• BSLI to offer micro Insurance solutions to over 100,000 people
• Part of a DFID funded Asian project
• To be implemented in UP, Bihar & MP
MUMBAI: In a major development that will see Birla Sun Life Insurance making inroads into micro insurance, the company has been selected to partner a prestigious international development project for promoting a sustainable livelihood program in three states of India – Bihar, Uttar Pradesh and Madhya Pradesh.
This 4.6 million pound development project has been initiated by the UK-based Research Into Use (RIU) project and funded by Department for International Development (DFID) and spans across the next three years.
GY Associates Ltd, UK is the lead partner for this project with RIU. For the project, G Y Associates has a contractual agreement with Centre for Promoting Sustainable Livelihood (CPSL), a Patna based NGO to form 10,000 Self Help Groups (SHGs) and ICAR (Indian Council of Agricultural Research) to provide technical support to the project. CPSL has identified BSLI as a coalition partner to provide micro insurance to the SHG members.
The project will directly benefit 2,000 villages and around 10,000 Self Help Groups and over 100,000 group members. It will cover a total of 500,000 direct beneficiaries in the rural areas.
“We are extremely delighted at this unique opportunity to partner a prestigious international project and to work at the grass root level. With this New Year gift, we are positioned to begin a new era in our service. As a partner, BSLI will create awareness of the need of life insurance among the Self Help Group Members formed under the project and thus generate demand for Micro Insurance Products and make the insurance plan accessible and affordable to that segment. Our objective is to provide social and financial security to the SHG members,” said Ajay Srinivasan Chief Executive, Financial Services, Aditya Birla Group.
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