| OVER 1 Million SKS MICROFINANCE MEMBERS GET INSURANCE COVER |
Small premium helps financial inclusion through insurance
- Low premium, Ease of purchase and servicing, cover from day one.
- Product designed for the poor along with Bajaj Allianz Life Insurance,
- Currently available to SKS members across Andhra Pradesh, Karnataka, Orissa, Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal
- To cover SKS members in Delhi, Bihar and Maharashtra soon
- February 10, 2009 : SKS Microfinance, India's largest and world's fastest growing Microfinance Company has extended life insurance cover to one million poor women across Andhra Pradesh, Karnataka, Orissa, Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal through its low-premium micro-insurance product Bajaj Allianz Swayam Shakti Suraksha. The product was launched in April 2008 jointly with Bajaj Allianz.
Commenting on the success, Mr.Suresh Gurumani, CEO, SKS Microfinance said, "This insurance product has been a real success with our members who are able to get insurance benefit by paying very low premiums at their doorsteps. SKS Microfinance with its distribution network of over 3.6 million members in rural India across 18 states will play a major role in promoting such offerings which will result in greater financial inclusion."
Bajaj Allianz Swayam Shakti Suraksha which has had 50 percent penetration across SKS members, will be made available across its member base in Delhi, Bihar and Maharashtra in the coming months.
"Bajaj Allianz Swayam Shakti Suraksha has helped take the benefits of insurance to rural India at a very rapid pace. We are overwhelmed with the success of this product," said Mr. Kamesh Goyal, Bajal Allianz.
The five-year policy is initially financed by SKS by depositing Rs 500 in the beneficiary's account as an interest free loan to help the member pay the initial premium. Swayam Shakti Suraksha allows a member to get an insurance cover of a minimum of Rs.5,000/-. The policy covers the member for Rs.10,000/- in case of accidental death and obtain loans under the scheme up to 85 per cent of the surrender value.
The claims are settled at the SKS weekly center meeting where the member's nominee receives the claim amount within 7 days of submission of the claim. The guaranteed surrender value is 70% of the net premium paid subject to applicable surrender penalty.
About SKS Microfinance
SKS Microfinance is a non-bank finance company (NBFC) whose mission is to eradicate poverty by providing financial services to the poor. Launched in 1998, SKS Microfinance is India's largest and one of the world's fastest growing microfinance organizations with an annual growth rate of 200 per cent. It currently serves 3.6 million clients across 50,000 villages and slums in 18 states and has disbursed Rs. 5,788 crore ($1.2 billion) in loans with a 99 % repayment rate. SKS also provides life and health insurance to its clients.
SKS operates in the states of Andhra Pradesh, Karnataka, Maharashtra, Orissa, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, West Bengal, Jharkhand, Chhattisgarh, Gujarat, Kerala, Punjab, Himachal Pradesh, Haryana and Delhi.
SKS has received numerous awards including the CGAP Pro-Poor Innovation Award, the ABN-AMRO/Planet Finance Process Excellence Award, Information Integrity Award, the Digital Partners SEL Award and the Grameen Foundation USA Excellence Award. It was founded by Vikram Akula, who was named by TIME magazine as one of the 100 Most Influential People in the World (2006).
About Bajaj Allianz Life Insurance Company Ltd.:
Bajaj Allianz Life Insurance Company Ltd. is one of the leading Private Sector life insurance companies in India. With a pan India presence of over 1000 + towns, Bajaj Allianz Life Insurance Co. Ltd. has the power of over 8 million policies on their side.
Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. Currently Bajaj Allianz has a strong product portfolio of over 30 flexible products. We cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. There are further simple and need-based products in the pipeline.
Bajaj Allianz Life Insurance Company Limited is a union between Allianz SE, the world's leading insurer and Bajaj Finserv, one of India's most respected names. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55,00,000 crores). At Bajaj Allianz, we realize that you seek an insurer you can trust your hard earned money with. Allianz SE has more than 110 years of financial experience in over 70 countries and Bajaj Finserv as part of Bajaj Auto, trusted for over 55 years in the Indian market, are committed to offering you financial solutions that provide all the security you need for your family and yourself.
At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy.