The COVID-19 pandemic has shaken the world, claiming millions of lives in its wake. During the economic downturn that followed the virus outbreak, thousands of businesses shut down permanently while individuals faced layoffs and pay cuts. With the uncertainty of life looming over, people have become increasingly sensitive about their health and well-being. And that’s where the importance of life insurance has become apparent.
However, many of us have certain misconceptions about insurance, often not knowing how exactly insurance can help us. Or why is it required? And how, in these times of emergency, insurance can extend a helping hand at every stage of life?
To answer all these questions, PNB MetLife recently organized a webinar jointly with Anandabazar Digital. Suparna Pathak, Editorial Advisor, Anandabazar Digital, was the moderator of the webinar.
It’s important to insure because there is some uncertainty hidden in each and every moment of life. The webinar session begins with this message. Ashish Kumar Srivastava, MD and CEO, PNB MetLife was the keynote speaker at the webinar. Ashwini Kumar Jha, Chief General Manager of Punjab National Bank, Kolkata Zonal Office, Nikhil Shah, Financial Advisor
of PNB MetLife, West Bengal and Anurag Somani, Director, Eureka Insurance Broking Pvt. Ltd were also a part of the panel.
What exactly is the impact on the life insurance sector during the Covid period?
Ashish Kumar Srivastava said, in these difficult times, the search for “term life” and “protection” in Google search has increased a lot, indicating that there has been a growing awareness about life insurance. Apart from the searches going up, the demand for protection products and term products saw a huge spike in the initial months of the pandemic from April – June. He also added that, it is essential to cover your life and have an insurance plan as part of your financial bouquet. Besides, a lot of people have opted for insurance that gives guaranteed returns. Not only does it cover your life but
you will receive a huge financial cover and tax benefit with guaranteed returns insurance policy.
What steps has PNB MetLife taken to increase communication with people?
Answering this question, Ashish Kumar Srivastava said that the number of PNB branches in the Eastern India have gone up significantly in the last few years. Overall, PNB MetLife has more than 11,000 partner banks, agents, brokers and other partnerships which gives them access to over 100 million customers. The credibility and reliability of PNB has been a contributing factor behind people’s growing interest in insurance plans.
How easy is it to buy insurance from a bank branch? And how do customers choose the ideal insurance policy for themselves? How is the claim settlement process?
In reply, Ashwini Kumar Jha said, over the years, our bank branches have evolved rapidly to provide financial products to the customers. With more than 11,000 branches and 18 crore customers across the country, we provide insurance products keeping the needs of the customers in mind. However, the insurance penetration in the country is less than 25%. Our relationship managers advise people to buy insurance only after understanding the interest of the customers to take care of their insurance needs. At the same time, we have a set process for claim settlement and we ensure that the claims are settled in speedy, simplified and hassle-free way. And there has been no issues with the claim settlement of any customer with PNB MetLife.
How does one select the best life insurance policy?
Answering this question, Ashwini Kumar Jha said, selection of the life insurance policy depends purely on the customer’s requirement. There are multiple policies that cater to children education to pension needs and even wealth creation which gives them assured returns. Additionally, the younger and new generation customers are much more aware of insurance policies and ask for products that fit their needs.
How can hiding facts during purchasing life insurance affect the claim process?
Answering this question, Ashwini Kumar Jha said, Insurance business is purely dependent on transparency. And if any vital information is kept hidden and comes to notice during claim settlement, it will adversely be affected.
What is a Guaranteed Return? Why should customers buy it?
Answering this question, Nikhil Shah said, at the time of Covid, the customer often seeks a policy that has a guaranteed return. Guaranteed products are open to customers in all stages of life. However, the investment sum depends on the age of the customer, his income, and his ability to take risks. These policies are long term. What makes them special is that insurers know exactly how much money you are going to get back at the end of the policy. Those who want a higher monetary return as well as a tax free return should invest in this policy.
Should adults buy ULIPs?
In reply, Nikhil Shah said that those who are younger, working, have a fixed income should preferably buy ULIPs as they have the ability to take risks. On the other hand, he said that he would not encourage people in their fifties to buy ULIPs unless they have a large sum of money at their disposal. Another reason for saying this is that such policies are long-term. If ULIP is invested at an early age, the person can enjoy the fruits later.
Why buy life insurance? How much money or cover should customers take?
In reply, Anurag Somani said life insurance is essential in everyone's life to protect yourself and your family from any contingencies. Because life is very uncertain. And it’s very difficult to predict the future. Life insurance can help as a financial security in these difficult times. In other words, life insurance creates a shield around life and acts as a safety mechanism to the dependents. There is no standard time to buy a policy as it varies from person to person. It depends on the number of members in the family who are dependents. We recommend that you buy life insurance at the youngest
age possible.
To watch the full webinar – visit
