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Insurance Claims


JMACTS have many clients, the poor have always taken insurance as more of an extra, unnecessary expenditure, which in most of the cases yields little or no result. This might be attributed to their past experience. Also the complexity, unavailability and unaffordibility of the insurance products contribute to the low insurance coverage among the rural population.

JMACTS having realized the need to provide a comprehensive financial package came up with the compulsory credit insurance scheme. This protected the loans of the society on one hand and provided security to the member's against loan-loss due to death of the main earning member of the family. Having seen the success of the credit insurance, JMACTS geared their services to include health insurance, livestock insurance and asset insurance. But most of these initiatives succumbed to the complexities of the insurance operations or are still in pilot-mode, restricting them solely to credit insurance.

This can be well explained by the fact that insurance was started to secure the loans of the society members against non repayment by the members, in case of death. Of course, it did protect the members' family by waiving off their extra burden, but was always a secondary benefit since the insurance was restricted to the duration of loan repayment. With respect to health insurance the products are generally customized to deliver a fixed compensation to the members Many of them were also dissuaded from continuing the micro insurance operations as a part of our services.


JMACTS have many clients, the poor have always taken insurance as more of an extra, unnecessary expenditure, which in most of the cases yields little or no result. This might be attributed to their past experience. Also the complexity, unavailability and unaffordibility of the insurance products contribute to the low insurance coverage among the rural population.

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