Tata Aia Partners With Csc To Boost Insurance Penetration In Rural India. Detail Here! | Mint – Mint
To deliver much-needed life insurance Protection cover to rural households, Tata AIA Life Insurance and Common Services Centers (CSC), under the Ministry of Electronics & IT, have partnered to engage its network of over 4 lakhs Village Level Entrepreneurs (VLEs) at the last mile for distribution of life insurance plan.
From the partnership, Tata AIA will be able to augment its reach to around 95% of gram panchayats, building in-roads to make life insurance accessible to the remotest areas of Bharat.
Using its network, CSC will offer the Tata AIA Life POS Smart Income Plus plan that provides the dual advantage of a life cover combined with savings. Apart from offering guaranteed payouts of 120% of the Annualized Premium under the Regular Income Benefit option, the plan also gives a life cover to help protect loved ones.
Under this plan, Tata AIA stated that one can go for a sum assured up to ₹24,97,000. By paying premiums for 7 years, customers can enjoy a life cover for 15 years. Women policyholders enjoy a higher benefit from the plan. In case of emergency, consumers have the option to avail of a loan against the policy.
The deal is part of Tata AIA’s business growth strategy to expand its distribution network across smaller towns and rural India and contribute to industry efforts toward increasing life insurance penetration in the country.
Venky Iyer, Chief Distribution Officer & Head of Marketing, Tata AIA Life Insurance, said, “At present, life insurance penetration stands at 8-10% across the rural population in India. Our constant endeavor 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 remotest corners of the country through technology leverage and product innovation.”
“With the help of CSC’s technology-enabled distribution network spread across the country, we aim to play the role of change agent and address rural India’s protection and savings needs through best-in-class products and services,” Iyer added.
Dr. Dinesh Kumar Tyagi, Managing Director, CSC e-Governance Services India said, “Through our partnership with Tata AIA Insurance, we have added new products like Tata AIA Life POS Smart Income Plus plan, endowment and income plans to our existing catalog. With the disruption caused by the Covid pandemic, be it in income, health, or businesses, there has been a greater sensitivity among citizens for insurance. Citizens in urban as well as semi-urban and rural areas can now access these insurance services at their nearest CSC and secure their as well as their families future.”
Further, in the agreement, licensed Village-level Entrepreneurs (VLEs) solicit Tata AIA Life’s insurance products from the customer who comes to the CSCs for their services. If the consumers decide to buy the solution, they can complete the purchase by paying the premium to the VLEs by cash, cheque, or other electronic transfer modes like an e-wallet. Upon receiving 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. Following the payment notification through payment API, the payment receipt gets generated. VLEs download the pdf receipt, print, and hand over the same to the customer.
Through the tie-up, the duo will be able to promote insurance awareness and financial inclusion, enabling the community to participate in buying insurance plans for financial protection, and leading to a collective social change.
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