Edelweiss Tokio Life Insurance said it has obtained approval from the regulator for 'POS - Saral Nivesh', which will soon be sold over the counter for the first time in the country under the POS (Point of Sale) guidelines, reported PTI.

The private life insurer is the first to receive approval from IRDAI (Insurance Regulatory and Development Authority of India) to sell such a product through POS, the company said in a release.

"The POS - Saral Nivesh, allows a customer to buy insurance at an affordable premium over the counter in just few minutes. The purpose of introducing this product is to increase insurance penetration in India," said Edelweiss Tokio Life Managing Director and CEO Deepak Mittal.