One Size Doesn’t Fit All

It is hard to miss the catchy TV commercial where actor Akshay Kumar dons the avatar of Yamraj 2.0. His message: why you should protect your family through insurance against uncertainties. While its humorous quotient cannot be ignored, the need to secure the future of the loved ones, with Rs 1 crore sum assured by spending a meagre Rs 680 per month, does leave an imprint on the viewer’s mind. The ad promotes a standard term insurance plan, where a predetermined death benefit is provided to the policyholder’s family if the untoward happens. “The plan is a boon for first-time buyers who do not have knowledge of the product. It primarily caters to consumers falling under the lower-income group and for those who do not have uniform income proof. It is standard across insurers, and is easy to understand,” says Santosh Agarwal, Chief Business Officer, (Life Insurance),...