IFFCO-TOKIO General Insurance Company has partnered with various cooperatives to offer micro insurance package policies, providing affordable solutions to under-covered communities. This initiative is part of the company’s celebration of its silver jubilee and aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of “Insurance for All by 2047”. Established in 2000 as a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Japan-based Tokio Marine Group, IFFCO-TOKIO GIC has been guided by the principle of affordable insurance.
The company’s Managing Director and CEO, Subrata Mondal, stated that the vision has expanded to align with people’s aspirations and a robust economy, while remaining committed to IRDAI’s goal. To achieve this, IFFCO-TOKIO has introduced affordable insurance solutions for under-covered communities, inspired by various IRDAI initiatives. The partnership with cooperatives aims to distribute micro insurance for package policies, health, and motor policies, making insurance more accessible to those who need it.
IFFCO-TOKIO GIC offers a range of retail products, including motor, health, travel, home, and personal accident insurance, as well as corporate insurance products. By collaborating with cooperatives, the company can reach a wider audience and provide tailored solutions to meet the specific needs of under-covered communities. This move is expected to contribute to the growth of the insurance sector and help achieve the goal of “Insurance for All by 2047”. With its commitment to affordable insurance and partnerships with cooperatives, IFFCO-TOKIO GIC is well-positioned to make a positive impact on the lives of millions of people in India. The company’s efforts to increase insurance penetration and provide affordable solutions will likely have a significant impact on the industry and the communities it serves.