The popularity of an insurance company today depends just not on its customer service but also the diverse varieties of products that it launches in the market to get more customers.Many people today take in account the quality of products while purchasing insurance products.
Realizing this fact, insurance companies are relying heavily on insurance products and this has resulted into a rigorous competition among insurance companies for producing the best insurance products in the market.
Insurance companies- established and newcomers alike-are adopting the policy of 'devising lucrative products to capture the market' to grow amid cutthroat competition in the market, said Son Bahadur Magar, manager of Life Insurance Corporation Nepal's Kamaladi branch. Magar said Jeevan Anand Life Insurance policy of LIC is doing very well in the market.
The Jeevan Anand policy is one of the most sold insurance products of LIC (Nepal) and it is through this pokicy that we have been able to attract many cpstomers, Magar said adding,"Through this product, insurer can get both the bonus as well as the insurance amount after the maturity of the policy. As the policy also has the provision of free risk coverage up to whole life even after the payment of the policy, this provides double benefit to the insurer."