Insurance Plans for Rural India
It is said that rural India is where the real India is. And it here that the major population of the world’s second most populous country resides. In the recent past social activists have pointed out that the majority of the development has happened and is continuing to happen in urban India.
This will result in a social imbalance which often leads to unpleasant scenarios such as uprising or strong protests against development for the sake of mining the mineral rich rural and backward areas. The government needs to take steps to correct this social imbalance and it needs to do this fast.
The government should also involve the private sector in this initiative as it is a long drawn out process which is cash-intensive also. Without the involvement of the private sector it would just not be possible.
One such great example is a tie-up between Bharti Axa General Insurance Company and Karnataka State Insurance Co-operative Society Limited. The insurance sector has a social obligation to fulfil and partnerships like this will go a long way in providing better facilities to rural India. India is considered to be an under-insured country and the problem lies in rural India where people do not have access to insurance products and as a result suffer when there is even the smallest of problems in their life. People in rural India should have easy access to cheap life insurance and health insurance products to improve their standard of living.
Through this partnership, they intend to provide group insurance solutions to the members. Group insurance solutions typically have lower premiums and this coupled with the low cover requirements will go a long way in making it easily accessible by a large number of people.
A move in the right directed for insurance in India.