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If you live in rural areas and want to get protection for your properties, then you might want to consider getting a rural insurance policy which will provide you with adequate coverage. There are many insurance companies offering rural insurance packages for homes, farms, businesses, and nearly every other concern you may have.The coverage provided by your rural insurance will depend upon the terms and conditions stated in the policy.There are many types of rural insurance, you must first determine which ones you need to get. A rural insurance policy will shield you from financial ruin in case accidents happen. Getting rural insurance will also give you added security.The key here is to determine which you need to get coverage for. You may even get coverage for theft of vehicles and farm contents so that your rural insurance provider will compensate you if these get stolen.It's always best to be prepared for unfortunate circumstances and this is why you should consider getting a rural insurance policy.
Rural India is often faced with risks linked to lifestyle of people living there. There is a growing need for the Rural mass to be educated on insurance solutions that will help them take care of the risks be it their automobiles, health, property or livestock. Tata AIG offers a variety of Rural Insurance products covering risks of this nature.
Rural insurance: Need and potential' (Business Line, June 23) has highlighted that the Government should pay serious attention to the rural areas. In fact, Life Insurance Corporation of India (LIC) stipulates that a considerable percentage of its busine ss should be from rural areas. And it has some social security schemes covering the rural and urban poor, landless labour, and so on. Yet it was not possible for it to penetrate into the interiors to tap the rural business. Two main reasons were the cost involved in servicing, and the policies not meeting the credit requirements of the farmers. They were accustomed to old methods of bo rrowing, chitties, etc. Crop insurance was also a failure because of misuse and false claims. And agents as well as insurers are not interested in policies of small sums assured and premiums. So, the Insurance Regulating Authority should insist that the business of every insure r should have a particular percentage of rural business and of small policies. The insurers -- LIC as well as the new entrants -- could introduce cost-effective collection methods by involving post offices. They should introduce innovative schemes such as `Crop linked life insurance', with proper credit facilities, easy claim settl ement methods.
Protect your agriculture business in the best manner possible by opting for Rural Insurance from Chola MS. India's heart beats in the rural segment where over 70% of our population lives and toils to enrich our country. We at Chola MS look at rural insurance as more than a mere social responsibility, and have worked to offer protection covers customdesigned to suit the needs of rural India.
Some of our products for the rural segment are hereunder. Health Insurance - We offer affordable and customized family floater health insurance cover to rural population of the country through various channels like MFIs, NGOs and also organizations involved in Financial Inclusions We are also actively involved in Rashtriya Swasthya Bima Yojana (RSBY) scheme, Central-State Govt's joint social healthcare scheme for providing Health Insurance for BPL families across the country, wherein more than 32 Lakh families which are below poverty line (BPL) across various states like Gujarat, Maharashtra, Jharkhand, Bihar and West Bengal have been covered and benefited.
they need to ensure that at least 7% of their gross premium income is from rural areas in the first year. According to a Max New York Life-NCAER survey. Calves / Heifers. Govt. Govt of India Confederation of National Rural NGO's of India CIL's Manogromor Centers in A. of West Bengal Central Bank of India New segment Insurance companies.We work with various Micro Finance organizations working in the hinterland collaborating with SHGs (Self Help Groups) who provide insurance advisory services to the rural customers at their doorstep Combined / Composite Product Insurance .N. Dwelling Insurance etc. Govt. The challenge for the service providers is to find delivery channels to cater to these markets. Personal Accident Insurance . Ministry of Labour.An insurance policy to provide insurance to cattle-breeding community of rural India to cover their milch-Cows / Buffaloes. Govt. is offered under a single policy Weather / Input Based Crop against Act Of God perils . which used to service these segments just to comply with IRDA norms. of Jharkhand Department of Labour Resources. Govt. Permanent and Partial Total Disability along with hospitalization cash benefits to cover the rural populace Critical illness Insurance .A product specifically designed for catering to rural requirement Micro Insurance . thus providing their prime livelihood source a financial protection in case of death or disability caused to cattle due to accident or disease. of Karnataka Department of Health & Family Welfare. Maharashtra. The share will need to grow to at least 25% within the first 10 years.A package policy offering a one stop solution for various protections needs of rural families which includes Health Insurance.To cater to the treatment cost/financial sustainability in case of listed critical illness is contracted Tractor / Commercial Vehicle / Motor / Farm Inputs Insurance . of Gujarat Department of Labour. Govt. Govt.Personal Accident Insurance covering Death.Vehicle Finance Division Mahindra Insurance Brokers Limited Dharmapuri District Central Co-operative Bank Salem District Central Co-operative Bank Rural Co-operative Banks Department of Agriculture. Govt. compared with the figure of 38% for ubran families. of Tamil Nadu Department of Agriculture.We are empanelled by the Government of India for WBCIS Scheme for Non Loanee farmers being implemented in various states Cattle Insurance . Employment & Training. T. In the case of non-life insurers. We work with the following institutions to offer rural insurance products. of Bihar Department of Labour . The share of rural policies needs to grow to 20% in the 10th year. Stud Bulls & Bullocks etc. of Maharashtra Department of Labour. IRDA guidelines stipulate that an insurance company starting operations need to have at least 7% of its clients from rural areas in the first year. only 19% of the country's rural households have life insurance cover. .P. EID Parry to provide insurance to growers and workers Cholamandalam Investment & Finance Company Limited IndusInd Bank Limited . Accidental Insurance. seem to have realised the potential of rural India.
loans. which qualifies as part of the obligations of insurers towards social and rural sector. specifically savings. while 61% were aware of motor and accident insurance. Max New York Life Insurance is banking on delivery channels such as microfinance institutions and non-gazatted organisations. So we decided to commission a research study to Marketing and Research Team (MART). Understand rural customers’ current knowledge. Micro insurance. While the Life Insurance Corporation and ICICI Prudential Life Insurance are tieups with retailers such as Suvidhaa Infoserve. A little over half (51%) of all the respondents had intentions of buying insurance products. ICICI Prudential has tied up with India Post last week to reach out to rural markets through 16. is generating interest among the insurers. Tie-ups with post offices is another delivery channel that is under exploration. Some players such as Aviva are banking on the network of cooperative banks in rural areas for distributing their products. growth is expected to remain robust for the country's insurers. the potential market could be of mind-boggling proportions. "In-depth local market knowledge and formidable network of bank branches in rural and semi-urban areas comes handy for us. What was stunning was that the respondents. Determine the potential rural customers’ perceived need for acceptance of and willingness to purchase insurance policies. Gather inputs for the development of a broad marketing approach for each potential customer segment in terms of products/pricing of insurance policies. bank deposits as well as insurance itself. Almost 93% of the respondents were aware of life insurance.The service providers which depend on banks have an advantage in terms of distribution infrastructure. •. even those residing in backward areas. chief executive officer at Canara HSBC Oriental Bank of Commerce Life Insurance. the micro-insurance segment remains lucrative for the companies. With the rural economy getting more and more independent from the agriculture income. Challenges & Opportunities’ had the following objectives: •. . Some others are exploring more innovative channels. If these numbers are extrapolated over the macro level. The study. In terms of product innovation. which runs close to 13. The rural folks have a strong saving habit—they save about one-third of their income annually across the three income segments studied. •.000 villages. were quite conversant with insurance. titled ‘Rural Insurance: Issues. Gather inputs for the development of a broad distribution strategy for each potential customer segment and identification of delivery systems relevant to rural markets. Out of the non-policy holder respondents 62% intended to buy. DLF Pramerica Life Insurance is partnering with Srei Sahaj EVillage to reach some 27." said Harpal Karlkut. Interesting findings The study brought forth revealing data. attitude and practice regarding finance.159 post offices across Andhra Pradesh. promotion and development of communications relevant to the rural markets. Around 36% of them had bought some insurance or the other and another 38% of these policyholders had intention to buy more. The Indian rural market for insurance is not entirely an uninformed market. New segment are: Is the Indian rural market for insurance—a great promise or a great challenge? A potential miracle or a mirage? A mere regulatory obligation or a great opportunity? How is the rural market defined? Are rural operations cost-effective? Is it commercially wise to make huge investments to create a rural distribution and delivery system? We at the Foundation of Research.000 kirana stores across 400 locations. rural population being 742 million. •. Training & Education in Insurance (FORTE) thought it would be a great help to the industry if these issues were addressed.
constituting 742 million people. There exists a vast potential in the rural areas where more than 70% of our population lives. The penetration of insurance in India is pitifully low and if we aim for the modest target of insurance premium becoming 5% of GDP. insurance companies need to look at newer market segments rather than fight for a share in the same pie.Vibrant market Our research clearly indicates that the rural market is a vibrant market and holds tremendous potential for growth of insurance business. So we decided to commission a research study to Marketing and Research Team (MART). Some of the questions tormenting the insurance marketers particularly the ones in the private sector are: Is the Indian rural market for insurance—a great promise or a great challenge? A potential miracle or a mirage? A mere regulatory obligation or a great opportunity? How is the rural market defined? Are rural operations cost-effective? Is it commercially wise to make huge investments to create a rural distribution and delivery system? We at the Foundation of Research. But it is common perception and belief amongst the insurance companies that it is expensive to do business in rural areas. The insurance sector. Building infrastructure These institutions. bank deposits as well as insurance itself. •. Insurance companies would The rural market in India. poor infrastructure. Gather inputs for the development of a broad marketing approach for each potential customer segment in terms of products/pricing of insurance policies. Insurance companies would therefore be well advised to work out collaborative arrangements with these institutions to mutual advantage. Here again research has come up with valuable data about the extensive network built by the rural development agencies. low levels of literacy and poor reach of mass media. the banks. also did not make much headway in the rural sector. •. liberalised in 2000 with the advent of private insurance companies in November 2000 has not expanded in real terms beyond the urban domain. will be happy to collaborate and recover some of the costs. particularly because of the strong saving habit. Understand rural customers’ current knowledge. some of the issues that seem to be hindering large-scale advent in the rural markets are lack of understanding of rural customer. However. the NGOs and some industrial houses in the rural sector. Training & Education in Insurance (FORTE) thought it would be a great help to the industry if these issues were addressed. promotion and development of communications relevant to the rural markets. attitude and practice regarding finance. titled ‘Rural Insurance: Issues. While the industry would certainly be much heartened by the promising prospects in the rural sector. having spent huge amounts for creating the infrastructure. the real challenge for them would still be the distribution and delivery systems. The annual rural household income of Rs 56. inadequate data on rural markets. The insurance market in India. Challenges & Opportunities’ had the following objectives: •. per se. Determine the potential rural customers’ perceived need for acceptance of and willingness to purchase insurance policies.630 (as per NCAER. Most companies are focusing only on meeting regulatory requirements from rural areas and don’t see them as commercially viable rural business opportunities. •. loans. The study. Gather inputs for the development of a broad distribution strategy for each potential customer segment and identification of delivery systems relevant to rural markets . waiting to be exploited. the cooperative institutions. IMDR 2002) coupled with changing rural aspirations in consumption patterns and lifestyles unfolds tremendous opportunities for rural marketing. specifically savings. is by far the largest potential market in the world.
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