Advanced Financial Inclusion Through Insurance Services in CSC Digitalseva Portal
Financial services industry is the bedrock of any strong economy. Banking supports the growth of income and wealth through saving and investment, whereas, Insurance protects income and assets.
Financial Inclusion is one of the core mandate of CSC SPV. CSC SPV has been at the forefront of many innovations in order to develop a single insurance differentiated platform for Life & General Insurance for sales & service. The insurance service through CSC has many features, which include:
- IRDAI (Insurance Regulation & Development Authority of India) had recognized the role that the CSC can play in taking insurance services digitally to masses way back in 2012
- IRDAI is a pioneer in the world to pass regulations to create a first of its kind 100% technology driven insurance broker platform through CSC SPV.
- CSC channel has enabled rural and poor citizen access insurance services of all the insurance company through a single window
- IRDAI had it compulsory for all the Insurance companies to issue risk cover through 100% digital processes from proposal to policy issuance way back in 2013. CSC SPV developed a simple but robust Insure-tech platform for online issuance of policies.
- CSC is the first institution in the industry to use Aadhaar for customer authentication before accepting an Insurance proposal through IRDAI mandate. This has helped eliminate fraudulent Insurance claims
- CSC has implemented online registration, training and certification programme for certification of CSCs as Rural Authorized Person (RAP).
- CSC has leveraged its network to source Crop Insurance proposal under PMFBY from across India
Insurance products & services available through CSC
| Name Of Service | Description |
| LIFE INSURANCE PREMIUM PAYMENT
(All VLEs can do Renewal Collection Services) |
Customers can make payment of up to Rs 49,999 of their Life Insurance Policies of companies like LIC, SBI life etc. (In total 14 presently and more companies are being added) through Digital Seva Centres. VLE earns instant commission and provides payment receipt to customer at the time of payment.
Renewal service available for LIC , LIC MICRO INSURANCE, SBI LIFE, HDFC LIFE, BAJAJ ALLIANZ LIFE, AVIVA LIFE, DHFL LIFE , FUTURE GENERALI LIFE , ICICI PRUDENTIAL LIFE, MAX LIFE, SAHARA LIFE, SHRIRAM LIFE, TATA AIA |
| INSURANCE SALES | A licensed RAP can sell the various types of insurance products through Digital Seva, like –
1. Life Insurance – Term & Variable Insurance Plans 2. Life Insurance – “KHATA” Single Premium 3. Motor Insurance – Third Party & Package(Comprehensive) Policy Motor Comprehensive Policy for BREAK-IN vehicles – RAP’s can now do insurance for break in cases where current policy has expired. In these cases RAP’s can use HDFC ERGO’s App to click pictures & video of the vehicle and necessary documents like RC of the vehicle for inspection purpose. Once all these details are submitted on App by RAP, HDFC ERGO team provides approval (provided submitted information is acceptable) in a hour or two from submission time. 4. Personal Accidental Insurance 5. Health Insurance 6. Pradhan Mantri Fasal Bima Yojana 7. Fire and Allied Perils 8. Farmer Package Policy 9. Agriculture Pumpset Insurance 10, Cattle Insurance – Insurance of Mitch Cows, Goats etc VLE earns instant commission and handover policy bond to customer over the counter. |
