EdelweissTokio Life to focus on health, retirement plans

Private life insurer Edelweiss Tokio Life today said it plans to focus more on health, retirement and online products.
"Health and financial security after retirement are becoming the top two important priorities for people, who wants to lead a similar lifestyle to what they are used to. Going forward we will continue to focus in developing innovative products in health and retirement segments," Edelweiss Tokio Life Managing Director and CEO Deepak Mittal told PTI here.
The three-year old company, which already has one retirement product is developing few more in the segment, he added.
He further said there is huge potential for the online platform to grow with the growing internet penetration.

"We see a huge potential in the online platform as the internet penetration is growing. This platform also gives us an insight of the customers need. Hence, we are also planning to focus on this channel," he added.
Edelweiss Tokio Life has filed two products with the regulator, one is under health that will be available both online as well as through agents and another, a pure term plan for the online platform, he said.

The company has 17 products, of which three are retirement segment ones.
The company's focus will remain on traditional products as unit-linked products, but it will take some time to pick up, he said.

"Ulips provides both risk cover and investment are longer commitment products. However, it is the misunderstood, miss sold and misguided products. There is a need for more consumer confidence for the Ulips to pick up and I think it will take some time," Mittal said.
Talking about FDI in insurance, he said, it will take more time than expected.
"It may take more time than expected to sort out the details about Indian management control among other things, maybe another 6- 9 months. Inflow of about Rs 15,000 crore foreign funds is not a small thing and will a big help in the economic growth," he pointed out.

Edelweiss Tokio Life is a joint venture between country's leading diversified financial services company Edelweiss Financial Services and Japan's insurance major Tokio Marine Holdings Inc.