ITGI aims to open 50 Bima Kendras in 3 years

Targeting the rural population in Orissa, the IFFCO-TOKIO General Insurance (ITGI) Company Limited aims to open at least 50 Bima kendras or insurance centres across the state in the next three years to sell its products, including the micro insurance policy (MIP).

The general insurance company has opened eight Bima kendras in Orissa so far. These centres have been set up at Patrapada, Khurda, Nabarangapur, Bhawanipatna, Kendrapada, Nimapada, Puri and Nayagarh.

“Two more centers would be opened at Rayagada and Balugaon by the end of 2008-09. The insurance centres would act as facilitators to sell the company’s products to the customers and ensure quick settlements of claims, particularly the MIPs, AK Mishra, business head (Orissa), ITGI told Business Standard.

Besides motor insurance, ITGI has also come out with the low-cost MIPs like Jana Kalyan Bima, Janata Bima Yojana and the policies exclusively for farmers like Sankat Haran Bima Yojana, Kisan Suvidha Bima Policy and Barish Bima Yojana.

Indian Farmers' Fertiliser Cooperative Organisation (IFFCO) which is our parent organisation is a cooperative organisation and we aim to reach out to the farmers through the various cooperative societies including Primary Agriculture Cooperative Societies functioning under the district cooperative central banks, Mishra said.

Meanwhile, the company expects to achieve a business of Rs 20 crore in Orissa in 2008-09 and the figure is projected at Rs 26 crore in 2009-10. ITGI has so far, recorded a premium collection of Rs 17 crore from the state so far and we expect to achieve our target for this fiscal by the end of March 2009, claimed Mishra.

"The company has a wide range of products and they include almost all the non-life products. The premium of these products is very low and they can be easily afforded by the rural folks”, he added.

At present, ITGI has 8 branches in different locations of the state including Berhampur, Bhubaneswar, Cuttack, Anugul, Rourkela, Paradeep and Sambalpur. The company plans to open three more branches at Balasore, Bhawanipatna and Rayagada during 2009-10.