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Insured life for ensured growth
Insurance of life and property is a big dream of the poor peoples especially those who are earning only a nominal income to meet their day to day needs. The poor people are not able to find out lump sum as monthly/ bimonthly or once in three month premium. Therefore they are not able to sustain and complete the normal insurance scheme. In this scenario QSSS joined hands with LIC and New India insurance Company and introduced three micro insurance programmes for the lion share of the population who are not having any kind of security in their lives. Presently the agency is executing JEEVAN MADHUR only to ensure insurance coverage for the poor people.
Micro Insurance
Life Insurance Corporation introduced JEEVAN MADHUR in October 2007. The aim of the scheme is to extend the policy coverage to the low income group especially those who have a fixed and stable income. The insurance can be opened with a premium amount of Rs.100 for a period of 5-15 years. Age limit is from 18-60 yrs with a minimum sum assured of Rs.6000and maximum sum assured of Rs.30000. Community organisors act as policy agents and collect the premium. Presently the agency has 52326policy holders. In this reporting year we have opened 5 new policies and endowment for five death claim reported (Rs.103170) was given to the concerned persons.

Total number of Policies             

5236

Number of New polices collected

5

Number of claim received

5

Total Claim amount disbursed in the Reporting period

Rs.103170/-

Commission paid to CO’S            

Rs.125813/-

Total  Spend for administration

Rs.53920/-

Completion of the policies
In this reporting year 475 policies had matured. But the LIC was not able to fulfill the offer regarding the maturity amount given by its officials at that time. The policy holder got only the amount that they had paid to the agency. There was no interest for the principal amount. This created a series of protest and chaos in the community. Therefore the beneficiary community was reluctant to continue with the scheme and more than hundred members closed their policy prematurely.