Tata AIG Life launches 3 micro insurance products

Mumbai, Aug 8: Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced the launch of three micro insurance (MI) products, 'Navkalyan Yojana', 'Sampoorn Bima Yojana' and 'Ayushman Yojana'. Also, five new micro insurance sales offices (MISO) were launched by the company at places like Kodad and Chitoor in Andhra Pradesh, Joanpur (Uttar Pradesh), Jhalawar (Rajasthan) and Kannur (Kerala).

Briefing the media after the launch here, Company Head and Chief Executive of AIG Inc, Sunil Mehta, said that ''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 was the first major international insurer to offer micro insurance 11 years ago starting with its efforts in Uganda and it has already got its MI operations in countries like India, South Africa, Brazil and others. We began to conceptualise it nine months ago just after the clearance for the same came from IRDA (Insurance Regulatory Development Authority), he added.

While 'Navkalyan Yojana' is a five-year MI plan that provides financial protection to the policy holder's family, the policy holder has to pay for 10 years and get cover for 15 years in another plan 'Sampoorn Bima Yojana'. In the third 10-year MI plan 'Ayushman Yojana', a single premium has to be paid with the benefit of payment at the policy term.

The Managing Director of the Tata AIG Life, Trevor Bull, said that ''We have simplified our products, distribution processes and operations''. Later he told UNI that all the three MI products were targeted at those living in the rural areas who comprise 70 per cent of the country's population.

The company's Chief Distribution Officer, Alternate Channels, Joydeep Roy, said ''Our company has tied up with 45-50 NGOs spread across 11 states of the country, appointing rural agents and community groups for the purpose''. The initiative is all set to generate employment, for rural women and thus enabling them to be the supplementary income earners in their households, he added.

UNI