TATA-AIG PREPARES TO ENTER MICRO MARKET

Indian insurance joint venture Tata- AIG is preparing to enter the micro-risk market, launching three products and five micro insurance sales offices (MISOs) — two in Andhra Pradesh and one each in Uttar Pradesh, Rajasthan and Kerala. Chief distribution officer for alternative channels Joydeep Roy said that the company already had 400 trained female agents from the chosen regions, plus link-ups with some 50 non-governmental organisations in Tata- AIG’s rural business. It hoped to increase the number of agents to 2,000 for micro-insurance. The company is looking to cover about 100,000 people in the first year. The three new products are Navkalyan Yojana, a five-year plan offering financial protection to the policyholder’s family; Sampoorn Bima Yojana, where the policyholder pays premiums for 10 years and received cover for 15 years, with all premiums being returned on survival until maturity; and Ayushman Yojana, a single premium 10-year protection plan, which offers a 25% bonus at the end of the policy term.