Allianz Takes On New Mantra: The Poor Need Savings First
Sharma, A.

Almost four years after it exported its first microinsurance product out of India, Allianz is shipping out a new mantra: the poor need savings first.

“We want to start the savings-linked microinsurance scheme — tried and tested in India — in Indonesia,” says the Munich-based Michael Anthony, global head of microinsurance projects, Allianz. Allianz’s India JV, Bajaj Allianz, launched the savings-linked microinsurance scheme, Swayam Shakti Suraksha, in April 2008, in association with SKS Microfinance.

The scheme, with a minimum premium of only INR20 (US$0.4) per week, already has over 2.5 million customers, 99% of them women.  

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