In what made it the first micro insurance agent of L&T Insurance, Ahmedabad-based VimoSEWA entered into a strategic partnership with the former. The national insurance cooperative promoted by SEWA (Self Employed Women's Association), VimoSEWA will distribute micro insurance products specially designed to cater to the diverse needs of women workers of the informal economy and their families.
While SEWA is a union of over 1.3 million poor, self-employed women workers women who earn a living through their own labour or small businesses, SEWA's Insurance Program was started in the early 1990's in response to their members continuing quest for social protection and self-reliance. VimoSEWA provides integrated insurance services aimed at providing social protection for women and their families, to cover their life cycle needs and the various risks they face in their lives.
"We, at L&T Insurance, have a deep and abiding commitment to provide affordable insurance solutions to the underprivileged. In line with this philosophy, we have developed products tailor-made for the low income sections of the society residing across rural and semi-urban areas. SEWA has been at the forefront of various initiatives ensuring employment opportunities and financial and social security for women. We have partnered with VimoSEWA because of their commitment towards this important section of the Indian population," said YM Deosthalee, Chairman of the Board, L&T Insurance.
Nine specified persons nominated by VimoSEWA have undergone mandatory 25 hours of training at Ahmedabad. Exhaustive micro insurance product and process training was provided to these specified persons and Aagewans (Insurance promoters) at village level.
"We are always on the lookout for affordable and appropriate insurance cover which offers financial protection, for our women workers. We are very happy to enter into this strategic partnership with L&T Insurance. We found that L&T Insurance has developed innovative products which could suit our requirements," said Mirai Chatterjee, Director – Social Security, SEWA.
In a bid to cater to rural areas, L&T Insurance has launched 4 classes of micro insurance products namely my:jeevika Personal Accident Micro Insurance, my:jeevika Standard Fire & Special Perils Micro Insurance, my:jeevika Cash@hospital Micro Insurance and my:jeevika Medisure Micro Insurance. "These products cover assets and individual health catering specifically to the rural population, addressing their needs and also suiting their income patterns. Premium for these products is as low as Rs 50 per annum to Rs 730 per annum," said Joydeep Roy, CEO and Wholetime Director, L&T Insurance.
L&T Insurance has developed a dedicated web based platform which enables these Aagewans to issue Micro Insurance Policies on the spot through the channels across remote locations of the country. "Through this, L&T Insurance aims to reach VimoSEWA's members across Gujarat, Rajasthan, Madhya Pradesh, Delhi and Bihar," she added.