New Delhi, Feb 20 (IANS) In a bid to provide insurance schemes for the bottom-of-the-pyramid clientele, financial inclusion company Swabhimaanya Monday rolled out insurance cover starting with premiums as low as Rs.200 per annum for domestic helps and chauffeurs.
"With around 100 million domestic help employed across India, the need of the hour is to empower this section of the society with basic financial exposure," said Swabhimaanya chief executive and managing director Rahul Pagare, adding that the firm plans to reach out to one million people by the end of year.
"This seems as a very achievable dream as most of the help in metropolitan (cities) are employed by literate house owners who can help their domestic help to avail these services."
According to the firm, it has partnered with Bajaj Allianz for life insurance and Future Generali for accident and health insurance.
Segment-wise, a life insurance scheme will come at a premium of Rs.250 per annum for a cover of Rs.20,000. Accident insurance cover of Rs.100,000 will come with a premium of Rs.200 per annum.
The launch of the insurance scheme follows a successful pilot test of the project which benefited about 25,000 people over three months.
The firm said that it is also reaching also out to domestic helps and commercial vehicle drivers through resident welfare associations (RWA) and taxi driver's associations.
In January 2012, the firm launched its services in Tamil Nadu and in just over a month has reached out to 25,000 people out of whom 70 percent are first time users of these type of financial services.