Tata AIA Life partners with CSC to make insurance accessible to rural India

Tata AIA Life Insurance Co Ltd has partnered with Common Services Centers (CSC), under the Ministry of Electronics & IT, to engage its network of over 4 lakhs Village Level Entrepreneurs (VLEs) at the last mile for distribution of life insurance plan.

The partnership will allow Tata AIA Life Insurance to augment its reach to around 95 percent of gram panchayats, building in-roads to make life insurance accessible to the remotest areas of Bharat, it said in a press statement.

Through its network, CSC will offer Tata AIA Life POS Smart Income Plus plan that provides the dual advantage of a life cover combined with savings.

Key highlights

The plan offers guaranteed payouts of 120 percent of the Annualized Premium under the Regular Income Benefit option and a life cover to help protect loved ones.

Under this plan, one can go for a sum assured up to Rs 24,97,000. By paying premiums for 7 years, customers can enjoy a life cover for 15 years. Women policyholders enjoy a higher benefit for the plan. In case of emergency, consumers have the option to avail of a loan against the policy.

How to access it?

Under this arrangement, 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.

LIfe insurance penetration at 8-10% across rural population in India

Venky Iyer, Chief Distribution Officer, Tata AIA Life Insurance, said, “At present, life insurance penetration stands at 8-10 percent across the rural population in India. 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”

Dr Dinesh Kumar Tyagi, Managing Director, 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 Plus plan, endowment and income plans to our existing catalogue. 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."

Published on: Saturday, April 09, 2022, 05:06 PM IST