Basix launches retail model for risk products

We expect to cover one million customers through online insurance in 2013 with the help of our partner insurance companies Aviva and Royal Sundaram, says Vijay Mahajan, Founder and CEO, Basix

The Basix Group, a pioneer in microfinance in the country, in association with Aviva Life Insurance and Royal Sundaram Alliance General Insurance (RSA), has announced the launch of retail model for sale of insurance products.

The products will be available through the Basix branches, which provide livelihood promotion services, and also through its network of Common Service Centres (CSC), which provide G2C services along with utility services to the rural population.

The insurance products are planned to be introduced in 60 branches and 1,200 CSCs across 11 states by March 2013. Aviva and RSA have trained over 300 Basix employees and assisted them with the Insurance Regulatory and Development Authority (Irda) certification.

Basix first partnered with Aviva and RSA in 2002 to increase insurance penetration in rural India. Along with Aviva, it has till date insured 3.5 million rural lives and settled 27,000 claims worth Rs 50 crore. Similarly, in association with RSA, Basix has insured over 1.1 million rural households and settled claims to the tune of Rs 29 crore.

“We expect to cover one million customers through online insurance in 2013 with the help of our partner insurance companies Aviva and Royal Sundaram,” Basix founder and CEO, Vijay Mahajan, stated.