Bajaj Allianz wins SKOCH Financial Inclusion Award

Bajaj Allianz Life Insurance has been awarded the SKOCH Financial Inclusion Award 2011 for their execution of the Financial Inclusion initiatives through life insurance across the country. The award recognizes Bajaj Allianz’s micro-insurance product, Sarve/Swayam Shakti Suraksha (SSS), which is an affordable insurance product with a systematic savings option catering to rural markets. Yogesh Gupta, Senior Vice President and Head-Business Procurement, Bajaj Allianz Life Insurance received the award from KC Chakraborty, Deputy Chairman, Reserve Bank of India.

Sarve/Swayam Shakti Suraksha is a flexible and simple rural plan, which offers the customer insurance protection against unforeseen events and an opportunity to save systematically. The product was rolled out after conducting extensive consumer demand assessments with various MFI’s, RRB’s, Co-operative and Dairy Boards with the aim of meeting the insurance needs of rural Indian masses. In the very first year of launch, a total of 1.8 million customers were enrolled.

Receiving the award, Yogesh Gupta, Senior Vice President and Head-Business Procurement, Bajaj Allianz Life Insurance said “We have been working to provide affordable insurance products to a vast uninsured population whose financial needs also need equal consideration and attention. This has been challenging considering the profile of customers and geographical spread of locations. It is a proud moment for us to be recognized by SKOCH in the area of financial inclusion through life insurance and is a testimony to our commitment to the needs of rural India.”

The project SSS which started in 2008 today serves over 3 million customers spanning 19 Indian states. Under this project, Bajaj Allianz today offers this life insurance product to customers across 5,000 consumer touch points spread across its countrywide network of rural distributors.