India: IDBI Fortis Life Insurance Launches Group Microsurance Plan

Dec 2008
Mumbai, India, December, 16 2008 - IDBI Fortis Life Insurance Co Ltd, one of the fastest growing private life insurance companies of the country launches yet another unique product – Group Microsurance Plan.

The plan provides affordable life insurance cover to groups offering great value to Micro Finance Institutions, Self-Help Groups and NGOs. Not only does the plan insure the lives of their group members and thus provide security to the group member’s families, it can also be used for providing protection from loan liabilities in the unfortunate event of the death of the main bread-winner.

The first of its kind group that will be benefited by this unique plan is Samhita Community Development Services, announced officially by IDBI Fortis Life Insurance Co Ltd at a press conference held at Bhopal today. This tie-up will insure 13,356 poor members for a Sum Assured of over Rs. 7cr in the rural and urban areas of Madhya Pradesh.

“Microfinance is recognized globally as the foremost tool in pulling large numbers of poor households from the grip of poverty. Micro-insurance in particular is an explicit need and desire of poor households as it offers some protection from their intense vulnerability to external shocks. This tie-up with IDBI-Fortis is a strong first step in our efforts to provide micro-insurance services to disadvantaged and dispersed communities”, said Ms. Praseeda Kunam, CEO, Samhita Community Development Services.

“Microsurance TM is a one of its kind Insurance Plan which can be very useful for various Micro Financial Institutions and NGOs, wherein, not only the members but even the member’s family gets an insurance cover. The Samhita tie-up will be a benchmark for other such not-for-profit institutions that strive for the benefit of the deprived sections of society.” said Mike Wood, Chief Actuary, IDBI Fortis Life Insurance.

“By this tie-up, we will also be able to reach out to a broader segment of the semi-urban sections of society, serving the country’s aim of financial inclusion,” said Mr Amish Tripathi, National Head – Marketing and Product Management, IDBI Fortis Life Insurance.

IDBI Fortis Life Insurance, one of the fastest growing new life insurance companies in the country’s private sector, has launched operations in March this year, leading with their innovative product ‘Wealthsurance’. The company has already launched 31 branches and plans to have a pan-India presence with a total of a 100 branches.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.

Samhita Community Development Services is an incubator for specialized development initiatives, exclusively targeting disadvantaged and dispersed populations. Based in Rewa district of Madhya Pradesh, the network’s mission is to deliver economic and primary health services on a fast-track basis and at scale, supported by its common appropriate technology platform. Samhita’s economic service offerings to poor households address 3 levels – through microfinance, micro-enterprises and web-enabled common markets. 

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