An initiative to tap mass market with IndiaFirst Simple Benefit Plan and participate in financial inclusion
Mumbai, 4 July, 2016: IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal & General (UK), announced its partnership with IFMR Rural Channels and Services Private Limited (IRCS) for distribution of Life Insurance policies, in remote rural districts, as a part of IndiaFirst’s micro and mass market insurance strategy.
IFMR will offer life insurance policies through Kshetriya Gramin Financial Services (KGFS), in its four centres serving 5 districts across Tamil Nadu, Orissa and Uttarakhand.
Speaking at this occasion, Ms R M Vishakha, Managing Director and CEO of IndiaFirst Life Insurance said, “We are happy to join hands with IFMR. This tie-up will help us offer our products to the mass market and participate in financial inclusion.”
IFMR will be distributing IndiaFirst Simple Benefit Plan, a non-linked individual participating endowment Plan, from IndiaFirst Life Insurance.
“We believe it’s important to design simple products which can cater to this section of society and can be easily comprehended. Hence, we will offer IndiaFirst Simple Benefit Plan, which is designed to meet the regular savings, protection and income needs of the customer.” she added.
IndiaFirst will be imparting customised sales training to nearly 800 IFMR personals, to exclusively reach out the customers, in these remote areas.
Mr. K Venkatesh, MD & CEO, IRCS said: “With our tie-up with IndiaFirst Life Insurance, we will now provide a comprehensive suite of financial services to ensure the well being of remote rural India.”
In past, IndiaFirst forayed into rural & micro- insurance segment through Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), with a premium as low as Rs. 50. IndiaFirst has insured over 25 Lakh lives under PMJJBY.
Vishakha said, “I believe, we have proven ability of managing mass market insurance, using technology for a completely integrated and low cost distribution model.”