Insurance Services

The working poor need insurance to protect them from unforeseen difficulties that may disrupt their ability to make a living. Combined with other ways of managing risk, the right insurance can keep a low-income family from falling below the poverty line when faced with difficulties arising out of death of the borrower/ main wage earner of the family.

Insurance changes lives for the better, but even the most common forms of insurance are scarce among the poor. The death of a breadwinner can render a poor family financially helpless. Looking at the increased societal welfare so far as covering of the economically backward community, coupled with the avowed objective of empowering of the poor female, Bandhan has tied up further with Life Insurance Corporation of India to solicit and procure life insurance from the hitherto unreached segments under a corporate partnership approved by the Insurance Regulatory and Development Authority (IRDA).

By means of this, Bandhan has covered all its women borrowers with Life Insurance Corporation of India (LICI). It is not only the borrowers who are covered, but also their spouse receive due coverage from LICI. Because of this there has been an increasingly welcome awareness amongst the borrowers and their spouses to be mandatorily covered while granting of a loan.