Suchergebnisse

The concept of Micro Insurance is to provide the basic insurance covers such as life insurance, property insurance, health insurance, crop insurance, livestock insurance etc to the people in rural, socially and economically weaker section to protect their lives and property. These groups are spread over the entire country. But the insurance has not penetrated to this rural and social sector as expected. During April 2000, the Insurance Regulator has passed a regulation viz The IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations 2000 and it was amended again in August 2015. As per the regulations each and every insurer has statutory obligations towards rural and social sector. The insurers has developed some specific products to serve the rural and social sector with meager premium and simple claim settlement procedures. Under Financial inclusions, the Government of India has taken decision to place an insurance office where the population is more than 10,000 in a village / taluk to serve the rural and social sector. Apart from this, both Central Government and State Government has taken initiate to provide basic insurance covers such as health insurance, live stock insurance, crop insurance, personal accident insurance to this sector by providing subsidy to this insurance schemes. This paper will give details about insurance penetration in India, micro insurance, obligations of Indian insurers on rural and social sector, type of insurance covers available, distribution channels, performance of insurance sector on rural and social sector business, Government initiatives, reasons for the slow growth and suggestions to improve the micro insurance penetration in rural and social sector. A vast market is readily available for micro insurance products, so the micro insurance has potentiality, viability, suitability, and profitability. Every insurers should have a vision on Rural and Social Sector with a mission to reach the unreached poor, under privileged, unorganized population in rural and urban areas.