The International Cooperative and Mutual Insurance Federation (ICMIF) will offer more than 200,000 microinsurance policies to be issued in India in the next five years, providing coverage to half a million low-income people in the country.
The project aims to reach out to an additional 1.4 million individual in the next 10 years and is being directly supported by ICMIF member organisations from established markets around the world.
India’s intervention will see Uplift, a community-owned health insurance plan, expand its microinsurance programme to deliver affordable health insurance to more and previously unreached rural and urban low-income households.
Over 80 percent of India’s population are currently not covered under any health insurance scheme, according to the National Health Profile 2015, compiled by the Central Bureau of Health Intelligence.
The ICMIF initiative in India is part of a wider project called 5-5-5 Mutual Microinsurance Strategy, which aims to develop mutual microinsurance in five emerging market countries over five years, reaching 5 million low-income households.
The five countries selected to participate are Colombia, Kenya, India, the Philippines and Sri Lanka, with India being the first country where an intervention has been introduced, in partnership with Uplift India Association in Mumbai.