Hyderabad, Sep 12: IFFCO-TOKIO General Insurance Co Ltd (ITGI), a trusted player in general insurance, on Friday, Sep 12 announced the launch of 'Janata Bima Yojna', the company's micro-insurance policy in Andhra Pradesh.
The policy aimed at financially empowering the masses has already been launched in Karnataka, Uttar Pradesh, Gujarat, Rajasthan and West Bengal. It would be launched in other parts of the country, according to a release.
With a premium of Rs 34.6 crore from April 1, 2008 till August 31 2008, IFFCO-TOKIO has seen a growth of 33 percent over last year's premium revenues in Andhra Pradesh.
Janata Bima Yojna was available at an extremely affordable premium of Rs 100 (for a couple, including taxes) to the rural population and cover people in the age group of 18-60 years.
The policy extends coverage under two sections - Property Cover (Householder's content only) and Critical Illness cover (Paralytic Stroke, Cancer, Coronary Artery Disease, Major injuries, Coma) with a sum of Rs 10,000 assured in both cases. Children can also be included in the policy with an additional premium of Rs 25 per child.
IFFCO TOKIO General Insurance Company (ITGI) is a joint-venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter's contribution is 74 percent, while Tokio Marine has contributed 26 percent through group company Tokio Marine Asia Pvt Ltd, the release added.