TPL Direct Insurance and Tameer Bank sign Memorandum of Understanding for the Launch of Micro Health Insurance “Tameer Sehat-O-Sakoon”
Karachi, Tuesday, December 31st, 2013:
TPL Direct Insurance Limited, Pakistan’s only direct insurance company, has partnered with Tameer Microfinance Bank and has signed an agreement to launch micro-health insurance covers to targeted customers residing in small cities and villages with no access to financial institutions.
‘Tameer Sehat-O-Sukoon’, is a health micro-insurance product that will be offered to low-income individuals to provide them with quality health care when they need it most. It is an in-patient product, which offers cashless access to health services with coverage worth Rs. 40,000 against an annual premium of Rs. 700. It will be rolled out stage-wise across all Tameer Bank Touch Points throughout Pakistan and will be available for Tameer Bank customers as well as non-Tameer Bank customers.
The aim of this initiative is to provide access to formal insurance that protects against health risks such as severe or chronic illnesses, accidents, and obstructed births. These shocks are particularly damaging for poor households who are more vulnerable and less able to absorb the financial consequences of such events.
Speaking on the occasion, Mr. Tariq Mohar, Deputy CEO, Tameer Microfinance Bank said, “Tameer Sehat-O-Sukoon is part of Tameer Bank’s strategy in line with our vision to emerge as a global benchmark for innovative and commercially viable microfinance solutions for the unbanked and offer them a means to socio-economic empowerment. Our health insurance product is an effort to bridge the gap between the haves and the have-nots and to promote greater inclusion within society and provide them with a safety net against financial shocks.”
Mr. Saad Nisar, CEO TPL Direct Insurance stated “We are very pleased to be associated with the ‘Tameer Sehat-O-Sukoon’ initiative. Health insurance is a complex system in developing countries. Resource & distribution constraints pose a collective challenge. TPL Direct insurance has looked at various limitations and is determined to overcome these constraints through micro-health insurance. New evidence shows that micro-health insurance can reduce expenditure on health care for clients and encourage them to seek care earlier. We hope to bring about convenience and numerous benefits for the people.”
