With rising costs affordable health care is mostly out of reach for a majority of the population, especially poor. They are also vulnerable to health risks and economic shocks and least able to cope with it. The resultant financial loss ensues a downward spiral into a debt trap.
While the government(s) is putting efforts in providing subsidized insurance to the BPL families, there is a vast population which, while being poor, remains out of the ambit of such schemes due to various reasons -the primary of them being accessibility. It is not only difficult for the insurance companies to reach out to such an audience with their conventional distribution network but also is unviable for them to operate in an environment which becomes a logistical nightmare.
Things are gradually starting to change for the better. FINO PayTech in association insurance partner HDFC Ergo and International Labour Organization (ILO) has developed a simple, affordable and extremely beneficial health insurance product for the rural masses.
HospiCash, as the product is called, was developed keeping in mind the challenges which the rural hinterland presented. In order to overcome the need of KYC, the product has been made available with relaxed KYC. To keep costs in check, technology has been extensively used to acquire as well as service customers.
Key features of this product include:
Single premium with validity period of one year -affordable at Rs 350/
The policy holders gets benefit of 7 days hospitalization in a year with Rs 750 per day reimbursement &
Rs 1 lakh of sum assurance in case of accidental death
FINO PayTech with its expertise of tech enabled servicing of the micro customer helped the insurer in acquiring the customer in a quick, hassle free and paperless manner. The typical challenge of high volume-low value premium transactions was also taken care off while the policy was issued instantly to the customer.
FINO PayTech is the largest alternate distribution channel for financial services in India and with its network of 40,000 Bandhus and reaches out to the people living in 463 districts across the country. With help of technology, the company has revolutionized banking and financial services by providing its access to the millions of unserved and underserved people living in the villages of India.
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