Announcing its entry into the micro insurance segment, L&T Insurance has tied-up strategically with Vimmo Sewa in Gujarat.
City-based Self Employed Women's Association (Sewa) is promoting the insurance co-operative Vimmo Sewa. Catering specifically to the rural population, the premium for these insurance policies will be as low as Rs. 50 to Rs. 730 per annum and will cover assets and individual health.
Last month, more than 100 policies were sold in villages around Surat by the company through Vimmo Sewa.
L&T Insurance CEO Joydeep Roy said that after Gujarat, they would be extending such services in other states too, as they see a great potential in the micro insurance sector. With low premium rates and easy processing, they have initially launched 4 products giving accident, fire and hospital covers, which is expected to become popular among the rural population.
L&T Insurance is a subsidiary of engineering major Larsen and Toubro.