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Insurance Claims


The poor always took insurance as an extra, more of as an unnecessary, expenditure which in most of the cases yielded little to no result. This can be attributed to their unpleasant experiences in the past . Also, the complexity, unavailability, and expensive insurance premiums contribute to the low insurance coverage among the rural population.

JMACTS realised the need to provide a comprehensive financial package and came up with the compulsory credit insurance scheme. This protected the loans of the Society (JMACTS Society) on one hand and provided security to its members against loan-loss due to death of the earning member in a family.

JMACTS geared their services to include health insurance, livestock insurance and asset insurance, having seen the success with the compulsory credit insurance scheme. Most of these initiatives have been unsuccessful owing either to the complexities of the insurance procedures or are still in pilot-mode, restricting the takers solely to credit insurance.

This can be explained by the fact that insurance was started to secure the loans of the society members against nonpayment in case the member dies.

This can be explained by the fact that insurance was started to secure the loans of the society members against nonpayment in case the member dies.


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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