Making insurance mandatory via loan linked products is a sure way to boost insurance penetration in India, says IndiaFirst Life Insurance managing director and CEO Ms R.M. Vishakha.
Speaking at Fortune India's Most Powerful Women summit in Mumbai last month, she said that there are some products which are proof against mis-selling like simple loan linked insurance, or mortgage insurance. “It’s a no brainer,” she said.
Ms Vishakha explained that if a product is priced right and if every loan a person takes comes with an insurance plan built in, it would be like a service to the consumer.
She told Fortune India that she wants to make insurance policies as easily and readily available to the masses as shampoo sachets. “It is my long-held desire to make ‘insurance in a sachet’ possible… I want to do with insurance what FMCG companies have done with the market,” she said.