IndiaFirst Life Insurance recently announced that it has partnered with Oxigen, which is one of the top payment solutions providers in India. By way of this tie-up, IndiaFirst is looking to utilise Oxigen’s point of sale network to distribute its insurance plans to individuals who do have access to various financial services offered by banking and finance companies.
Thus, customers will now be able to purchase products offered by IndiaFirst Life Insurance via Oxigen’s common service centres. The insurer has launched a new insurance product called the IndiaFirst Life “Insurance Khata” Plan, which is specially catered to the needs of individuals residing in underbanked locations.
The “Insurance Khata” Plan is a non-participating, non-life, term insurance policy that returns the premiums paid by the policyholder during the policy term at the maturity of the policy. Customers can purchase this policy for a duration of 5 years, 7 years, or 10 years, and opt for a sum assured between Rs.2,500 and Rs.1,50,000. The minimum premium payable for this policy is Rs.500, while the maximum is Rs.15,000. To purchase this policy, the customer needs to be between 25 years and 50 years of age.
Policyholders will also be given the option to pay due premiums in parts, as per their convenience. This policy is, thus, ideal for anyone who does not have a regular source of income. One of the key benefits of this plan is that customers will be able to raise claims and initiate top-ups for the policy online or through the app.
The tie-up between IndiaFirst Life Insurance and Oxigen will commence as a pilot project for a duration of 3 to 6 months. This service will first be launched in Odisha and Bihar, after which it will be launched in Uttar Pradesh.
Source: Business Standard