L&T Insurance, VimoSEWA to offer microinsurance

Microfinance Focus, February 9, 2012: L&T Insurance, a subsidiary of engineering and construction group Larsen & Toubro Ltd. has joined hands with Ahmadabad based VimoSEWA to offer microinsurance products to women workers in informal sectors.

Vimo SEWA is an integrated insurance program aiming to provide social protection for SEWA (Self Employed Women’s Association) members to cover their life cycle needs and the various risks they face in their lives, through an insurance organisation. SEWA serves more than 1.3 million poor, self-employed women workers.

L&T Insurance has launched 4 classes of micro insurance products namely my:jeevika Personal Accident Micro Insurance, my:jeevika Standard Fire & Special Perils Micro Insurance, my:jeevika Cash@hospital Micro Insurance and my:jeevika Medisure Micro Insurance.

"These products cover assets and individual health catering specifically to the rural population, addressing their needs and also suiting their income patterns. Premium for these products is as low as Rs 50 per annum to Rs 730 per annum," Joydeep Roy, CEO and Wholetime Director, L&T Insurance has reportedly said.

L&T Insurance has developed a dedicated web based platform which enables these Aagewans to issue Micro Insurance Policies on the spot through the channels across remote locations of the country. "Through this, L&T Insurance aims to reach VimoSEWA's members across Gujarat, Rajasthan, Madhya Pradesh, Delhi and Bihar," she added.

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