Pro Mujer Peru Makes Low Cost Life Insurance Available to 43,000 Poor Women Entrepreneurs
For First Time These Poor Families in Peru have Access to Life Insurance
New York (PRWEB) April 9, 2008 -- Pro Mujer Peru, a microfinance institution in the Pro Mujer network, and insurance provider InVita, an affiliate of ING and Grupo Wiese, have made life insurance affordable to more than 43,000 female micro entrepreneurs, a third of whom live on less than US$1 a day.
Caridad de la Puente Wiese of InVita, and Naldi Delgado of Pro Mujer Peru sign the partnership agreement for the new life insurance program
Under the program, entrepreneurs pay US$0.37 per month, the lowest cost life insurance product in the Peruvian market, obtaining coverage of $880 for natural death and $1,760 for accidental death. The insurance program, launched in March 2008, covers the entrepreneur and an additional family member.
The program also pays the balance of the entrepreneur's loan to Pro Mujer, eliminating this debt for surviving family members and other members of the borrower's lending group who would otherwise be expected to help repay the loan. Clients of Pro Mujer Peru form groups to apply for and repay loans.
"We are pleased to join forces with InVita, one of the top insurance providers in Peru, in giving our clients easy access to a very good and low-cost insurance plan," said Naldi Delgado, Director of Pro Mujer Peru. "Now that they understand the benefits of life insurance, our clients are eager to take advantage of it."
The program is among Pro Mujer's recent efforts to expand financial services for its borrowers. In July 2007 Pro Mujer Bolivia, the oldest institution in the Pro Mujer network, began offering a similar insurance program.
Founded in 1999, Pro Mujer Peru offers a wide range of services to women entrepreneurs, including several types of loans, access to saving accounts, business training, and healthcare through alliances with local clinics and hospitals. The institution also provides counseling and other services for women and families dealing with alcoholism and domestic violence. Pro Mujer Peru provides services in the cities of Puno, Juliaca, Tacna, Ilo, Moquegua, Abancay and Andahuaylas, serving more than 43,000 clients and 250,000 family members.
In 2008 Pro Mujer Peru was named in Forbes' first-ever list of the World's Top 50 Microfinance Institutions. Learn more >>
About Pro Mujer
Pro Mujer offers financial services, business training and healthcare to poor women in Latin America, helping them and their families achieve economic security and improved health. Established in 1990, the network comprises microfinance institutions in Argentina, Bolivia, Mexico, Nicaragua and Peru. Since its inception, Pro Mujer has disbursed more than US$383 million in small loans averaging approximately US$225 and has served more than one million women and their families. Clients have saved US$14 million, providing a financial buffer for their families in times of crises.
Pro Mujer International (PMI) is a 501(c)(3) tax-exempt organization based in New York City. More information is available on the website, www.promujer.org
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