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.