Recognisedits role in improving insurance penetration in India’s underinsured belts
MUMBAI: IndiaFirst Life Insurance has been recognised with the Social Inclusion Award 2017 by Fintelekt Insurance Awards, at the 7th edition of The Indian Insurance Awards, held in Mumbai.
Commenting on the honour, RM Vishakha, Managing Director and CEO, IndiaFirst Life, said, “We are delighted to receive this award and would like to thank Fintelekt for recognisingIndiaFirst Life Insurance’s initiatives around social inclusion. Technology has enabled issuance and servicing of small value policies, that provides access to an underserved market segment. This also enables alignment with the government’s vision of financial inclusion, of which insurance is an important facet.”
IndiaFirst Life has covered nearly 2.4 million lives under the (PMJJBY) Pradhan Mantri Jeevan Jyoti Yojana scheme and has supported more than 8000 families by settling claims worth Rs.161 crores, in the last two years.Through its pan-India presence via Common Service Centers (CSCs), over 2000 regional rural bank branches and KGFS centres have been set up in Tamil Nadu. IndiaFirst Life also set out towards the challenge of improving insurance penetration in remote geographies, with the primary aim of offering a structured platform that drives socially-inclusive and long-term development through community participation.
IndiaFirst Life endeavours to improve penetration and awareness of social sector schemes in rural and under insured areas of the country.This is a means of pushing for self-sustenance together with inclusive development for all, in absence of social security systems, which stands acknowledged with this recognition.