Svasti has recently partnered with insurance providers to design affordable and responsible family medical insurance with high benefits that can be added to a group loan. Svasti’s customers sit at the bottom of the income pyramid, and the Company increasingly saw the significant financial strain that followed health shocks in the family, which in turn increases the default risk due to loss of income, hospitalisation expenses, and other overheads.
“While other Microfinance Companies and Banks offer a similar medical insurance product to their customers, Svasti’s offering stands out because our medical insurance provides three times the benefit that is provided by other competitors. This results in a substantially higher pay-out to our customers at the time of claim settlement, thereby giving them significantly superior protection to deal with medical emergencies,” explains Arunkumar Padmanabhan, CEO and Co-founder of Svasti. “Svasti has worked hard with our insurance partners to structure this unique product offering to our customers.”
Read more about this impact initiative by Svasti Microfinance, including testimonials from some of our beneficiaries in the full Q1 Report of Abler Nordic here.
You can also view the pages featuring Svasti Microfinance, in the gallery below.