InVita launches market's cheapest microinsurance policy

Peruvian life insurer InVita Seguros has launched a life policy with a monthly premium of one sol, local press reported.

It is the cheapest life policy on the market and provides coverage of up to 2,500 soles (US$835) for natural and 5,000 soles for accidental death, according to the reports.

The insurance company signed an agreement with NGO ProMujer to sell the policy to a potential customer base of around 40,000.

InVita is also in talks with two other NGOs to launch more microinsurance products at similar prices, financial daily Gestión quoted InVita chair Caridad de la Puente Wiese as saying.

Demand for individual life insurance is growing in Peru as the population's purchase power is increasing, de la Puente said. The life market as a whole has expanded 30% this year and the growth prospect for next year is even better, Gestión quoted her as saying.

Invita Seguros offers a wide range of life, annuity and retirement products.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 14, 2007

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