VimoSEWA all set to become first micro insurance agent
SEWA, a trade union of poor and self-employed women workers in India, currently has around 13 lakh self-employed women under its umbrella. This partnership is specially designed to cater to the diverse needs of women workers of the informal economy and their families.
“We have partnered with VimoSEWA because of their commitment towards women from the informal economy and low income sections residing across rural and semi urban areas. We believe that rural India has great potential for growth and have launched four classes of micro insurance products for this market,” Joydeep Roy, CEO and Wholetime Director, L&T Insurance.
“The premiums for these products is as low as Rs 50 per annum to Rs 730 per annum. Currently, we have about 800 points of presence across rural India and we are planning to strengthen this base. L&T Insurance is growing at 50 per cent year-on-year growth and its NPA’s (non performing assets) are at its lowest,” he further said.
The micro finance products will offer a bouquet of insurance covers against illness, loss of wages, death and disability and will soon add cattle and fire insurance to their offerings.
Moreover, L&T Insurance has developed a dedicated web-based platform which enables these agents to issue micro insurance policies on the spot through channels across remote locations in the country. The agents will provide on
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