Life Insurance Corporation of India (LIC) has announced a strategic collaboration with Sahaj Insurance Services to strengthen insurance penetration across rural and semi-urban parts of the country.
Under the collaboration, Sahaj’s assisted digital service network will facilitate access to LIC’s life insurance products and services, enabling citizens to understand, enrol in and manage policies, particularly in regions where insurance awareness has traditionally remained low, according to a joint statement.
“LIC has always been committed to extending life insurance protection to every segment of society. Our collaboration with Sahaj Insurance Services Private Limited will help us reach deeper into rural and semi-urban regions, ensuring that more citizens benefit from the security and assurance offered by LIC,” said Mr Soumendranath Bandyopadhyay, Regional Manager, LIC.
Sahaj Insurance Services said the partnership brings together LIC’s long-standing trust and its own last-mile reach through an assisted digital model. The collaboration is expected to improve awareness, strengthen policy servicing and encourage wider adoption of life insurance, contributing to India’s broader financial inclusion and social security objectives, the statement said.
Sahaj Insurance Services is a wholly owned subsidiary of Sahaj Retail and part of the Kanoria Foundation initiative. The company recently received a corporate agency licence from the Insurance Regulatory and Development Authority of India, allowing it to distribute insurance products across the country.
According to the company, Sahaj operates through a network of around 4.5 lakh digitally enabled rural centres that collectively serve more than 70 crore citizens. Its insurance vertical focuses on offering affordable and easy-to-understand products, supported by trained Sahaj Motors who assist customers with onboarding, servicing and claims.
Sahaj centres will also facilitate access to government-backed insurance and social security schemes, alongside life and health insurance offerings, as part of efforts to deepen financial inclusion, the company said, reported The Economic Times.