Government thrust on insurance in rural India: India is predominantly rural with more than 65% of the population residing in rural areas. Most rural people are hardly aware of insurance as a concept, nor have they experienced the benefits of insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has suggested setting up model insured villages across the country to increase insurance penetration in rural areas with special focus on agriculture and allied activities. According to The Mint, the concept is expected to be implemented in a minimum of 500 villages in different districts of the country in the first year and increased to a minimum of 1,000 villages in subsequent two years.
Vedavaag is an IRDAI certified Corporate Agency offering life and general insurance Services. The Company has tie up with SBI General Insurance & SBI Life Insurance.