Savings scheme for urban women launched

Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .

Coinciding with the International Women's Day, a private insurer on Saturday launched a savings scheme called 'Empowered Women' for urban women here.

Under the scheme, launched by Kolkata-based Ashika Insurance Broking and Risk Management (P) Ltd in association with Kotak Mahindra Life Insurance Company, a woman from urban areas would require to invest a minimum of Rs 1,000 per month for a period of 20 years which would be converted into a projected maturity of Rs 5,51,257.

Ashika Insurance President N K Tulsian told reporters that three products of Kotak Life Insurance had been offered under the scheme and one can choose either of the product to park one's savings. All products are having
life insurance cover offering tax benefit too.

To start with, he said, the scheme would be launched in the eastern region (mainly urban areas), targeting one lakh women under its coverage. It would cover rural women in near future depending on the response to the new scheme.

"We wish to encourage women to save through their next generation as well so that saving is considered as an integral part of our custom which can ensure financial security," he said

Source : Economic Times