Hyderabad-based SKS Microfinance, which has launched micro-insurance project ‘Swayam Shakti Suraksha’ in partnership with Bajaj Allianz Life Insurance to cover its members, has now decided to launch a similar product to cover members’ husbands.
The premium payments for the new insurance product is Rs 20 a week and the sum assured under the policy is Rs 5,000. It also offers additional accidental disability and death benefits. The minimum term of policy is five years and the claim settlements are done at the SKS centre meeting, the company stated in a press release on Wednesday.
“There was a huge demand for this micro-insurance scheme from our members,” SKS chief operating officer, MR Rao, said, adding nearly 1.7 million members were covered under Swayam Shakti Suraksha since its launch 10 months ago.