Two million new insurance clients in less than a year and plans for up to ten million by the end of 2009—such numbers are only possible in a country like India. Yogesh Gupta, microinsurance specialist at Bajaj Allianz, explains the story behind these numbers.
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If we cover students of every school in every village as first step towards micro insurance, because here we will not have to face problem like illiteracy as in rural area, I think almost in every family there may be at least one family member who is a student. If we insure student then we will reach almost every family in India. If we consider a family consists of generally five members then we are insuring one child from each family It means we are covering almost 20% of the rural population. Insuring child benefits to the compnay as 1) low mortality rate 2) we can reach any school easily as compared to the each family in the village. 3) we may insure each student from say Fourth std to Tenth standard with Maximum Term 7 yrs. with Low premium 4) this will increase insurance awareness in each family in rural area. I think this will help to complete our target of Micro insurance in Rural India We need to visit as many as schools in Rural India.