Money & Banking

IndiaFirst Life forges distribution tie-up with Oxigen Services

K.R. Srivats New Delhi | Updated on June 26, 2018 Published on June 26, 2018

R. M. Vishakha, MD and CEO, IndiaFirst Life Insurance (file pic)

Partnership to help popularise insurance among micro segment


IndiaFirst Life Insurance Company Ltd (IndiaFirst) has entered into a tie-up with Oxigen Services India Pvt Ltd to establish distribution of its insurance products at Oxigen retail outlets. Through this tie-up, IndiaFirst Life will offer PoS Insurance Khata, a unique product that allows a customer to increase his life cover and create savings in a manner that suits his budget.

IndiaFirst Life is a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK). R. M. Vishakha, MD and CEO, IndiaFirst Life Insurance, said, “IndiaFirst Life and Oxigen have together embarked on a journey to popularise insurance with long-term savings for the micro segment. The micro segment is addressed by every other industry, be it FMCG or telecom. Oxigen is one of the leading providers of money transfers and prepaid recharges as low as Rs 10. We offer premiums from as low as Rs 500, with a commitment to add future premiums but no penalty for the inability to do so”.

Pramod Saxena, Chairman and MD, Oxigen Services India said: “We are pleased to enter into this tie-up as corporate agent with IndiaFirst Life. Our partnership with IndiaFirst Life is aimed at creating a unique selling model to offer insurance to the masses through over 1 lakh outlets that could potentially be distributors. This will support us to expand distribution through our own PoS network and offer effective and efficiently serviced life insurance solutions formulated by IndiaFirst Life Insurance.”

Vishakha said the product allows flexibility of depositing premium into an account and building up insurance cover with return of premium after 5,7 or 10 years based on the term opted. There are guaranteed returns for all premiums paid, even if it is only one premium.

Additionally, a comprehensive digitalised customer interface with eKYC, will offer best ‘value for money’ to end customers and fully integrated seamless technology support at the back-end makes this product economical.

IndiaFirst Life Insurance and Oxigen Services aim to establish access to customers in the remotest areas of the country. In addition, it will empower retailers to form a new segment of POS agents across India.

Published on June 26, 2018
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