Chennai, Mar 13 (UNI) Royal Sundaram Alliance Insurance Company and BASIX , which offers insurance services at the doorstep of rural households, today announced further initiatives for the rural sector across the country.
Among the new initiatives on the anvil was ''Micro Enterprise Shield'' (assets insurance), a cover exclusively designed to take care of rural enterprises. It provides cover against loss of assets or stock of rural entrepreneurs due to Fire, Flood, Riots, Strikes and Malicious Damage.
It could also be extended to cover Burglary and has the scope to cover machinery breakages if necessary, a Royal Sundaram release said today.
''Gramin Arogya Raksha'', a unique health insurance scheme recently launched, was very successful with the insured size crossing one lakh. The favourable result experienced on this scheme had enabled Royal Sundaram to enhance the product further.
Speaking on the occasion, Antony Jacob, Managing Director, Royal Sundaram Alliance Insurance, described the partnership as a ''strategic move towards increasing the penetration of general insurance in the rural sector''.
''Royal Sundaram has realised that there is a requirement to introduce tailor-made insurance products to address the specific needs of the rural markets. Micro Finance Institutions such as BASIX have a strong network and distribution capability and hence are successful as distribution partners in rural areas for our products'', he added.
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