Micro Insurance is the process of delivering and servicing relevant and affordable life insurance products to the low-income socio economic strata. The focus of Tata AIG Life’s Micro insurance program is rural India, where traditionally the far-flung, lower and lower middle-income segments have had limited access to life insurance services.
We operate in 11 states with a specific relationship management team for each state. A dedicated & trained sales and marketing team manages the front end of the Micro insurance program.
Our micro insurance distribution model collaborates with NGO’s (Non-governmental organisations) and Rural organizations with community level SHG (Self Help Group) women advisors who provide insurance advisory services to the rural customers at their doorstep. The grassroots level agents explain the product details in the local language of the customer, thereby enabling the customer to make a decision.
The training programs, brochures, contract documents, and application forms are available in 8 different languages other than English and Hindi.
Tata AIG Life Micro insurance plans are available with or without survival benefits and with death benefits ranging from Rs.5,000 to Rs.50,000. With premiums as low as Rs.5** per month, there is now an affordable life insurance product for nearly every rural household in India.
** The premium mentioned above is exclusive of Service Tax.
Tata AIG Life’s Micro agent retailing model has also been the subject of a case study report sponsored by ILO/CGAP (International Labour Organisation / Consultative Group to Assist the Poor) and the Munich Re foundation.
Tata AIG Life’s model of livelihood based on Insurance penetration to the landless daily waged agricultural labor in Andhra Pradesh is an ongoing project since August 2003 and was selected for matching funds basis grant funding by DFID (Department for International Development – Govt. of UK).
