IDBI Federal Life Insurance, in partnership with SAMHITA Community Development Services, is engaged in financial literacy programs for the urban and rural poor in MP over the past year. IDBI Federal Life Insurance believes that financial literacy among the under-banked population will help bring a holistic change in the way people perceive & understand financial products, thereby helping people start planning for their future. This will ultimately help the larger goal of financial inclusion.
IDBI Federal Life Insurance started operations in March 2008, leading with their new and innovative product ‘WealthsuranceTM’. As on November 30th 2010, the company has issued over lakh 2.52 lakh policies with over Rs 12, 886 Cr in Sum Assured. IDBI Federal Life Insurance already has a strong distribution network of over 1494 branches through their parent banks, in addition to a sizeable network of advisors and partners.
On 9th January, IDBI Federal Life Insurance along with SAMHITA is participating in felicitating program organized by SAMHITA for women from slum dwelling households in Bhopal, who have successfully completed this financial literacy program. The intensive program requiring 4 sessions of 2 hours each spread over 4 weeks, covers topics of savings, insurance, pensions, household budgeting and loans. Till now around 3000 members have successfully completed this program while the program will be rapidly scaled to the 35,000 members of SAMHITA’s microfinance program across 18 districts of MP. IDBI Federal Life has supported SAMHITA in creating training modules.
IDBI Federal Life Insurance began the journey in this direction in 2008 when it tied up with SAMHITA for providing low cost group coverage to the female members of SAMHITA under Group Microsurance. So far it has covered over 86,721 lives for a sum insured of Rs. 66.7 crores.
IDBI Federal Life Insurance also offers the protection of Termsurance™ Grameen Suraksha to the family members of these people. IDBI Federal Termsurance™ Grameen Suraksha is especially designed to make life insurance affordable for rural customers with options of four convenient premium slabs of Rs 49.08, Rs 98.17, Rs 147.25 and Rs 196.33 (inclusive of taxes) with corresponding sums assured of Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000.