Tata AIG Life ties up with Syndicate Bank to provide insurance to all customers covered under the bank’s financial inclusion program.
As per the agreement, Syndicate Bank will offer its customers group insurance products through Tata AIG Life. This insurance product is called ‘Group Term Life’ and will cater to the economically weaker sections of society. For a nominal premium, individuals will be eligible for a life insurance cover up to Rs.25,000. Microinsurance is a term used for insurance having a lower premium or coverage amount.
Commenting on the occasion, M. Anand, Sr. Vice President, and Head – Alternate Channels, Tata AIG Life said, “We are extremely happy to join hands with Syndicate Bank to play a role in their goal of financial Inclusion and protection to the economically weaker sections of the society. Tata AIG Life has always been a socially committed life insurance organization. We were one of the first life insurance companies in the country to launch dedicated Micro Insurance products for lower-income groups in rural India. Under this initiative, we expect to cover about 5 lakh customers in the current financial year.”
Syndicate Bank has been allotted 1,493 villages that are to be covered before March 31, 2012, of which 439 villages are in Karnataka. Out of this, 750 villages will be covered in the first phase before March 31, 2011.
Ravi Chatterjee, Executive Director of Syndicate Bank said, “In the line with our financial Inclusion initiatives, we continue to develop products and services that meet the need of this segment. The agreement with Tata AIG Life will allow us to provide the much-needed life insurance cover at an affordable cost to vast sections of disadvantaged and lower income groups.”
