Tata AIA Life Insurance (Tata AIA Life) said it has joined hands with TTSL (Tata Teleservices) to launch M-Insurance (mobile-insurance) in the States of Andhra Pradesh and Telangana.
This Mobile insurance, will also bring the economically weaker sections under the insurance cover.
Under this M-insurance, customers are auto-enrolled on purchase of Tata DoCoMo's selected mobile recharge coupon (Special Tariff Voucher or STVs).
The life cover comes with two sum assured options - Rs 50,000 and Rs 1,00,000.
Consumers will receive the details of the life cover, through SMS, which contains a web link to download the insurance certificate.
This insurance cover is mainly for the telecom company's prepaid subscriber base in the two states, as a pilot offer on selected recharges.
Indian citizens, of ages between 18 to 80 years can avail this paperless cover, which does not require any medical tests.
In the event of any claim, the beneficiary must call the Tata AIA Life call center for settlement.
IRDAI chairman, TS Vijay, said, “This initiative is core to the mission of IRDAI, which is not just regulation, but development too.”
“Life insurance is all about protection and that incorporates three things - offering protection at an affordable price, reaching out to the maximum number of people, and offering a simple claim settlement,” said Vijay.
M-insurance utilizes technology to cut distribution and service costs, thereby bringing protection to those, who could otherwise find it unaffordable.
“With plans like these, we feel we have done something really valuable for the country,” added the IRDAI Chairman.
Tata AIG, Chief of partnership, distribution and corporate solutions, H. Venkatachalam, said, the product has been well received in the pilot stage with over 23,000 lives secured in a short span.
Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons and the AIA Group (AIA).