sa-dhan’s micro insurance education programme- presentation by united india insurance company ltd
TRANSCRIPT
SA-DHAN’SMICRO INSURANCE
EDUCATION PROGRAMME-
PRESENTATIONBY
UNITED INDIA INSURANCE COMPANY Ltd
TOPICS
• PRESENT SCENARIO OF MICRO INSURANCE FROM REGULATORY PERSPECTIVE
• LATENT NEED OF RURAL MARKET
• ROLE OF INSURANCE PROVIDERS
• COMPETENCE OF PRESENT PRODUCTS
INTRODUCING OURSELVES
UI is a leading General Insurance Company wholly owned by the Government of India.
It is the second largest non- life insurer in terms of Assets and Net worth.
More than three decades of experience in Non-life Insurance business
UI’S CREDENTIALSUI’S CREDENTIALS
•FINANCIALLY STRONG, LEADING GENERAL INSURERFINANCIALLY STRONG, LEADING GENERAL INSURER
•CONSISTENTLY GOOD CREDIT RATINGCONSISTENTLY GOOD CREDIT RATING
•COUNTRYWIDE PRESENCECOUNTRYWIDE PRESENCE
•TECHNICALLY QUALIFIED WORK FORCETECHNICALLY QUALIFIED WORK FORCE
•PIONEERS IN PRODUCT INNOVATIONPIONEERS IN PRODUCT INNOVATION
•IT-ENABLED COMPANYIT-ENABLED COMPANY
COUNTRYWIDE PRESENCE
1297 Offices spread across length & breadth of
the country as on 31.03.2009
1 HEAD OFFICE 24 Regional Offices360 Divisional Offices683 Branch Offices230 Micro Offices
Strong presence in all metros and in all states
A core team of underwriting & reinsurance experts at Corporate Office
A track record of settling large claims expeditiously
Issuing more than 1 crore policies and settling
8 lakhs of claims in a year
POINTS OF STRENGTH
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INTRODUCTION
• What is Micro Insurance• Protectionof Low Income people
against specific perils in exchange for a pre-specified payment determined in proportion and likelihood and cost of the involved and made in advance
• Simply put-Insurance services to low income people
• Micro Insurance is an integral part of financialservices for the poor and low incomepeople
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Why is micro insurance important
• Poor people are subject to many risks which are same as the non-poor
• Death of bread winner/Illness/Injury/loss of propoerty/natural disasters like droughts and floods
• Frequency fo risks greater and financial impact larger
• Ability to cope with these risks lower• The poor are highly vulnerable
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MARKETS
• In most developing countries including India, Markets are at an infant stage.
• Insurance penetration levels veryverylow
• Insurance Density Levels very very low
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Micro Insurance Markets Today
• Potential markets are considered large– About 4 billion live on less than $2 a day– In Asia alone 1.9billion in this category– Many of these people are potentialclients– High demand for Health and Life
insurance products– Also for Agricultural products– Small farmers in most countries cannot
afford to buy crop insurance– Poor and low income people can benefit
from a arnge of Insurance services
Micro Insurance Agents
• Can be a Non-Govt Organisation (NGO)
• Self Help Group• Can be appointed by
Agreement/Memorandum of Understanding specifying Duties& responsibilities in MoU
• Can work for one Life Insurer & One General Insurer
• Referral Fees/Agency Commission of % of the premium
Micro Insurance Agents
• Micro Insurance Agent to– DISTRIBUTE ONLY MICRO INS PRODUCTS– Collect Proposal forms– Collect self declarationfrom proposer that
he/she is in good health– Collect & Remit premium– Distribute policy documents– Maintain register of all Insured persons
including their family details– Assist Insured in settlement of claims
IRDA Regulations for Micro Insurance
• Policies can be issued covering
• Property/Health/Personal accident– Maximum Sum insured– Property Rs 30,000/-– Health Rs 30,000/-– Personal Accident Rs 50,000/-
Role of Insurance Providers
• Design and Develop products to suit the Rural and Urban Poor after studying the needs of the poor and also by interaction with NGOs/SHGs/Govt Agencies
• Appoint/Enter into Agreements with Micro Insurance Agents to sell insurance for Increased reach of Insurance Products to Poor
• Impart Training as prescribed by the IRDA to the nominated members of the NGOs/SHGs
• Bring under the Insurance Net the maximum number of Poor and fulfill the obligations to the Rural and Social Sectors
Competence of Present Products in General Insurance
• Most General Insurance Products in the Market are Rural Population oriented
• Considerable importance has been given to Personal Accident and Health
• Property of farmers/persons in Rural Areas are considered for insurance
• Vehicles like tractors/trailers used commonly are also covered by insurance
• Stock of Farm Produce as well as Livestock/Poultry can be insured
• POLICIES ARE TAILOR MADE BY UNITED INDIA TO SUIT THE REQUIREMENTS OF THE POOR
UI offers policies
MICRO INSURANCE COVERS FOR SMALL INCOME GROUPSWOMEN AND BPL FAMILIES
Micro Insurance Covers
• Covers available for Small and BPL Families– Uni Micro Insurance Policy- Package– Animal Driven Cart Insurance Policy– Cattle and Livestock Insurance Policy– Gramin Accident Insurance Policy– Tribal/Rural Accident Package Policy– Janatha personal Accident Policy– Bhagyashree Child welfare Scheme
Micro Insurance Covers
• Covers available for Small and BPL Families– Mother Teresa Women & Children
Policy– Rural Accident Policy– Rural Women’s Package Policy– Universal Health Insurance Scheme– Rajarajeswari Mahila Kalyana
Yojana
Personal Accident Covers
•Uni Micro Insurance Policy– Sec I- Fire
-Dwellings/Contents/Tools/Implements
– Sec II- Hospitalisation for Proposer– Sec III- Death and Permanent Total
Disablement– Sec IV- Cattle and Livestock
– Age Limit-1-3 Sec 5 to 70 yrs
Personal Accident Covers
– Gramin Accident Insurance Policy•Death•Permanent Total Disablement•Max Sum Insured- Rs 10,000/-
– Janatha Personal Accident Policy•24 Hrs Cover•Death and Permanent Total
Disablement•Max Sum Insured Rs 50,000/-
Personal Accident Covers
– Tribal/Rural Accident Package Policy•Caters to Needs of Tribals•Sec I Hut and Dwellings- Fire and Allied
Perils •Sec II Personal Accident –Sum Insured
Rs 10,000/-•Sec III Hospitalisation Expenses for
three diseases– Tuberculosis– Leprosy– Cancer
Personal Accident Covers
• Bhagyashree Child Welfare Policy– To mitigate suffering of girl child
following Accidental death of parent/s– Age of girl child-0-18 yrs parents age not
>60 yrs– In case of Death of parent- Rs 25,000/-
will be deposited in the name of the girl child in a PSU Bank
– Age 1-5 yrs- Rs 1200/- Yr Surviving parent/G
– Age 6-12 Yrs Rs 1200/- yr Surviving parent/G
– Age 12-17 Yrs Rs 2400/- yr Surviving Parent/G
– Age 18 Yrs Balance amount to Childs credit on attaining 18 yrs
Personal Accident Covers
• Mother Teresa Women & Child Policy– Sec I P A Cover- Prem
• - PTD RS 25,000/-/12,500 for the Insured Woman
• Accidental death of Insured Woman’s Husband-Rs 25,000/-
• Additional cover (optional)– TTD Rs 500/- per month subject to Max Rs
1500/-– Expenses for legal Divorce Proceedings Max rs
2000/-– Loss Damage to Household Goods Fire EQ etc-
Max Rs 2000/-– Additional Premium for the above three covers – Accidental Death of wife Compensation to
Husband 25,000/- Additional Premium
Personal Accident Covers
• Mother Teresa Women & Child Policy (contd)– Sec II Compensation to Child – Premium per child Max Two
Children– Age group 0 – 18 Yrs As per Bhagyashree
policy
Sec III Hospitalisation expenses Max Rs 5,000/-
• For Insured Person• Premium for extn to cover spouse• Premium for extn to cover 2 children
Personal Accident Covers
• Rural women Package Policy
PERSONAL ACCIDENT COVER– Personal Accident Cover Sum Insured
Death Rs 15000– PTD Permanent and Partial Rs
15000/7500– Trans Dead body Rs 300/- – Education fund Rs 500/ per child Max 2– Insured’s Spouse PA Cover Rs 15,000/-
– Loss of Income RS 250/pm Max
Hospitalisation Cover 2+2 Rs 5000/-Fire Cover for House/ContentsRs 5000/-
Personal Accident Covers
• Rajarajeswari Mahila Kalyan Yojana– Women Between Age 10-75 yrs– Personal Accident RS 25,000/-– Basic Cover Married women
• Death of Husband due to accident-100% CSI• Permanent total disablement following Accident 10%
CSI• Permanent Partial Disablement 50% of CSI
– Basic Cover Unmarried Woman• Death of unmarried woman due to accident- 100%
CSI• Permanent total disablement following Accident 10%
CSILoss of household goods following fire/flod/EQ etc- Rs
2000/-Legal Expenses for Divorce RS 2000/-Temporary relief during hospitalisation period-Rs 500/-
pm Max 3 months Max Rs 1500/-
HEALTH INSURANCE COVERS OFFERED BY US
• Health Insurance covers– Platinum– Gold– Senior Citizens
• Family Medicare Policy • Jan Arogya Bima Policy• Trauma Care Policy• Top Up and Super Top Up Policies• Universal health Insurance Policy
Universal Health Insurance Policy
•Low Cost Hospitalisation policy•Three Options Available
•No of persons Premium Subsidy•One Rs 300/- Rs 200/-•1+1+3 Rs 450/- Rs 300/-•1+1+3+2 Rs 600/- Rs 400/-
Universal Health Insurance Policy
COVERAGE
•Reimbursement of Hospitalisation Expenses •up to Max of Rs 15,000/- per treatment per year•Up to Max of Rs 30,000/- per family per year
•Personal Accident Cover of Rs 25,000/- for named Head of Family
•Fixed Financial Assistance of Rs 50/- per day subject to max of Rs 750/- if Breadwinner is hospitalised
• TAILOR MADE POLICIES FOR URBAN POOR
Urban Women Package Policy
Urban Women Package Policy I PERSONAL ACCIDENT COVER– Personal Accident Cover Sum Insured – Death Rs 50000– PTD Permanent and Partial Rs 30000/15000– Trans of body Rs 300/- – Education fund Rs 1000/ per child Max 2II LOSS OF INCOME FOR WOMEN MEMBER & SPOUSE– Loss of Income (foll Hospn) -Rs 100/- per day Max Rs 1000/-
per instance Rs 2000/- per year– Loss of Income(foll Acdt)--Rs 100/- per day Max Rs 1000/-per
instance Rs 2000/- /yearIII PROPERTY COVER– Fire Cover for Contents Rs 30000/-
incl Tools of Trade and StockIV- HEALTH COVER FOR ENTIRE FAMILY- AS PER UHIS
OUR RECENT ACHIEVEMENTS
• WE HAVE ALREADY COVERED ABOUT 24 LAKH WOMEN IN RURAL ANDHRA PRADESH AND 2 LAKH WOMEN IN URBAN AREAS AGAINST PERSONAL ACCIDENT INSURANCE FOR A SUM OF RS 50,000/-
• UNITED INDIA IS IN THE PROCESS OF FINALISING THE MOU WITH LIFE INSURANCE CORPORATION OF INDIA FOR A COMPOSITE PRODUCT
MAKING TOMORROW SAFER
THANK YOU