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BASIX celebrates livelihood promotion and protection in Rural India

Nov 26, 2012

BASIX Group, celebrated a decade of association with Aviva Life Insurance and Royal Sundaram Alliance General Insurance (RSA) for microinsurance.

BASIX partnered Aviva and RSA in 2002 to increase insurance penetration in rural India and therefore promote the government agenda of financial inclusion. BASIX along with its life insurance partner Aviva has till date insured 35 lakh rural lives and settled 27,000 claims worth Rs 50 cr. Aviva has also introduced a unique real-time and faster claim settlement process. With its general insurance partner – Royal Sundaram, it has insured over 11 lakh rural households and settled claims to the tune of Rs. 29 cr.

On this occasion, BASIX, Aviva and RSA announced the launch of retail model for sale of insurance products. These will be available through the BASIX branches, which provide Livelihood Promotion Services and also through their network of Common Service Centres (CSC), which provide G2C services along with utility services to the rural population at their doorstep and at an affordable cost. Together they plan to introduce this model in 60 branches and 1,200 CSCs across 11 states by March 2013.

Aviva and RSA have trained over 300 BASIX employees and assisted with the IRDA certification and launched the retail business with BASIX for the first time in rural India offering protection and savings linked products like Aviva Dhan Vriddhi and Aviva Life Shield Advantage. They also offer General Insurance products – Rural Hospital Cash, Rural Personal Accident/Janta Personal Accident, Livestock Shield and Rural Enterprise Shield.

The Founder and CEO of the BASIX Group Vijay Mahajan said "All of us face risks but the poor can be wiped out by the financial loss caused by an adverse event. Thus, insurance is very important for the lives and livelihoods of the poor. BASIX is lucky to have had a wonderful partner for life insurance Aviva. Together we have covered over 4 million lives of poor people over the last 10 years. Likewise, BASIX has worked with Royal Sundaram to offer hospitalisation and livestock insurance to millions. The benefits to our customers can be judged by the fact that over 150,000 claims have been settled.

The uptake of individual policies as against group Credit Plus is increasing. We expect to cover one million customers through on-line insurance in 2013 with the help of our partner insurance companies Aviva and Royal Sundaram.”
T R Ramachandran, MD & CEO, Aviva Life Insurance said, “We are proud to be associated with BASIX as a preferred partner for the last 10 years.

We were amongst the first private insurers in India to have identified the opportunity to popularize insurance for the benefit of the rural community as a whole. BASIX’s immense knowledge of the rural market coupled with Aviva’s best in class products and services has helped us achieve this goal to a great extent. We see the rural sector as an opportunity as 72% of the population hails from rural India of which only 5% are covered by insurance. We are committed to help BASIX achieve its mission of protecting lives, promoting livelihoods and financial inclusion.”

Ramachandran added, “Aviva and Basix are launching a financial literacy drive in rural Punjab to cover close to 100 villages through a mobile van – Khushiya di Gaddi in December ‘12. The main objective is to spread financial awareness and education through various innovative activities.”

Ajay Bimbhet, MD, Royal Sundaram said, “We strongly believe that insurance is one of the fundamental needs to safeguard and improve the quality of rural life. We are committed in our endeavor to address the specific needs of rural India with an array of specially designed products at an affordable premium. Basix has been an ideal partner as they have enduring relationships, enjoy tremendous trust and goodwill and has a deep understanding of the rural market. We see a vast opportunity in rural India and our rural business has been one of the key pillars which has constantly contributed more than 10 percent of the total premium”

Further, Royal Sundaram is the first in India to offer ‘Online Rural Health Insurance policy, through Basix CSC locations in Maharashtra. Bimbhet added, “We will extend our online offering to other rural retail products by January 2013. Our strategy has been to increase efficiency and reduce distribution cost by usage of technology along with after-sales services.”

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