GSC Bank to sell insurance through agri cooperative societies

The scheduled bank is targeting to sell over 1,00,000 policies in the first year of launching

Gujarat State Cooperative Bank (GSC Bank), a scheduled bank of the state, has forayed into accidental insurance policy for farmers and account holders of cooperative banks. The bank plans to sell insurance policies through agricultural cooperative societies.

According to the bank, it is initially selling the insurance from urban and people's cooperatives banks. To expand the reach, it will use agriculture cooperative societies as agents to sell the new policy. The lender is targeting to sell over 100,000 policies in the first year of launching.

“We are targeting to sell this policy to farmers and for that we will use agriculture cooperative societies as agents. Selling of this insurance has started in urban areas and people's cooperative banks across Gujarat", said Ajay Patel, chairman of GSC Bank.

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It had launched health insurance in July last year, but as benefits were limited, the response was very poor from farmers and account holders of cooperative banks. After that experience, the bank had decided to launch a new policy with accidental cover with treatment facility in corporate hospitals.

"Selling of old policy was not good as benefits were limited for the policy holder. Now we are offering health and accident covered policy with same premium. Our target is to sell over 100,000 policies in first year of launching," Patel added. 

According to the bank, it had sold about 45,000 policies in the under previous plan. In a new insurance plan, the policy covers more than 700 types of diseases including critical illnesses. With this the policy holder can get treatment in corporate hospitals as well.

Adding to this Patel said, "The policy has been divided in three different plans in which insurance for the entire family is also covered. We tried to cover as much as possible critical illnesses under the policy."

The bank is setting up network to reach in remote areas of the state so that maximum farmers and common people can get benefit of this policy.