GOING BEYOND MICROCREDIT MICROCREDIT INSURANCE COVER UNDER GROUP COVERAGE

OVER VIEW MICROFINANCE IS - TAKE NOW AND PAY LATER MICROINSURANCE IS - PAY NOW AND TAKE LATER TO UNDERSTAND MICROINSURANCE ONE NEEDS TO UNDERSTAND THE NEED CYCLE OF THE POOR AND THE INTERVENTIONS REQUIRED

MICROINSURANCE IS……… “the protection of the poor people against specific perils in their lifecycles in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved” ¬ Draft Donor Guidelines

LIC ROLE IN COVEREGE 3 MAJOR MICROFIN COMPANIES’ MEMBERS AND THEIR SPOUSES ARE COVERED MORE THAN 7 LAKHS MEMBERS COVERED EVERY MONTH PREMIUM RATE IS JUST THE COST OF THE RISK INVOLVED

MAIN FEATURES OF THE SCHEME OFFERED BY LIC ONE YEAR GROUP TERM ASSURANCE COVER AGE : 18 YEARS TO 60 YEARS RISK COVER OFFERED : EQUAL TO THE LOAN AMOUNT SUBJECT TO MINIMUM OF Rs. 2000/- AND MAXIMUM OF Rs. 100000/- SPOUSE OF THE MEMBER COVERED FOR EQUALL AMOUNT RISK COVER OFFERED FROM THE DATE OF LOAN

LIC’S JANASHREE BIMAYOJANA COVERS IDENTIFIED 44 OCCUPATIONS OF INDIAN SOCIAL SECTOR PREMIUM RATE IS Rs. 200/- PER MEMBER PER YEAR (Rs. 100/- IS MEMBER CONTRIBUTION AND BALANCE Rs. 100/- SOCIAL SECURITY FUND) NORMAL DEATH COVER : Rs. 30,000/- DEATH DUE TO ACCEDENT : Rs. 75,000/- DISABILITY DUE TO ACCIDENT: – Permanent- 75,000/- - Partial - 37,500/- SCHOLARSHIP OF Rs. 100/- PER A CHAILD PER MONTH MAXIMUM OF TWO CHILDEREN OF THE MEMBER WHO ARE STUDYING 9th CLASS TO 12th INCLUDING ITI AND NURSING

ADVANTAGES OF MICROINSURANCE LOW PREMIUM NO DOCUMENTATION HAZZARDS FOR COVERAGE ENTIRE GROUP BASICALLY RECEIVES THE PEACE OF MIND AGAIST LOW AVEREGE COST SIPLIFIED CLAIM PROCRDURE INFORMATION PERCOLATION IN EITHER DIRECTIONS IS EASY IN A GROUP

GOING BEYOND MICROCREDIT THANK YOU