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Products for microinsurance provide protection for people with limited incomes or little saved up. It’s designed primarily for lower-value assets and for illness, injury, and death benefits.
Microinsurance, a branch of microfinance, aims to assist low-income families by providing insurance coverage customised to their requirements. In underdeveloped nations, when the current insurance markets are ineffective or nonexistent, microinsurance is frequently practised.
Because the coverage value is less than that of a typical insurance plan, the premiums paid by the insured are significantly lower.
Adults in low-income households or those without retirement savings are typically covered by microinsurance Microinsurance solutions are designed primarily to cover lesser valued belongings or assets as well as recompense for illness, injury, or death.
Microinsurance services are frequently used in developing nations. The provider-driven approach, the full-service model, the community-based model, and the partner-agent model are the four main delivery models for microinsurance.
Similar to traditional insurance, microinsurance is accessible for a wide range of risks, including health, term life, death, disability, and even farming-related insurance risks for crops and livestock. Microinsurance, like ordinary insurance, is offered for a wide range of risks.
They include both health and property concerns. Crop insurance, livestock/cattle insurance, insurance against theft or fire, health insurance, term life insurance, death insurance, disability insurance, and insurance against natural catastrophes are a few of these hazards.
The Global Microinsurance Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
Jeevan Deep, a microinsurance product, has been launched by Life Insurance Corporation of India. This product, which celebrates the Corporation’s 56th anniversary, is its third to be marketed to the economically underprivileged group following Jeevan Madhu and Jeevan Mangal.
The scheme has a minimum sum assured of Rs. 5,000 and a maximum sum assured of Rs. 30,000. Its complete first-year premium revenue.
284 lakh new lives were insured through pension and group plans, and another 95 lakh persons were covered by social security plans. Throughout the year, 185.7 lakh claims totaling Rs 66,023 crore were resolved. The ratio of outstanding maturity claims is 0.5%.
