ICICI Lombard to expand 'Swayam Shakti Suraksha' insurance scheme in state

To provide insurance cover to the people in the lower socio-economic strata, the private sector general insurer ICICI Lombard plans to expand the coverage of ‘Swayam Shakti Suraksha’ insurance scheme in Orissa.

The company is implementing the scheme in association with SKS micro finance in four districts of the state at present and has chalked out plans to expand the scheme to 8 more districts.

“ We are implementing the scheme in Khurda, Jagatsinghpur, Ganjam and Dhenkanal districts along with SKS microfinance. Within next 5-6 months we will expand the scheme to 8 more districts including Puri,Cuttack and Angul”, Pranav Prashad, Head-Rural, ICICI Lombard, told Business Standard.

The company is focusing mostly on the women self help groups (WSHGs) and has covered 1.5 lakh members of WSHGs in Orissa. It hopes to increase the number of lives covered under ‘Swayam Shakti Suraksha’ insurance scheme to about 6 lakhs in the state.

Prasad said, the Swayam Shakti health insurance covers existing and potential illnesses, snake bites, maternity expenses and accidents and provides a three-month cover for newborns. In the four districts that the scheme is in operation now, the beneficiaries can go and avail cash facility in 65 hospitals.

He said, Swayam Shakti is a customized insurance product covering each member of SKS microfinance, the member’s spouse and two children against pre-existing infirmity, maternity, hospitalization, and accident for a period of 12-months.

The low cost insurance policy has both cashless and reimbursement options.SKS Microfinance clients based in Maharashtra, Andra Pradesh, Karnataka and Orissa can avail of the advantages of the product. More than 1. 5 million people in these states have been covered under the scheme, he added.