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TATA AIA Life Insurance partners with CSC to make insurance affordable for rural India
Posted on April 9, 2022
- Initiative to help increase rural life insurance penetration in India from 8% to 10% today*
- CSC will distribute the Tata AIA Life POS Smart Income Plus plan, which offers the double advantage of savings and protection
As part of its effort to provide much-needed life insurance protection coverage to rural households and protect their loved ones from life’s uncertainties, Tata AIA Life Insurance Co Ltd, one of the fastest growing life insurers of India, has partnered with Common Services Centers (CSE), under the Ministry of Electronics and IT to engage its network of over 4 lakhs of Village Level Entrepreneurs (VLEs) in the last mile for distribution of the plan of life insurance.
The partnership will enable Tata AIA Life Insurance to increase its reach to around 95% of gram panchayats, creating avenues to make life insurance accessible in the most remote areas of Bharat. Through its network, CSC will offer the Tata AIA Life POS Smart Income Plus plan which provides the double benefit of life cover combined with savings. The plan offers guaranteed payments of 120% of the annualized premium under the Regular Income Benefit option and life coverage to help protect your loved ones. Under this plan, one can opt for an insured sum up to INR 24,97,000. By paying premiums for 7 years, clients can enjoy life coverage for 15 years. Insured women enjoy a greater benefit of the plan. In an emergency, consumers have the option of availing a loan against the policy.
Speaking on this occasion, Venky Iyer, Director of Distribution and Director of Marketing for Tata AIA Life Insurance, said, “Currently, life insurance penetration is between 8-10% in rural India. Our constant effort is to make life insurance available to every Indian household, and this alliance will further strengthen our distribution efforts by helping millions of customers in the most remote corners of the country through the use of technology and product innovation. With the help of CSC’s technology-enabled distribution network spread across the country, we aim to play the role of a change agent and address the savings and protection needs of rural India through the best products and services. from his class”.
Dr. Dinesh Kumar Tyagi, CEO of CSC e-Governance Services India Limited, said: “CSC has been providing insurance services to citizens since 2014. Through our partnership with Tata AIA Insurance, we have added new products like Tata AIA Life POS Smart Income Plan plus, endowment and rental plans to our existing catalog. With the disruption caused by the Covid pandemic, whether in income, health or business, there has been a greater awareness among citizens about insurance. Citizens of urban, semi-urban and rural areas can now access these insurance services at their nearest CSC and secure their future and that of their families”. India, with a population of nearly Rs 140 crore**, is still in stages when it comes to life insurance. According to press reports, the Indian market accounts for just 1.5% of the world’s total insurance premiums despite its population size. Coverage provided by traditional life or health insurance is low in the country, as the majority of the population resides in rural areas that have so far remained untapped. The alliance is part of Tata AIA Life’s business growth strategy to expand its distribution network in smaller cities and rural areas of India and contribute to the industry’s efforts to increase life insurance penetration in the country. .
India, with a population of nearly Rs 140 crore**, is still in its infancy when it comes to life insurance. According to press reports, the Indian market accounts for just 1.5% of the world’s total insurance premiums despite its population size. Coverage provided by traditional life or health insurance is low in the country, as the majority of the population resides in rural areas that have so far remained untapped.
The alliance is part of Tata AIA Life’s business growth strategy to expand its distribution network in smaller cities and rural areas of India and contribute to the industry’s efforts to increase life insurance penetration in the country. .
Through this partnership, both CSC and TATA AIA Life Insurance will be able to promote insurance awareness and financial inclusion, enabling the community to participate in purchasing insurance plans for financial protection and leading to collective social change. .
Under this arrangement, licensed Village Level Entrepreneurs (VLEs) order Tata AIA Life insurance products from the customer who comes to the CSCs for their services. If consumers decide to purchase the solution, they can complete the purchase by paying the premium to VLEs in cash, check, or other modes of electronic transfer such as an electronic wallet. Upon receipt of the premium, the VLE logs into the Digital Seva Portal with individual login credentials. The CSC redirects the VLE to the Tata AIA Life platform and completes the application form and KYC process. After notification of payment through the payment API, the payment receipt is generated. VLEs download the pdf receipt, print it and deliver it to the customer.