Top 4 tricks to accelerate health insurance sales in the upcoming tax saving season

insurance sales

With the year almost coming to an end and the last quarter starting soon, tax planning is at the forefront in every investor’s mind. Individuals are planning their investments and investing in tax-saving instruments so that they can reduce their tax liability. This surely is good news for you in order to increase your health insurance sales as you are well aware that health insurance plans help in efficient tax planning as well.

Let us discuss some of the points which might help you boost your health insurance sales this upcoming tax season.

Trick #1 — Cross-sell health insurance to your existing clientele

Why look for new customers when you can use your existing clientele?

Pitch health insurance to your customers who have bought their life and/or motor insurance plan from you. Since you already have established a rapport with them you wouldn’t have trouble selling the product. Moreover, you understand their requirements. You would be able to sell the most suitable health plan to your existing customers. So, explain the benefits of a health insurance plan, pitch a plan which is relevant for their requirement and cross-sell health insurance to the existing clientele. You’d be surprised how many takers you would find!

Trick #2 — Maximize Section 80D benefit

Health insurance premiums, up to Rs.60, 000, are exempted from tax under Section 80D. Help your clients maximize this tax-saving benefit of a health plan. Though many customers might be aware of the exemption, the exact limit might not be known to them.

Quick Explanation: The premiums your customers pay for themselves and their family up to Rs.25, 000 (which increases to Rs.30, 000 if the policyholder is a senior citizen) and an additional limit of Rs.30, 000 for their senior citizen parents is allowed as tax benefit. Help them understand this calculation and save tax. You would also be increasing your sales in the process.

Read more how to boost insurance sales

Trick #3 — Motivate your customers to invest in a super top-up health plan

Underinsurance is a very common occurrence. Most customers are not adequately covered. Even if they are, with changing lifestyles, health insurance requirement might also increase. Also, employer provided health insurance might not be sufficient.

Alongside, with the given the ever-rising medical inflation, low health insurance coverage is not sufficient. Help your customers understand this and increase their coverage for better protection.

Top-up and super top-up health insurance plans are available for this purpose. They help in supplementing existing health insurance coverage without burning a hole in customers’ pockets. It would increase their coverage economically and yet help you boost your sales revenue. Isn’t it a win-win situation?

Trick #4 — Cross-sell variants of health plans to existing health insurance customers

The beauty of cross-selling has already been established before. While you can cross-sell health insurance to your life and/or motor insurance customers, how about existing health insurance customers? Can you cross-sell to them too?

Actually, you can. There are different types of health insurance products. There are critical-illness plans, personal accident plans, disease-specific plans, senior citizen plans, etc. You can sell these fixed benefit health plans to your existing mediclaim customers as well.

These plans are complementary to health insurance and increase the scope of coverage. Premiums are low and easily affordable. You should highlight the benefits of the different types of health plans and pitch one which is suitable for your client. For instance, senior citizen health plans can be sold to clients with dependent parents while critical illness plans are suitable for all. So, adopt the process of cross-selling and increase your sales.

The tax-saving season is round the corner and you should pull up your sleeves. This is a favourable season for increasing insurance sales. So, arm yourselves with these four tricks and rake in the moolah!

Read more how to close insurance deals

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