Financial Daily from THE HINDU group of publications
Thursday, Mar 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 10, 2005 |
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Money & Banking
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Life Insurance Marketing - Rural Marketing Birla Sun Life set to double rural policies
N.S. Vageesh
Ms Anjana Grewal
Chennai , March 9 BIRLA Sun Life Insurance Company is set to double its rural insurance policies this fiscal. The company, which sold 25,893 rural policies last year, recorded sales of 46,351 policies up to the end of February this fiscal. About 21 per cent of its total policies are expected to be to this sector. Disclosing these figures, Ms Anjana Grewal, Vice-President (Marketing & Communications) at Birla Sun Life Insurance Company, said the company would comfortably exceed the mandatory rural insurance stipulation this year, as it had since its first year of operations. Life insurance companies are expected to sell 14 per cent of their policies to the rural sector in their fourth year of operations and 16 per cent in their fifth year of operations. Ms Grewal said the company uses a two-pronged rural distribution strategy. Under the first model, it uses the Aditya Birla group factories that have a well-developed rural network. These factories have their own village extension workers who do work in water management and healthcare. The company has a team of 160 such village extension workers and sales executives who facilitate the sale of its policies across the country. Under the second model, the company has a tie-up with 20 non-governmental organisations to sell its rural policies. About 80 per cent of its rural policies are sold through this channel, Ms Grewal said. The company has a plan called "Bima Kavach Yojana", a three-year endowment plan for the rural population. The premiums are at four levels starting from Rs 50 to Rs 200. The sum assured is 100 times the premium amount.
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