The minimum term of the policy is five years

SKS Microfinance of India, which had previously introduced micro-insurance project ‘Swayam Shakti Suraksha’ in alliance with Bajaj Allianz Life Insurance to cover its members, has now planned to come up with a similar product to cover the husbands of its members – reported Business Standard.

The company claims that the premium payments for the new insurance product is INR20 a week and the sum assured as per the policy is INR5,000. It also provides additional accidental disability and death benefits.

The minimum term of the policy is five years.

Mr. Rao, chief operating officer of SKS, said: “There was a huge demand for this micro-insurance scheme from our members. Nearly 1.7 million members were covered under Swayam Shakti Suraksha since its launch 10 months ago,” quoted the magazine.