Sahaj Insurance Acquires IRDAI Corporate Agency Licence, Targets 10 Crore Policy Sales in First Year

Economic Times
Economic Times
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Sahaj Insurance, licensed by IRDAI, plans to sell 10 crore policies targeting rural India, leveraging a large network and digital assistance to enhance insurance accessibility and financial inclusion.
Sahaj Insurance Acquires IRDAI Corporate Agency Licence, Targets 10 Crore Policy Sales in First Year
A What happened
Sahaj Insurance Services Pvt Ltd, part of Sahaj Retail Ltd, has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI) to provide a vast range of insurance products tailored to the rural demographic. The initiative targets the sale of 10 crore insurance policies within the first year of operation, focusing on simple, affordable, and easily accessible insurance options. Sahaj operates through a network of around 4.5 lakh rural centres staffed by trained Sahaj Mitrs, who assist customers with digital onboarding, claims, and multilingual support. The products cover life, health, accident, crop, livestock, and micro-insurance, developed with leading insurers and aimed at low-premium, highly relevant policies suited for households engaged in agrarian and informal sectors. By integrating government-backed schemes, Sahaj hopes to bolster financial inclusion across underserved regions. The company is presently active in states such as Bihar, Uttar Pradesh, West Bengal, the North East, and Odisha, with plans to extend its reach across central and eastern India.

Key insights

  • 1

    Digital Enablement in Rural Insurance: Sahaj Insurance leverages a network of digitally-enabled centres and trained facilitators (Sahaj Mitrs) to provide assisted digital enrolment, claims support, and multilingual services to first-time insurance users in rural markets.

  • 2

    Focus on Financial Inclusion: The company integrates government-backed insurance and social security schemes with its product offerings to deepen financial inclusion in rural and underserved regions.

  • 3

    Product Portfolio Tailored to Rural Needs: Sahaj offers insurance products spanning life, health, accident, crop, livestock, and micro-insurance, emphasizing low premiums and relevance to agrarian and informal-sector households.

Takeaways

Sahaj Insurance's entry into rural insurance markets with IRDAI's corporate agency licence marks a significant step towards democratizing insurance access across rural India. By combining digital innovation with localized support and tailoring products to rural needs, Sahaj aims to reach millions with affordable insurance solutions, fostering greater financial inclusion and security.

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