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67% of the Indian population lives in rural areas and 18% of our GDP (Gross Domestic Product, or national income) depends on agriculture. Yet when it comes to insurance, this section of the population is often neglected in favour of the middle class. The perception is that since transactions in rural areas take place on a smaller scale, mainstream banks find it difficult to adapt their offerings accordingly.
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To bridge this gap, Future Generali has recently tied up with 10 medium and small size banks in the Kolhapur and Sangli districts of Maharashtra to come up with a comprehensive insurance plan which meets the needs of a rural worker.
Future-Generali’s Sampoorna Suraksha is a micro-insurance product, which means it gives coverage for a much smaller time and a much smaller amount, at very low premiums, than is the norm for small business insurance or regular term insurance. It targets workers in rural and semi-rural areas, and provides coverage for both life and belongings. Here’s a quick look at the details of the plan:
| Coverage amount | Rs.5000 to Rs.30000 per section |
| Coverage period | 1 year |
| Age of entry | 5 years to 70 years |
| Age of exit | Not applicable on this policy |
| Premium rates | Differs according to choice of sections (explained below) |
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This plan is an attractive offering for agricultural workers for a number of reasons.
1. The plan includes 8 separate sections, each meeting a specific need. The sections are hospital cash benefit, death or disability from personal accident, buildings and contents, robbery and burglary, farm produce, agricultural pump set, cart protection and liability and lastly, pedal cycle. The total premium is considered after taking a separate premium for each section into account. However, every plan must have coverage for at least one section.
2. The cost of transporting the remains of insurer, in case of death by personal accident, is also covered. Often this basic need poses an immediate cost which cannot be met by rural households. Future-Generali’s Sampoorna Suraksha ensures 2% of the sum insured, or Rs.1000 (whichever is lower) is paid immediately for transport to a hospital, residence, cremation or burial ground.
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3. Maximum policy term is short. This prevents insurers from making a commitment that they may not be able to keep. In the next financial year, he may or may not renew the plan depending on current circumstances. But limiting the policy term to just a year means buying insurance will not become a burden on the policy holder.
4. Hospital cash benefit provides coverage for up to a month. In case the insurer is hospitalized, either due to illness or due to accident, then he will receive Rs.175 to Rs.300 a day (depending on his plan) for 30 days. This provides ready cash to meet daily medical expenses.
5. Discounts are offered on the more expensive policies. If the insurer opts for coverage in 5 or 6 options, then he is eligible for a discount of 15% on his premium rates. If he buys coverage for 7 or 8 options, then his premium discount increases to 20%. Therefore the insurer is rewarded for being more cautious and comprehensive.
Future-Generali’s Sampoorna Suraksha brings a number of facilities under the ambit of a single plan, thus making it possible for commercial banks to provide sustainable coverage. K.G. Krishnamoorthy Rao, MD and CEO of Future Generali India Insurance Company, has stated that rural and micro-insurance is expected to grow by 30% within 2017. However, this plan does not offer reliable solution to all problems of the rural worker. When considering Future-Generali’s Sampoorna Suraksha micro-insurance plan, keep the following drawbacks in mind...
Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.
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Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
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Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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