IFFCO-TOKIO launches micro-insurance product
'Janata Bima Yojana' available at a premium of Rs. 100 only
Tweet-- IFFCO-TOKIO General Insurance Co. Ltd. (ITGI), a trusted player in general insurance, today announced the launch of ‘JANATA BIMA YOJANA,’ - Chinta ki kya baat hai, jab janta bima saath hai, Choti kimat badi suraksha - a micro-insurance policy aimed at empowering the masses for protecting themselves financially. Starting with Unnao, the policy will be launched across the country. Sh. Veer Pratap Singh, Director IFFCO Tokio inaugurated the Policy at Preksha Grah, Unnao, at an event organized by ITGI in the area.
Janata Bima Yojana will be available at an extremely affordable premium of Rs. 100 (for a couple, including taxes) to the rural population and will cover people from the age group of 18-60 years. The policy extends coverage under 2 sections which include Property cover (Householder’s content only) and Critical Illness cover (Paralytic Stroke, Cancer, Coronary Artery Disease, Loss of Limbs, Coma) with a sum assured of Rs. 10,000 under both the sections. There is a provision for children to be included as well at an additional Premium of only Rs. 25 per child under the policy.
Commenting on ITGI’s rural initiatives, Mr. S. Narayanan, MD & CEO, IFFCO-TOKIO, said, “ITGI is one of the pioneers in the insurance space focusing on the virtually untapped rural Indian market. With our unmatched service excellence and customized products, we aim to serve the rural population with better products and services to ensure that they are protected from risks of any kind. Janata Bima Yojana is a step in that direction.”
Speaking on ITGI’s rural footprint, Dr. U.S. Awasthi, Managing Director, IFFCO, said, “Given the tremendous potential that exists in the country today for micro insurance products, we have launched the Janata Bima Yojana taking into account the needs of the rural population. In the past, we have been associated with launching hugely successful innovative products like the Barish Bima Yojana and Sankat Haran Policy. We hope to replicate the same success with Janata Bima Yojana and bring the benefits of insurance to all.”
ITGI has been known for its unique initiatives focused on rural-market. The company has been serving the farming community, since as early as 2001, when it launched its specially designed Personal Accident Policy linked with purchase of fertilizer, named “Sankat Haran” under the slogan Khad toh Khad Bima Saath. Till date approximately Rs 19 crores has been distributed to 3000 farmers in Uttar Pradesh and Rs. 43 crores worth of claim have been distributed to around 7300 farmers across the country under this Policy. ITGI further strengthened its foothold in the rural market through the launch of “Barish Bima Yojana”, Barse toh Barse na Barse toh Kyon Tarse - a weather index based insurance cover, in 2005. A runaway success with claims worth more than Rs. 6 crores distributed to over 27,000 farmers till date, the Policy provides cover against deficient rainfall during the monsoon months (June-September). Another ITGI product, “Mausam Bima Yojana,” provides cover for various other vagaries of weather occurring during crop cycle of the Rabi crops viz. temperature, frost. ITGI also offers a policy targeted specially at women organized as Self Help Groups. The policy offers complete protection against all accidental occurrences that might lead to death or accidental injury. Amongst the other initiatives, ITGI has launched “Jan Kalyan Bima,” which is a Fixed Cover Fixed Price Policy covering Property, Health and Personal Accident risks and in contrast, “Kisan Suvidha Bima Yojna” provides a flexible option for covering varied risks like property including harvested crop, accident and health for the family and comprehensive cover for tractors. These initiatives facilitate the farmers for their various requirements all over the country at an affordable price.
Notes to Editor
IFFCO TOKIO General Insurance Company (ITGI) is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter’s contribution is 74 percent, while Tokio Marine has contributed 26 percent through group company Tokio Marine Asia Pte Ltd.
ITGI has a widespread network more than 170 offices across the country and many more in the pipeline for the coming year. The objective behind opening new offices is to cover the enormous spread of the country and reach the masses.
In its commitment towards better customer service ITGI has been rated No. 1 is Motor Insurance Customer Satisfaction and No. 2 in Home Insurance by an independent agency Consumer VOICE. Apart from this, Maruti Suzuki has awarded ITGI as THE BEST SERVICE PROVIDER.