The Hindu Business Line : Dhan Foundation to offer risk cover for self-help groups

THE Madurai-based voluntary organisation, Dhan Foundation, engaged in micro financing through promotion of self-help groups, has joined hands with the Netherlands-based Rabo Bank Foundation, to evolve and offer alternative insurance scheme suitable for the members of its self-help groups to meet their various needs of social security at different levels.

The Dhan Foundation has already promoted `People Mutuals', its insurance initiative in October 2003 as a registered body under the Indian Trusts Act 1882, for the purpose. Its association now is with the Interpolis Re, the insurance arm of the Rabo Bank Foundation, with over 120 years of experience in the field.

The DHAN Foundation Executive Director, Mr M.P. Vasimala, along with the officials from Interpolis Re, speaking to reporters here said at present the standard insurance products offered by insurance companies, both public and private in the country, did not have a comprehensive risk cover for the poor, farmers and those belonging to the lowest strata of society.

Life cover is not available for a person beyond 59 years. The joint effort is towards attending to their requirements under which members of self-help groups will be designing their products as felt necessary by them, more as a social security scheme covering life, health, crop and livestock.

The Interpolis Re, would help in identifying the possibilities for cooperation, capacity building on cooperative banking and mutual insurance, its operational strategy etc. Also, it would provide software package and re-insurance for the mutual products.

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