Tata AIA Life Insurance and Tata Teleservices have jointly launched m-Insurance for the telecom provider's pre-paid customers. The pilot has been launched in Andhra Pradesh and Telengana, said a press release issued by the company.
The term life plan offered through m-Insurance comes with two options for the sum assured -- Rs 50,000 and Rs one lakh. Customers are automatically enrolled on purchase of Tata DoCoMo's selected mobile recharge coupon (Special Tariff Voucher-STV). There is no need for any additional documentation at the time of purchasing the STV.
After the purchase of selected STV, customer is informed of the policy and cover details by an SMS, immediately followed by another text message asking for nominee details. Customer also receives details of the life cover via SMS which contains a weblink to download the Certificate of Insurance from www.tataaia.com. Reminders to renew the STV are also sent through SMS. To continue with the cover, customers must recharge the STV.
The STV can be recharged at Tata DoCoMo outlets.
On the occasion of the launch of m-Insurance, T S Vijayan, Chairman IRDAI, said, "A plan like m-Insurance uses technology to cut distribution and service costs, thereby bringing protection to those who would otherwise find it unaffordable."
In the pilot stage over 23,000 lives have been insured, said H Venkatachalam, Chief-Partnership Distribution & Corporate Solutions of Tata AIA Life.