BAJAJ ALLIANZ TIES UP WITH SKS MICROFINANCE FOR MICRO INSURANCE
• Launches new product Swayam Shakti Suraksha for SKS Microfinance members
• Allows for micro monthly premiums of Rs.45/-
• Sum assured can be as low as Rs.2500/-
• Product aimed at offering protection and investment with flexibility.
Hyderabad - April 15, 2008
Bajaj Allianz Life Insurance, one of India’s leading private sector insurance company, and SKS Microfinance, one of the fastest-growing microfinance companies in the world, have joined hands to launch Swayam Shakti Suraksha, a group insurance product for micro finance organisation. Offering protection and investment with flexibility, Swayam Shakti Suraksha is designed on the lines of a standard endowment policy.
Designed specially keeping for members of SKS Microfinance, which is distributing the product, Swayam Shakti Suraksha allows the beneficiary to make premium payments as low as Rs.45 per month. The sum assured is flexible and can begin with as low as Rs.2500/- and offers additional accidental disability and death benefits. The minimum policy term is five years. The members have the option to obtain loans under the scheme up to 85 per cent of the surrender value.
“Swayam Shakti Suraksha is designed specifically for the poor and keeps in mind the needs of our members. The product will help create a sense of financial security amongst our members,” according to Vikram Akula, CEO and Founder, SKS Microfinance.
“With this partnership we will overcome our biggest challenge of being able to extend our product and services economically to micro-insurance customers who pay premiums of less then Rs 50 per month,” explains Mr. Kamesh Goyal, Regional CEO Allianz & CEO Bajaj Allianz Life Insurance..
Over two million members of SKS Microfinance will benefit from the product. Beginning with 100 branches in Andhra Pradesh, Karnataka and Orissa, the product will be rolled out from all SKS Microfinance branches located across 15 states in the next six months.