PAGE Blog Business Weekly Magazine
We are living in a fast changing environment. Every day brings new challenges requiring people to bring about changes in their lives. All this is because of tough competition forcing people to find out new ways and means to grow rapidly. They continue searching not only new ways but also upgrading the previous ones in order to keep pace with the developments in the fast moving world. Lots of inventions and developments around us are the results of humans struggle to bring about peace, progress and prosperity in their lifestyles.
Life insurance product is one of those which continues upgrading with the aim to provide people with financial protection better than ever. IGI Life Insurance now offers a revolutionary product under the name of IGI Life Vitality. It gives additional incentives helping you to live an active life and get rewards regularly for adopting healthy routines. The IGI Life Vitality product is based on the shared value insurance approach leading you to manage your health with the help of tools and techniques provided by IGI to get maximum out of your life. This is done by way of three dynamic approaches enabling you to know your health, improve your health and enjoy the rewards.
The main purpose of life insurance policy is to help out the policyholders, if they survive the policy term, they get the lump sum consisting of the sum assured and the accumulated bonuses. In case the insured dies during the policy period, then his/her heirs get the full sum assured. But IGI Life Vitality policy gives additional benefits. The policy provides the policyholders with financial protection and helps them to live healthier as well as making them partner by way of giving them some amount from income earned on investment and lastly providing all other benefits that others life insurers offer. In other words IGI Life Vitality provides you with extra incentives such as living a happy life and gaining rewards which, other companies are hardly able to provide to their clients.
A comparison given below shows as to how IGI Life Vitality is different from traditional life insurance.
| Traditional Life Insurance | IGI Life Vitality |
|---|---|
| Focused on fear of death, morbidity/disability | Focused on leading a healthy and active life |
| Commodities product (life insurance policy) | Differentiated insurance plan + healthy and active lifestyle |
| Long-term investment, no short-term benefit | Long-term investment + Active Rewards on weekly basis + up to 100% cashback on Samsung Galaxy Watch + Annual integrated Benefits |
| Protects future of policyholder’s family | Protects future of policyholder’s family + leads to an improved healthy and active lifestyle of the policyholder |
| Mobile app only for policy details and general information | Mobile-led strategy, IGI Life Vitality App linked to device |
| No focus on health | Focuses on health through screening assessments via Vitality Health Check + Vitality Health Review + Vitality Nutrition Assessment + Non-smokers’ Declaration + Vitality Age |
| Low involvement product through yearly transactional relationship only | High involvement product through weekly engagements |
No doubt, IGI Life Vitality has introduced this product with a view to grow its business. But I take it as a good step by IGI towards development of a health conscious culture in the society. It is hoped that selling of IGI Life Vitality product will open up new avenues contributing towards health awareness amongst people in Pakistan. Incentives under this product would also give a great push to life insurance sector on the journey towards welfare of people in the country. The more the sale of IGI Life Vitality the higher the level of awareness for healthy life.
Promoting the culture of an active lifestyle is one of the best ways to do well for our country. I am hopeful that policyholders of IGI Life Vitality, who are leading a healthy lives, would also contribute towards development of a healthy lifestyle by way of encouraging their colleagues to buy the IGI product. In this way they would not only encourage their colleagues to live a healthy and active life but also contribute towards spreading the message of health awareness in the society. It would not be out of place to mention here that a good friend is one who always thinks about the benefits of his friends. Your encouragement that brings about a revolution in the lifestyle of your colleagues would be the best gift from you.
Of course, it is the insurance industry that provides an umbrella of protection to the people by providing effective financial services. In other words it is, in fact, the back-bone of human kind’s welfare. This is also the fact that insurers continue making a substantial contribution towards the government’s revenues which is spent on economic developments of the country and the welfare of the people. The government in return for what they receive in the form of taxes, should support the insurance industry to grow faster because the more the insurance business will grow the higher the increase in numbers of welfare recipients.
