Rural Term Insurance is a combination of life and accident coverage with limited underwriting. In addition, the policy pays a lump sum amount to cover Funeral Expenses in case of death.
The plan is issued through Micro Financial Institutions & Financial Cooperatives. The product aims at covering borrowers and accountholders of Micro Financial Institution & Cooperatives and these organizations cater to low-income group. The plan also caters to customers segment who are self-employed or Small and Medium Enterprise (SME) owners. Those are the owners of small scale proprietorship-shops or tradesmen.