Premiums are set annually and collected in advance. Premiums are monitored and revised annually to ensure viability.

Vimo SEWA offers two types of payment schemes to its insurance members. Members can either pay their premium annually or through a fixed deposit with SEWA Bank. Under the fixed deposit option, members deposit a lump sum in fixed deposit in SEWA Bank. (The amount depends on the scheme selected by the member; Table 1) The interest accrued on this deposit goes towards annual premium. Thus, a woman gets continuous insurance coverage and obtains much-needed, long-term social protection.

The amounts to be placed in fixed deposit have been revised frequently in recent years because of the changes in interest rates and premiums.

With the privatization of the insurance sector in India, several new insurers are offering a wide range of products at competitive prices. The competition in the insurance market, with insurers keen to provide their services to us, strengthens our bargaining power, enabling us to negotiate with different insurers. SEWA Insurance has tied up with ICICI Lombard General Insurance Company Ltd and Reliance General for its non-life products and Life Insurance Corporation of India (LIC), Om Kotak and Bajaj Alliaz for its life products.

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Insurance coverage is available to SEWA members. Husbands cannot enroll unless their spouse is an enrolled SEWA member. But in the event of members’ death and in case the husband has been an insurance member then he can enroll. Women must be between 18 to 55 years of age to enroll for annual membership. Life insurance coverage terminates at age 64. However, the other coverage continues so long as the member pays premium till the age of 70 years.

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• Women can join the insurance scheme only if they are between 18 to 55 years of age. Those already enrolled may continue to insure themselves.

• A woman can take insurance cover for her husband and children only if she herself is first insured with SEWA insurance. But in the event of members’ death and in case the husband and children have been an insurance members then they can continue their coverage by renewing their enrolment.

• Hospitalization for pre-existing conditions, will be covered six months after enrollment.

• Medical benefits will only be given in cases where the member has been hospitalized for a minimum of 24 hours.

• Benefits of maternity, hearing aids and dentures will only be given to members who hold the fixed deposit premium policies. Members would be eligible to receive these benefits only after completion of one year of their membership.

• Reimbursement of cataract surgery costs will be available six months after enrollment

• Insurance for house and business assets will be available in case of losses due to natural calamities, human-made disasters and fire.

• Members should inform Vimo SEWA about losses suffered at the earliest. Claim application should be submitted at the earliest, after the loss is suffered, and at the latest within three months of the date of loss.

• The annual insurance scheme is only for a period of one year. Therefore premium for the second year should be paid before the beginning of the second year of coverage.

• Along with the claim application necessary documents has to be provided within a stipulated period of time (3 months).

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