Indias largest Life Insurance Company, the Life Insurance Corporation of India (LIC) has quickly followed through on recent announcements of MicroInsurance plans with the launch of a microinsurance life product åö Jeevan Madhur (roughly translates to sweet life).
Under this product scheme, life insurance coverage from a minimum of Rs5,000(about USD110) to a maximum of Rs30,000(about USD650) can be obtained. The product is customizable in the sense that the customer can make minimum premium payments of Rs25 (USD0.55) per week, Rs50 (USD 1.1) fortnightly, Rs100 (USD 2.2) per month and a minimum of Rs250 (USD 5.5) over longer periods. The term of the policy ranges from 5-15 years.
Similar Posts:
- SPECIAL REPORT: Enabling Microinsurance via Technology: RFID Tags Slash Fraud, Costs of Livestock Cover in Rwanda
- MICROCAPITAL BRIEF: Universal Insurance Launches Mobile App, Referral Platform in Nigeria
- MICROCAPITAL BRIEF: Ebanx Acquires Payment Initiator License, Accessing Pix to Simplify E-commerce Purchases in Brazil
- SPECIAL REPORT: Banco FIE of Bolivia Takes $100k “Financial Inclusion that Works for Women” European Microfinance Award 2022
- MICROCAPITAL BRIEF: Light Microfinance, IppoPay Partner to Offer Digital Lending to MSMEs in Rural India