Tier 2 banks cater to the variety of retail depositors most of who are in the informal sector and do not earn regular structured income. This segment is estimated to be the largest demographic in the next 20 years.
This demographic is generally ignored by the traditional insurance companies. They therefore did not have insurance policies that catered to their peculiar needs. The banks therefore requested a product that will be best suited to the needs of their depositors.
MIC distributes this solution throughout the banking halls of various partners via sales agents who are strategically placed in the banks so that they are close to the customers.
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