Tata AIA Life Insurance Co Ltd has joined hands with Tata Teleservices Ltd. (TTSL) to launch m-Insurance which they said would also bring the economically weaker sections under insurance cover.
M-Insurance provides life insurance cover of up to Rs one lakh for the telecom company's prepaid subscriber base in Andhra Pradesh and Telangana as a pilot offer on select recharges, a joint statement said.
Insurance Regulatory and Development Authority of India (IRDAI) Chairman T S Vijayan was quoted as saying that this initiative is core to the mission of IRDAI, which is not just regulation but development too.
Life insurance is all about protection and that incorporates three things - offering protection at an affordable price, reaching out to maximum number of people, and offering simple claim settlement, he said in the statement.
"A plan like m-Insurance uses technology to cut distribution and service costs, thereby bringing protection to those who would otherwise find it unaffordable", Vijayan said.
Indian citizens between 18-80 years of age can avail this offer which is paperless and does not require any medical tests. Customers are auto-enrolled on purchase of Tata DoCoMo's selected mobile recharge coupon (Special Tariff Voucher-STV), it was stated.
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