Page 42 - The Insurance Times October 2024

lab in Ghana worked on creating health insurance products in parts of Latin America and Africa, have been effective in
for informal sector workers, successfully increasing enroll- delivering both health and agricultural insurance. These
ment by 30%. models also support financial literacy and community em-
powerment, as members are directly involved in decision-
The report emphasizes the importance of ecosystem ap- making.
proaches to innovation, where all stakeholders, from regu-
lators to community groups, play a role in identifying the Financial Resilience Towards Climate
needs of underserved populations and developing appropri-
ate insurance solutions. Adaptation
The UNEP 2024 report on financial resilience focuses on how
The Business Case for Co-operative and insurance can be integrated into climate adaptation strate-
gies. It discusses how climate risk insurance can help low-in-
Mutual Models in Inclusive Insurance come communities adapt to climate change by providing fi-

Co-operatives and mutual insurance models, where policy- nancial buffers against disasters such as floods and hurricanes.
holders are also owners, offer a community-based approach The report recommends that insurance solutions be paired
to insurance. A 2024 report shows that these models have with broader climate adaptation efforts, including infrastruc-
been particularly successful in rural areas, where traditional ture investments and disaster preparedness programs.
insurers have struggled to gain trust and traction. By involv-
ing local communities in the governance of insurance The report also stresses the need for international support,
schemes, these models build trust and ensure that products as many developing nations lack the financial resources to
are tailored to the specific needs of their members. implement large-scale climate risk insurance programs.
Public-private partnerships and international financing are
The report highlights that mutual insurance models, as seen crucial to making these programs viable and scalable.

Bandhan Life and Bandhan Bank Announce Strategic Partnership

- A New Era in Life Insurance Begins
Bandhan Life and Bandhan Bank announced a strategic partnership to distribute life insurance. The partnership was
kicked off with the launch of two new products: iGuarantee Vishwas, a savings insurance plan with guaranteed re-
turns, and iInvest II, a unit-linked insurance plan. Starting September 2024, these plans will be available at Bandhan
Bank branches

across West Bengal, including 259 branches across urban and rural areas of Greater Kolkata. Existing customers of
Bandhan Bank can get a policy in a matter of a few minutes, subject to fulfilment of the conditions for insurance. The
product portfolio will expand further as new par product ‘Shubh Samriddhi’ and other savings products will be added
in the coming weeks. A comprehensive range of products will be available nationwide by the end of 2024, thereby
adding strength to Bandhan’s long standing vision of empowering Indians financially.
Bandhan Life iGuarantee Vishwas addresses the financial security needs of Emerging India’s customers. With life cover
that is 10 times the premiums paid and with guaranteed returns, the product is designed to help policyholders achieve
significant life goals, such as funding a child’s education, making a down payment for a house, or planning a dream
vacation. The inclusion of guaranteed additions on maturity further enhances its appeal as a comprehensive financial
planning tool for middle-income families.
Bandhan Life iInvest II is A ULIP product that offers market-linked returns along with a substantial life cover of up to
20 times the annual premium. With monthly premiums starting from just Rs. 3,000, customers can tailor their invest-
ment strategy to suit their needs; and get the option to access their funds through partial withdrawal after five years.
iInvest II, gives customers a selection of top-performing, 5-star and 4-star rated funds* that have outperformed in-
dustry benchmarks, so customers can achieve their financial goals with confidence.

38 October 2024 The Insurance Times