The Ministry of Cooperation celebrated its fifth Foundation Day on Monday. On the occasion, Union Cooperative Minister Amit Shah announced the launch of a new cooperative life insurance company.
He said the new company will help strengthen cooperative institutions across the country and will be developed on the lines of the successful Bharat Taxi model.
Insurance Company to Follow the Bharat Taxi Model
While making the announcement, Amit Shah said the new life insurance company, called CLIC, will expand the business opportunities for cooperative organizations.
He said India has around 8.5 lakh cooperative organizations with more than 30 crore members. According to him, the success of the cooperative cab service Bharat Taxi has inspired this new initiative.
Shah said, “We will establish a life insurance company in the cooperative sector similar to Bharat Taxi. This will support the growth of cooperative institutions in the insurance sector.”
Easier Insurance Access for Farmers and Members
Amit Shah said the new insurance company will make insurance services easily available to nearly 30 crore members of cooperative societies.
He added that millions of farmers associated with Primary Agricultural Cooperative Societies (PACS) will benefit from this initiative.
They will be able to buy insurance policies and file claims directly through their nearest cooperative center, eliminating the need to travel to big cities or banks.
Bharat Taxi to Expand Across India
During the event, Amit Shah also spoke about the growing success of Bharat Taxi. He said the positive response to the cooperative cab service encouraged the government to introduce the new insurance company.
According to Shah, Bharat Taxi currently has 6.37 lakh registered drivers and 35.77 lakh registered customers.
He announced that the platform will be expanded to 500 cities over the next two years, allowing more people across the country to use the service.
