The Insurance Regulatory and Development Authority of India (IRDAI) has identified insurance companies to implement State Insurance Plan in line with its vision “Insurance for all’’ by 2047- the centenary year of independent India.
In order to accelerate the process of implementation and the last-mile delivery of insurance services to the uninsured population of the State of Nagaland, the IRDAI has identified Tata AIG General Insurance Co. Ltd. as the lead insurer to drive its State Insurance Plan initiative in the non-life insurance segment in the State.
Tata AIG General Insurance Co. Ltd., in collaboration with other insurers, representatives of the IRDAI and the State Government, will work to promote activities to improve insurance coverage in the state. This will include spreading awareness about the benefits of insurance policies, strengthening the insurance distribution network, speedy redressal of grievances and claim settlement, supporting entrepreneurs in the MSME sector, and reducing the protection gap in the state by making insurance more affordable and accessible to every citizen.
Neelesh Garg, MD and CEO of Tata AIG General Insurance Co. Ltd., visited Nagaland recently to kick-start the implementation of IRDAI State Insurance Plan of Nagaland and he met the Chief Secretary and other senior officials of the Government of Nagaland.
“Tata AIG General Insurance Co. Ltd. is happy to be chosen as the lead insurer to implement IRDAI’s comprehensive State Insurance Plan for Nagaland. This initiative will offer risk mitigation and protection through innovative insurance products to the entire population of Nagaland at an affordable price. Under this plan, our focus will be on creating awareness, providing accessibility to general insurance products distributors and bringing innovative products for the State’s population at affordable price,” Garg said.
He further said, “We look forward to have very effective and meaningful collaborations with the representatives of other insurers under the guidance of the Regulator and the State Administration to achieve the immediate and long-term objectives of the IRDAI’s State Insurance Plan. We will also ensure that our awareness campaigns include creating awareness about the State sponsored insurance schemes for the people of Nagaland.
Some of the immediate benefits for the citizens of Nagaland envisioned under the State Insurance Plan include increasing employment opportunities through different activities associated with insurance, offering protection against sickness by providing health insurance, fostering entrepreneurship in the state by adding MSMEs under insurance cover, compensation to the victims of road accidents involving motor vehicles, protecting assets of people against the natural or man-made perils.
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