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periodically. We also find that a few members saved very high amounts in fixed deposits
and in chits/friends. The former is a reflexion of their status in terms of wealth. The
latter is more to do with liquidity of money. Offering similar, lucrative products will be
useful too.
In spite of the patronage for LIC term products, we find the take off for medical
insurance or life insurance products very less. Specific insurance products must be given
importance to members. It is important to introduce both term insurance and medical
insurance (Case 4).
13.3.2 Recommendations
Various savings flexible products can be introduced through the Business Correspondent,
as NGOs cannot introduce savings by the Indian regulation. We find appetite among
more than 50% of the members for products where saving is periodic. This obviously is
the legacy of the voluntary savings product.
Also it is important to highlight to members the how useful the various insurance
products are.
13.4 Management of voluntary savings
13.4.1 Findings
We find that some groups start with low savings however increase the same very quickly.
It is also found that some groups do not increase the savings amount and keep it low.
The table 13.1 below gives reasons why savings has been high or low.
