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Selling hot: Take-it-easy terror policy |
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By: Jayita Bandyopadhyay |
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Date:
2008-10-30 |
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Place: Delhi |
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I don't mind paying Rs 1,000 more per lakh as premium to insure my life against death caused by terror - Anurag Gupta, 33, Jhandewalan trader | The Life Insurance Corporation (LIC) of India has discovered a new selling point: terrorism.
With random blasts bringing death to the doorstep for ordinary citizens, the agent has pulled a little-known clause specifying "terrorist activities" out of the insurance manual to offer double money benefit to victims' families.
And even young professionals are buying policies impressed by the utterly new-age clause, say LIC agents and officials.
"Earlier, we used to sell life insurance policies as profitable tax-saving instruments or safe investment options. The accident benefit clause that covers terrorism used to get a passing reference," said Naresh Tiwari, an LIC agent based on north Delhi's Asaf Ali Road. "Today, with violence on the rise, the clause has become our selling point."
Tiwari has used the terror and violence spiel to sell 40-45 policies in the last three months to people in the 25-35 age bracket.
Another agent from Malviya Nagar in south Delhi, requesting anonymity since he did not want to upset anybody in the government insurance giant, said 50 professionals and businessmen in the 30-38 age group had bought policies from him in the last three months specifically asking about cover in road rage and terrorism cases.
Agents say the terrorism clause was there since at least 2005. After Mumbai train blasts of 2006, they started mentioning in proactively. And with the Delhi blasts, it has become a selling point and more people have started buying policies for terror cover.
"Till even five years ago, accidental death wasn't a very important concern with the young workforce. Today, with violence on the rise, youth people are concerned about their family security. Insurance advisors are cashing in on this concern." said Geeta Sarin, a professor of insurance at Institute of Management and Technology, Ghaziabad.
Run for cover
> The policy offers double accident benefit in case of terror attacks
> LIC agents say the terrorism clause was there since at least 2005
> After Mumbai train blasts of 2006, they started mentioning it proactively |
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