Bajaj Allianz Life Insurance, a leading private Life Insurance company in India, has been nominated by the Insurance Regulatory and Development Authority of India (IRDAI) as the lead insurer for Tripura, to improve insurance awareness and penetration across the state. In a collaborative effort between IRDAI, the state government, and insurers, a State Level Insurance Committee has been constituted, which commenced operations with its first meeting held in Agartala, today.Along with Bajaj Allianz Life, ICICI Lombard GIC Ltd. has been nominated as the lead insurer in the Non-Life Segment. This State Level Insurance committee will aid in implementing the State Insurance Plan, which aims to provide accessible insurance services to the uninsured population. Bajaj Allianz Lifelong and ICICI Lombard will lead the way in promoting insurance awareness and financial literacy through various programs, focusing on skill development, employment generation, and strengthening claims and grievance redressal mechanisms.
Mr. Jitendra Kumar Sinha, Chief Secretary, Government of Tripura said “The State of Tripura is committed to the growth of its people and its financial ecosystem. Financial risk mitigation being the key component to enable a sustainable growth, we are happy to welcome IRDAI along with the insurers into the state that will offer the much-needed impetus to insurance penetration in the region. These initiatives will not just provide financial protection against death, sickness or disablement, it will enable income protection, securing MSMEs through Group insurance schemes, overall development of the State through investments. We laud the formation of this Committee and will ensure continued support to secure Tripura financially against unforeseen eventualities.”
These measures align with IRDAI’s vision of Insurance for all by 2047, aiming to create a more inclusive and customer-centric insurance ecosystem. Mr. Anil PM, Head Legal, Compliance & FPU, Bajaj Allianz Life, said, “Being appointed as the lead insurer for Tripura’s State Insurance Plan is an honor for Bajaj Allianz Life.”
Mr. Thomas Devasia, Member (Non-Life), IRDAI said “Insurance is an extremely crucial component that drives socio-economic growth of the country. It is often perceived to be complicated, inaccessible in remote locations of the country and sometimes as a less significant part of their financial portfolio. Through the State Level Insurance Committee which in turn will drive the State Insurance Plan, it is our endeavour to tackle these challenges and extend insurance coverage to uninsured individuals, bringing them into the insurance fold for the first time. We are happy to have been ably supported by the Government of Tripura, the two lead insurers, Bajaj Allianz Life and ICICI Lombard General Insurance along with other insurers and are certain that this is a giant step in the right direction.”
