Guaranteed-income life insurance plans become more popular

Life insurers are adjusting to changes in consumer preferences that have made guaranteed-income products more popular.

The insurers realise that the masses, especially in interior India, have turned risk averse and want to be shielded from market and interest rate volatility, and thus favour products that assure guaranteed income, reported Hindu Business Line quoting industry players.

Akshay Dhand, appointed actuary at Canara HSBC Oriental Bank of Commerce Life Insurance, says that over the last few years, customers have favoured guaranteed-income products. As insurers expand to tier-2 and tier-3 cities, there is a movement towards such products.

Source: Asia insurance review

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