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HDFC General Insurance Limited enters into partnership with VimoSEWA

~ VimoSEWA, the SEWA-promoted insurance cooperative, becomes the first Micro Insurance Agent of L&T Insurance ~

Ahmedabad, February 9, 2012: L&T Insurance today announced its strategic partnership with VimoSEWA the national insurance cooperative promoted by SEWA(Self Employed Women's Association), for the distribution of micro insurance products specially designed to cater to the diverse needs of women workers of the informal economy and their families.

SEWA is a union of over 13 lakh poor, self-employed women workers. These are women who earn a living through their own labour or small businesses. SEWA's Insurance Program was started in the early 1990's in response to their members continuing quest for social protection and self-reliance. VimoSEWA provides integrated insurance services aimed at providing social protection for women and their families, to cover their life cycle needs and the various risks they face in their lives.

Speaking on the occasion, Mr. Y M Deosthalee, Chairman of the Board, L&T Insurance said, “We, at L&T Insurance, have a deep and abiding commitment to provide affordable insurance solutions to the underprivileged. In line with this philosophy, we have developed products tailor-made for the low income sections of the society residing across rural and semi-urban areas. SEWA has been at the forefront of various initiatives ensuring employment opportunities and financial and social security for women. We have partnered with VimoSEWA because of their commitment towards this important section of the Indian population.” 

Mr. Joydeep Roy, CEO and Wholetime Director, L&T Insurance commented “We believe rural India holds tremendous potential for growth and hence have launched 4 classes of micro insurance products namely my:jeevika Personal Accident Micro Insurance, my:jeevika Standard Fire & Special Perils Micro Insurance, my:jeevika Cash@hospital Micro Insurance and my:jeevika Medisure Micro Insurance. These products cover assets and individual health catering specifically to the rural population, addressing their needs and also suiting their income patters. Premium for these products is as low as INR 50 per annum to INR 730 per annum.”

Mrs. Mirai Chatterjee, Director – Social Security, SEWA said, “We are very happy to enter into this strategic partnership with L&T Insurance. We are always on the lookout for affordable and appropriate insurance products for women, thereby providing them with financial protection. We found that L&T Insurance had developed an innovative product.   Their flexible and state-of-the-art technology will enable us to issue affordable insurance policies on the spot for all our members. Such synergy between our two organizations will ensure that the poor have risk protection and that there will be a consequent reduction in their vulnerability. In the long run, this will help them emerge from poverty and move slowly towards self-reliance. We intend to take this partnership beyond the conventional insurance distribution to areas of larger importance like consumer education on insurance for the low income segment.”

With this partnership, VimoSEWA has become the first micro insurance Agent (MIA) of L&T Insurance. Nine specified persons nominated by VimoSEWA have undergone mandatory 25 hours of training at Ahmedabad. Exhaustive micro insurance product and process training was provided to these specified persons and Aagewans (Insurance promoters) at village level. L&T Insurance has developed a dedicated web based platform which enables these Aagewans to issue Micro Insurance Policies on the spot through the channels across remote locations of the country.

Through this, L&T Insurance aims to reach VimoSEWA’s members across Gujarat, Rajasthan, Madhya Pradesh, Delhi and Bihar.

About L&T
Larsen & Toubro is a USD 11.7 billion technology, engineering and construction group, with global operations. It is one of the largest and most respected companies in India’s private sector. A strong, customer – focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades.

About L&T Insurance
L&T General Insurance Company Limited (L&T Insurance) is a wholly owned subsidiary of Larsen & Toubro Limited. The Company will provide a complete range of Retail and Institutional insurance solutions catering to the needs of Individuals, Small and Medium Enterprises and Corporates across urban and rural India.

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