CSC Insurance Services

 

Insurance Service :

CSC SPV acquired license from the Insurance Regulatory and Development Authority (IRDA) in 2013 to work as an authorized intermediary to market life and non-life insurance products through the Rural Authorised Persons, i.e. the VLEs. CSCs started offeringGeneral, Health and Life Insurance policies to rural investors. So far, 36 insurance companies have come on board to offer various insurance policies through CSCs. CSCs have also started offering motor third party insurance to its rural customers.

Sale of New Policies:During 2016-17, 40,016 RAP VLEs sold new insurance policies, both life and non-life, to 2,15,677 new customers and collected premium worth Rs. 2389.57 lakh from those customers.

Collection of Renewal Premium:CSCs across the country can also collect insurance premium towards renewal of life insurance policies. During 2016-17, around 40,000 CSCs have been engaged in renewal of life insurance policies of 18 insurance companies. During the year, these RAPs have collected renewal premium worth Rs. 31,026.36 lakh from existing 8,31,710 life insurance policy holders.

Jan Suraksha Schemes:In 2015, theGovernment launched three special insurance and pension schemes for citizens, especially from the unorganized sector and marginalized communities. VLEs working as BCAs can offer the three social security schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) to citizens. The Punjab National Bank has agreed to extend APY enrolments of their account holders through CSCs across the country.A VLE can make premium payment of their Life Insurance policies of any of the company listed on the Portal.

Pension Service:

The National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. It is an attempt towards finding a sustainable solution to the problem of providing adequate retirement income to every citizen of India.

NPS is based on a unique Permanent Retirement Account Number (PRAN) which is allotted to each Subscriber upon joining NPS. NPS accumulates savings into subscribers PRA while he is working and using the accumulations at retirement to procure a pension for the rest of his life. NPS service has been launched through CSCs since April 2017.

Pradhan Mantri Fasal Bima Yojana (PMFBY):

Pradhan Mantri Fasal Bima Yojana (PMFBY) is a comprehensive, yield based crop insurance scheme of the Government which aims to provide financial support to farmers suffering crop loss/damage arising out of unforeseen events. The scheme cover crop losses due to –

  • Prevented Sowing / planting risk
  • Non preventable risks like Drought, Dry spells, Flood, Inundation, Pest and Disease, natural fire and lightning, storm, cyclone, typhoon, tempest, hurricane and tornado etc
  • Post harvest losses

  • Localized calamities – due to hailstorm, land slide and inundation Crop Insurance has been launched in 2017 for farmers through CSC SPV network in partnership with Bajaj Allianz General Insurance Company.

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