Private player Tata-AIG on Tuesday entered the micro insurance sector with the launch of its three new products targeting the huge potential available in rural areas in the life insurance segment.
The three products -- Navkalyan Yojana, Sampoorn Bima Yojana, and Ayushman Yojana -- have been specially created with emphasis on product simplicity and ease of documentation, the company said at a press conference.
'Navakalyan Yojana' is a five-year MI plan that provides financial protection to the policy holder's family with add-on accidental death benefit rider.
In 'Sampoorn Bima Yojana' the policy holder pays a premium for 10 years and gets a cover for 15 years, and upon survival till maturity gets 100 per cent returns on the premium paid.
'Ayushman Yojana' is a single 10-year protection plan with the benefit of payment at the beginning of the policy term and the policy holder gets back the premium amount plus additional 25 per cent on survival at the end of the policy term.