Tata AIG, the new generation private sector insurance firm, has finally withdrawn its Shanti insurance policy following a lukewarm response from the consumers. The policy—which promised to make crorepatis out of a dead commuters travelling on a holiday—was launched amidst much fanfare with a multi-crore ad campaign featuring film actor Nasiruddin Shah.Company officials say the policy was test marketed in the metropolis and as it did not receive good response from Mumbaiites, they decided to withdraw the scheme. The accident benefit scheme was targeted at lakhs of travelling Mumbai commuters who run the risk of dying while travelling in a public transport. In order to garner public attention, the scheme promised a benefit of Rs 1 crore if the insured person dies on a previously mentioned public holiday.Industry analysts say the scheme met with poor response as the scheme was expensive than the public sector competitors and, second, it was marketed as a lottery out of a death.The company has already stopped taking new applications but those who had earlier applied for the scheme would be honoured, officials said. It may be recalled that the scheme generated a lot of excitement among the Mumbai commuters who travel to work—literally hanging on to their life during peak hours. Jackpot of Rs 1 crore—if a commuter dies on a three specific holidays did not go down well with the people.
