Center for Health Market Innovations (CHMI)

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BASIX Microinsurance

last updated Mar 26, 2013

Overview

Implementing organization: 
Royal Sundaram Finance Limited (BSFL)
Implementation Partner(s): 
Bhartiya Samruddhi
Legal Status: 
Private (for-profit)
Year Launched: 
2009
Stage: 
Existing/expansion stage
Income Level of Target Population: 
Bottom 20%, 20-60% (lower to lower-middle)

Funding

Primary Source of Funding: 
Membership/subscription fees

Scale

Personnel Employed: 
<10
Number of Clients Served: 
6,956 as of 31st Dec 2009
Scope: 
In 2009, BASIX began retailing two personal accidents polices and one hospital cash policy of Royal Sundaram, enabling it to offer health insurance to non-credit customers.
Summary: 

BASIX offers group and individual health insurance as well as hospital cash products for Royal Sundaram Finance Limited (BSFL) credit customers, non-credit customers, and spouses to insure against hospitalization due to illness or injury.

Key program components: 

BASIX offers three health products using a partner-agent model:

1) Grameen Arogya Raksha: Group health insurance product that covers all BSFL credit customers and their spouse.
2) Rural Personal Accidents: Retail policy providing coverage for death, permanent total disablement or inpatient hospitalization coverage to the insured arising due to accidental injury.
3) Rural Hospital Cash: Retail product which offers hospital cash benefit to the insured against hospitalized due to illness or accidental injury.

All policies cover the policy holder and spouse. As of March 2006, the premium for this product was US$8 (Rs 372) per year.

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