NUBL is providing micro insurance product that address clients' needs for risk management in addition to its savings and credit products. NUBL clients are highly vulnerable to economic shocks caused by events such as death of family member, illness, destruction of valuable asset, or a disabling injury. NUBL provides micro insurance service through partner- agent model linking its clients with formal insurance companies.
NUBL has linked up with a local agency (Deposit and Credit Guarantee Corporation) to provide this service. When clients take out a loan for livestock, they pay 3 percent of the value to the agency, and the government matches it with an additional 3 percent payment. If the animal dies and it is verified by a veterinary official, the agency pays the 80 percent of the loan. If the livestock is alive at the end of the loan, the client receives 20 percent of the premium as a refund.
Micro-life Insurance (Grameen Karza Beema)
NUBL provides micro-life insurance to its client and her husband by linking its clients with formal life insurance company, Metlife Alico. The bank acts as agent of insurance company and collects premium and forwards the same to Metlife Alico and death claims are settled by the company through NUBL accordingly.
|Premium per year
If the death of insured is due to accident the benefit is double of the above amount.