AEGON-Religare's KILB campaign is a wonderful usurping of a generic benefit of insurance i.e. risk protection, that has been lying unclaimed for many years now. I was fortunate to do a little bit of work almost 6 years ago on the category and at that time only Max New York Life was talking this language. I still remember the first question their advisor asked me- If you die today, how much money does your family need to survive. All others kept asking- What is your budget for premium payment?
India, thanks to LIC, has historically looked at insurance as an investment tool rather than a risk protection one. And as the MNYL advisor mentioned very vividly during my meeting 6 years ago- Sir, selling insurance as risk protection in India is a bit like whitewater rafting- it is very exciting but you are also going against the tide?
Hopefully KILB will do the job of reorienting the whole sector towards its core value proposition.
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