New Delhi: In a major boost to its rural initiative program, Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced the launch of three new micro insurance (MI) products and five micro insurance sales offices (MISO) across the country.
To create awareness about the launch, Tata AIG Life has created special films aimed at increasing awareness of the importance of insurance in the rural community. This awareness program is reinforced with the help of our existing Moffices (mobile vans), paintings and posters depicting and spreading the desired message across the villages.
The contribution from rural business today has reached a landmark size of 23 per cent of Tata AIG Life's monthly sale. The company has tied up with various NGOs, rural agents and community groups leading to creation of growing number of employment opportunities for women and enabling them to be the supplementary income earner in their households.
To make further inroads, spread insurance awareness and distribution in rural India, Tata AIG Life has also launched five new micro insurance sales offices (MISOS) at Kodad and Chitoor in Andhra Pradesh, Jaunpur in Uttar Pradesh, Jhalawar in Rajasthan, and Kannur in Kerala
These MISO's will reach out and specifically cater to the rural population and provide insurance protection at affordable rates. A specially trained rural team will service the rural communities. The product information brochures, application forms, training material as well as policy holder contracts will be made available in nine regional languages while the processing requirements have been simplified.
"AIG was the first major international insurer to offer micro insurance 11 years ago starting with its efforts in Uganda and is committed to being the world's leader in providing appropriate insurance to the rural poor," explains Sunil Mehta, country head and chief executive, AIG Inc. "AIG has embarked on a strategy which will deliver products and services in align with the demand of the rural community in over 50 countries; AIG is already present with its micro insurance operations in India, South Africa, Brazil, Honduras, Uganda, Ecuador and Guatemala. AIG's commitment to the rural society is a long term permanent part of its corporate strategy"
According to Trevor Bull, managing director, Tata AIG Life Insurance, "We believe rural India holds tremendous potential for growth and is hugely untapped in terms of life insurance. With the launch of these products, we have become the first company to foray in the micro insurance segment. This initiative will enable us to expand our product suite and offer our insurance services to a larger cross section of society. We have simplified our products, distribution processes and operations and are certain of realizing our vision of being able to offer protection to every socio economic segment of India be it urban or rural"
The MI products have been devised to suit the requirements of the rural population with a special emphasis on product simplicity and ease of documentation. Tata AIG's new MI products include:
- Navkalyan Yojana: This is a five-year micro insurance protection plan that provides financial protection to the policyholder's family. This plan offers good protection at reasonable rates. The policy also has the option to add an accidental death benefit rider, which provides additional benefit less than or equal to sum assured (as chosen at the outset) in case of unfortunate death of the policyholder due to accident.
- Sampoorn Bima Yojana: A micro insurance policy in which the policy holder pays premium for 10 years and get cover for 15 years. Upon survival till maturity the policy returns 100% of the premiums paid by the policyholder during the term of coverage.
- Ayushman Yojana: A single premium 10-year micro insurance protection plan with the benefit of payment at the beginning of the policy term. The unique feature of the policy is that the policyholder gets back his premium with 25 per cent addition on survival to the end of the policy term.