United India In Marketing Pact With Ilam Systems

United India Insurance Company Ltd, the public sector general insurance major, has tied up with Kolkata-based Ilam Systems Ltd for marketing general insurance products. The tie-up allows Ilam to extend its entire range of insurance products to its members and associates.

"We hope to extend our cover to over 30 million members in the first year, with United India providing self-employment opportunities to more than 2 million youths," said an official with Ilam.

A spokesman with United India said, "Ilam will market most of our personal line risk products with some value-addition from their side." For example, the Mediclaim policy from United India will be sold through Ilam with an additional maternity coverage, the spokesman added.

 

Under the Child Welfare Fund, which is an extension of the education fund, nominees (persons between the age of 5 and 30 years), will be eligible to the sum insured, in the event of an accidental contingency.

While similar insurance covers are available, most of them operate on reimbursement of expenses incurred behind education basis subject to the sum insured amount.

Ilam's Child Welfare Fund is different to the extent that in the accident the entire sum insured will be made available at a time to the nominees by way of investment in a government approved scheme. The interest earned will help him continue his studies. On maturity, the entire sum will be made available to the nominee.

The additional benefit from Ilam will be in the form of an additional compensation of 50 per cent over the sum insured. In case of personal accidents and Child Welfare Fund, Ilam will provide an instant adjustable claim advance of Rs 5000 or 10 per cent of the sum insured, whichever is lower.

Ilam, incorporated three years back, is into turnkey software development, network implementation for large geographically diverse business entities, manufacture and sale of mineral water, manufacture and sales of packaged snack food and a chain of vegetarian fast-food centres spread across the country.