United India to roll out package policy for SME sector

United India Insurance Company is gearing up to launch an exclusive product for the SME sector.

“It will be a package policy,” Milind Kharat, Chairman and Managing Director of United India said, adding “SME is a growing sector in India.”

Kharat was in the city to inaugurate a community hall at Kudanur village near Anaikatti.

Later addressing presspersons, he said the package policy for the SME sector would cover fire, liability, machinery breakdown and so on, which at present were covered by separate policies. “This one package policy will cover all and would be up to Rs 5 cr,” he said, maintaining that the pricing would be appropriate and reasonable, keeping in mind the loss ratio of the SME segment.

“The product has been approved by the regulating authority. We are working on the IT system. The roll out will happen soon,” he added.

“The Government (Agriculture Ministry) is working on a uniform policy for farmers. The policy aims to cover all assets of the farmer including crop, cattle, farm implements, personal accident cover and health. This is still in the discussion stage” he said in reply to a question. 

On health cover for senior citizens, he asserted that the company provides health cover up to 80 years of age. “The government wanted to cover all senior citizens. This product is being worked out, but nothing has yet been finalised,” he said and admitted to re-pricing of group products (under health) happens on a continuous basis.

Stressing the need for compulsory disaster cover, he said “the government’s proposal to insure critical assets against disaster has not come to finality yet. All insurance companies offer disaster cover, but the cost is unaffordable for the common person. There is a need though for such a cover as damages during disasters are high and insured losses – few.”

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