Excelsior Correspondent
JAMMU, Mar 7: Life Insurance Corporation (LIC) of India today launched an online and paperless process of completion of policies of micro insurance, for the first time in its history, extending its digital reach to the financially weaker sections of the society.
This initiative has been rolled out in partnership with Mahindra Insurance Brokers Limited (MIBL), who will sell `Life Micro Insurance Policies’ with sum assured in the range of Rs 50,000 to Rs 2,00,000 through their `Sajhedaari Program’, involving the network of Point of Sales Persons (POSPs). The micro insurance policies of LIC will be available at www.sajhedaari.com to help the POSP-LI to sell these policies digitally at the doorsteps of the prospective customers by using handheld devices like a simple smartphone or laptop.
While highlighting its features, an LIC official said there will be no filling up of physical proposal form. The payment will be made through online and digital mode. The records will be preserved in digitized form and provision of issuance of policy bond will be in paperless form.
He said an agreement was signed today between these two brands in the presence of Managing Directors of these organizations.
It is believed that this ‘Phygital’ initiative of LIC and MIBL will set a new benchmark in the area of distribution of Micro Insurance Products ,bringing ease of doing business for the partners and also bring comfort and convenience to the customer of getting insured at any place as the POSPs will be available in their neighborhood.
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