ICICI LOMBARD to ally with dairies in TN

CHENNAI: A husbandman from coastal Mysore was saving for his daughter's education. He took a wellness coverage screen for the full household for Rs 15,000. But drop ill. Desperate, he turned to the small town leader and asked him to follow his girl as he could not bear her expenses.The leader told him, "You don't have got to pay a penny. You are insured." The husbandman spent Rs 13,000 from his coverage screen on his operation and continued dreaming about his daughter's future.This is just one of the narratives of how consciousness of coverage is slowly seeping into the mind of the rural community. Still a long manner to go, the aspirational degrees of villagers are also rising.Tapping this attitudinal alteration is ICICI Lombard. The company started tapping the rural transmission transmission channel commercially through micro-finance establishments and rural collectors like cooperatives, cement and fertilizer distributers and rural mercantile establishments in South Republic Of India from 2003.Now it bes after to bind up with dairy farms -Hatsun and Aavin in Tamil Nadu to circulate cognition about its coverage policies on cows insurance, personal accident and wellness covers for age groupings between 5 and 65 years.Head of Agribusiness and Rural Insurance Pranav Prashad told Express that an investing of Rs 12 crore was envisaged in preparation of statistical distribution channels and ensuring speedy turnaround time of the claims service network."As many as 4,500 channel agents are targeted of which 30 per cent will be in Tamil Nadu, 50 per cent in Mysore and the balance in Andhra Pradesh," Prashad said. Kerala business relationships for a negligible number.The merchandise scope available with MFIs would also be expanded. Recently, ICICI Langobard partnered with the Micro Recognition Foundation of Republic Of India for sale of cows and accident coverage in rural Tamil Nadu. In lawsuit of loan defaults to the MFIs, ICICI counterbalances the risk.Currently, the company have insured 2.5 million lives in South of which 8 hundred thousand are in Tamil Nadu. The figure is expected to be up to 10 million by 2010.