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Over the counter life insurance – An overview

By Deepak Yohannan

Over the counter life insurance – An overview
When someone mentions Over the Counter, you automatically think of medicines, don't you? Well, it is time to move out of the chemists' shop and walk straight into an insurer's office. Yes, that's right.

Insurance policies are now available over the counter, making it extremely convenient and time-saving for customers across the country.


An OTC insurance sale allows you to walk into the insurer's office, ask for a policy, make the payments and walk out with the policy in your hand, within a matter of minutes. You do not need to make an appointment with your agent, look through lengthy policy options, go for medical tests or wait out the long waiting-period. Sounds good? It indeed is! Take a look at the features of this great financial solution.


OTC insurance, or over the counter insurance is a process through which prospective policyholders can purchase insurance policies directly from the insurance company and that too by completing some very basic formalities. The customer is informed beforehand and so he knows what exactly he needs. So he comes prepared with the necessary documents and a cheque for the premium, and gets the policy instantly.


OTC insurance policies can be purchased in 3 simple steps.

First, you need to go to the insurance office or bank branch (where the products are available. A call to the customer support team will help you find the location closest to you). Mention your requirements and you will promptly be guided towards the best available plan.

Then, you will be given an application form. Fill out the details and submit the required documents. Almost immediately you will receive a call from the call-centre, verifying your details.


Finally, after the verification process, you will be asked to hand over the cheque for the premium. The insurance policy will be handed over to you.

Beneficial for both insurers and customers

OTC insurance products prove to be beneficial not only for the customers but for the insurance companies as well. Insurance policies usually need to be sold, after a lot of persuasion. Companies appoint agents to get more and more customers. However, with the OTC products, the customers themselves come to the insurers, thereby making it profitable for the later. This is indeed a unique way to build up the bonds between the sellers and buyers of insurance policies.

Products available

Though a noble endeavor, the concept is fairly new in the Indian market. Not many insurance companies offer OTC services. Among those who do, Reliance Life and India First Life Insurance are the most popular. The products from India First Life have particularly been popular in recent times. With the insurance sector constantly growing, it won't be long before other companies launch this service as well.


Over the counter insurance is therefore a very handy service. It is ideal for those who know exactly which policy they want. It saves time and energy and as a customer you can go about the process easily, on your own terms. You need not be at the mercy of the agents who, more often than not, try to sell policies which profit them more than you! So walk into an insurance office offering OTC services and get your policy in the quickest way possible.

The author is the CEO of, an online insurance price & features comparison portal

For more articles by Deepak Yohannan, please visit

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