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As on: Feb 24, 2019 10:35 AM
IndiaFirst Life Insurance ties up with payment solutions provider 'Oxigen' to widen reach
22-Jun-18   10:02 Hrs IST

IndiaFirst Life Insurance has partnered payment solutions provider Oxigen to utilise its point of sale (POS) network for distributing insurance policies in a bid to reach the underbanked population.

"We are taking insurance to the last mile, both in rural and urban areas. This is for people who are either not saving or not opting for insurance because of paperwork issues," said Pramod Saxena, chairman and managing director (MD), Oxigen Services India.

The partnership is aimed at enabling customers to buy IndiaFirst's insurance product across Oxigen's 240,000 common service centres (CSCs) within minutes and eliminating paperwork. The life insurance company has designed 'Khata', its new product, keeping in mind the needs of customers in underbanked locations.

Khata is a non-life, non-participating term assurance with return of premium plan. It provides individuals with the flexibility of paying premiums in parts, as and when possible.

"Khata is primarily targeted towards self-employed customers who do not have regular income. For these people, it is difficult to commit to a certain product that requires regular outflow," said RM Vishakha, MD and chief executive officer of IndiaFirst Life.