IRDAI approves Edelweiss Tokio Life's POS-Life Product 'Saral Nivesh'

| Updated: Apr 27, 2017 16:00 IST

New Delhi [India], Apr 27 (ANI): Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, on Wednesday obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) for 'POS - Saral Nivesh' , which will be sold over the counter for the first time in India under the POS (Point of Sale) guidelines. Edelweiss Tokio Life is the first to receive approval from IRDAI to sell such a product through POS, a category which is being explored for the first time ever in India. 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. 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 minutes 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 simplified for customers. "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. With POS - Saral Nivesh, Edelweiss Tokio Life continues its practice of offering differentiated solutions to its customers. IRDAI has done a commendable job in conceptualising POS guidelines, which will benefit cutomers in many ways, as well as help in increasing distribution footprint," said Deepak Mittal, MD and CEO, Edelweiss Tokio Life. (ANI)

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