IFFCO Tokio's Commitment to Orissa
Bhubaneswar, 31 July 2009: IFFCO-Tokio General Insurance Co. Ltd. is further equipping its business in Bhubaneswar to cater to the unique needs of the customers in Orissa, especially in the Micro Insurance particularly on the farming community. For the development of Micro Insurance, IFFCO Tokio had launched Sankat Haran Bima Yojana (Khad toh Khad Bima Saath) on 30th September 2001. The policy offers Personal Accident cover with the sale of Urea Fertilizer bag of IFFCO & IPL. As of June 2009, over 8,500 claims have been settled and Rs. 51.33 Crores have been paid as claims. This policy is also available in Orissa and 22 claims with a total claim amount of Rs. 7.14 Lakh has been settled in Orissa.
Another Micro Insurance Product from IFFCO Tokio, Barish Bima Yojana (Barish Zyada ho ya Kam, Muskurate Raho har Dum) is serving the Indian farmers since 2004-05. As on date, 196783 farmers have been covered under this policy and claims worth Rs. 11.78 Crores have been settled benefiting 44950 farmers. In June 2009, IFFCO Tokio launched Barish Bima Yojna (BBY) as a pilot run in Cuttack, Ganjam, Khordha & Nayagarh Districts of Orissa. Barish Bima Yojna, an Index-based weather insurance product provides protection to the farmers against anticipated deficiency in crop yield due to both deficit and excess rainfall depending upon the location, weather conditions and crop requirement of a specific region.
Contributing to the positive growth of IFFCO Tokio in the first quarter of the current financial year, the Company’s gross written premium collection in Orissa has been Rs 440 lakh against Rs 364 lakh in the corresponding quarter last year (an increase of 21% YoY). IFFCO Tokio has a strong presence in the state with 8 offices and 12 Bima Kendra’s.
IFFCO Tokio’s Janata Bima Yojana (Chinta ki kya kaat hai, Jab Janata Bima saath hai; Chotti Keemat Badi Suraksha) which is available at an extremely affordable premium of Rs 100 (for a couple, including taxes) to the rural population and will cover people from the age group of 18-60 years. The scope of the policy will include Property cover (Householder’s content only) and Critical Illness cover (Paralytic Stroke, Cancer, Coronary Artery Disease, Loss of Limbs, Coma) with a sum assured of Rs. 10,000 in both cases. To enhance its penetration amongst the rural population & provide the benefit of its Micro Insurance Policy IFFCO Tokio has also taken 24 Co-operative societies on board as Micro Agents in the state. Amongst other initiatives, “Jan Kalyan Bima,” launched in 2007, covers household goods against risks of Fire, Burglary, Personal Accident, and Critical Illness and “Kisan Suvidha Bima Yojna” covers risks against fire.
Speaking about IFFCO Tokio’s future plans for Orissa, Mr. N K Kedia, Director – Marketing, IFFCO Tokio General Insurance said, “IFFCO Tokio is focusing at tapping the largely unexplored rural market with specially designed products, which serve the requirements of the rural population. Janata Bima Yojana and Barish Bima Yojana both cater to the needs of the people living in rural India. We aim to provide protection from illness, weather insurance, livestock insurance and insurance against natural disasters. Our innovative insurance products have been successful in the past and we are confident that with our continued service excellence, we will continue to see huge success.”
“We are thankful to the State Govt. particularly the Cooperative Department for providing us support and we hope to further accelerate the cooperative movement in the state. Till now we have received encouraging response from farmers in Orissa and awareness amongst them about the importance is slowly increasing”, he added.
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter’s contribution is 74 percent, while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Pte Ltd. IFFCO Tokio has a widespread network of more than 170 offices across the country and many more in the pipeline for the coming year. The objective behind opening new offices is to cover the enormous spread of the country and reach the masses.
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