Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, has obtained approval from IRDAI for 'POS - Saral Nivesh', which will soon be sold over the counter for the first time in India under the POS (Point of Sale) guidelines.
The private life insurer is the first to receive approval from IRDAI (Insurance Regulatory and Development Authority of India) to sell such a product through POS, a category which is being explored for the first time ever in India, the company said in a release.
Buying such a product will be useful for someone who is buying life insurance for the first time, as it is simple to understand and easy to buy.
Edelweiss Tokio Life said that the product will be apt for those looking for a simple proposition and seeking instant gratification, as the decision of buying can be made in just a few mintues due to the transparency and simplicity of the product.
The life insurance product will be made available offline as well as online, to ensure that the buying process is seamless for customers.
Deepak Mittal MD & CEO, Edelweiss Tokio Life said, "The purpose of introducing such a product is to give access to life insurance to a larger section of the society, thereby increasing insurance penetration in India".