LIC launches online process of completion of Micro Insurance policies

Mumbai: Life Insurance Corporation of India has today launched an Online & Paperless process of Completion of Policies of Micro Insurance, for the first time in its history, thereby extending its digital reach to the financially weaker sections of the society. This is a big initiative taken by the largest Insurer of the country for promoting Financial Inclusion of the marginalized 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, laptop etc..

The highlights of this arrangement are: (1) There will be no filling up of physical proposal Form, (2) The payment will be made through online and digital Mode, (3) The records will be preserved in digitized form, (4) Provision of issuance of Policy Bond in paperless form.

An Agreement was signed today between these two Brands in the presence of Managing Directors of these organizations.

Source: Millennium Post