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IndiaFirst Life partners with InsureNearby

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IndiaFirst Life partners with InsureNearby
Mumbai, India, July 13, 2020-
InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal
fintech network, partners with IndiaFirst Life Insurance Company Limited
(IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to
endorse a unique insurance product called “Insurance Khata Plan”. Specifically
designed to serve the low-income bracket, the product not only secures the
insured and their family’s needs in case of an untimely demise, but also provides
a flexible deposit plan that allows them to save and fulfil their dreams. The
plan allows complete flexibility to the buyers in choosing the frequency and
tenure besides allowing them to pay the premiums as per their convenience. It
also functions as an excellent saving product as the beneficiary gets the
entire money back at the maturity of the policy.

With more than 82% of India’s workforce
engaged in the unorganised sector, over 39 crore workers and their families
live under the constant threat of financial setbacks. Lack of a constant income
source plays a huge hindrance in paying fixed annual or monthly premiums
regularly. This results in an insufficient or non-existent insurance coverage,
which often prods them into an inevitable poverty cycle. This set of
economically weaker population has unique insurance needs and hence require a
customised product that offers flexibility, ease of access and a frequency that
adapts to their erratic earnings while providing the security of an insurance
cover.

IndiaFirst Life’s Insurance Khata Plan
is a non-linked, non-participating, term assurance with return of premium plan.
The product has been designed to offer financial protection in the form of a
life cover to the family besides offering the provision of returning more than
the premium paid in total when unclaimed at the end of the policy term.

Comprising of 72% of total population of
the country, rural India is largely uninsured and unprotected. Through
InsureNearby’s 45,000 POS agents, the product will now be made easily available
to the country’s masses. InsureNearby will embark on a journey to train their
vast network of 8.5+ lakh retail agents, registered under its sister
organization PayNearby, to upscale them as credible POS agents. The geographical
reach of these last mile retail outlets will enable the company to provide
insurance to marginalized customers in the most far flung towns and villages
across the country. The unique offering thus creates a force multiplier, where
people who have never sold insurance are trained to sell to people who have
never before bought the product. The objective is to insure India and make
protection available for all.

Commenting on the association, Anand
Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance
penetration, Indians have largely been left unprotected to life’s vagaries. Our
motto has always been to make safe and secure financial solutions available to
our masses and help them move ahead in life. In accordance with our motto, Zidd
Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide
a unique life insurance policy to our customers, that not only protects their
families in case of a demise, but also provides them the flexibility to
gradually plan and build their savings to meet their evolving life goals. We
are excited about this partnership and am confident that our distribution
capability along with their product innovation will create a force multiplier
that will help bridge the huge gap in protection coverage for our citizens. A
unique life insurance policy that not only protects their families in case of
demise, but also provides a flexible deposit platform for fulfilling their
dreams.”

Commenting on the strategic alliance,
Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co
Ltd said, “Our alliance, with a like-minded and dynamic institution as,
InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to
provide life insurance cover at affordable rates to last mile customers in
India. Technology and micro products have enabled IndiaFirst Life to reach out
to the unorganized, underserved and the under penetrated regions in the
country. We have 45,000 qualified retail agents of PayNearby who are certified
as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan.
For us, this is just the beginning. Together, we are keen to offer more such
embedded solutions, which will inculcate the ‘long-term savings and insurance’
culture in India.”

Commenting on this occasion, Murali
Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always
been to strive for complete inclusivity. We want to gather actionable insights
to address the evolving needs of the various types of insurance buyers, especially
those in the low-income segment, thus offering them the opportunity to lead
their lives with as little impact as possible in case of a sudden demise. With
Insurance Khata, we aim to bridge the void of accessible life insurance at
affordable rates. The product also addresses the savings needs of our target
audience, who are looking for safe, flexible deposit plans.”

TECHXLR8 Asia