Since inception Svatantra has made sincere and concrete efforts to be a vehicle to further the important agenda of Financial Inclusion. Insurance is an important pillar of Financial Inclusion which helps the rural household reduce risks, build resilience, and better manage consequences of unforeseen events.

Svatantra is probably the only MFI successfully offering a bouquet of Insurance products to its rural customers like Life, Cashless Health with inbuilt wage protection plan, Personal accident, and House Insurance. All put together we have settled claims worth INR.75 crores in FY21 positively impacting 20,497 families. Needless to say, this means a world to the base of the pyramid rural households that we serve.



Our endeavour is to augment the Insurance products with a minimum corresponding increase in the premium, so that the out-of-pocket expenses of customers are minimised, which occurs due to hospitalisation. This means less indebtedness and more self-sufficiency.

Our GPA product which covers only fatal and permanent disability until now has been now upgraded to cover hospitalisation arising out of accidents. Our Mediclaim policy has a coverage of INR 50,000 for 12 months and based on our experience with the Mediclaim product, we have around 20% of our reimbursement claims under accidental hospitalization where the amount is typically more than Rs. 50,000.

This understanding of the claims trend has prompted us to explore a product that will take care of the accidental hospitalization expenses of our customers.



Svatantra along with a reputed Insurance firm have designed a product by adding a feature to existing GPA product which will cover the accidental hospitalization of a customer and spouse up to Rs. 50,000 along with the accidental life cover and permanent disability cover of up to Rs. 1,00,000 for the period of 24 months. This product will also extend the accidental hospitalization coverage to the customers of non-Mediclaim branches. 

There are many caveats when it comes to serving the microfinance customer base. A company needs to be diligent and thoughtful while introducing any financial product to the rural public. Perhaps, such challenges always helped us in curating product factoring customers’ needs.