IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish distribution of its insurance products at Oxigen retail outlets.
R. M. Vishakha, MD and CEO, IndiaFirst Life Insurance, said, "IndiaFirst Life and Oxigen have together embarked on a journey to popularize insurance with long term savings for the micro segment. The micro segment is addressed by every other industry, be it FMCG or telecom. Oxigen, is one of the leading providers of money transfers and prepaid recharges as low as Rs. 10. We offer premiums from as low as Rs. 500 with a commitment to add future premiums but no penalty for inability to do so."
Pramod Saxena, Chairman and MD, Oxigen Services India Pvt. Ltd. said, "We are pleased to enter into this tie-up as corporate agent with IndiaFirst Life. Our partnership with IndiaFirst Life is aimed at creating a unique selling model to offer insurance to the masses through over 1 lakh outlets that could potentially be distributors. This will support us to expand distribution through our own PoS network and offer effective and efficiently serviced life insurance solutions formulated by IndiaFirst Life Insurance."
IndiaFirst Life will offer PoS Insurance Khata, a unique product that allows a customer to increase his life cover and create savings in a manner that suits his budget.
"The product allows flexibility of depositing premium into an account and building up the insurance cover with return of premium after 5,7 or 10 years based on the term opted. There is guaranteed returns for all premiums paid, even if it is only one premium." R. M. Vishakha added.
Additionally, a comprehensive digitalized customer interface with eKYC, will offer best 'value for money' to the end customers and a fully integrated seamless technology support at the back-end makes this product economical.
"This association will bring us closer to offer personal risk protection to all sections of society though our allied strengths of targeted distribution and digitally enabled insurance solutions for the masses." added Saxena.
IndiaFirst Life Insurance and Oxigen Services, aim to establish access to customers in remotest areas of the country. In addition, will empower retailers, to form a new segment of POS agents across India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)