The Frenzy Behind Festive Buying and the Golden Opportunity for Life Insurance

Two weeks ago, in a previous article, I delved deep into the consumer conundrum during the festive season, shedding light on our efforts to comprehend our target consumers – the 'Emerging India' market through cutting-edge technology. Today, let's uncover the profound logic behind festive buying and explore the incredible opportunities it presents, especially for the life insurance sector.

The Unmissable Life Insurance Opportunity

Traditionally, the tax season is seen as the prime time for life insurance sales, primarily due to the enticing tax benefits that accompany these policies. But as the festive season dawns upon us, one might wonder, “Why insurance now? What does life insurance have to do with festivals?”  The connection is more profound than you'd imagine.

Life is Uncertain

The pandemic starkly reminded us of life's unpredictability. In these times, safeguarding one's family's future becomes paramount. And what better occasion than the auspicious festive period? Festivals, deeply ingrained in our traditions, signify prosperity, new beginnings, and blessings.

Emotional Connect

Festivals are a whirlwind of emotions. The sheer joy of giving, the spirit of celebration, and the sense of community make consumers more receptive to spending. Pitching life insurance now taps into these emotions of protection and love.

Economic Stimulus

The festive period often sees companies doling out bonuses or special allowances. With an increased disposable income, many consider investing in insurance, especially Savings Insurance Plans and Unit Linked Insurance Plans (ULIPs). 

Attractive Offers:

Businesses are notorious for their irresistible festive deals. Discounts, cashbacks, and unique product bundles are everywhere.  A life insurance policy can be packaged with relevant products to sweeten the deals. For instance, many people love to travel during the festive season, a travel company can thus add a life insurance policy to the travel package and give the consumer much-needed peace of mind during the craziness of the festivities.

The Bandhan Life Advantage

Superior Tech Stack

The UPI boom, rising internet usage, and the COVID pandemic's transformative impact prompted businesses to rethink their strategies. At Bandhan Life, we did more than adapt. We positioned ourselves at the helm of insurtech, attuned to India’s heartbeat, unlocking new market segments, and dedicated to securing every household financially.

By partnering with Bandhan Life, you align with innovative thinkers and tech trailblazers. Our adaptable tech stack seamlessly integrates with varied platforms — from fintechs and edutechs to e-commerce sites and travel portals. Thanks to our agile mechanisms, our insurance products are market-ready within a fortnight, post-testing and implementation.

High claim settlement ratio

Our commitment goes beyond just providing policies. We take pride in our promise to honour every genuine claim. Our stellar 99.37% claim settlement ratio from last year is a testament to this commitment.

A Call to Collaboration

This festive season is not merely about transactions. It's about offering experiences, assurance, and peace of mind. Collaborating with Bandhan Life isn’t just adding a product to your portfolio; it's about providing a comprehensive solution that resonates with the festive spirit.

The business landscape of tomorrow thrives on collaborative synergy. This festive season, let us unite to promise our consumers more than just products. Let's offer them a beacon of security and assurance.