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An overview and significance of different bancassurance schemes launched for financial inclusion in India
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The objective of the research paper is to provide an overview of Bancassurance products & schemes launched by the government and the private banks to contribute towards the financial inclusion of the nation.

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  1. International Journal of Management (IJM)
    Volume 10, Issue 6, November-December 2019, pp. 275–286, Article ID: IJM_10_06_027
    Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=10&IType=6
    Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    AN OVERVIEW AND SIGNIFICANCE OF
    DIFFERENT BANCASSURANCE SCHEMES
    LAUNCHED FOR FINANCIAL INCLUSION IN
    INDIA
    Puja Dua
    Research Scholar, Amity University Noida, India

    Dr Namita Sahay
    Associate Professor, Amity University Noida, India

    Dr O S Deol
    Associate Professor, Bhagat Singh College (E), Delhi University, India

    ABSTRACT
    Bancassurance is a relationship between a bank and an insurance company that
    aims to provide customers of the bank with insurance products or insurance benefits.
    The objective of the research paper is to provide an overview of Bancassurance
    products & schemes launched by the government and the private banks to contribute
    towards the financial inclusion of the nation. The authors furthermore discussed and
    provides the details of various schemes launched by government such as Life Cover
    under Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti
    Bima Yojana (PMJJBY), Pradhan Mantri Vaya Vandana Yojana (PMVVY), Pradhan
    Mantri Fasal Bima Yojana (PMFBY), and other such schemes. The methodology
    adopted for the research is to review the published articles and the reports and to
    summarise the significance and the importance of the bancassurance towards the
    financial inclusion of the country. The finding of the study concluded that the
    bancassurance schemes launched by the government of India and the schemes run by
    the private banks to increase the bancassurance percentage in the country are having
    significant positive results. There are still the number of issues needs to be addressed
    to achieve the 100% financial inclusion in the country.
    Keywords: Bancassurance; Financial inclusion; India; Banks; PMJDY; PMJJBY.
    Cite this Article: Puja Dua, Dr Namita Sahay, Dr O S Deol, An Overview and
    Significance of Different Bancassurance Schemes Launched for Financial Inclusion in
    India, International Journal of Management (IJM), 10 (6), 2019, pp. 275–286.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=10&IType=6

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  2. An Overview and Significance of Different Bancassurance Schemes Launched for Financial Inclusion in India

    1. INTRODUCTION
    1.1. Bancassurance
    Bancassurance is a relationship between a bank and an insurance company that aims to
    provide customers of the bank with insurance products or insurance benefits. Bank staff and
    tellers become the customer’s point of sale and point of contact in this partnership. With
    wholesale product information, marketing campaigns and sales training, bank staff are
    advised and supported by the insurance company. The commission is shared by the bank and
    the insurance company. Insurance policies are processed by the insurance company and
    administered [1].
    Both companies can profit from this partnership arrangement. Banks can earn additional
    revenue through the sale of insurance products, while insurance companies can expand their
    customer base without expanding their sales forces or paying insurance agents or brokers
    commissions. Bancassurance has proved to be an effective distribution channel in Europe,
    Latin America, Asia, and Australia in several countries [2], [3].
    Bank insurance is still generally banned in some nations but has recently been permitted
    in countries such as when the Glass–Steagall Act was abrogated. But in recent years revenues
    have been modest and flat, with most insurance sales of US banks being mortgage insurance,
    life insurance, or loans-related property insurance. But in recent times China has allowed
    banks to buy insurers and vice-versa, boosting the banking insurance product and some major
    global insurers in China have witnessed a huge expansion in banking sales to individuals
    across various product lines [4]–[6].

    1.2. Private Bank Insurance Providers
    Private bank insurance is a wealth management process developed and used globally by
    Lombard International Assurance. The theory blends private banking and investment
    management services with innovative use of life-safety as a framework for financial planning
    to gain fiscal advantages and protection for rich investors and their families. The banks are the
    representative for insurance companies, which gradually sell their policies. Bancassurance is
    high productivity and low-cost efficient distribution channel than conventional distribution
    channels [7]–[9].
    In the modern banking unit, the workers are named by an insurance company to support
    banking customers with their insurance solutions. Integrated models’ is a profoundly
    integrated insurance activity into bank processes. Premium is usually collected by the bank,
    usually direct debit from the customer’s bank account. In branches of the bank, new business
    data are entered and workflows are automated between the bank and insurance companies. In
    most cases, asset management is carried out by the subsidiary of the bank’s asset management
    [10]–[12]. Bank branches receive life insurance sales commissions. Some commissions may
    be paid to employees of the branch as commissions or bonuses based on the achievement of
    sales goals.
    The sale of branch insurance products by branch personnel has been restricted by
    regulatory restrictions because most investments can only be sold with permitted financial
    advisors who have obtained a minimum qualification.’ Non-integrated models. As a result,
    banks have set up networks of financial advisors authorized to sell insurance products
    regulated. They usually operate as tied agents and only sell products made by the in-house
    insurance company or third-party providers of the bank [13]–[15].

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  3. Puja Dua, Dr Namita Sahay, Dr O S Deol

    1.3. Role of the Agents
    Insurance products are distributed by branch staff, sometimes supported with more
    sophisticated products or certain customer types by specialist insurance counselors. Life
    insurance products are fully integrated into the bank’s range of savings and investment
    products, with industry employees selling an increasing number of insurance products, e.g.
    protection, health or non-life products, which are moving farther away from their core
    activities [16], [17]. Products are primarily medium-and long-term investment products that
    benefit from the tax. They are specifically designed to meet the needs of branch consultants in
    terms of simplicity and similarity with banking products. These products often have a low-
    risk component of insurance in particular [18]–[20].

    2. LITERATURE REVIEW
    Table 1 Summary of previous studies in Bancassurance
    References Findings
    [2], [21]– The high cost of circulation fundamentally constraining the vast majority of the protection
    [24] players to disregard the provincial market and offer just that much which is required
    according to IRDA direction as stipulated in their business operations. Along these lines, it
    turns into a commitment for insurance agencies to enter in the rustic market, as opposed to
    looking at this specific market as another business opportunity.
    [2], [25]– Under any conditions, there ought not to be an alternative for strategically pitching of any sort
    [27] of budgetary items which does not satisfy the money related prerequisite of the individual
    customers.
    [10], [13], From the request (or firm) side of the credit advertise, hypothetical work on the development
    [14], [28], of obligation structure had proposed an association between data issues and firms’ obligation
    [29] development decisions
    [30]–[33] Counting the improvement of PC frameworks enabling banks to exploit strategically pitching
    openings, faculty preparing and promoting costs with advantages, for example, deals edges
    and other backhanded advantages (e.g. expanding client steadfastness).

    [34]– Expanded firms had values that were 13% to 15% beneath the aggregate of the attributed
    [36][37]– estimations of their portions, however, this misfortune was moderated in instances of more
    [41] engaged expansion inside related ventures.
    [42]–[45] The driving force for the development of bancassurance as an appealing channel for
    circulation of protection items can be given by banks and insurance agencies by concentrating
    on all parts of administration quality specifically responsiveness, affirmation, substantial-
    quality, sympathy and unwavering quality
    [46]–[48] Bancassurers, for the most part, forces an upper hand over their opposition since they could
    complete intra-amass exchange (on occasion without right hazard assessments), and
    additionally to upgrade prerequisites of dissolvability edge as per each kind of budgetary
    operation inside the gathering.
    [32], [46]– Enhancement may prompt an enhanced rating for the association. Different advantages would
    [50] incorporate enhanced resource administration and more successful utilization of value capital.
    The befuddle between bank resources (long haul) and liabilities (here and now) may be the
    invert from that of a safety net provider (long haul commitments).
    [2], [3], Managing an account protection mixes had a tendency to lessen hazard however keeping
    [25], [27] money securities or land blends were hazarded expanding.

    [4]–[6], [19] Credit advertise chain of importance exists among private obligation (inside bank advances),
    private arrangement (inside insurance agency securities) and general society obligation
    showcase (outside obligation).
    [7]–[9], [51] Safety net providers, as a rule, lost an incentive thus of these occasions; banks neither lost nor
    picked up esteem.

    [7], [11], Specialists proposed that for India, The Bancassurance Model ought to be embedded well
    [51], [52] ordered beginning from straightforward items and afterwards ought to be stretched out to

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  4. An Overview and Significance of Different Bancassurance Schemes Launched for Financial Inclusion in India

    complex items.

    [6], [8], the administration needs to put more prominent endeavours into enhancing execution
    [10]–[12],
    [14] [13], [15], In the 1990s, banks gained significant ground in customary protection exercises, with
    [16] different annuity speculation contracts and consolidated investment funds and protection
    contracts (known as entire life coverage) in the United Kingdom.
    [53], [54] In the UK, a review demonstrated that bancassurance had a generous cost advantage over
    normal UK life workplaces of comparable profiles in 1998. TSB Life appreciated a 30.2%
    cost favorable position and Black Horse Life 22.2%
    [18], [22], The central explanations behind low use of the capability of bancassurance are – monopolistic
    [29] relations, a low point of preparing, nonappearance of operational coordination, unequal
    relationship, brief-term of tie-ups, absence of uncommonly considered items, non-use of
    mechanical stage and deprived adjusting guidelines charming in the bancassurance way
    [45], [55], The sort of relationship procedure which might be actualized in the event of the office-based
    [56] framework, the same may not appropriate for bancassurance channel where both the specialist
    organizations and administration beneficiaries may differ impressively. Therefore the creator
    proposes that a different preparing instrument should be produced for the improvement of the
    whole business.
    [34], [48], The insurance agencies understood the need to build up an option channel through which they
    [57] can reach to the mass fragment at any rate cost. This brings bancassurance as a favored
    method of dispersion of protection items where the division is yet to reach. This may ready to
    manage the money related consideration as proposed by the administrations.

    [31], [32], The creators specified that because of enormous undiscovered locales left for protection
    [49] scope, it is unrealistic to cover the zone with the help operator based conveyance arrange. In
    this manner, the bancassurance is the following best choices which the insurance agencies can
    decide on the better chance of the business openings.
    [36], [50], It can be reasoned that the female respondents welcome the arrangement of protection
    [58], [59] administrations by banks and are of the positive view that bancassurance has a more extensive
    degree sooner rather than later.

    launch
    S.No Scheme name beneficiary date Features
    The new scheme is now available to all the
    farmers—loanee and non-loanee—irrespective
    of their size of holding. It envisages coverage
    The National Agricultural of all the food crops (cereals, millets and
    Insurance Scheme pulses), oilseeds and annual
    (replacing the erstwhile horticultural/commercial crops, in respect of
    Comprehensive Crop which past yield data is available for adequate
    1 Insurance Scheme (CCIS) farmers 1999 number of years
    RuPay is offering complimentary personal
    accident insurance and permanent total
    disability cover on all RuPay Debit Card
    variants (i.e.) RuPay Classic, RuPay Platinum
    & PMJDY etc. The available sum insured on
    RuPay Debit Cards will be Rs. 2.00 Lac on
    26 RuPay
    March Platinum Debit Card and Rs. 1.00 Lac on
    2 RuPay Card All 2012. RuPay Classic Debit Card respectively.
    urban poor, slum
    dwellers and
    inhabitants of
    Urban Financial Inclusion urban/metro 20- providing insurance and investment services
    3 Programme (UFIP) villages Dec-12 to the people by imparting financial literacy.

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  5. Puja Dua, Dr Namita Sahay, Dr O S Deol

    his model scheme was prepared by the
    National Bank for Agriculture and Rural
    Development on the recommendations of
    R.V.GUPTA committee to provide term loans
    for agricultural needs. Insurance coverage for
    Kisan Credit Card holders, including asset
    insurance and personal accident insurance
    4 Kisan Credit Cards farmers 1998 scheme (PAIS)
    . It will provide an assured pension based on a
    guaranteed rate of return of 8% per annum for
    ten years, with an option to opt for pension on
    a monthly / quarterly / half yearly and annual
    basis. The scheme provides pension in the
    15th form of immediate annuity during the lifetime
    Varishtha pension bima August, of the pensioner with return of purchase price
    5 yojna senior citizens 2014 to the family/nominee on his/her death
    The new Crop Insurance Scheme is in line
    with One Nation – One Scheme theme. It
    incorporates the best features of all previous
    schemes and at the same time, all previous
    shortcomings / weaknesses have been
    removed. The PMFBY will replace the
    existing two schemes National Agricultural
    Insurance Scheme as well as the Modified
    NAIS. There will be a uniform premium of
    only 2% to be paid by farmers for all Kharif
    crops and 1.5% for all Rabi crops. In case of
    annual commercial and horticultural crops, the
    premium to be paid by farmers will be only
    5%. The premium rates to be paid by farmers
    are very low and balance premium will be
    18th paid by the Government to provide full
    Pradhanmantri fasal bima Februar insured amount to the farmers against crop
    6 yojna farmers y 2016 loss on account of natural calamities.
    Restructured Weather Based Crop Insurance
    Scheme (RWBCIS) aims to mitigate the
    hardship of the insured farmers against the
    likelihood of financial loss on account of
    anticipated crop loss resulting from adverse
    weather conditions relating to rainfall,
    temperature, wind, humidity etc. RWBCIS
    uses weather parameters as ―proxy‟ for crop
    yields in compensating the cultivators for
    18th deemed crop losses. Payout structures are
    restructured weather based Februar developed to the extent of losses deemed to
    7 crop insurance scheme farmers y 2016 have been suffered using the weather triggers.
    the government announced that it would co-
    contribute 50% of the total contribution
    or ₹1,000 (US$14) per annum, whichever is
    unorganized sector 09 May lower, to each eligible subscriber account, for
    8 Atal pension scheme workers 2015 a period of 5 years.
    health scheme for
    ews in
    Maharashtra-
    Rajiv gandhi jeevandayee holders of either of
    arogya yojna(The scheme 4 cards of The scheme entails around 971
    is renamed as Mahatma Maharashtra govt- surgeries/therapies/procedures along with 121
    Jyotiba Phule Jan Arogya antyodya card, 2nd follow up packages in following 30 identified
    Yojana (MJPJAY) from annapurna card, July specialized categories. up to Rs. 1, 50,000/-
    9 1st April 2017) yellow ration card, 2012 per family per year

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  6. An Overview and Significance of Different Bancassurance Schemes Launched for Financial Inclusion in India

    orange ration card
    medicalim for It provides for cashless insurance for
    Rashtriya swathya bima family of 5 living 01- hospitalisation in public as well as private
    10 yojna bpl Apr-08 hospitals.
    The scheme offers an insurance cover of Rs 5
    lakh, which will cover almost 50 crore
    citizens. there will be no cap on the family
    size and age under the AB-NHPS. The scheme
    will be cashless and paperless at public
    Ayushmanbharat health 23-Sep- hospitals and empanelled private hospitals.
    11 scheme poor families, 18
    1995: The NSAP is launched with the aim of
    providing social assistance to destitutes
    “defined as any person who has little or no
    provides financial regular means of subsistence from his/her own
    assistance to the source of income or through financial support
    elderly, widows and from family members or other sources”. The
    persons with NSAP includes three components: National
    national social assistance disabilities in the Old Age Pension Scheme (NOAPS), National
    scheme (after failure of form of social Family Benefit Scheme (NFBS), and National
    12 Rajiv gandhi …..) pensions. 1995 Maternity Benefit Scheme (NMBS).
    2000: Annapurna Yojana is introduced to
    provide eligible beneficiaries, who were not
    covered under NOAPS, 10 kg of free rice.[2] 2001: NMBS is transferred to the Department
    of Family Welfare.
    2006: Monthly pension amount for NOAPS
    raised from ₹75 (US$1.10)
    to ₹200 (US$2.80) [2] 2007: The NSAP is extended to cover all
    individuals living below the poverty line. The
    NOAPS is renamed Indira Gandhi National
    Old Age Pension Scheme (IGNOAPS).[2] 2009: The NSAP is expanded to include the
    Indira Gandhi National Widow Pension
    Scheme (IGNWPS) [3] – for widows aged 40–
    64 years – and the Indira Gandhi National
    Disability Pension Scheme (IGNDPS)[4] – for
    persons with multiple or severe disabilities
    aged 18–64 years living below the poverty
    line.
    2011: Age limit for IGNOAPS is lowered
    from 65 to 60 years under IGNOAPS and
    monthly pension amount for those 80 years
    and above is raised from ₹200 (US$2.80)
    to ₹500 (US$7.00).[5] Age limits for
    IGNWPS and IGNDPS are changed to 40–59
    and 18–59, respectively.
    2012: Monthly pensions under IGNWPS and
    IGNDPS increased from ₹200 (US$2.80)
    to ₹300 (US$4.20). Age limit changed to 40–
    79 years and 18–79 years, respectively.
    2013: Report of the Task Force on
    Comprehensive Social Assistance Programme
    submitted to the Government of India.
    Recommends raising monthly pension and
    expanding coverage.
    Pradhan Mantri Vaya 4th insurance against future interest income
    Vandana May, decreasing due to uncertainty on the market
    13 Yojana(PMVVY) Old age peoples 2017 and to social security at an old age, the

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  7. Puja Dua, Dr Namita Sahay, Dr O S Deol

    decision has been made to implement a
    simplified system of guaranteed pensions
    Towards’ is introduced by India’s Life
    Insurance Corporation (LIC)//Process and
    analysing of RBI and Govt reports issued on
    PMVVY
    PMFBY offers comprehensive insurance
    protection against the cultivation loss, which
    helps to sustain farmers ‘ incomes and allows
    them to pursue creative practices/PMFBY
    offers comprehensive insurance protection
    against the cultivation loss, which helps to
    sustain farmers ‘ incomes and allows them to
    pursue creative practices//Process and
    Pradhan Mantri Fasal 13-01- analysing of RBI and Govt reports issued on
    14 Bima Yojana (PMFBY) Farmers 2016′ PMFBY
    The policy is offered by Public Sector General
    Insurance Companies or any other Insurance
    Company which is willing to offer the product
    with requisite approvals on similar terms and
    tie it up with banks to do so.
    The Scheme is available to people between 18
    and 70 years old with a bank account who
    offer their permission to enter/activate an
    annual renewal of self-debit before or on 31
    May for the coverage period from 1 June to 31
    Pradhan Mantri Suraksha people between 18 08-05- May./Process and analysing of RBI and Govt
    15 Bima Yojana(PMSBY) and 70 years old 2015′ reports issued on PMSBY
    The premium is Rs. 330 per year and shall be
    automatically debited to one instalment for the
    bank account of the subscriber according to
    the options provided by him on or before 31
    Pradhan Mantri Jeevan For poor and the May of each annual coverage period under the
    Jyoti Bima Yojana people not having 09-05- scheme/Process and analysing of RBI and
    16 (PMJJBY) financial services 2015’ Govt reports isued on PMJJBY
    Life Cover under Pradhan
    Mantri Jan Dhan Yojana 28- Process and analysing of RBI and Govt
    17 (PMJDY) BPL Aug-14 reports issued on PMJDY
    Micro Pension Plan shall refer to an
    arrangement for the provision of pension to
    the self-employed and persons operating in the
    informal sector through the
    Contributory Pension Scheme. The primary
    objective of Micro Pension Plan is to provide
    persons operating in retirement benefits to the Micro
    18 Micro Pension Model informal sector Pension Contributor.
    FIF and FITF were established in the year
    2007 – 2008 over a period of five years
    Initial corpus was 500 crore
    Contribution of GOI, RBI and NABARD was
    in the ration 40:40:20
    RBI framed guidelines for both these funds
    RBI merged both funds into a single entity
    19 Financial Inclusion Fund 2016 named FIF and came into effect in 2016

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  8. An Overview and Significance of Different Bancassurance Schemes Launched for Financial Inclusion in India

    3. SCHEMES LAUNCHED BY GOVERNMENT OF INDIA FOR
    BANCASSURANCE
    3.1. Life Cover under Pradhan Mantri Jan Dhan Yojana (PMJDY)
    In his Independence Day Speech, the Hon’ble Prime Minister unveiled an ambitious financial
    inclusion program targeted at a large number of those who are currently without even basic
    financial services. In this direction, Pradhan Mantri Jan DhanYojana (PMJDY) is planned to
    provide every family which until now had no account with a basic bank account. The bank
    account requires a RuPay.

    3.2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
    The PMJJBY is open to people between 18 and 50 years of age who have a bank account,
    who agree to join / auto-debit. Aadhar would be the bank’s main KYC. The life span of Rs. 2
    lakhs will be renewable for a period of one year from 1 June to 31 May. In case of death of
    the insured, risk coverage under this scheme is, for any reason, for Rs. 2 Lakh. The premium
    is Rs. 330 per year and shall be automatically debited to one instalment for the bank account
    of the subscriber according to the options provided by him on or before 31 May of each
    annual coverage period under the scheme. The scheme is provided by Life Insurance
    Corporation and all other life insurers that are prepared to offer the product on the same terms
    with necessary approvals for this purpose and are linked to banks.

    3.3. Pradhan Mantri Suraksha Bima Yojana(PMSBY)
    The Scheme is available to people between 18 and 70 years old with a bank account who offer
    their permission to enter/activate an annual renewal of self-debit before or on 31 May for the
    coverage period from 1 June to 31 May. Aadhar would be the bank’s primary KYC. The
    danger compensation for accidental death and full disability under the program isRs.2 lakh,
    and for partial invalidity Rs.1 lakh. The fee of Rs. 12 annually must be deducted from the
    bank account of the account holder through a one-payment’ auto-debit’ facility. The policy is
    offered by Public Sector General Insurance Companies or any other Insurance Company
    which is willing to offer the product with requisite approvals on similar terms and tie it up
    with banks to do so.

    3.4. Pradhan Mantri Fasal Bima Yojana (PMFBY)
    On 14 January 2016, Pradhan Mantri Fasal Bima Yojna was launched to minimize
    agricultural distress and the welfare of farmers without impacting the sharp rise in the
    minimum price support of agricultural products (MSPs, for example) because of the risks
    posed by Monsoon fluctuations.
    PMFBY offers comprehensive insurance protection against the cultivation loss, which
    helps to sustain farmers ‘ incomes and allows them to pursue creative practices. The Schema
    that covers all crops for which past yield data is provided and for which the required number
    of crop cutting experiments (CCEs) are carried out in the General Survey of Crop Estimation
    (GCES). For loan farmers who collect crop loans/KCC accounts for registered crops, the
    scheme is mandatory. For other farmers / non-loaners with insurable interests in the insured
    crop(s), however. For all the crops of Kharif Food & Oilseeds, the average premium for
    farmers will be 2%, for Rabi Food & Oilseeds crops 1.5% and for Annual Commercial /
    Horticultural Crops 5%. The Center and State shall share the difference between the premium
    and the insurance fee levied by farmers equally. The seasonal discipline of both loan and non-
    loan farmers shall be the same. AIC and other private general insurance companies will
    implement the scheme. The selection of the implementation agency (IA) will be conducted
    via bids by the coordinated State Government.

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  9. Puja Dua, Dr Namita Sahay, Dr O S Deol

    3.5. Pradhan Mantri Vaya Vandana Yojana(PMVVY)
    Based on the success and popularity of Varishtha Pension Bima Yojana 2003 (VPBY-2003)
    and Varishtha Pension Bima Yojana 2014 (VPBY-2014), as well as insurance against future
    interest income decreasing due to uncertainty on the market and to social security at an old
    age, the decision has been made to implement a simplified system of guaranteed pensions
    Towards’ is introduced by India’s Life Insurance Corporation (LIC). The scheme specifies that
    subscribers shall be given insure pension based on the fixed rate of return of 8% per month
    and payable annually at an initial lump sum, varying from a minimum purchase price of Rs. 1,
    50,000/-for a minimum Rs. 1000/-per month to a maximum purchase price of Rs. 7, 50,000/-
    for a maximum pension of rs. 5,000/-per month.

    4. DISCUSSION AND CONCLUSION
    A proactive approach is employed to generate leads for financial advisors, including by
    mailing and telesales, from the client base. Relations with a large number of customers who
    rarely or never visit a bank branch are increasing. Typically, financial planners are employed
    by the bank or construction company rather than the life company and usually receive a basic
    wage plus a bonus feature based on a combination of sales volumes, persistence and the
    product mix. Following the polarization reform, banks will be able to become multi-
    distributors offering different suppliers with a variety of products. This can enhance the
    position of banking insurers by allowing them to meet the needs of their customers. The
    Indian government and regulatory authorities have recourse to each door in the country to
    ensure 100% financial inclusion through various schemes, including PMJDY (Pradhan Mantri
    Jan Dhan Yojna), micro-insurance and microfinance. Bancassurance would be a great basis
    for building the foundations of 100% financial inclusion in such a setting. Bancassurance for
    all stakeholders will be a win-win scenario. Banking insurance is an important part of the
    upcoming financial marketplace in rapidly developing and developing countries with several
    benefits. For the sale of new insurance products, banks are using their current premises and
    employees (tellers and branch staff). This means that there are no additional operating costs
    for the sale of insurance. We also use the experience of the insurance company in the
    recruitment of bank staff and manufacturing insurance products. This rising distribution costs
    for insurers as well as banks and increases the competitiveness of the system. Banks also
    receive an increased return on their assets (ROA). Banks form banking partnerships because
    this is the only way they can sell insurance in most situations. This is attractive for the banks
    because there is a huge untapped chance for global insurance growth. Let us think about the
    other benefits they benefit from by entering into these relationships with insurance companies.
    The finding of the study concluded that the bancassurance schemes launched by the
    government of India and the schemes run by the private banks to increase the bancassurance
    percentage in the country are having significant positive results. There are still the number of
    issues needs to be addressed to achieve the 100% financial inclusion in the country.

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