First Cooperative Security Policies (CSP) presented to members

Monday, January 5, 2009

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NEFSCUN, the Federation of Savings and Credit Cooperative Unions in Nepal, started mutual aid services in 2007, only covering death risk. Members of Savings and Credit Cooperative Societies (SACCOS) are very interested in life insurance type of products as funeral rites are expensive and members of SACCOS do not want to leave their families with a financial burden on top of the emotional burden. Many members who took initially the death risk cover requested for a different product and during 2008 a new product, CSP, a 10 years cooperative ‘life insurance’ product, with endowment provision, was developed.

The death risk cover was only provided to members of eight SACCOS. With the new product, that was launched from October 17th 2008 (Karthik 1, 2065 according to the Nepali calendar), NEFSCUN aims to provide mutual aid or ‘micro insurance’ services to members of 35 SACCOS in 2009 and expand services to many more thereafter. From launching many SACCOS were interested, over 80 SACCOS could be oriented on Mutual Aid Services and early December 2008 already 23 SACCOS have signed the Memorandum of Cooperation.

Through Agriterra NEFSCUN receives technical assistance from MIAN (Micro Insurance Association Netherlands) on development of products and administration.

During a visit from Agriterra mid November 2008 the first policies were handed over to SACCOS members in the eastern part of Nepal (Sunsari and Morang District). 

Source: Agriterra

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