Tata AIA Life Insurance (Tata AIA Life) today said it has joined hands with TTSL (Tata Teleservices) to launch m-Insurance, which will also bring the economically weaker sections under the insurance cover.
M-Insurance provides life insurance cover of up to Rs 1,00,000 for the telecom company's prepaid subscriber base in Andhra Pradesh and Telangana as a pilot offer on select recharges, Tata AIA Life said in a release issued here.
"In early 2000, when we were putting our insurance and telecom plans together, a big thrust was on serving the bottom of the pyramid as well. About 80 per cent of our population that is buying pre-paid services belongs to that section of the pyramid. The m-Insurance product brought about by us is in alignment with the IRDAI and the government objective of reaching out to that very section of society," Tata AIA Life Chairman Ishaat Hussain said.
IRDAI Chairman T S Vijayan said, 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.
"A plan like m-Insurance uses technology to cut distribution and service costs, thereby bringing protection to those who would otherwise find it unaffordable. With plans like these, we feel we have done something really valuable for the country," he added.
Tata AIA Life Insurance is a joint venture between Tata Sons and AIA Group (AIA), independent listed pan-Asian life insurance group spanning 18 markets in the Asia Pacific region.
Disclaimer: No Business Standard Journalist was involved in creation of this content
