Bangalore: InsureMile, an insurance aggregator platform, in conjunction with leading health insurers has launched, a unique education guarantee policy, aimed at covering the education of a student in the event of parent death/accident/critical illness. The policy is targeted at students who are pursuing higher education and professional courses and is sold at an affordable INR 100. With the purchase of this policy, students are able to still continue their education and don’t have to drop out due to financial reasons. Currently the policies are offered by Star health, Religare, appolo, Aditya Birla. The policy is available for purchase on the Insuremile platform.
The proposed insurance coverage will be based on two factors. This includes the current age of the student so that the remaining years of education can be calculated alongside the expected annual expenses required to complete the student’s education.
Recent data unveiled by AISHE reveals that there are 799 universities, 39071 colleges and 11923 stand-alone institutions in India. Currently, Bangalore district accounts for 970 colleges, which is the highest number of colleges in the country. The total enrolment in higher education has been estimated to be 34.6 million with 18.6 million boys and 16 million girls. The average fees for higher education in India starts from INR 1 lac and goes upto INR 10 lac, depending on the college or university.
The policy is also applicable for schools to be used for emergency treatment of children who get injured in the school premise during or after school hours. This would also include an emergency in the school bus before the child is dropped off at an intended location after school. The policy will cover medical treatment administered by a medical practitioner either in a hospital, IPD or OPD. The sum insured would be INR 10,000 per year per student. The premium would be paid by the school for all students and not on selective basis.
Commenting on the launch of the new product, Mallesh Reddy, Founder of Insuremile said: ‘Education is the fundamental right of every student. Just because the student has to contend with the ill health or mortality of a parent, doesn’t mean he or she has to suspend their education. We are immensely pleased to introduce this new education policy that is set to benefit so many students. We believe that it is always better to be prepared and hence this initiative is set to give peace of mind not just to parents but also to schools. At Insuremile, we are constantly trying to come up with unique initiatives for our customer base and we hope that parents and schools across India avail of this affordable policy.’’
Insuremile is leveraging the fact that India is a heavily underinsured market, with 75 percent of Indians not covered by any form of life insurance. The founders are targeting a cumulative premium of INR 800 crores from over one million policies which will be sold in the next five years. Insuremile, currently has over 2,200 customers with plans to grow that number to 50,000 in a year’s time .