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Basix launches two new products

Special Correspondent

Company expects to rope in one-lakh customers in the new insurance scheme


  • Micro-finance firm has operations in eight States
  • The company has a credit line of Rs. 400 crores

    HYDERABAD: Basix, a new generation livelihood promotion institution operating in eight States, has announced two new products. The organisation has decided to give credit to village-level organisations at an interest rate of one per cent on declining value in addition to providing institutional development services to them.

    Insurance scheme

    The leading micro-finance firm with a credit line of about Rs. 400 crores to more than two lakh people across 44 districts, has announced a new health insurance scheme with a premium of Re. 1 a day to avail five-day hospital expenses at Rs. 300 a day. Called the Couples' insurance scheme, the new product envisages payment of Rs. 20,000 in the event of death or permanent disability to either husband or wife. On the sidelines of the Confederation of Indian Industry (CII) - World Bank meeting, Basix Managing Director N.V. Ramana told reporters that the company would buy products designed for rural sector from leading insurance companies like Aviva, Royal Sundaram and ICICI Lombard and provide them to customers. The firm expected to rope in one-lakh customers in the new insurance scheme in a year.

    In addition to providing credit facilities in rural areas, Basix was working on agricultural productivity, market linkages and farm and dairy cooperative institutions.

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