Insurance

Mahila Sahayogi SACCOS has been operating a micro-insurance facility in collaboration with American Life Insurance Company (METLife) to secure loans taken by its members. Loanee members are required to pay a premium of Rs. 6 per thousand and Rs. 50 for the life insurance of spouse. In return, the following benefits are provided:

• In case of the member’s natural death, the equivalent amount of the loan will be repaid.
• In case of the member’s accidental death, double the amount of the loan will be repaid.
• An additional 28% of the insured amount will be paid as funeral expenses.
• In case of spouse death, an amount of Rs. 12,060 will be paid as funeral expenses.