Hyderabad-based SKS Microfinance Pvt Ltd, the new generation microfinance company is all set to roll out its health insurance product, ”Swayam Shakti”, for the poor in semi-urban and rural areas. SKS Microfinance will cover its members in Andhra Pradesh, Karnataka and Orissa by March 2008 under the health insurance program. SKS Microfinance has tied up with ICICI Lombard General Insurance for this initiative.
”Swayam Shakti” is a tailor-made health insurance product, which covers the SKS member, member?s spouse and two children against pre-existing illnesses, maternity, more than 24-hour hospitalisation and personal accident for a period of one year. The low-cost insurance cover offers both cashless and reimbursement options.
The roll out announcement follows a three-month successful pilot wherein it covered 50,000 members and 1.75 lakh lives in the semi-urban and rural areas in six districts of North Karnataka.
Announcing the national roll, MR Rao, chief operating officer, SKS Microfinance said, ”In over 10 years? of our experience working with the rural poor, we have seen that many of our members have used their savings or have disposed assets ? in some cases even income-generating assets or have borrowed money at exorbitant rates to meet their medical emergencies. ”Swayam Shakti” will address this issue and our members have easy access to healthcare by pooling their risks coupled with cashless transactions in network hospitals.” He added, ”A United Nations Development Programme?s report estimates that 950 million of India?s population remains uninsured. ”
