CSC SPV has launched ‘Sale of LIC Micro Insurance Products’. The program was launched by Dr. Dinesh Tyagi, MD, CSC SPV, and Shri Raj Kumar, Managing Director, LIC of India.
These products offer coverage to low-income households or to individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury, or death. LIC Micro Insurance Products are regular premium, non-linked, participating endowment plans, offering a combination of protection and savings. The policy holders can buy optional riders such as the Accidental Death and Disability Benefit by paying an additional premium along with the policy. If premiums are paid for three years, loan up to 70 per cent of the surrender value can be availed of for policies that are in force.
During the program, Shri Raj Kumar said, “We are offering these insurance plans through CSCs designed for the rural sectors of the country. These plans are meant to cover people living in rural areas. The sum assured under these plans is limited and premiums are extremely affordable so that the rural population can afford them.”
While addressing VLEs, Dr. Dinesh Tyagi, MD-CSC SPV said, “Penetration level of Insurance in India is very low. All 4 lakh CSCs should do Insurance business. It will not only boost up their business but also build a better financially inclusive society.”