on a unit-linked insurance platform.
Akhil Bharat is unique in that it can be purchased by scanning a QR code, which then launches the proposal page.Several of the insured’s details on the proposal form are automatically populated by entering their Aadhaar number. The company also uses facial recognition technology to do most of the underwriting.
“It is a very simple ‘scan and buy’ OTC product. Akin to Digi Yatra, we are introducing brief selfie video clips for digital facial recognition to verify the applicant’s identity,” said Satishwar B, MD and CEO, Aegon Life Insurance.
“Particularly in cases involving lower-value products where physical examination is absent, a risk of impersonation exists. This risk is effectively mitigated using facial recognition technology,” he added.
The second product — a term plan on a ULIP platform — is still under works and will be launched soon.