New insurance options for the rural poor in India.
Monday, December 5, 2005
Foraying into the rural sector, Bajaj Allianz Life Insurance has tied-up with seven Regional Rural Banks (RRBs) to cater to the insurance and savings needs of the masses in semi-urban and rural areas.
’’Understanding the need to provide flexible, affordable and easily available insurance to the masses in the semi-urban and rural areas, the company has tied up with RRBs to get access to the bottom of the pyramid and provide insurance services to the people in these areas,’’ Bajaj Allianz Life Insurance Country Manager and CEO Sam Ghosh said.
The move would make flexible life insurance schemes available at more than 1,100 rural and semi-rural branches, according to a release.
Currently having a presence in 500 towns, the tie-ups by the private sector insurance company has ensured even distribution of life insurance schemes in non-urban and semi-rural areas, with the addition of 1200 branches in rural areas.
The October 2005 results of the Insurance Regulatory Development Authority (IRDA) show that Bajaj Allianz posted a 247 per cent growth, with a Rs 173 crore retail individual life business during the month.
Developing insurance solutions that cater to every segment and age-income profile, the company is working towards a pan-Indian presence both in the urban and rural sectors.