CONTENTS
TOPIC PAGE NO.
Introduction
2
1. Janashree life insurance scheme of Life Insurance Corporation of India
3
2. Group life insurance scheme for socially weaker sections
5
3. Raj Rajeshwari Mahila Kalyan Yojana
6
4. Personal accident insurance policy
7
4 a. Janata Personal Accident policy
8
4 b. Grameen Personal Accident policy
8
5. Medi-claim Bima policy - hospitalisation benefit policy
9
6. Jan Arogya hospitalisation policy
10
Note for NGO/MFIs on how to go about providing hospitalization
insurance
11
7. Livestock insurance
14
Note on taking a master policy for livestock insurance
16
8. Agricultural pump-set insurance
18
Note on how Insurance companies settle pump-set claims
19
9. Special package scheme devised for a Dairy Cooperative by United
India Insurance company 20
INTRODUCTION
In the last few years, practitioners of microfinance are increasingly recognizing the need to offer insurance services to their members in addition to the services of credit and savings. The vulnerability of the poor due to low and irregular incomes is exacerbated by unexpected crises such as illness, disability, death, or physical catastrophes such as flood, fire etc. These unexpected events can wipe out their savings or lead them into greater indebtedness, thus worsening their already weak position.
In India, only a few microfinance institutions (mfis) and non-government organizations (NGOs) are offering some insurance services to their members. Recognizing the need to build the capacity of MFIs in India to offer insurance services to their members, FWWB has been working on a project aimed at instituting insurance schemes for members of microfinance programme.
As a part of this project, FWWB is bringing out a series of informational material for its partner network. This booklet is a part of this series, and contains a tabulated description of some of the insurance schemes currently available with the four Indian nationalized insurance companies. The schemes listed inside are for risks commonly faced by low income. For four schemes, viz. Janshree Life Insurance scheme, hospitalization insurance, livestock insurance and agricultural pump-set insurance, descriptive notes on implementation issues has been added for the benefit of the reader.
In addition to single schemes for different types of risk cover, we have also presented one package scheme designed for a cooperative society. This scheme is shown as an example of possible packages that can be developed to suit the specific needs.
Friends of Women’s World Banking, India
May 2001
1. JAN SHREE LIFE INSURANCE SCHEME OF LIFE INSURANCE CORPORATION OF INDIA
Risk covered Natural death, accidental death, permanent total disability and partial disability
Who is eligible? - Groups of low-income individuals. While no minimum group size is specified, even a group of as few as 25 members can qualify for the scheme.
- Individuals cannot avail of the scheme.
Age limit 18-60 years
Policy holder The nodal organization through which the group policy is bought
What is the premium amount The policy costs Rs.200 per member per year of which Rs.100 is charged by the member and Rs.100 is contributed by the government.
Group discounts NIL
What is the sum insured? Rs. 20,000 for natural death; Rs. 50,000 for accidental death: permanent total disability occurring due to accident; Rs.25, 000 for partial disability
Who receives the claim amount? An account payee chequs is made in the name of the insured member or her nominee
Documents required for natural death claim Death certificate
Documents for accidental death claim Death certificate
First Information Report (FIR)
Post-mortem report
Permanent total disability means disability resulting from the loss of two eyes or two limbs. Partial disability refers to the disability resulting from the loss of one eye or one limb.
Specific characteristics of LIC’s Jan Shree Scheme
i) The Group Insurance Scheme of the LIC is a long-term continuous scheme for which premium is paid annually by the policyholder. The LIC issues a Policy only once, on payment of the premium at the time the policy is purchased. In the subsequent years, it only issues a receipt for the premium paid.
ii) The claim amount, in case of claims passed, is given by the insurance company to the policyholder. The policyholder has to disburse the amount to the nominee.
iii) The list of insured members can be revised each year. This would be necessary in the case of new members who want to join the scheme and/or existing members who want to withdraw from the scheme.
iv) A fresh list of members has to be submitted each year, if there are changes in the membership. If there are no changes in the membership, a declaration stating the same has to be submitted to LIC.
The commencement date for the policy period can be any month of the year, and can be jointly decided by the mFI and the Insurance Company. Once the policy period has been decided, e.g. January to December, or March to February, it is the same throughout the duration of the policy. Changing the policy period is possible, but it is a complicated procedure.
v) The list of insured members has to be sent to the insurance company prior to the commencement of the policy period. When renewing the policy for the second year, the company allows a grace period of 30 days for submitting the premium and list of members. However, if the list includes any new members, risk of these members is covered only from the date of payment of premium to LIC. (LIC accepts only one list per policyholder; so it is not possible to give two separate lists- one for old members and one for new members. The names of both old and new members have to be incorporated in one list)
2. GROUP LIFE INSURANCE SCHEME FOR SOCIALLY WEAKER SECTIONS
Risk covered 1. Natural death.
2. There is an option to cover accidental death, permanent total disability and partial disability by paying an additional premium.
Who is eligible? Groups of low-income individuals. A group can be as small as 25 members. Individuals cannot avail of the scheme.
Age limit 18-55 years
Who is the policyholder? The nodal agency through whom the group policy is purchased.
What is the premium amount? - The policy ranges from Rs.3.50 to Rs.10 per Rs.1000 sum insured per member per year. The premium here varies with the size of the group and the average age of the members.
- Premium for accidental death and disability cover if fixed at Rs.0.75 per Rs.1000 sum insured, irrespective of group size and age of members.
Group discounts Yes, depending upon group size
What is the sum insured The sum insured is selected by the insured group.
It ranges from Rs. 1000 to Rs. 20,000 for natural death.
The sum insured for accidental death can at most be is double of the sum insured for natural death.
Who receives the sum insured The claim amount is paid through an account payee cheque made in the name of the nodal agency.
Documents required for making claim for natural death Death certificate
Documents required for making claim for accidental death Death certificate
First Information Report (FIR)
Post-mortem report
3. RAJ RAJESHWARI MAHILA KALYAN YOJANA
Risk covered* A. Basic cover
Permanent total disability and partial disability of insured due to accident
Accidental death for unmarried women
Accidental death of insured’s husband
B. Extended cover
1. Temporary total disablement following hospitalization due to accident
2. Expenses incurred on legal proceedings for divorce
3. Loss of personal/household goods due to fire, flood cyclone
Who is eligible? Only women
Age limit 10-75 years
Who is the policyholder? - In the case of an individual policy- the Woman
- In the case of a group policy- Organization representing a group of women
What is the premium amount? - Basic cover Rs. 15 per member per year
- Basic cover with extended cover Rs. 23 per member per year
Discounts ( if any) - Group discounts- 5 % for a group size of 101-1,000 women and
10% for a group size of 1,001-10,000 women
- Long-term period discounts- insurance cover can also be taken for period upto 5 years. Discount varies with the number of years of cover sought
- Special discount of 5% in lieu of agency commission
What is the sum insured Basic cover
1. Rs. 25,000 permanent total disability; Rs.12, 500 for loss of one eye or one limb in an accident.
2. Rs. 25,000 for accidental death of unmarried women
3. Rs. 25,000 for accidental death of members husband
Extended cover
4. Rs. 500 per month’s upto a max. of Rs. 1,500
5. Upto Rs. 2000, based on actual expenses
6. Upto Rs. 2000
Who receives the claim amount? Individual in case of individual insurance
Nodal agency in case of group insurance
Claims procedure and documents required for making a claim Written notice to the company within 30 days of the event
Proof satisfactory to the company e.g physical examination in case of injury
Post mortem report in case of death
* Permanent total disability means disability resulting from the loss of two eyes or two limbs. Partial disability refers to the disability resulting from the loss of one eye or one limb.
4. PERSONAL ACCIDENT INSURANCE POLICY
I. Risk covered 4 options are available
1. Accidental death only
2. Permanent total disability (PTD – loss of two eyes or two limbs)
3. Permanent partial disability (PPD- loss of one eye or one limb)
4. Temporary total disability (TTD)
5. Medical expenses incurred for treatment of injury.
Insured can choose only 1, 1+2, 1+2+3, 1+2+3+4, 1+2+3+4+5
Who is eligible Anyone within 16 – 70 years
Who is the policy holder Individual or organization representing group of members
What is the premium rate The premium rate varies with the amount of coverage sought; which are as follows:
I Per Rs. 1000
II 100% of sum insured on death only --- Rs.0.45
100% of sum insured for permanent --- Rs.0.65
III total disability
1%- 100% of sum insured for permanent --- Rs. 0.75
IV partial disability
1 % of sum insured per week for temporary total --- Rs. 1.50
disability (this amount is paid to compensate for
loss of income due to an accident, and is paid for a
maximum of 100 weeks)
What is the sum insured Sum insured depends upon the annual income of the insured of person
- For coverage of I, II, III, the sum insured is five times the annual income of the person
For coverage of I, II, III, IV, the sum insured is two times of annual income person
Group discounts (if any) Group discounts of 5-30% are available.
Further, a special discount of 5% is given in lieu of agency commission to the policyholder of a group policy.
Who receives the claim amount Individual in case of individual policy
Organization in case of group policy, who in turn pays member / nominee
Claims procedure • Death claims – First Information Report (FIR) , Postmortem report and death certificate
• Other claims - police report if lodged, medical treatment (prescription, bills, receipts….), doctors certificate regarding disability
For an accidental injury resulting in death/disablement, compensation can be claimed within a period of 12 months of the accident.
TWO VARIATIONS OF THE PERSONAL ACCIDENT POLICY
Janata Personal Accident Policy
Gramin Personal Accident Policy
These two policies are variations of the Personal Accident Policy described above. They have lower premia and sums insured to make it affordable for the lower income groups. The other terms and conditions of these policies are the same as the Personal Accident Policy.
Janata Personal Accident Policy Gramin Personal Accident Policy
Who is eligible Anyone between 10-70 years Anyone between 10-70 years
What is the premium Rs. 15 per annum Rs. 5 per annum
Sum insured-
Death
PTD
PPD
Rs. 25000
Rs. 25,000
Rs. 12,500
Rs. 10,000
Rs. 10,000
Rs. 5,000
5. MEDI CLAIM BIMA POLICY -HOSPITALISATION BENEFIT POLICY
I. Risk covered i. Hospitalization due to disease, accident ;
ii. Medical expenses 30 days prior to, and 60 days after hospitalization
Who is eligible and Age limit Anyone Between 5 -75 years of age;
Children between the age of 3 months and 5 years of age can be covered provided one or both parents are covered concurrently
Who is the policyholder? The member- in the case of Individual policy
The organization -in the case of a group policy
What is the premium rate? The premium varies with the insured’s age
Minimum Rs. 175 per member per year for persons under 45 years
What is the sum insured? Minimum sum insured is Rs. 15000
Discounts (if any) For individual policies, family discounts of 10 % if more than one family member insured;
Group discounts available depending on size and average of group
Who receives the claim amount? Individual in case of individual policy
In case of group policy, organization or individual, as agreed upon
Claims procedure and documents required for making a claim 1. Preliminary notice of claim within 7 days of discharge from the hospital (policy number, illness, name and address of attending medical practitioner etc.)
2. Final claim should be submitted to the company within 30 days of discharge from the hospital, along with receipted bills/cash memos, claim form etc.
Exclusions No pre-existing diseases covered in first year. These include surgeries for hernia, cataract and hysterectomy.
Childbirth related hospitalization is not covered.
No hospitalization within 30 days except in case of accident
6. JAN AROGYA BIMA POLICY
This policy is a variation of the Mediclaim Policy described above. It has a lower premium and sum insured to make it affordable for the lower income groups. The other terms and conditions of the Jan Arogya policy are the same as the Mediclaim policy.
What is the premium rate? Premium varies with the age of the insured person. Minimum Rs.70 for person upto 45 years of age
What is the sum insured? Fixed sum insured of Rs.5000 per person
PROVIDING HEALTH INSURANCE TO MEMBERS OF MICROFINANCE PROGRAMMES
Introduction
In this note we discuss how mFIs/NGOs can provide health insurance for their members. Specifically, we discuss the health insurance scheme currently available through the four nationalized insurance companies.
The health insurance coverage currently available through insurance companies in India is for expenses incurred on hospitalization, and for medicines and laboratory tests directly related to the hospitalization for which claims are made.
Some Details Of Scheme Design And Coverage
1. Generally health insurance policies are annual polices, and have to be renewed each year.
2. The insurance company is particular about how it defines a hospital and a doctor and will honour only those claims where services have been obtained at hospitals and from doctors meeting the set standards. The standard definition for hospital is a facility that is open 24 hours and is registered as a hospital. If not registered, the facility should have at least 10-15 beds (depending upon location, i.e.urban/rural) and be open for 24 hours.
3. As mentioned above, the premium for the insurance coverage depends on the age of the insured person. In the case of group policies, the average age of the group is considered.
Two important choices that a person buying hospitalization insurance needs to make
I. How many persons in the family to insure
II. How much financial coverage to take
I. Choosing how many persons in the family to insure
Naturally, a person would like to have all the persons in her family covered under hospitalization insurance. However, the more the number of family members covered, the higher the premium.
One way to extend the insurance coverage across the entire family without paying the premium for all the family members is to buy a floater policy, which we describe below. While floater policies are relatively uncommon in India, they can be negotiated with the insurance companies.
II. How much financial coverage to take
The ‘financial coverage’ or ‘sum insured’ means the amount of money the insurance company will reimburse to the insured person for expenses incurred on the insured person’s hospitalization. Insurance companies offer different amounts of financial coverage. The higher the financial coverage a person wants, the more premium she has to pay. The premium also depends upon the age of the insured persons.
How a Floater Policy Works
Suppose a family has five members - two parents and three children. The family would like all its members to be covered by hospitalization insurance, but paying the premium for five members would be very expensive. Also it is unlikely that all five members will be hospitalized in one year. It can therefore choose to take a floater policy.
To design a floater policy, the family has to choose two things.
(i) how many of its members will be covered by the policy, and
(ii) how much financial coverage to take.
Based on the choices it makes, the insurance company will decide the premium.
The family can decide that it would like coverage for only the two adults in the family, since it feels it is unlikely that the children will be hospitalized. Alternately, it can decide to have all five members of the family covered under the scheme, so that the insurance would cover hospitalization for any of the five family members.
The more the number of persons that are covered under the floater policy, the higher the premium. If the family decides to cover only the husband and wife under the policy, the premium will be lower than if it covers all five family members. This is because the probability of hospitalization occurring among two persons is lower than the probability of hospitalization occurring among five persons.
The family also needs to choose the amount of financial coverage or ‘sum insured’.
Suppose the family decides to insure only the two adults in the family, and chooses a maximum claim amount of Rs. 10,000 per year.
The premium rate will be fixed taking into consideration both these factors, i.e. the number of persons covered under a floater policy and the financial coverage or ‘sum insured’.
Now, suppose the wife is hospitalized and Rs. 10,000 is spent on her illness. Then, if the husband happens to need hospitalization in that same year, the insurance company will not pay his hospitalization expenses. This is because the claim limit of Rs. 10,000 will have been used up for the hospitalization expenses of the wife. If the wife’s hospitalization had cost Rs. 6000, then the insurance company would have been willing to cover the husband’s hospitalization expenses upto a maximum of Rs. 4000.
Items That Can Be Negotiated With The Insurance Company
When an mFI decides to purchase a group health insurance for its members from the insurance company, it can negotiate certain terms and conditions with the insurance company. An mFI buying a group policy for a large number of individuals brings good business to the insurance company. In return, the insurance company may be willing to offer certain concessions to the mFI. Some of the items that can be negotiated with the insurance company are:
i. Rate of premium: By taking a group policy, the mFI can get group discounts. The larger the group and the lower the average age of the group members, the lower the premium.
ii. Definition of hospitalization: The standard definition of hospital as per the insurance company is given above. However, the mFI/NGO may be able to negotiate with the insurance company to include smaller hospitals in case of members living in remote areas. For this the MFI/NGO should have knowledge about the types of medical facilities used by its members.
iii. Limited claim settlement authority: The mFI/NGO can negotiate with the insurance company to give the mFI/NGO limited claim settlement authority. Under this, the mFI/NGO can settle claims upto a mutually agreed upon limit, without sending the documents to the insurance company. The insurance company will of course bear the cost of the claim, but the decision about whether to pass the claim or not will be with the mFI.
This system allows faster settlement of small claims, as the documents do not have to be sent to the insurance company. The insurance company also saves on administrative costs which it would incur in processing these claims.
However, having a limited claim settlement authority places two additional
responsibilities on the mFI/NGO.
First, it has to have the administrative apparatus to process these claims.
Second, the responsibility of ruling out fraudulent claims falls upon the
mFI/NGO.
iv. Maximum period for settling claims: The mFI/NGO and the insurance company can mutually agree upon the maximum time that the insurance company will take to process claims. This will prevent the problem of delays in claim settlement.
The Importance of Giving Complete Information About the Scheme To Members
One of the reasons that people do not have faith in insurance companies is because the insurance companies do not always clearly give all the relevant information to the insured persons at the time of buying the policy. Many details of expenses which are not covered under the policy become clear only when a claim is filed.
An mFI which decides to offer insurance services to its members needs to ensure that its members have complete faith in the programme. For this it is very important that the mFI conveys complete information to the members about the scheme. This can be done through trainings and workshops on insurance for the members and leaders.
In addition, members can be given pamphlets with written information about the insurance programme which they can take home with them. Even illiterate women value written information which they can take home. Even if they cannot read, some family member or neighbour can read it to them.
7. LIVESTOCK INSURANCE
I. Risk covered 1. Death of cattle * due to: accident, disease, surgical operation, riot and strike
2. Permanent Total Disability (PTD) on payment of extra premium: Permanent total disability , PTD in the case of stud bulls
Who is eligible Any cattle owner, or financer of cattle loans
Age limit 1. (a) Milch cows (indigenous/ cross-bred / exotic) 2 years (or age of first calving) to 10 years
(b) Milch buffaloes 3 years (or age of first calving) to 12 years
(c) Stud bulls (cow / buffalo species) 3 years to 8 years or earlier age of sexual maturity
(d) Bullocks (castrated bulls) and castrated male buffaloes, 3 years to 12 years
2. Indigenous- cross-bred and exotic female calves/ heifers From 4 months upto the date of first calving or minimum age as in 1 (a) and (b)
Who is the policy holder Individual owners of cattle, or institutions financing cattle loans (the latter can take a master policy)
What is the premium amount Species Covers
Death PTD extra
1. Scheme animals
(Indigenous/ cross-bred) 2.25% 0.85 %
2. Non-scheme animals
(Indigenous/ cross-bred) 4.00 % 1.00%
3. Exotic animals 4.00 % as above plus 2.00 % extra 1.00 %
What is the sum insured** Sum insured will not exceed 100% of market value for death, and
75% of sum insured for PTD
Who receives the claim amount Individual in case of individual policy
In case of group policy, individual or organization as agreed upon
LIVESTOCK INSURANCE (CONTD.)
Waiting period 15 days from the commencement of insurance for death due to disease
Claims procedure and documents required to make a claim Immediate intimation to company within 7 days of death.
Submission of the following documents within 30 days of the death:
1. Non-scheme animals
(a) Duly completed claim form and ear tag
(b) Death certificate from qualified veterinarian
(c) Postmortem examination report if required by the company
2. Scheme Animals
(a) Duly completed claim form and ear tag
(b) Death certificate from qualified veterinarian or by two village level officials
(c) Postmortem report if conducted
3. PTD
(a) Certificate from vet after inspection
(b) Complete information on treatment carried out
(c) Inspection by insurance company’s vet
* The word Cattle refers to: (a) Milch cows and buffaloes (b) calves / heifers (c) stud bulls (d) bullocks (castrated bulls) and castrated male buffaloes, whether indigenous exotic or cross-bred
** The market value of cattle varies from breed to breed, from area to area and from time to time
NOTE ON TAKING A MASTER POLICY FOR LIVESTOCK INSURANCE
A Master Policy is an annual agreement between the insurance company and an organization. An organization would purchase a master policy if it expects to insure a number of heads of cattle over the period of one year. The insurance company maintains a list of all the cattle that are insured under one master policy. Banks that issue IRDP loans for purchase of cattle routinely purchase this master policy.
Taking out a master policy: The interested organization has to meet with the Insurance Company and buy the policy. The policy-holder has to deposit a sum of money roughly equal to the expected monthly premium that is to be paid to the insurance company. This estimate will naturally be based on the expected number of insured cattle in an average month.
Duration of policy and coverage: A master policy is issued for a period of one year, and enables the policy holding organization to insure several heads of cattle as and when they are purchased in the course of the policy period. The coverage of insurance of any particular cow or buffalo is for a period of one year from the time it is insured.
However, the master policy has the effect of offering insurance coverage for a two year period. This happens for instance, if a cow is insured on the last day of the one year policy period. Even though the policy would lapse if it were not renewed, the cow insure on the last day would remain covered for one year from the date its insurance premium is received by the insurance company.
For e.g. if the master policy is for the period January 1 to December 31 2000, and the premium for insuring a cow is received by the insurance company on December 31, 2000, the cow would remain insured till December 31, 2001.
The policy can be renewed for the following year.
Registering a head of cattle in the policy: The policy holder has to send a monthly statement to the Insurance company informing them about the cattle purchased in that month which have to be insured. This has to be accompanied by a cheque for the exact amount of the premium for the new additions to the insured cattle list. Sending this exact premium means that the value of the deposit paid initially is maintained.
Information about the purchase of a cow or buffalo must reach the insurance company within one month of its purchase along with the premium amount, for the insurance coverage to happen.
Advantages of taking a master policy: There are two main advantages of taking a master policy. (1) An organization which expects that a number of cows/buffaloes will need to be insured over a year can simply take one policy instead of buying a new policy for each head of cattle insured. It is easier administratively. (2) More importantly, a master policy offers better insurance coverage. Under a master policy, a cow/buffalo is insured from the moment it is purchased, as long as information about the purchase reaches the insurance company within one month of the purchase date. In the case of single policies, insurance coverage for a cow begins only after the premium is paid to the insurance company. Thus the cattle is uninsured from the time it is purchased to the time the cheque reaches the insurance company, and the member will have to bear the loss if any thing goes wrong during this period.
All the other procedures (e.g. premium rate, identification through ear-tag etc.) are followed as per the Insurance Company’s livestock insurance policy.
.
8. AGRICULTURAL PUMP-SET INSURANCE
Risk covered Unforeseen and sudden physical damage caused by and/or solely due to :
1. Fire and / or lightening
2. Burglary / theft
3. Mechanical or electrical breakdown
Who is eligible Any one owning an agricultural pump set- individuals or group of individuals
Who is the policyholder? Who so ever is the owner of the pump set
What is the premium amount - 2% gross on Sum Insured for pump sets upto 10 years old
- 50 % loading on premium rates will be charged for pump sets more than 10 years old
Discounts (if any) Can be negotiated
What is the sum insured? Sum Insured will be 100 % of the market value of a new motor of the type insured.
Who receives the claim amount? The policy holder
Claims procedure and documents required for making a claim - Estimate of repairs
- Bills of repairs
- Payment receipt
- Damaged pump-set should be repaired only after survey hs been conducted
NOTE: Insurance companies have not had good experiences with pump-set insurance, particularly for older machines. It has generally been observed that wear and tear of machine parts sets in 6-7 years of purchase of the machine. An organization wanting to offer pump-set insurance to members may want to set an age limit for insured pump-sets.
How Insurance Companies Settle Pump-set Claims
Insurance companies pay compensation for pump set losses in two ways. The compensation is based either on partial loss or total loss. The decision about which should be the basis for settlement of claim depends on the cost of repair relative to the total current value of the pump-set. The example below illustrates the point.
Suppose the current depreciated value of the pump-set is Rs. 8000.
Scenario One
Suppose a part is damaged and the repair cost of damaged part is Rs. 5000
And suppose that the salvage value of the damaged part is Rs. 500
In this case, the cost to the insurance company (on partial loss basis)
would be the repair cost minus the salvage value of the damaged part, i.e. Rs. 4,500
Scenario Two
Suppose a part is damaged and the repair cost of damaged part is Rs. 7000
And the salvage value of the damaged part is Rs. 500
In this case, the settlement cost to the insurance company (on partial loss basis)
would be the repair cost minus the salvage value of the damaged part, i.e. Rs. 6,500
However, since Rs. 6,500 is only a little less than the total value of the motor,
i.e. Rs. 8,000, the insurance company would assess whether it should
compensate the insured on a partial loss basis or total basis.
Suppose the salvage value of the full motor is Rs. 1000
Here, the settlement cost to the insurance company (on total loss basis) would
be the current value of the pump-set minus the total salvage value, i.e. Rs. 7000
Under scenario II, where the liability on partial loss basis is only slightly lower than the liability on total loss basis, the insurance company would prefer to settle for total loss basis to avoid more claims on the same pump-set later.
9. SPECIAL SCHEME DEVISED FOR A DAIRY COOPERATIVE BY UNITED INDIA INSURANCE CO.
- This is group policy that has been tailor made for a diary cooperative
- The minimum number of members required to enroll for this group policy (the group size) – 25,000 members
- This scheme covers the following:
Coverage Sum insured (in Rs) per member Premium (in Rs.) charged per member
Fire damage to house
20,000 18.00
Personal accident
50,000 14.00
Mediclaim for hospitalization
5000 39.00
Loss of Assets- Household goods
10,000 6.00
Money in transit
2000 3.00
Total premium = Rs. 80.00
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