Indiafirst life win prestigious social inclusion award.
31 July 2017
Improving communities and building resilience
Legal & General Group’s joint venture IndiaFirst Life has won a prestigious award for its efforts around strengthening social inclusion in India.
The company has excelled at enabling families and businesses in rural India to be more resilient against ups and downs in life, through easily understood mass-market products, via easily reached local tie-ups, across India.
Sonia Notani, Chief Strategy Officer, IndiaFirst Life, is pictured accepting the award at the Indian Insurance Awards 2017, presented by Fintelekt Advisory Services, in Mumbai.
On this win, RM Vishakha, MD & CEO of IndiaFirst Life said, “We believe India needs a fair, transparent, cost-effective, and regulated financial inclusion model - one that leverages existing infrastructure. Technology has enabled issuance and servicing of small value policies, that provides access to an underserved market segment. Strengthening these efforts, we are also launching our own micro-insurance product, serviceable digitally via local retail outlets. Over time, bringing a less-acquainted market into the insured fold will ensure every strata of Indian society is covered against risks, and it is encouraging to be acknowledged for our efforts in the direction.”
Graham Precey, Head of Corporate Responsibility at Legal & General Group said, “An amazing effort by the team at IndiaFirst Life to provide many more safety nets for hard–to-reach rural communities in India. This piece of work also shows tangible commitments to the UN’s Sustainable Development Goals (UNSDG’s) particularly around making the society more resilient with our financial solutions.”
The recognition awarded to the team at the Indian Insurance Awards is testament to the hard work IndiaFirst Life is putting in to improving consumers’ lives, offering insurance that is not only affordable to the masses, but also accessible.
Economically and socially useful
IndiaFirst Life participates actively in the financial inclusion scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) promoted by the government of India. PMJJBY is a bank account linked to a group term assurance cover, with a fixed premium of INR 330 and cover of INR 200,000. The company offers this scheme through its bank partners, using technology that has a completely integrated and low-cost distribution model. IndiaFirst Life’s efforts in expanding penetration of PMJJBY, has helped cover the lives of 2.47 million Indians in two years since the scheme’s launch, with 8000 claims amounting to INR 1.61 billion also settled in this duration.
The company is also proud to carry the mantle of inclusive finance by entering an agreement for distribution of its products with CSC e-Governance Services India Limited (CSC SPV), through Village-Level Entrepreneurs (VLEs) and Rural Authorised Persons (RAPs). The integration of technology portals of both partner, enables a seamless distribution process. Association with CSC SPV supports expansion of IndiaFirst Life’s footprint across 150,000 Common Service Centres across the country, with the primary aim of offering a structured platform that drives socially-inclusive and long-term development through community participation.
Read more about Legal & General's work to contribute over the next 5 years.
Read more about the IndiaFirst life Business.