A comparative study of micro insurance products
Keywords:
micro insurance, insurance products, life insurance, individual category, group categoryAbstract
Micro Insurance in India is beginning from the financial institutions’ activities i.e., they hedge their own risks while lending to the poor under the requirements of direct lending. In India, Micro Insurance is guaranteed through poverty alleviation programs by the Government. These programs are built into the credit package as compulsory elements to the development of the unorganized sector. Both the life and General insurance companies have issued various Micro Insurance products for those who are not financially strong enough to buy the premium products. For comparing the Micro Insurance products, total top three companies form life insurance sector (inclusive of public and private sector companies) have been selected on the basis of annual premium being received. Out of top three companies one (i.e. Life Insurance Company) from consists of three companies related to life insurance such as Life Insurance Corporation of India Public sector and two private (i.e. DHFL Pramerica Life Insurance Company Limited and Shriram Life Insurance Company) have been selected in life insurance business. All of these businesses were chosen based on the amount of annual premium they collected (2015-16).
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