Firms to set up shop for a fortnight at three stations
Bangalore Metro Rail Corporation Ltd., (BMRCL), in its bid to augment non-traffic revenue, will host an Insurance Awareness Fortnight at Namma Metro stations in which life insurance companies will be allowed to publicise and market their products.
Coinciding with the end of the financial year, the event will be from March 5 to 19. BMRCL has invited insurance companies to create awareness among commuters and market their products. The objective of the event is to attract and educate consumers towards treating insurance and financial planning in general as a necessary instrument to offset the risks in life, encourage greater savings and invest in tax-friendly schemes.
Full use of space
BMRCL General Manager (Finance) U.A. Vasanth Rao told The Hindu that the corporation intends to exploit space available within the stations, which were not used by commuters, to augment non-traffic revenue. “We have space to accommodate eight insurance companies and they will be selected on first-come, first-served basis.” The BMRCL will get Rs. 5 lakh from each company for the fortnight.
Mr. Rao said the companies could display and market the products in three stations — Mahatma Gandhi Road, Indiranagar and Byappanahalli. In the other three stations, they could set up information kiosks, he said. With hundreds of people making use of Namma Metro stations every day, the companies could expect larger participation in the event. Even non-commuters who don't have the time either to visit an insurance company or discuss with an insurance adviser, can make use of the occasion.
BMRCL had a meeting with insurance companies earlier in the week in which some 12 companies took part. If more than eight companies finally make their bid for the event, BMRCL would have to resort to draw of lots, Mr. Rao said.
BMRCL will have to devise various strategies to augment non-traffic revenue so as to keep the ticket prices low. Once the entire Phase I is operational, the potential of earning non-traffic revenue will be more as BMRCL will have vast space in 40 stations.