RGI’S LIVELIHOOD PROTECTION
POLICY PROTECTS DAILY INCOME EARNERS FROM WIND, RAIN, TEMPERATURE, AND
AIRQUALITY RELATED RISK TO THEIR INCOME
Reliance
General Insurance, a 100% subsidiary of Reliance Capital, today introduced
first of its kind Livelihood Protection Insurance
Cover dedicated for Daily-income earners from the grievous
impact of weather vagaries on their income and livelihood.
This
IRDAI approved product under Sandbox guidelines has
been designed in a way where the weather risk is
monitored from Automated weather stations from Indian
Meteorological Department (IMD) or by private Independent third
parties involved in supply of weather data and claim is
automatically calculated using this procured weather data. Hence, the
claims will be derived comparing the actual weather from defined benchmark. In
case, if the actual weather goes above the defined benchmark the
insured would be eligible for claims. The policy will be offered for weather
related risks triggered due to – wind (cyclone, dust / sand
storms), temperature (cold & heat waves), rainfall (floods / excess
rainfall), and Air Quality Index (AQI).
The
best feature of this insurance policy is that it will provide the
immediate assistance to insured in case of weather vagaries as it covers
the weather-based risk particular to a geographical location during a
time-period that’s most affected. In the pilot phase, the policy is being
launched for only 10,000 customers in India, and the premium is
kept extremely low and affordable.
 |
| Mr. Rakesh Jain, ED & CEO, Reliance General Insurance |
Commenting
on the recent development, Mr. Rakesh Jain, ED & CEO, Reliance
General Insurance, said, “In the last few years, India has witnessed
multiple weather related catastrophes that pose a serious threat to
the normal lives and livelihoods of the daily earners. Therefore, prioritizing
the financial resilience of the self-employed and daily waged individuals takes
top priority for us. The Livelihood Protection policy has been introduced in
line with our vision to provide insurance to the next-billion Indians.”
As a
traditionally underinsured and one of the most acutely vulnerable countries to
natural disasters, Reliance General Insurance aims to expand the blanket of
financial security for the ones who need it the most, through the Livelihood
Protection Insurance Cover.
About Reliance General Insurance
Reliance General Insurance, a part
of Reliance Capital, is one of the leading general insurance companies of
India.
The Company offers a well-rounded
and comprehensive bouquet of products including Motor Insurance, Health
Insurance, Travel Insurance, and Home Insurance, and offers customized
solutions to meet the protection needs of each customer.
Reliance
General Insurance offers has a wide network of more than 40,000
intermediaries across 136 branch offices across India for offering
its products and services to Retail, Corporate and SME clients.
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