31 Jul 2017
IndiaFirst Life wins prestigious Social Inclusion Award
Legal & General Group’s joint venture IndiaFirst Life has won a prestigious award for its efforts around strengthening social inclusion in India.
Legal & General Group’s joint venture IndiaFirst Life has won a prestigious award for its efforts around strengthening social inclusion in India. The company has excelled at enabling families and businesses in rural India to be more resilient against ups and downs in life, through easily understood mass-market products, via easily reached local tie-ups, across India.
Sonia Notani, Chief Strategy Officer, IndiaFirst Life, is pictured accepting the award at the Indian Insurance Awards 2017, presented by Fintelekt Advisory Services, in Mumbai, on 21 July 2017.
RM Vishakha, MD and CEO, IndiaFirst Life said: “We believe India needs a fair, transparent, cost-effective, and regulated financial inclusion model - one that leverages existing infrastructure. Technology has enabled issuance and servicing of small value policies, that provide access to an underserved market segment. Strengthening these efforts, we are also launching our own micro-insurance product, serviceable digitally via local retail outlets. Over time, bringing a less-acquainted market into the insured fold will ensure every strata of Indian society is covered against risks, and it is encouraging to be acknowledged for our efforts in the direction.”
Graham Precey – Head of Corporate Responsibility at Legal & General Group said: “An amazing effort by the team at India First Life to provide many more safety nets for hard–to-reach rural communities in India. This piece of work also shows tangible commitments to the UN’s Sustainable Development Goals (UNSDGs) particularly around making society more resilient with our financial solutions.”
Micro Insurance solutions reaching more people
IndiaFirst Life Insurance has embarked on a journey to provide simple, comprehensive and efficiently serviced insurance to the mass market. The company is going about this by focussing its efforts to make insurance not only affordable, but also accessible and attractive to people on the lower rungs of the social ladder.
IndiaFirst Life participates actively in the financial inclusion scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) promoted by the government of India. PMJJBY is a bank account linked to a group term assurance cover, with a fixed premium of INR 330 and cover of INR 200,000. The company offers this scheme through its bank partners, using technology that has a completely integrated and low-cost distribution model. IndiaFirst Life’s efforts in expanding penetration of PMJJBY, has helped cover the lives of 2.47 million Indians in two years since the scheme’s launch, with 8,000 claims amounting to INR 1.61 billion also settled in this duration.
The company is also proud to carry the mantle of inclusive finance by entering into an agreement for distribution of its products with CSC e-Governance Services India Limited (CSC SPV), through Village-Level Entrepreneurs (VLEs) and Rural Authorised Persons (RAPs). The integration of technology portals of both partners, enables a seamless distribution process. Association with CSC SPV supports expansion of IndiaFirst Life’s footprint across 150,000 Common Service Centres across the country, with the primary aim of offering a structured platform that drives socially-inclusive and long-term development through community participation.
You can read more here about Legal & General Group’s work to contribute to the UNSDGSs over the next five years:
You can read more about the India First life Business here: