Business Daily from THE HINDU group of publications
Wednesday, Apr 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Apr 16, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Insurance ‘Insurers should go rural to enable financial inclusion’
Reaching rural poor: (From left) Mr Vikram Akula, CEO, SKS Microfinance; Mr C.S. Rao, Chairman, IRDA; and Mr Kamesh Goyal , CEO Bajaj Allianz Life Insurance, at the launch of insurance scheme for microfinance beneficiaries in Hyderabad on Tuesday .– Our Bureau Hyderabad, April 15 There should be more linkages between life insurance companies and Micro Finance Institutions (MFIs) to achieve financial inclusion by offering insurance cover to the poor, Mr C. S. Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), has said. Speaking after launching ‘Swayam Shakti Suraksha’, a group micro insurance product designed for the members of SKS Microfinance by Bajaj Allianz Life Insurance here on Tuesday, Mr Rao said an enabling platform for collaboration between the insurers and MFIs had been created by the regulator in 2005. “We want to ensure that insurers will work for financial inclusion right from the inception rather go to rural areas after sometime as is the case with the banks now,” Mr Rao observed. Mr Kamesh Goyal, CEO of Bajaj Allianz Life Insurance, said the micro insurance product being offered to SKS members would have a minimum premium of Rs 45 per month with a minimum coverage of Rs 2,500 for five years. “This is a non-participating traditional product which will offer risk-cover and investment. Up to 70 per cent will be invested in Government securities and 30 per cent in non-government entities,” he said. There would be no premium lapse and there would be loan facility up to 85 per cent of the surrender value, he said. Mr Vikram Akula, CEO, SKS Micro Finance, said about 20 lakh members of SKS would be benefited by the insurance product. More Stories on : Insurance
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