Post on 18-Jan-2016
AIRDC Seminar AIRDC Seminar
77thth September 2012 September 2012Manila, Philippines Manila, Philippines
Development of Microinsurance in Sri Lanka Development of Microinsurance in Sri Lanka
Presenter : Jagath Alwis B.Sc. FIII, FCII, FIoD (UK) Presenter : Jagath Alwis B.Sc. FIII, FCII, FIoD (UK)
Director (Technical)Director (Technical) Ceylinco Insurance PLC Ceylinco Insurance PLC
Sri LankaSri Lanka
Facts about Sri LankaFacts about Sri Lanka
Population 21.5 M (growth rate 0.91%)Population 21.5 M (growth rate 0.91%) Literacy rate 91%Literacy rate 91% Per capita Income US$ 2,835Per capita Income US$ 2,835 GDP Growth rate 8.3% (2011)GDP Growth rate 8.3% (2011) Size of the Insurance Industry US$ 730 M. Life Insurance Size of the Insurance Industry US$ 730 M. Life Insurance
Market US$ 320 M and Non-Life Insurance Market US$ 410 Market US$ 320 M and Non-Life Insurance Market US$ 410 M for 2011.M for 2011.
Insurance penetration 1.2%Insurance penetration 1.2% Insurance density US$ 34 per person Insurance density US$ 34 per person Average growth of the Insurance Industry for the last 5 years Average growth of the Insurance Industry for the last 5 years
20% 20%
MicroinsuranceMicroinsurance
Microinsurance is a class of Insurance that is accessed by Microinsurance is a class of Insurance that is accessed by low income earners, low income earners, provided by a variety of different provided by a variety of different entities but run in accordance with entities but run in accordance with general principles of general principles of insurance and funded by premiumsinsurance and funded by premiums
Microinsurance activities should fall within the preview of Microinsurance activities should fall within the preview of
the domestic insurance regulator unless excluded by the the domestic insurance regulator unless excluded by the relevant lawsrelevant laws
Designed to be appropriate to low income householdsDesigned to be appropriate to low income households
Comparatively low premiumComparatively low premium
Coverage is simple and straight forwardCoverage is simple and straight forward
Distribution channels are differentDistribution channels are different
Non complex methods of claim settlementNon complex methods of claim settlement
Simplicity in relation to documentation processSimplicity in relation to documentation process
Special features of Microinsurance Special features of Microinsurance productsproducts
The insurance penetration is 1.2% and the insurance The insurance penetration is 1.2% and the insurance density is US$ 34 which is very low compared to the per density is US$ 34 which is very low compared to the per capita income which is US$ 2,835capita income which is US$ 2,835
Recent studies among the low income groups have shown Recent studies among the low income groups have shown thatthat– 41.4% trust insurance and believe in the benefits of 41.4% trust insurance and believe in the benefits of
insuranceinsurance– 33.3% believe that insurance is expensive and has no 33.3% believe that insurance is expensive and has no
benefits to their income groupbenefits to their income group– 25.3% do not trust insurance and think it will not help 25.3% do not trust insurance and think it will not help
themthem
Demand for Microinsurance in Demand for Microinsurance in
Sri LankaSri Lanka
The low income groups believe in health, life insurance and The low income groups believe in health, life insurance and funeral expensesfuneral expenses
Very low demand for property insurance Very low demand for property insurance
Always expect maturity benefits even on none life Always expect maturity benefits even on none life insurance as wellinsurance as well
However, Tsunami 2004 changed the perception of However, Tsunami 2004 changed the perception of insurance to a very great extentinsurance to a very great extent
Demand for Microinsurance in Demand for Microinsurance in
Sri LankaSri Lanka
Sri Lanka is a country where Microinsurance is widely Sri Lanka is a country where Microinsurance is widely recognized as a risk mitigation of the poor and practiced recognized as a risk mitigation of the poor and practiced for a long timefor a long time
At present Microinsurance products are offered byAt present Microinsurance products are offered by
– Public sectorPublic sector– Informal sectorInformal sector– Private sectorPrivate sector
Sri Lanka making it work……Sri Lanka making it work……
Agriculture and Agrarian Insurance Board was set up in Agriculture and Agrarian Insurance Board was set up in 19731973
Social Security Board of Sri LankaSocial Security Board of Sri Lanka
Samurdhi Authority set up to financially assist the Samurdhi Authority set up to financially assist the unemployed people below the poverty lineunemployed people below the poverty line
National Insurance Trust Fund which was set up in 2006National Insurance Trust Fund which was set up in 2006
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Agriculture and Agrarian Insurance BoardAgriculture and Agrarian Insurance Board
Set up in 1973 to offer agriculture and crop insuranceSet up in 1973 to offer agriculture and crop insurance
Extended to offer pension schemes to farmers and Extended to offer pension schemes to farmers and fishermenfishermen
Agriculture and livestock farmers and fishermen aged 18 to Agriculture and livestock farmers and fishermen aged 18 to 60 years are eligible to join the scheme which is individual 60 years are eligible to join the scheme which is individual and voluntaryand voluntary
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Agriculture and Agrarian Insurance BoardAgriculture and Agrarian Insurance Board
Life time monthly pension benefits commence at the age of 60Life time monthly pension benefits commence at the age of 60
In the case of death of the contributor, pension is payable to In the case of death of the contributor, pension is payable to the spouse until deaththe spouse until death
A personal accident cover is also part of the scheme which A personal accident cover is also part of the scheme which has a death benefit of Rs 50,000 plus refund of contribution has a death benefit of Rs 50,000 plus refund of contribution and funeral expenses, if the insured expires before the age of and funeral expenses, if the insured expires before the age of 6060
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Agriculture and Agrarian Insurance BoardAgriculture and Agrarian Insurance Board
Permanent disablement and partial disablement is also Permanent disablement and partial disablement is also coveredcovered
Half yearly premium is based on the age at entryHalf yearly premium is based on the age at entry
Premium could be paid through the Agrarian Service Centres Premium could be paid through the Agrarian Service Centres throughout the countrythroughout the country
Standard exclusions are applicableStandard exclusions are applicable
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Social Security Board of Sri LankaSocial Security Board of Sri Lanka Offers a pension and social security scheme for self-Offers a pension and social security scheme for self-
employed personsemployed persons
Self-employed persons aged 18 to 65 are eligible to enter Self-employed persons aged 18 to 65 are eligible to enter the schemethe scheme
The scheme is individual and voluntaryThe scheme is individual and voluntary
Entitled for a life-time monthly pensionEntitled for a life-time monthly pension
In the case of death of the contributor the spouse is In the case of death of the contributor the spouse is entitled for pension benefitsentitled for pension benefits
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Social Security Board of Sri LankaSocial Security Board of Sri Lanka
Personal accident benefits are also part of the schemePersonal accident benefits are also part of the scheme
Premiums vary depending on the scheme and the age and Premiums vary depending on the scheme and the age and could be paid through post offices and sub post offices could be paid through post offices and sub post offices
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Samurdhi AuthoritySamurdhi Authority Set up to distribute a monthly dole to unemployed people Set up to distribute a monthly dole to unemployed people
below poverty line below poverty line
Samurdhi beneficiaries below the age of 65 are entitled to Samurdhi beneficiaries below the age of 65 are entitled to join this group insurance scheme which is compulsoryjoin this group insurance scheme which is compulsory
The monthly dole is paid after deducting the premiumThe monthly dole is paid after deducting the premium
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Samurdhi AuthoritySamurdhi Authority
BenefitsBenefits
Life insurance benefits and hospital cash up to 30 daysLife insurance benefits and hospital cash up to 30 days
Ex-gratia payments at marriage, at the birth of first and Ex-gratia payments at marriage, at the birth of first and second children and marriage of a child second children and marriage of a child
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
National Insurance Trust FundNational Insurance Trust Fund
Set up in 2006 to operate benefit schemes and insurance Set up in 2006 to operate benefit schemes and insurance schemes for the benefit of more vulnerable segments of the schemes for the benefit of more vulnerable segments of the society including Samurdi beneficiaries, Farmers, Fishermen society including Samurdi beneficiaries, Farmers, Fishermen and persons engaged in self-employment and persons engaged in self-employment
Benefits are also extended to Public Officers, Provisional Benefits are also extended to Public Officers, Provisional Public Officers, Local Government Service Officers and those Public Officers, Local Government Service Officers and those who are retired from such services who are retired from such services
The fund has already taken over the health insurance scheme The fund has already taken over the health insurance scheme of the Government servants which is called “Agrahara”of the Government servants which is called “Agrahara”
It is likely that the insurance schemes run by the State will be It is likely that the insurance schemes run by the State will be consolidated into this fund for better management and controlconsolidated into this fund for better management and control
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
These schemes heavily depend on funds from the These schemes heavily depend on funds from the government allocated from the national budget and not government allocated from the national budget and not commercially managedcommercially managed
Rates are not scientifically designed and there is no Rates are not scientifically designed and there is no involvement of actuaries involvement of actuaries
Enrolment for the voluntary schemes are very lowEnrolment for the voluntary schemes are very low High rate of lapsesHigh rate of lapses The distribution systems are not very effective as their core The distribution systems are not very effective as their core
business is not insurance business is not insurance
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Absence of actuarial evaluations on these products except Absence of actuarial evaluations on these products except for schemes for self-employedfor schemes for self-employed
Largely part of the social responsibility of the governmentLargely part of the social responsibility of the government
However, creates awareness about insurance at grass root However, creates awareness about insurance at grass root level level
Public sector organizations offering Public sector organizations offering MicroinsuranceMicroinsurance
Death Benevolent SocietiesDeath Benevolent Societies
Village level informal societiesVillage level informal societies
Members contribute a minimal monthly agreed fee Members contribute a minimal monthly agreed fee
In the case of a death of a family member, an agreed In the case of a death of a family member, an agreed amount is paid for funeral expensesamount is paid for funeral expenses
These societies are being operated for more than 50 yearsThese societies are being operated for more than 50 years
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Death Benevolent SocietiesDeath Benevolent Societies
Some societies have huge accumulated funds which they Some societies have huge accumulated funds which they disburse as soft loans for the members in distressdisburse as soft loans for the members in distress
Some societies are very active and even organize various Some societies are very active and even organize various events at village levelevents at village level
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Death Benevolent SocietiesDeath Benevolent Societies
Very often, they hire furniture, tents, sound systems etc. for Very often, they hire furniture, tents, sound systems etc. for their members at a nominal fee for various events such as their members at a nominal fee for various events such as weddings, parties, funerals etcweddings, parties, funerals etc
These informal organizations are operating based on the These informal organizations are operating based on the principles of “pooling the risks”, the cardinal principle of principles of “pooling the risks”, the cardinal principle of insuranceinsurance
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Sarvodaya Economic Enterprise Development Services Sarvodaya Economic Enterprise Development Services (SEEDS)(SEEDS)
Economic arm of the Sarvodaya Development which is the Economic arm of the Sarvodaya Development which is the largest NGO working in Sri Lanka towards alleviation of largest NGO working in Sri Lanka towards alleviation of rural povertyrural poverty
The Mission of SEEDS is to “eradicate poverty by promoting The Mission of SEEDS is to “eradicate poverty by promoting economic empowerment for a sustainable livelihood”economic empowerment for a sustainable livelihood”
SEEDS has more than 4,000 village level societies with SEEDS has more than 4,000 village level societies with around I million membersaround I million members
They offer a loan protection scheme to members who are They offer a loan protection scheme to members who are borrowing from them up to Rs 100,000borrowing from them up to Rs 100,000
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Sarvodaya Economic Enterprise Development Services Sarvodaya Economic Enterprise Development Services (SEEDS)(SEEDS)
In the case, the loan is above Rs. 100,000 they work with a In the case, the loan is above Rs. 100,000 they work with a locally registered insurance companylocally registered insurance company
In case of partial disability when the borrower is unable to In case of partial disability when the borrower is unable to perform his normal activities, the outstanding amount is perform his normal activities, the outstanding amount is written offwritten off
In case of death or permanent disability of the borrower, In case of death or permanent disability of the borrower, the scheme writes off the outstanding balance of the loan the scheme writes off the outstanding balance of the loan and also repays the installments of the loan paid by the and also repays the installments of the loan paid by the borrower to the family membersborrower to the family members
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
YasiruYasiru This is also a NGO involved in grass root level poverty This is also a NGO involved in grass root level poverty
alleviation. alleviation.
Offers its members life insurance cover up to 65 years. Offers its members life insurance cover up to 65 years.
Dependants also could be covered for death. Dependants also could be covered for death.
Cover could be extended for hospitalization.Cover could be extended for hospitalization.
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Women's’ Development Fund – HambantotaWomen's’ Development Fund – Hambantota
This is a NGO operating in the South of Sri Lanka with the This is a NGO operating in the South of Sri Lanka with the vision of empowering the rural womenvision of empowering the rural women
They also offer an insurance scheme for their member womenThey also offer an insurance scheme for their member women
The basic cover includes death of the insured or a family The basic cover includes death of the insured or a family member or hospitalization and damage to the house to a member or hospitalization and damage to the house to a limited amountlimited amount
By paying an additional premium they could increase the By paying an additional premium they could increase the hospitalization cover and cash payments at the time of hospitalization cover and cash payments at the time of marriage and child birthmarriage and child birth
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Other than the organizations mentioned, there are few Other than the organizations mentioned, there are few other organizations offering insurance covers in the other organizations offering insurance covers in the informal sectorinformal sector
Most of the schemes are not operating on sound principles Most of the schemes are not operating on sound principles of insuranceof insurance
The Insurance Regulator has voiced his concerns about The Insurance Regulator has voiced his concerns about such organizations operating insurance schemes without a such organizations operating insurance schemes without a proper licenseproper license
Some of these schemes have faced serious problems due Some of these schemes have faced serious problems due to accumulation of claims after the Tsunamito accumulation of claims after the Tsunami
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
Till recently the Regulations did not provide institutional Till recently the Regulations did not provide institutional agencies and proposals were made to allow these informal agencies and proposals were made to allow these informal organizations to act as Agents to registered insurance organizations to act as Agents to registered insurance companies rather than operate on their own, illegallycompanies rather than operate on their own, illegally
There is a Microfinance Institutions Act in draft stage which There is a Microfinance Institutions Act in draft stage which will provide provisions for licensing, regulating and will provide provisions for licensing, regulating and supervision of institutions carrying on Microfinance supervision of institutions carrying on Microfinance activitiesactivities
According to the proposed Act, Micro-credit Agencies According to the proposed Act, Micro-credit Agencies cannot operate any insurance scheme without obtaining a cannot operate any insurance scheme without obtaining a license from the Insurance Board of Sri Lanka.license from the Insurance Board of Sri Lanka.
Informal sector offering Informal sector offering MicroinsuranceMicroinsurance
There are 12 composite insurance companies, three There are 12 composite insurance companies, three specialized life insurance companies and five specialized specialized life insurance companies and five specialized non life companies operating in the marketnon life companies operating in the market
One composite company is a takaful operatorOne composite company is a takaful operator
There are five multi–national companies operating in the There are five multi–national companies operating in the countrycountry
Companies offer various microinsurance products but only Companies offer various microinsurance products but only four companies have made a significant impactfour companies have made a significant impact
They are Ceylinco Insurance, HNB Assurance, Sanasa They are Ceylinco Insurance, HNB Assurance, Sanasa Insurance, and Co-operative InsuranceInsurance, and Co-operative Insurance
Private sector offering Private sector offering MicroinsuranceMicroinsurance
The insurance schemes offered by the insurance The insurance schemes offered by the insurance companies are companies are
– Loan protection schemes Loan protection schemes – Schemes covering life and funeral expensesSchemes covering life and funeral expenses– Insurance attached to savings accountsInsurance attached to savings accounts– Personal accident and health insurancePersonal accident and health insurance– Insurance packages to farmers/fishermenInsurance packages to farmers/fishermen– Insurance packages for house wives and teachersInsurance packages for house wives and teachers– Insurance packages for womenInsurance packages for women– Special packages for self-employed personsSpecial packages for self-employed persons
Private sector offering Private sector offering Microinsurance Microinsurance
Benefits under schemes offered by insurance companiesBenefits under schemes offered by insurance companies
– Death and permanent disabilitiesDeath and permanent disabilities– Partial disabilitiesPartial disabilities– Funeral expensesFuneral expenses– Payment of loan balancesPayment of loan balances– Loss of yieldLoss of yield– Loss of fishing boats and farming equipmentLoss of fishing boats and farming equipment– Loss of or damage to crop/livestockLoss of or damage to crop/livestock– Loss of income due to permanent disabilityLoss of income due to permanent disability– Loss of income due to damage to property by natural perilsLoss of income due to damage to property by natural perils– Damage to houseDamage to house
Private sector offering Private sector offering Microinsurance Microinsurance
Some products offered by Insurance Some products offered by Insurance CompaniesCompanies
Co-operative Insurance Company
Offered a product targeting the Tsunami affected families Premium is paid by donor agencies Policy period is for 5 years Coverage Personal Accident benefit for the Insured Funeral expenses for the family members Damage for the reconstructed house and contents against natural perils Product is initiated and promoted by a government authority
called RADA (Reconstruction and Development Authority)
Some products offered by Insurance Some products offered by Insurance CompaniesCompanies
HNB Assurance Limited
Offers Microinsurance products for the micro credit customers of their sister bank
50% of the premium is funded by the bank Coverage Loan protection against death, permanent disability, total partial disability and sickness Life cover for the bread winner and spouse Health insurance for the family Funeral benefits for the family Property insurance with natural perils HNB Assurance also works with “SEEDS”
Some products offered by Some products offered by Insurance CompaniesInsurance Companies
Sanasa Insurance CompanySanasa Insurance Company This Company was formed by Sanasa Federation which This Company was formed by Sanasa Federation which
has more than 8,000 Sanasa Societies throughout the has more than 8,000 Sanasa Societies throughout the
country. The total membership of Sanasa Societies country. The total membership of Sanasa Societies
exceed 1 Mn people.exceed 1 Mn people.
The company offers : The company offers :
Loan protection scheme for the members of Loan protection scheme for the members of the the
Sanasa Societies .Sanasa Societies .
Weather Indexed , Crop Insurance for paddy and Weather Indexed , Crop Insurance for paddy and
tea. tea.
Crop Insurance for limited commercial crops Crop Insurance for limited commercial crops
Some products offered by Some products offered by Insurance CompaniesInsurance Companies
Sanasa Insurance CompanySanasa Insurance Company
Funeral Expenses Insurance for the DeathFuneral Expenses Insurance for the Death
Benevolent SocietiesBenevolent Societies
Health Insurance for family Unit for low income familiesHealth Insurance for family Unit for low income families
Exclusive Insurance plan for womenExclusive Insurance plan for women
Life Insurance product develop for low income familiesLife Insurance product develop for low income families
Some products offered by Some products offered by Insurance CompaniesInsurance Companies
AVIVA NDB Insurance CompanyAVIVA NDB Insurance Company
They are offering a product with the following benefits They are offering a product with the following benefits where they collect the premium on a monthly basis which is where they collect the premium on a monthly basis which is Rs. 100/- per month (less than one US$)Rs. 100/- per month (less than one US$)
Personal Accident Death Benefit Rs. 75,000/-Personal Accident Death Benefit Rs. 75,000/-
Funeral Expenses Funeral Expenses
Hospital Cash benefits after 48 hoursHospital Cash benefits after 48 hours There are promoting the product to Estate workers through There are promoting the product to Estate workers through
a NGO working in grass route level.a NGO working in grass route level. They are also promoting the product to farmers through a They are also promoting the product to farmers through a
large fertilizer distributor. large fertilizer distributor.
Ceylinco Farmers Insurance PackageCeylinco Farmers Insurance Package
Individual farmers are entitled to obtain the product Individual farmers are entitled to obtain the product Business is channeled through Farmers’ Societies and Business is channeled through Farmers’ Societies and
Financial institutions offering Crop/Livestock Loans Financial institutions offering Crop/Livestock Loans including Commercial Banks including Commercial Banks
Product coverage Product coverage Crop Insurance Crop Insurance Insurance for Livestock Insurance for Livestock Personal Accident Insurance for Farmer and spouse Personal Accident Insurance for Farmer and spouse Funeral expenses for family members Funeral expenses for family members Insurance for farming equipment excluding Tractors Insurance for farming equipment excluding Tractors which could be covered under Motor insurance which could be covered under Motor insurance Hospital CashHospital Cash
Some products offered by Ceylinco Some products offered by Ceylinco InsuranceInsurance
Some Products offered by Ceylinco InsuranceSome Products offered by Ceylinco Insurance
Ceylinco Livestock Insurance Ceylinco Livestock Insurance
Individual Livestock farmers are entitled to obtain the product Individual Livestock farmers are entitled to obtain the product Business is channeled through Farmers’ Societies and Financial Business is channeled through Farmers’ Societies and Financial
institutions offering Livestock Loans including Commercial Banksinstitutions offering Livestock Loans including Commercial Banks Product CoverageProduct Coverage
Livestock InsuranceLivestock Insurance
Personal Accident for farmer and the spousePersonal Accident for farmer and the spouse
Funeral expenses for the familyFuneral expenses for the family
Equipment required for the tradeEquipment required for the trade
Hospital cashHospital cash
Some Products offered by Ceylinco InsuranceSome Products offered by Ceylinco Insurance
Deewara Udana for FishermenDeewara Udana for Fishermen
Product is designed for Fishermen Product is designed for Fishermen Business is channeled through Fisheries Societies and Financial Business is channeled through Fisheries Societies and Financial
institutions offering loans to Fishermen including Commercial Banksinstitutions offering loans to Fishermen including Commercial Banks Product CoverageProduct Coverage
Personal Accident for fisherman Personal Accident for fisherman Funeral expenses for the familyFuneral expenses for the family
Allowance for the family due to disappearance of Allowance for the family due to disappearance of fisherman upto 12 monthsfisherman upto 12 months Allowance for school going children due to Allowance for school going children due to disappearance of fisherman till they complete secondary disappearance of fisherman till they complete secondary educationeducation Hospital cashHospital cash
Some Products offered by Ceylinco InsuranceSome Products offered by Ceylinco Insurance
Ceylinco Guru Paura for TeachersCeylinco Guru Paura for Teachers
Designed for school teachers Designed for school teachers Business channeled through schools, teachers’ associations and Business channeled through schools, teachers’ associations and
also through direct canvassingalso through direct canvassing Product coverageProduct coverage
Personal accident including temporary total disablement Personal accident including temporary total disablement
First loss insurance due to damage caused for the First loss insurance due to damage caused for the
house due tohouse due to
natural perilsnatural perils
Funeral expenses Funeral expenses
Some Products offered by Ceylinco InsuranceSome Products offered by Ceylinco Insurance
Ceylinco Support LineCeylinco Support Line
Designed for self-employed individuals Designed for self-employed individuals Personal Accident Insurance Personal Accident Insurance Life Insurance cover for one yearLife Insurance cover for one year Funeral expenses for familyFuneral expenses for family Allowance for educational expenses for children in the case Allowance for educational expenses for children in the case
of death of the insured upto the time they complete their of death of the insured upto the time they complete their secondary education.secondary education.
Loss of income due to insured being hospitalized or in the Loss of income due to insured being hospitalized or in the case of property use for business is damaged due to natural case of property use for business is damaged due to natural perilsperils
Some Products offered by Ceylinco InsuranceSome Products offered by Ceylinco Insurance
Ceylinco Pradeepa InsuranceCeylinco Pradeepa Insurance Term life insurance cover for 5 years Term life insurance cover for 5 years Single premium paymentSingle premium payment Cover is only for Rs. 100,000 (US$. 1,000) which could be increased to Cover is only for Rs. 100,000 (US$. 1,000) which could be increased to
Rs. 400,000 Rs. 400,000 Offered to persons between the age 18 to 50 Offered to persons between the age 18 to 50 The policy could be issued over the counterThe policy could be issued over the counter No medical examinations No medical examinations Simple proposal formSimple proposal form Sold by the Life Insurance Advisors Sold by the Life Insurance Advisors Premium varies with the age at entry, but between US$ 15 to US$. 35Premium varies with the age at entry, but between US$ 15 to US$. 35
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