October 4, 2022

IndiaFirst Life Insurance coverage has entered right into a strategic and technical partnership with Spice Cash, a tech-led monetary providers supplier, for distribution and advertising of ‘insurance coverage khata’ by means of the latter’s platform, which has practically three lakh customer support factors, primarily in semi-urban and rural India.

‘Insurance coverage Khata’ is mainly a micro-insurance plan focused on the casual sector and agricultural labourers with seasonal incomes. It’s a product that can allow a buyer to create and improve safety cowl whereas additionally having certain quantity of return of premium. It allows customers to truly placing the cash once they have it somewhat than committing to premium funds once they don’t have dedicated circulation of revenue

Chatting with BusinessLine on the tie-up, RM Vishakha, Managing Director & CEO, IndiaFirst Life stated “We’re tying up with Spice Cash to supply Khata merchandise to their buyer segments. That is simply a place to begin. As soon as we iron out operational points, we are going to see what extra we will do with Spice Cash as our technical companion. With sandbox laws that IRDAI has rolled out, we will pilot extra merchandise and options along with the technical companion”.

Dilip Modi, Chairman, Spice Cash stated that Khata is an idea that Spice Cash’s 40 million buyer base simply join with.

“We make it frictionless for them and that’s what excites them and us. We’ve been searching for companions within the micro monetary providers area and our discussions with Vishakha and group acquired us to a product that we had been searching for—micro insurance coverage Khata product that gives lot of flexibility. We had been searching for a match and located one in IndiaFirst. We imagine that by means of the community we will develop the penetration of insurance coverage into semi-urban and rural India. We’re wanting ahead to work carefully to deepen IndiaFirst product attain in semi-urban and rural India”, he stated.

Modi additionally stated that going ahead Spice Cash want to have a company company licence from IRDAI and has utilized for a similar. Within the present association with IndiaFirst, Spice Cash’s distributors will work as Level of Sale brokers for distribution and fee assortment for ‘insurance coverage khata’.

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