IndiaFirst Life to reach out to masses via CSCs

Private player IndiaFirst Life Insurance is set to expand its reach to rural masses through sale of policies from the vast network of common service centres across the country.
The programme 'IndiaFirst Life CSC Insurance Khata' was launched by Minister of State for Electronics and IT K J Alphons here today.
India has a network of 2.70 lakh common service centres (CSCs).
Targeted at rural masses who do not often have a regular source of income, Insurance Khata is unique in the sense that a policy will not lapse even if the policyholder fails to pay premium after the first instance, IndiaFirst Life MD and CEO R M Vishakha said in a media briefing.

Keeping in mind seasonal income probability, a policyholder can pay premium in parts, as and when possible without losing the benefits of the product.
"This product is designed for long-term savings along with life insurance benefit. The simple and easy to understand model makes this product mis-selling resilient," Vishakha said.

Taking into account possibilities of monetary limitations of the target segment, especially under-served ones, the paid premium will be returned at the end of the term while giving life insurance coverage during the policy tenure.
Addressing a workshop of CSC district managers, Alphons said the common service centres have to play a significant role in digital India initiatives of the government.

IndiaFirst Life, a joint-venture among Bank of Baroda, (44 per cent), Andhra Pradesh (30 per cent) and UK's life insurance and pension fund Legal & General (26 per cent), covers over 1.1 crore lives.
The private sector life insurer's gross premium stood at Rs 2,265 crore in 2016-17 and net profit Rs 35 crore.