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IPPB to sell Tata AIG General Insurance products: Things to know

As part of the deal with Tata AIG, IPPB will make available affordable insurance products through its robust network of 650 branches and 136,000 banking access points.Premium
As part of the deal with Tata AIG, IPPB will make available affordable insurance products through its robust network of 650 branches and 136,000 banking access points.

  • General insurance penetration remains low in India when compared with that of developed economies. The strong distribution and reach capability of IPPB will enable taking risk solutions to customers across urban, semi-urban, and rural areas making insurance available to them

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NEW DELHI: India Post Payments Bank (IPPB) has tied up with Tata AIG General Insurance Co. Ltd. for distribution of non-life insurance products across the country.

As part of the alliance, IPPB will make available affordable insurance products through its robust network of 650 branches and over 136,000 banking access points to citizens at large. Products include health insurance, personal accident, motor insurance, among other innovative tailor made products, Tata AIG had said in a statement on 23 September.

Here are the details:

Will the insurance products be available with Gramin Dak Sevaks?

Gramin Dak Sevaks will play a vital role when it comes to sale and distribution of insurance products. The strategic partnership with Tata AIG is a step in the direction of providing comprehensive risk solutions to customers through the wide distribution network and reach of IPPB.

Can they promote, sell all types of policies or a select few?

The range of insurance products shall include health insurance products, personal accidents, motor insurance and other products approved by IRDAI amongst other innovative tailor-made products to address the protection needs of the customers.

According to the press release, nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will play an important role in distribution and promotion of these insurance products, focussing especially on unbanked and underserved customers at the last mile.

Who are underserved customers?

General insurance penetration remains low in India when compared with that of developed economies. The strong distribution and reach capability of IPPB will enable taking risk solutions to customers across urban, semi-urban & rural areas making insurance available to them. This is being achieved through simplified digital processes in an assisted mode at their doorstep in simple, convenient, and economical manner stated insurer's statement.

Neelesh Garg, MD and CEO, Tata AIG GI said, “With the help of India Post Payments Bank, we can provide door-step access to insurance products and much-needed protection to consumers in the semi-urban and rural India. The aim is to offer new-age technology backed innovative solutions that are simple for customers to understand."

The strategic alliance with Tata AIG General Insurance will provide the necessary impetus for increasing penetration and awareness of insurance among financially excluded segments of the population. Driven by IPPB’s unique and differentiated doorstep service, this will redefine the customer experience of buying insurance by leveraging digital technology, as per a statement by TATA AIG.

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