Online sale of term life insurance products gains traction: Max Life

Online sale is gathering momentum in the life insurance sector with one out of five term products being bought directly by customers are online rather than from agents and advisers, according to a Max Life Insurance senior official.

Last financial year, 12.5 per cent of overall term policies by premium were purchased by Indians online, while on the saving side, it is still muted with less than 1 per cent of total premium via the channel, Max Life Insurance Deputy Managing Director V Viswanand said.

“So, it started becoming quite a significant channel now for some companies like us…Max Life market share was close to 30 per cent in FY’21.