There might be many new products /innovations in the industry in 2011 but following three innovations can be trend setter and are best innovations according to me :
1) ONLINE TERM INSURANCE : Online term insurance are quite cheap than traditional term products.Term insurance is plan insurance product
some thing like car insurance where the sum assured is paid on death of life assured with no maturity benefit.Many companies are offering this product
viz Aegon,Aviva ,kotak and Icici Prulife.Lic will soon be launching the same as per market sources.ICICI score on claim ratio front among the players offering this service till date.
2) INVESTMENT THROUGH SMS BY IDFC MUTUAL FUND : Investors can buy a mutual fund by just sending an SMS Amazing ! For purchases one needs to send an SMS - Inv < space> amount and for redemptions type Red <space> Amount..The investor will receive a return SMS from CAMS confirming receipt of request for transaction mentioning the date, transaction amount & time of receipt.
He can also open a zero balance account. No need to fill any form nothing except first time filling of form and auto debit.
3) RESTORE MEDICLAIM : This is really a unbelievable product by Appolo Munich .The best feature of this product is that it if your family got insured for certain sumassured and due to some reason the limit is exhausted the company restores the sum assured again that too without cost.No company has this feature till date.
