Insurance Services at BASIX

BASIX Vision in Micro Insurance

All poor households, especially those served by BASIX, will have access to risk-management services covering their lives and livelihoods, and insurance providers and BASIX will provide these services on a financially sustainable basis.

Risks covered by BASIXRisks to Life

DeathDiseaseDisability

Risks to Crops

Risks to Livestock Risks to Enterprises

Business Partners

BASIXEquity for Equity

•With •AVIVA

•Since:2002•In Life Insurance

•Royal Sundaram•Since:2002•In Health, Livestock and Enterprise Insurance

•ICICI Lombard•Since:2003•In Weather Index insurance

Business Model

Insurer BASIX Rural Customer

Offer products Distribute Insurance

Feedback on needsInputs for products and processes

Outreach

Products Lives/ Assets under cover as on

31-MAR-09

Life 1,079,539

Health 1,079,539

Livestock 67,440

Non Farm Enterprises 48,095

Weather Index –

for agriculture

8,894

Products

Insurance Cover Insurance Partner

Scope of Cover

1 Life Insurance AVIVA Group-Death of spouse and borrower(1.5 times loan amount)

Retail- Cover between 20k-100K

2 Health Insurance

Royal Sundaram

Hospitalisation(Rs.1.5K p.a)

Critical illness (Rs 10K p.a)

Accidental disability( Rs 25K p.a)

3 Livestock Insurance

Death- Cover from 5K – 20K

4 Enterprise Insurance

Cover against fire and other natural calamities 5K-200K

5 Weather Insurance

ICICI Lombard Deficit or excess rainfall and temperature

New Products

• NEW PRODUCTS:– Term Life– Term Life with premium return– Endowment– Health Retail policy– Motor Insurance– Micro Pension

Claims

Cumulative claims as on March 31,2009

Cumulative claims as on March 31,2008

Claims No of claims Settled amount

(in Rs. Million)

No of claims Settled amount

(in Rs. Million)

Life 5,620 85.90 2,975 44.46

Health 24,722 32.97 11,554 15.96

Livestock 2,362 18.47 1,411 11.09

Enterprise 101 0.87 25 0.26

Total 32,805 138.14 15,965 71.77

Weather Insurance

5,199 4.35 4,253 3.82

Grand Total

38,004 142.49 20,218 75.61

Challenges in Micro Insurance

• Cost effective distribution and servicing

• Institutional Capacity Building: for micro insurance distribution channels

• Awareness creation for the target population

• Regulatory Environment

Go to Contents

Extending Reach To Difficult And Remote Geographies

States : 15Districts : 172Villages : 18,119HR : 4,063

Claims facilitation

Claim eventCustomer

informs

BASIX field staff or Branch

Rural BPO

Inform by e-mail

Inform by

e-mailField Facilitator

(or)

(and)

Visit location and

investigate

Prepare report and send

e-mail

Thank you