Adding Some Life to Marriage
by Sunanda Roy, Country Head – Bank Of Baroda Channel, IndiaFirst Life Insurance Company Limited
1.0 It is proposed to seek Indian Regulatory support for nationwide mandate, that requires, at the time of Marriage Registration – at least one eligible spouse owns a Life Insurance policy. The Life Insurance policy is tailored to the age, gender and income of the insured, providing protection for the couple’s financial goals and ensuring peace of mind in the conjugal journey.
1.1 The Proposal leverages three existing Indian capabilities:
• Mandatory Marriage Registration – Supreme Court verdict in 2006, that requires marriage registration
• Innovative Product Choice - Innovative product offerings from across the current 24 Life Insurers, along with a Government approved minimum viable product
• Digital Connectivity – High levels of adoption of mobile platforms, highlighted by the success of the 1.12 billion issued Aadhaar Card, representing 80% of the population