To provide over 10,000 TGS policies
IDBI Fortis Life Insurance has planned to sell 10,000 Termsurance Grameen Surakshya (TGS) policies in Orissa, India, during the current fiscal – reported Business Standard.
Reportedly, it has already done business of 3500 policies in partnership with the Regional Rural Development Centre (RRDC), the Orissa-based developmental organisation. IDBI Fortis and RRDC have entered into a joint-venture for providing TGS policies.
Amish Tripathy, national head, marketing and product management, IDBI Fortis, said: “The product is specially designed to make life insurance affordable to the rural poor. It can offer financial inclusion to a large number of rural people not having access to life insurance.”
Mike Wood, chief actuary of IDBI Fortis, said: “The unique feature of this product is affordability. The customers can pay in four convenient premium slabs of INR50, INR100, INR150 and INR200. However, the benefit in terms of sum assured will be INR10,000, INR15,000 and INR20,000 respectively.”
He further stated that an integrated model of micro-finance and micro-insurance has been evolved with Sambandh, the micro-finance branch of RRDC, for covering lives of the people who avail micro-finance facilities from it.