Growth of Micro Insurance Industry with special reference to the contribution made by the private players

Ms. Lakhwinder Kaur Dhillon

Volume : VI, Issue : VI, June - 2016

Growth of Micro Insurance Industry with special reference to the contribution made by the private players

Ms. Lakhwinder Kaur Dhillon

Abstract :

 Micro–insurance refers to the protection of people from weaker economic strata of the society against some specific perils in exchange of a premium amount paid by them. This premium amount is paid by them at regular time intervals and is a very small amount of their net income. There are plenty of cases where the entire family suffers if the eadwinner dies an unnatural death, micro–insurance has a huge role to play in creating financial Security. Despite numerous efforts taken by the Government of India to uplift the condition of the poor citizens, there are uncountable such people who are still deprived of basic amenities such as food, water, shelter, clothing and good health.. Hence to curb these issues, it is important that the philosophy of inclusive growth is adopted in the country and to this, micro–insurance has a great deal to contribute. This paper aims at studying the growth of this industry in the Indian context and also the degree of contribution which the private sector has had in the growth of the industry