Tata AIA Life Limited, one of India’s fastest growing life insurance providers, has tied with Spice Digital, the remittance service provider, to offer micro insurance solutions up to Rs, 2,00,000. As part of the tie-up, Spice Digital will distribute Tata AIA Life Insurance POS – Saat Saath, a non-linked non-participating Micro Insurance plan, from Spice Money franchise network across the country.
Tata AIA Life Insurance POS – Saat Saath offers dual benefit of savings and protection. It is a non-participating endowment insurance plan with return of a pre-specified percentage of total premiums paid at maturity on survival. The product offers assured returns on survival till maturity and ensures one’s family’s financial protection and well-being even in his absence. Any individual of 18-50 years of age can avail this offer with an annualized premium as low as Rs. 254.
Commenting on the partnership, H. Venkatachalam, Chief Distribution Officer of Tata AIA Life said, “Micro-Insurance is critical in a country like ours where the unbanked population is huge. We are glad for the PoS launched by IRDAI that has enabled us to reach out to this strata of society meaningfully. We are happy to have Spice Digital as our Micro Insurance distribution partner because of whom we will be able to reach out to the vast majority of consumers. This definitely brings us closer to bridging the protection gap in the country. ”
Speaking on the occasion, Saket Agarwal, Global CEO of Spice Digital Limited, said: “We are pleased to enter into this tie-up with Tata AIA Life. This partnership underlines our commitment to expand the reach of financial services to the unbanked population of India.”
Spice Digital will be the micro insurance agency of TATA AIA Life and leverage its vast physical presence of over 70,000 Spice Money franchise network to bring affordable life cover to millions of rural citizens across India.
Tata AIA Life has a committed distribution team of 122 dedicated Micro Insurance agencies and 2514 Micro Insurance Specified Persons across India offering wide range of Micro Insurance solutions.